Financial Performance - For the year ended December 31, 2023, the revenue was approximately RMB 2,623.4 million, a decrease of about 41.5% compared to RMB 4,487.6 million for the year ended December 31, 2022[4]. - The gross profit for the year ended December 31, 2023, was approximately RMB 32.8 million, with a gross margin of approximately 1.25%[4]. - The loss for the year ended December 31, 2023, was approximately RMB 384.8 million, a decrease of about 454.3% compared to a profit of approximately RMB 108.6 million for the year ended December 31, 2022[4]. - Revenue for 2023 was RMB 2,623,434,000, a decrease of 41.5% from RMB 4,487,643,000 in 2022[28]. - Property sales revenue accounted for RMB 2,621,824,000 in 2023, down from RMB 4,486,029,000 in 2022, indicating a significant decline[28]. - The group reported a pre-tax loss of RMB 257,754,000 for 2023, compared to a profit of RMB 311,476,000 in 2022[38]. - The company recorded a loss of approximately RMB 384.8 million for the year ended December 31, 2023, compared to a profit of approximately RMB 108.6 million for the year ended December 31, 2022[84]. Assets and Liabilities - The total assets as of December 31, 2023, were approximately RMB 11,158.4 million, a decrease of about 21.3% from RMB 14,189.5 million as of December 31, 2022[4]. - The net asset liability ratio as of December 31, 2023, was 24.4%[4]. - The company's total debt as of December 31, 2023, was approximately RMB 901.8 million, a decrease from approximately RMB 1,071.5 million as of December 31, 2022[89]. - The net debt-to-equity ratio as of December 31, 2023, was 24.4%, compared to 3.8% as of December 31, 2022[93]. - The group's capital commitments as of December 31, 2023, were RMB 1,827,500,000, down from RMB 2,447,000,000 in 2022, indicating a decrease of about 25.3%[101]. Cash Flow and Liquidity - As of December 31, 2023, cash and bank balances were approximately RMB 391.4 million[4]. - The cash to short-term borrowings ratio decreased to 0.59 times in 2023 from 1.5 times in 2022, suggesting tighter liquidity conditions[52]. - The company has not repaid RMB 390,013,000 of principal on due interest-bearing borrowings as of December 31, 2023[122]. - The company is exploring strategies to improve liquidity and financial conditions, including asset sales and collection of receivables[122]. Sales and Market Conditions - The contracted sales amount for the group and its associates was approximately RMB 783.2 million, a year-on-year decrease of 64.6%[4]. - The total area of contracted sales for the year ended December 31, 2023, was approximately 108,278 square meters, a decrease of 63.0% year-on-year[4]. - The overall real estate market in China faced a 17.3% decline in sales for the top 100 real estate companies in 2023, highlighting ongoing market challenges[54]. - The outlook for the real estate market in 2024 remains under pressure, but there is potential for slight growth in sales if economic recovery continues[67]. Expenses and Financial Costs - Total financing costs for 2023 were RMB 42,293,000, an increase from RMB 27,580,000 in 2022[34]. - Other income and gains decreased by 72% to approximately RMB 5.1 million for the year ended December 31, 2023, from RMB 18.3 million for the year ended December 31, 2022, mainly due to a reduction in government subsidies received[76]. - Sales and distribution expenses decreased by 58.4% from approximately RMB 173.2 million for the year ended December 31, 2022, to approximately RMB 72.1 million for the year ended December 31, 2023, mainly due to reduced promotional and marketing activities[78]. - Financial costs increased by 53.3% from approximately RMB 27.6 million for the year ended December 31, 2022, to approximately RMB 42.3 million for the year ended December 31, 2023, primarily due to increased interest on presale deposits[81]. Governance and Compliance - The company has adopted the corporate governance code as per the Hong Kong Stock Exchange listing rules, ensuring compliance with applicable governance standards[110]. - The independent auditor's report indicated no opinion on the consolidated financial statements due to uncertainties related to going concern[120]. Future Outlook and Strategies - The board believes the group has taken various measures to ensure sufficient available funds for sustainable operations, considering past performance and cash flow forecasts for the next 12 months[16]. - The group is accelerating the sale of developed and under-development properties and expediting the collection of outstanding sales proceeds[18]. - The policy environment for real estate is expected to improve, with significant measures anticipated to be implemented to stabilize the market[65].
三巽集团(06611) - 2023 - 年度业绩