Financial Performance - The total revenue for the year ended December 31, 2023, was RMB 4,442,000, a decrease of 92.7% compared to RMB 60,709,000 in 2022[2] - The gross profit for the year was RMB 180,000, down from RMB 9,084,000 in the previous year, indicating a significant decline in profitability[2] - The net loss for the year was RMB 51,637,000, an improvement from a net loss of RMB 75,469,000 in 2022, representing a 31.6% reduction in losses[3] - Basic and diluted loss per share for the year was RMB 18.17, compared to RMB 21.92 in the previous year, reflecting a decrease in loss per share[3] - The company's revenue from property development and investment for the year was approximately RMB 4,442,000, a significant decrease from RMB 60,709,000 in the previous year, indicating a decline of about 92.7%[39] - The company’s lease income from other sources was RMB 5,000 in 2023, down from RMB 163,000 in 2022, reflecting a decline of 96.93%[16] - The loss attributable to the company's owners was approximately RMB 46,231,000, compared to a loss of RMB 55,768,000 in 2022, primarily due to a substantial decrease in property sales revenue and impairment losses on properties held for sale[45] Assets and Liabilities - Total assets as of December 31, 2023, amounted to RMB 632,502,000, an increase from RMB 595,940,000 in 2022[7] - The company's cash and cash equivalents decreased to RMB 17,208,000 from RMB 26,710,000 in the previous year, indicating a liquidity contraction[7] - The company's equity attributable to owners decreased to RMB 176,933,000 from RMB 224,147,000, reflecting a decline in shareholder value[8] - Current liabilities include trade and other payables of approximately RMB 79,424,000, non-controlling interest payables of approximately RMB 115,498,000, and other borrowings due within the next twelve months of approximately RMB 29,994,000[61] - The group's total secured bank borrowings and other borrowings amounted to approximately RMB 29,994,000, an increase from RMB 21,028,000 in 2022[47] - The asset-liability ratio was approximately 20% as of December 31, 2023, compared to 11% in 2022[47] Property Sales and Development - The company reported revenue from property sales in mainland China for 2023 at RMB 4,437,000, a significant decrease of 92.68% compared to RMB 60,546,000 in 2022[16] - The total area of residential and commercial properties sold from the first Maoming project was approximately 747 square meters, down from 10,043 square meters in the previous year, reflecting a decrease of about 92.6%[39] - The company has completed approximately 60% of the construction for the second Maoming project, with residential property pre-sales scheduled for the second half of 2024[41] - The company plans to continue pre-selling properties from its second Maoming project to generate cash flow[63] Financial Costs and Expenses - The financial costs for the year amounted to RMB 1,940,000, an increase of approximately 115.5% compared to RMB 903,000 in the previous year[24] - The total salary expense for the year was approximately RMB 13,220,000, a decrease from RMB 14,633,000 in 2022, with 47 full-time employees as of December 31, 2023[59] - The company reported a net loss for the year, with total expenses including director remuneration of RMB 13,220,000, down from RMB 14,633,000 in the previous year[28] Accounting Policies and Standards - The company has not applied any new Hong Kong Financial Reporting Standards that have been issued but are not yet effective, and expects no significant impact on the consolidated financial statements in the foreseeable future[15] - The company has changed its accounting policy related to long service payment liabilities, applying the new guidelines retroactively, which did not have a significant impact on the financial position as of January 1, 2022[13] - The company anticipates that the application of new accounting standards will not have a significant impact on the financial performance for the current and prior years[15] Governance and Compliance - The company has adopted the corporate governance code and believes it has complied with all relevant provisions during the year[72] - The company has not incurred any significant contingent liabilities as of December 31, 2023[68] - There were no significant acquisitions or disposals of subsidiaries, associates, or joint ventures during the year[67] Future Outlook - The management remains confident about future development, focusing on several profitable businesses amid improving market conditions[44] - The company plans to use the net proceeds from the share placement for repaying outstanding debts and general working capital, with approximately RMB 3.40 million already utilized for debt repayment[54] - A total of 50,888,000 shares were successfully placed at a price of HKD 0.14 per share, raising a net amount of approximately RMB 6,321,000 for repaying outstanding debts and general working capital[63] - The company has successfully signed a deferral agreement for other borrowings amounting to RMB 9,089,000, extending the due date to April 30, 2026[63] Trading and Market Activity - The company's shares resumed trading on December 6, 2023, after meeting all conditions set by the Stock Exchange for resumption[70] - The company did not declare or propose any dividends for the year, consistent with the previous year[29] - The company has no plans to declare or propose any dividends for the year[65]
中国上城(02330) - 2023 - 年度业绩