Financial Performance - Total contract sales reached approximately RMB 75,983 million[2] - Commercial operating revenue was approximately RMB 11,324 million, representing a year-on-year growth of 13.2%[2] - Net profit attributable to equity holders was approximately RMB 879.3 million[2] - Operating profit for the year was RMB 6,224,954 thousand, compared to RMB 6,080,212 thousand in the previous year[7] - The company reported a total profit for the year of RMB 784,572 thousand, compared to RMB 742,704 thousand in 2022[7] - The company's annual profit for the year ended December 31, 2023, was RMB 784,572,000, an increase from RMB 742,704,000 in 2022, representing a growth of approximately 5.2%[8] - The total comprehensive income for the year was RMB 966,054,000, a significant recovery from a loss of RMB 93,213,000 in the previous year[8] - The company’s comprehensive income attributable to equity holders was RMB 1,151,700,000, a recovery from a loss of RMB 278,181,000 in the previous year[8] - The total revenue for the year ended December 31, 2023, was RMB 120,663,720,000, with a significant contribution from the A-share company of RMB 119,174,278,000[20] - The group reported a total profit for the year of RMB 784,572,000, which includes profits from discontinued operations of RMB 1,251,606,000[19] Assets and Liabilities - Total assets decreased from RMB 463,473,896 thousand in 2022 to RMB 377,088,556 thousand in 2023[5] - Total liabilities decreased from RMB 370,459,555 thousand in 2022 to RMB 286,579,215 thousand in 2023[6] - The company's cash and cash equivalents amounted to RMB 13,225,030,000, while current liabilities exceeded current assets by RMB 19,691,719,000, highlighting liquidity challenges[12] - The company’s total liabilities as of December 31, 2023, included RMB 24,755,728,000 in short-term borrowings, indicating a reliance on debt financing[12] - The group’s total assets as of December 31, 2023, amounted to RMB 386,773,977,000, with total liabilities of RMB 293,831,960,000[21] Debt and Financing - The net debt-to-equity ratio stood at 47.7%[2] - The company is committed to strict compliance with financial covenants to ensure timely repayment of debts[13] - The group has provided guarantees for mortgage financing amounting to RMB 33,026,298 thousand as of December 31, 2023, down from RMB 62,295,853 thousand in 2022[40] - The group provided guarantees amounting to RMB 3,142.0 million to its joint ventures and associates as of December 31, 2023, down from RMB 4,924.4 million as of December 31, 2022[78] - The group’s financing costs amounted to RMB (3,037,034,000), reflecting the cost of debt servicing[20] Operational Strategy - The company plans to enhance property sales efforts to accelerate cash inflow and improve financial conditions[13] - The company aims to leverage government policies to secure financing and improve cash flow, including issuing bonds and REITs[13] - The group aims to improve real estate sales and recover sales funds in a timely manner as part of its operational strategy[15] - The company is focused on enhancing operational efficiency and balancing volume and price in response to market fluctuations, ensuring stable cash returns[46] - The company aims to leverage national regional strategies and policies related to public REITs to enhance its core competitiveness in the future[48] Revenue and Sales - The total revenue from property sales for the year was approximately RMB 107,336 million, with an average selling price of RMB 8,255 per square meter[55] - The revenue from A-share company sales was RMB 107,336,376 thousand for 2023, compared to RMB 104,882,656 thousand in 2022, marking a growth of about 2.34%[30] - The total commercial operating revenue for the year reached RMB 11.324 billion, representing a year-on-year growth of 13.2%[46] - The group’s total commercial operating revenue for 2023 was RMB 11,324.4 million, up from RMB 10,006 million in 2022, representing a year-on-year increase of 12.9%[54] Cost Management - The cost of sales and services totaled RMB 112,654,732 thousand for the year ended December 31, 2023, compared to RMB 111,354,835 thousand in 2022, indicating a slight increase of about 1.16%[31] - The company reported a decrease in construction costs to RMB 35,054,596 thousand in 2023 from RMB 53,324,267 thousand in 2022, a reduction of approximately 34.3%[31] - Administrative expenses decreased by 20.1% to approximately RMB 4,149.8 million due to cost-saving measures[64] - The impairment provision for completed and under-construction properties was RMB 5,348.2 million, a decrease of RMB 608.8 million compared to the previous year[61] Employee and Operational Metrics - The group employed 22,361 full-time employees as of December 31, 2023, with 21,917 engaged in real estate development and commercial management[83] - The company delivered over 140,000 residential units in 2023 and opened 22 new Wuyue Plaza locations, bringing the total operational and under-construction Wuyue Plazas to 198, with 161 already operational[46] - The group delivered a total construction area of approximately 13,002,807 square meters in 2023[55] Compliance and Governance - The group has been compliant with corporate governance codes and is in the process of appointing a new independent non-executive director to meet governance requirements[86] - The company confirmed compliance with the standard code for securities trading for the year ending December 31, 2023[87] - The board of directors did not recommend the declaration of a final dividend for the year ended December 31, 2023, consistent with the previous year[85] Future Outlook and Risks - The company is facing significant uncertainty regarding its ability to continue as a going concern due to a decline in property sales and pre-sales performance[92] - The group faces foreign exchange risk due to cash balances held in USD or HKD, while most transactions are conducted in RMB[80] - The group is closely monitoring foreign exchange assets and liabilities to mitigate risks associated with fluctuations in the RMB to USD exchange rate[80]
新城发展(01030) - 2023 - 年度业绩