Financial Performance - Gross revenue for the year ended December 31, 2023, was RMB 976.7 million, an increase of 15.2% from RMB 847.8 million in 2022[4] - Revenue decreased to RMB 363.8 million, down 3.1% from RMB 376.1 million in the previous year[4] - Loss attributable to equity shareholders increased to RMB 453.3 million, compared to RMB 361.7 million in 2022, representing a 25.3% increase in losses[4] - Basic loss per share for 2023 was RMB 0.389, compared to RMB 0.155 in 2022, indicating a significant increase in loss per share[16] - The company reported a loss for the year of RMB 460,143,000 in 2023, compared to a loss of RMB 378,941,000 in 2022, representing an increase in loss of approximately 21.5%[19] - Total comprehensive expense for the year was RMB 345,348,000, up from RMB 301,665,000 in the previous year, indicating a year-over-year increase of about 14.5%[19] - The Group reported a loss from operations of RMB 233.0 million, compared to RMB 211.6 million in 2022, indicating a worsening operational performance[14] - Loss before taxation for 2023 was RMB 463,552,000, compared to a loss of RMB 378,994,000 in 2022, indicating a worsening of financial performance[58] Assets and Liabilities - Net assets of the Group decreased to RMB 948.6 million from RMB 1,507.0 million in 2022, reflecting a decline of 37%[6] - Current liabilities decreased significantly from RMB 4,442,302,000 in 2022 to RMB 2,259,514,000 in 2023, a reduction of about 49.1%[21] - The company's net current liabilities improved from RMB 4,242,470,000 in 2022 to RMB 1,967,172,000 in 2023, showing a decrease of approximately 53.7%[21] - Total equity attributable to equity shareholders decreased to RMB 924,366,000 in 2023 from RMB 1,475,838,000 in 2022, a decline of about 37.4%[23] - Cash at bank and on hand increased to RMB 49,725,000 in 2023 from RMB 19,542,000 in 2022, representing a growth of approximately 154.5%[21] - Non-current assets increased to RMB 7,399,745,000 in 2023 from RMB 7,353,273,000 in 2022, reflecting a growth of approximately 0.6%[21] Revenue Breakdown - Revenue from sales of goods decreased to RMB 191,395,000 in 2023 from RMB 230,323,000 in 2022, reflecting a decline of about 16.9%[42] - Net income from concession sales increased to RMB 82,344,000 in 2023 from RMB 77,124,000 in 2022, marking an increase of approximately 6.4%[42] - Management and administrative service fee income rose to RMB 44,782,000 in 2023 from RMB 35,560,000 in 2022, an increase of about 26%[42] - Gross revenue from concession sales increased to RMB 695,224,000 in 2023, up from RMB 548,810,000 in 2022, marking a growth of about 26.7%[46] - Gross rental income rose to RMB 45,305,000 in 2023, compared to RMB 33,063,000 in 2022, reflecting an increase of approximately 37.0%[46] Operational Efficiency - Annualised area efficiency per square meter decreased to RMB 11,746 from RMB 12,400, a decline of 5.3%[9] - The adjusted EBITDA for the reportable segments showed a profit of RMB 4,913,000 in 2023, a significant improvement from a loss of RMB 18,499,000 in 2022[57] - The department stores and shopping mall segment reported a loss of RMB 2,068,000 in adjusted EBITDA for 2023, while the supermarkets segment achieved a profit of RMB 6,981,000[57] Financial Costs - Net finance costs rose to RMB 231,802,000 in 2023 from RMB 204,084,000 in 2022, reflecting an increase of approximately 13.6%[58] - The borrowing costs capitalized for the year ended December 31, 2023, were at a rate of 7.02%, slightly up from 6.98% in 2022[62] Future Plans and Strategies - A new department store is expected to open in 2024, indicating plans for market expansion[49] - The company plans to expand its retail operations by opening new branches, primarily funded through bank borrowings[143] - The company aims to achieve healthy growth in second- and third-tier cities based on successful practices in trendy department stores and supermarkets[153] - The company is focused on new retail concepts, implementing technology, service, and management upgrades to achieve breakthroughs in various operational aspects[154] Shareholder Information - Hony Capital holds 28.07% of the company's ordinary share capital, making it the second-largest shareholder after additional capital contributions for business expansion[160] - The company does not recommend the payment of a dividend for the reporting period[166] Acquisitions and Disposals - The company has disposed of a total of 7,327,400 A-Shares of Ginwa Enterprise (Group) Inc. during the Disposal Mandate period, generating total proceeds of RMB62.2 million at a disposal price of RMB8.5 per A-Share[175] - The company completed the sale of a property in Xi'an for RMB 12,000,000, which has been fully received[188]
世纪金花(00162) - 2023 - 年度业绩