Financial Performance - The company recorded a consolidated revenue of RMB 2,639.7 million for the year ended December 31, 2023, a decrease of 58.7% compared to RMB 6,385.0 million in 2022[4]. - The loss attributable to the company's owners was RMB 2,949.2 million, an increase of 891.8% from a loss of RMB 297.4 million in the previous year[4]. - The gross profit for the year was RMB 833,357,000, down 79.3% from RMB 4,010,842,000 in the previous year[34]. - The net loss attributable to the company's owners was RMB 2,949,153,000, compared to a loss of RMB 297,355,000 in 2022, representing a significant increase in losses[34]. - The segment performance for 2023 showed a profit of RMB 911,508,000, down from RMB 3,685,131,000 in 2022, indicating a decrease of about 75.3%[66]. - The fair value changes of investment properties resulted in a loss of RMB 1,457,471,000 in 2023, compared to a loss of RMB 893,326,000 in 2022, reflecting an increase in losses of approximately 63.2%[66]. - The company reported a pre-tax loss of RMB 3,399.3 million for the year ended December 31, 2023, compared to a pre-tax profit of RMB 1,281.2 million in 2022[93]. Sales and Revenue - The total area sold and delivered decreased by 42.7% from 143,030 square meters in 2022 to 82,004 square meters in 2023[7]. - In 2023, the company's real estate sales amounted to RMB 1,686.0 million, a decrease of 18.9% year-on-year, with a total sales area of 83,754 square meters, down 41.2% year-on-year[13]. - The average selling price of property sales decreased by 39.1% from RMB 44,391 per square meter in 2022 to RMB 27,025 per square meter in 2023[7]. - The sales revenue from other 14 projects amounted to RMB 345.9 million, accounting for 13.1% of the total sales revenue[9]. - The company achieved real estate sales of RMB 1,068.8 million in second and third-tier cities, accounting for 63.4% of total sales in 2023[16]. Debt and Liabilities - The total borrowings amounted to RMB 22,663.4 million[4]. - The company's total liabilities decreased to RMB 47,650,088,000 from RMB 48,366,926,000, a reduction of 1.5%[37]. - The company has a total outstanding borrowings of RMB 22,663,387,000, with a significant portion classified as overdue, indicating potential financial distress[41]. - The company is actively negotiating with lenders regarding overdue loans, seeking to modify terms and extend repayment schedules[45]. - The company's current liabilities exceeded current assets by RMB 24,189.8 million as of December 31, 2023[102]. Land and Property Development - The total land reserve held by the company as of December 31, 2023, is 5.7 million square meters, with an average land cost of RMB 1,446 per square meter[21]. - The company has approximately 2.0 million square meters of total floor area planned for commercial property development, with 130,715 square meters completed and 647,774 square meters under construction[27]. - The company has not purchased any land in 2023, maintaining a cautious land acquisition strategy based on cash flow and financial resources[21]. - The company expects to launch properties from 14 projects in 2024, with a total saleable floor area of approximately 0.55 million square meters[19]. Economic Outlook - The company anticipates that the Chinese economy will experience a challenging recovery process in 2024, with uncertainties in the overall economic situation[30]. - The real estate market is expected to remain under pressure in 2024, with both first-tier and third- and fourth-tier cities not showing signs of rapid development[30]. Operational Challenges - The company faced significant operational disruptions due to COVID-19, leading to delays in construction and delivery, which further limited sales[44]. - Significant uncertainties exist regarding the company's ability to generate sufficient financing and operating cash flow to continue as a going concern[46]. - The company is facing defaults on borrowings totaling RMB 12,166,958,000 due to overdue principal and/or interest payments as of December 31, 2023[126]. Cost Management - Cost control measures are being taken, including optimizing human resources and adjusting management compensation[47]. - The company has been implementing measures to control administrative costs, including optimizing human resources and adjusting management salaries[105]. Future Plans - The company plans to adopt a prudent financial policy to systematically reduce total debt and improve debt structure[32]. - The company plans to accelerate the sales of its developed and under-development properties, including unsold units and garages[48]. - The company plans to accelerate the pre-sale and sale of its developed and completed properties to improve cash inflow[105].
恒盛地产(00845) - 2023 - 年度业绩