Financial Performance - For the year ended December 31, 2023, the contracted sales amounted to approximately RMB 3,787.4 million, a decrease of 46.5% compared to the previous year[4]. - Revenue for the year was RMB 7,294.5 million, representing a decline of approximately 7.8% year-on-year, with a gross profit of RMB 464.3 million and a gross margin of 6.4%[4]. - The company recorded a net loss of RMB 1,841.3 million for the year[4]. - Basic and diluted loss per share for the year was RMB 1.12, compared to RMB 2.78 in the previous year[7]. - The group recorded a loss of approximately RMB 1,841,331,000 for the year ended December 31, 2023, with total borrowings amounting to RMB 16,876,122,000, of which RMB 12,304,443,000 is due within the next twelve months[20]. - The net loss attributable to equity holders for the year was RMB 1,721.2 million, an improvement from a loss of RMB 4,269.8 million in 2022[72]. - The group reported a loss before tax of RMB 1,715,512 for the year, compared to a loss of RMB 4,091,441 in the previous year, indicating an improvement[36]. Assets and Liabilities - As of December 31, 2023, total assets were RMB 39,507.6 million, with a net debt-to-capital ratio of approximately 386%[4]. - The total cash and bank deposits, including restricted cash, amounted to RMB 626.3 million as of December 31, 2023[4]. - The total outstanding borrowings decreased from RMB 18,412.7 million at the end of 2022 to RMB 16,876.1 million at the end of 2023[111]. - The net debt-to-equity ratio was approximately 386% as of December 31, 2023, indicating significant leverage[74]. - The total amount of other receivables decreased from RMB 6,726,171,000 in 2022 to RMB 6,380,895,000 in 2023, a reduction of about 5.1%[57]. - The total trade and other payables as of December 31, 2023, were RMB 8,233,763 thousand, down 9.5% from RMB 9,093,677 thousand in 2022[65]. Cash Flow and Financing - The group has not paid the principal and interest on several priority notes, resulting in overdue borrowings of RMB 9,693,935,000[23]. - The group is actively communicating with lenders to ensure repayment according to the original schedule, despite the absence of immediate repayment requests[24]. - The group plans to accelerate the pre-sale and sale of properties to improve cash flow and has identified potential buyers for certain held properties to supplement operating funds[24]. - The group aims to maintain sufficient funds to meet its financial obligations over the next 12 months, despite uncertainties in the real estate market and financing support[25]. - The group will continue to seek refinancing opportunities, including the exchange of existing priority notes or other borrowings[28]. - The net financing costs decreased to RMB 898.5 million from RMB 1,830.1 million year-on-year[5]. Revenue Sources - The property development platform generated revenue of RMB 6,338,614, while the real estate platform and other platforms contributed RMB 212,389 and RMB 824,585, respectively[36]. - Revenue from property sales amounted to RMB 6,265.8 million, representing 85.9% of total revenue, and decreased by 8.0% compared to RMB 6,807.9 million in the previous year[92]. - The rental income decreased by 27.6% to RMB 170.4 million from RMB 235.3 million in the previous year[92]. - The property management services revenue increased by 1.7% to RMB 793.7 million, up from RMB 780.1 million in the previous year, accounting for 10.9% of total revenue[92]. Operational Efficiency - The company reported a significant reduction in administrative expenses, down to RMB 310.8 million from RMB 922.5 million in the previous year[5]. - The total expenses for sales costs, marketing costs, and administrative expenses decreased from RMB 9,275,706,000 in 2022 to RMB 7,461,977,000 in 2023, representing a reduction of approximately 19.5%[43]. - The cost of properties sold decreased from RMB 6,945,936,000 in 2022 to RMB 6,120,384,000 in 2023, a decline of about 11.9%[43]. - Employee costs for the year amounted to RMB 226.3 million, significantly lower than RMB 436.5 million in the previous year[90]. Corporate Governance - The board of directors did not recommend the payment of a final dividend for the year ended December 31, 2023[4]. - The company has adopted the corporate governance code as per the listing rules and has been compliant with most principles, although it deviated from certain provisions[133]. - The chairman and CEO roles are held by the same individual, which deviates from the corporate governance code[134]. - The company is currently seeking suitable candidates to comply with the corporate governance code regarding independent non-executive directors[138]. Market Conditions - The global economic growth rate is projected to decline from 2.7% in 2023 to 2.4% in 2024, impacting market conditions[67]. - The company’s strategic product positioning is expected to expand its potential customer base due to rapid economic growth and urbanization in the Yangtze River Delta region[75]. - The company has a strong focus on developing properties tailored to first-time homebuyers and those looking to improve their living conditions, which constitute a significant portion of the market[75].
景瑞控股(01862) - 2023 - 年度业绩