Financial Performance - The company's revenue for the year ended December 31, 2023, was approximately RMB 248.40 million, a significant decrease from RMB 1,793.76 million in 2022, representing a decline of about 86.2%[19] - The basic and diluted loss per share attributable to the owners of the company was RMB 0.7167, compared to a restated loss of RMB 5.8384 per share in 2022[19] - The company reported a loss attributable to owners of approximately RMB 489.48 million for the year ended December 31, 2023, compared to a loss of RMB 663.55 million in 2022, indicating a reduction in losses by about 26.2%[32] - The company incurred a gross loss of RMB 234.85 million, compared to a gross loss of RMB 299.99 million in the previous year, showing an improvement in gross loss margin[34] - The company reported a net loss of approximately RMB 687 million for the year ended December 31, 2023, with total liabilities exceeding current assets by approximately RMB 1.167 billion[65] - The company reported a net loss attributable to shareholders of RMB 489,482,000 for 2023, an improvement from a loss of RMB 663,554,000 in 2022[95] Debt and Liabilities - As of December 31, 2023, the company had defaulted on loans totaling approximately RMB 1.614 billion in principal and RMB 996 million in related interest, amounting to a total of RMB 2.610 billion in defaulted loans[10] - The total current liabilities increased to RMB 7.19 billion in 2023 from RMB 6.91 billion in 2022, indicating a rise in financial obligations[23] - The company has not repaid any principal or interest on defaulted loans as of the financial statement approval date, indicating ongoing financial distress[29] - As of December 31, 2023, the company's total borrowings were approximately RMB 1.658 billion, all classified as current liabilities, with about RMB 1.614 billion secured against the company's properties and equipment[65] - The company has approximately RMB 44 million in unrestricted cash and cash equivalents as of December 31, 2023[65] - The group’s total liabilities were not detailed, but it was noted that all liabilities are allocated to operating segments[111] Corporate Restructuring - The company completed a capital restructuring in July 2023, which included share consolidation, capital reduction, and share issuance, and appointed a new board of directors and management team[2] - The group completed a restructuring on July 26, 2023, which included a share consolidation and capital reduction, resulting in a new major shareholder, Jin Bang Investment Limited, holding 69.97% of the company's ordinary shares[25] - The group issued 1,307,019,402 ordinary shares as part of the restructuring on July 26, 2023, increasing the total number of issued shares from 113,653,860 to 1,420,673,262[200] - The group generated restructuring income of RMB 788,983,000 during the reporting period[196] - The funds raised from the issuance of shares amounted to HKD 168,000,000 (approximately RMB 149,125,000) after deducting restructuring expenses of approximately RMB 15,730,000[197] Governance and Compliance - The company plans to enhance its corporate governance practices to ensure compliance with relevant codes and regulations[5] - The board of directors does not recommend the payment of any final dividend for the year[1] - The company changed its English name to "Japan Kyosei Group Company Limited" on November 30, 2023, to establish a new corporate image[2] Operational Challenges - The management anticipates that high interest rates and expected refinancing costs may severely impact the company's operating performance for the year ending December 31, 2024[67] - The company is actively seeking alternative financing solutions to meet its financial obligations and operational expenditures[30] - The company is actively seeking new financing from banks and financial institutions to restructure existing borrowings and fund ongoing property developments[45] - The company has identified several significant uncertainties that may raise doubts about its ability to continue as a going concern[66] Asset Management - The company's total assets decreased to RMB 6.02 billion in 2023 from RMB 7.62 billion in 2022, reflecting a decline in asset value[22] - The group’s total assets related to properties under development decreased from RMB 3,763,237,000 in 2022 to RMB 379,801,000 in 2023, a decline of 89.92%[149] - The fair value of completed investment properties as of December 31, 2023, was RMB 578,100,000[122] - The total assets of the property development segment were RMB 6,421,717,000, while the property investment segment had total assets of RMB 669,276,000 as of December 31, 2023[108] Revenue Sources - The company recorded a total revenue of RMB 248.399 million, with RMB 247.785 million from property sales and RMB 614,000 from leasing[55] - Property sales revenue for the year was approximately RMB 247,785,000, a significant decrease from RMB 1,793,263,000 in the previous year[179] - The total revenue from investment property rental income was reported as a loss of RMB 614,000 in 2023, compared to a loss of RMB 500,000 in 2022[101] - The company experienced a significant loss in the property investment segment, reporting a loss of RMB 90.690 million[63] Cost Management - The company has implemented measures to control administrative costs and reduce capital expenditures as part of its restructuring efforts[30] - Administrative expenses for the year were approximately RMB 46,065,000, down from about RMB 55,610,000 in the previous year, reflecting effective cost control measures[181] - The total employee costs (excluding directors' remuneration) amounted to RMB 21,615,000 in 2023, down from RMB 39,623,000 in 2022[94] Future Outlook - The company is actively seeking potential investment projects outside of China, exploring opportunities in countries such as France, Japan, and Malaysia[2] - The group plans to accelerate the construction and pre-sale of its development properties, subject to necessary conditions being met[69] - The group is actively exploring project cooperation opportunities with companies related to real estate resources and land development in Japan[184]
福晟国际(00627) - 2023 - 年度业绩