Financial Performance - The group's consolidated revenue for 2023 was approximately RMB 9.525 billion, a decrease of 9.9% compared to RMB 10.5684 billion in 2022[39]. - The consolidated annual loss attributable to equity holders was approximately RMB 467.1 million in 2023, compared to a profit of RMB 48 million in 2022, representing a decrease of 35.6 times[39]. - The basic and diluted loss per share for 2023 was RMB 7.7, a decrease of 10.6 times from the basic and diluted earnings of RMB 0.8 per share in 2022[39]. - The gross profit for the year was RMB 1,944,471 thousand, down from RMB 2,288,265 thousand in the previous year, reflecting a gross margin decline[55]. - The operating loss for the year was RMB 72,171 thousand, compared to an operating profit of RMB 1,046,700 thousand in 2022[55]. - The company reported a comprehensive loss of RMB 639,891 thousand for the year, compared to a comprehensive income of RMB 15,938 thousand in 2022[57]. - The group reported a significant increase in trade receivables, with net trade receivables amounting to RMB 359,107 thousand, up from RMB 62,070 thousand in the previous year[97]. - The group reported a net profit before tax of RMB 977,751,000, with tax expenses amounting to RMB 959,126,000[74]. Borrowings and Liabilities - As of December 31, 2023, total borrowings amounted to RMB 2,515,134,000, a decrease from RMB 2,596,332,000 in 2022[1]. - Current and non-current borrowings scheduled for repayment include RMB 456,583,000 due within one year and RMB 1,080,176,000 due after five years[2]. - Total liabilities of the group were RMB 51,571,020,000, with the property development segment accounting for RMB 7,917,844,000 in liabilities[75]. - Current liabilities increased to RMB 46,019,754 thousand from RMB 45,296,900 thousand in the previous year[62]. - The total liabilities to total assets ratio increased to 73.1% in 2023 from 72.4% in 2022[188]. Expenses and Costs - Employee costs, including director remuneration, decreased to RMB 276,332,000 in 2023 from RMB 303,734,000 in 2022, a reduction of approximately 9.0%[12]. - The total sales cost for 2023 was approximately RMB 7.5805 billion, a reduction of 8.4% compared to RMB 8.2801 billion in 2022[125]. - The sales and marketing expenses for 2023 were approximately RMB 495.7 million, a decrease of 24.4% from RMB 655.5 million in 2022[183]. - The general and administrative expenses for 2023 were approximately RMB 566.1 million, a decrease of 25.3% from RMB 757.5 million in 2022[184]. - The interest expense on bank loans decreased to RMB 75.01 million in 2023 from RMB 105.99 million in 2022, a reduction of 29.3%[17]. Investment Properties - The group reported a net loss from the sale of investment properties amounting to RMB 38,117,000 in 2023[8]. - The group reported an investment property valuation loss of RMB 652.6 million in 2023, a shift from a valuation gain of RMB 477.3 million in 2022, primarily due to a decline in commercial property values[107]. - The fair value gain from investment properties was RMB 477,327,000, reflecting positive market conditions[74]. Cash and Equivalents - As of December 31, 2023, the company’s cash and cash equivalents decreased to RMB 1,779,200 thousand from RMB 2,875,412 thousand in 2022[61]. - The current ratio as of December 31, 2023, was 1.07, slightly down from 1.09 in 2022[188]. Land and Property Development - The company has a total land reserve of 17.7 million square meters across 132 projects, including 49 completed projects (3.5 million square meters) and 64 projects under development (11.5 million square meters)[130]. - The total area delivered in 2023 was approximately 1,458,069 square meters, an 8.7% decrease from 1,596,425 square meters in 2022[155]. - The total presale area attributable to the group is 1,063,351 square meters, with significant projects including Xingyue City (104,510 square meters) and Fengyang Shuiyun Yaju (51,376 square meters) at 100% equity[129]. - The company has ongoing projects in various locations, with a total land area of 5,243,642 square meters and a total estimated construction area of 3,675,831 square meters[134]. Market Conditions and Strategies - The property market in China faced challenges in 2023, influenced by global economic uncertainties and low property appetite, prompting government measures to support the market[150]. - The company anticipates continued low demand for property purchases in China due to ongoing inflation and political uncertainties[151]. - The company plans to implement multiple sales strategies to stimulate demand and will slow down land acquisitions to increase liquidity[106]. - The company is focusing on market expansion and new strategies to navigate the challenging economic environment[151]. Corporate Governance - The group is committed to enhancing its corporate governance practices as part of its strategic initiatives[195]. - The audit committee, composed of independent non-executive directors, has reviewed the annual performance and consolidated financial statements for the year ending December 31, 2023[197]. - The group is actively monitoring the integrity, accuracy, and fairness of its financial statements and internal controls[197].
明发集团(00846) - 2023 - 年度业绩