Construction Progress - Approximately 45% of construction projects have been completed, with a total building area of 51,445 square meters pre-sold but not yet delivered, expected to be completed by December 2024[2] - As of December 31, 2023, approximately 30% of construction projects have been completed, with expectations for completion by December 2024[6] - Approximately 55% of construction projects have been completed and are expected to be finished by December 2024[3] - Approximately 20% of construction projects have been completed, with expectations for completion by April 2026[47] - The total construction area of properties expected to be completed by December 2024 is 1,092,119 square meters, with 100% ownership in most projects[49] - The company has completed 49 projects with a total attributable gross floor area of 3.5 million square meters, while 64 projects are under development with an attributable gross floor area of 11.5 million square meters[119]. - The company's land reserves decreased by 2.7% to approximately 17.7 million square meters as of December 31, 2023[152]. Financial Performance - The total revenue for 2023 was RMB 9,525 million, a decrease of 9.9% compared to RMB 10,568.4 million in 2022[50] - The group recorded an annual loss of approximately RMB 643.1 million in 2023, compared to a profit of RMB 186 million in 2022, primarily due to a valuation loss of RMB 652.6 million on investment properties[52] - The gross profit margin for 2023 was 20.4%, down from 21.7% in 2022[57] - The operating loss margin for 2023 was (0.8)%, compared to an operating profit margin of 9.9% in 2022[57] - The group had cash and cash equivalents of approximately RMB 1,779.2 million as of December 31, 2023, down from RMB 2,875.4 million in 2022[55] - The group's gross profit for 2023 was approximately RMB 1.9445 billion, a decrease of 15.0% from RMB 2.2883 billion in 2022[173] - Revenue declined from RMB 10.5684 billion in 2022 to RMB 9.5250 billion in 2023[173] - The company's cost of sales in 2023 was approximately RMB 7.5805 billion, an 8.4% decrease from RMB 8.2801 billion in 2022[139] Borrowings and Financing - The group's net financing income decreased by 12.8% to approximately RMB 20.3 million in 2023, down from RMB 23.2 million in 2022[32] - Total borrowings as of December 31, 2023, amounted to RMB 2,515.1 million, compared to RMB 2,640.1 million in 2022[34] - The total bank loans and other borrowings due within one year were approximately RMB 456.6 million, and those due after one year were RMB 2,058.6 million as of December 31, 2023[55] - The total debt to total assets ratio was 73.1% as of December 31, 2023, compared to 72.4% in 2022[57] - The group aims to maintain a low debt ratio amid unclear global monetary markets[172] Sales and Market Performance - The company recorded a contract sales amount of approximately RMB 57.504 billion for the year, with a total construction area of 851,463 square meters, compared to RMB 76.924 billion and 1,087,670.8 square meters in 2022[109] - The average selling price per square meter in 2023 was RMB 5,846.7, slightly down from RMB 5,948.2 in 2022[109] - The company delivered a total construction area of 1,458,069 square meters in 2023, down from 1,596,424.5 square meters in 2022[109] - The sales revenue for the company in 2023 was RMB 8,524,843.2 thousand, a decrease from RMB 9,495,899.4 thousand in 2022[109] - The average selling price for the property in the city of Nanjing was RMB 6,926.9 in 2022, with no data available for 2023[109] - The company is focusing on market expansion and new product development as part of its strategic initiatives[109] Environmental and Social Responsibility - The company emphasizes its commitment to environmental and social responsibilities, as detailed in its annual ESG report covering operations across multiple cities in China[89] - The company reported a total of 1,502,285 grams of sulfur oxides (SOx) emissions in the reporting year, an increase from 1,341,857 grams in 2022, indicating a rise of approximately 12%[125]. - Nitrogen oxides (NOx) emissions increased to 2,003,049 grams in the reporting year from 1,667,156 grams in 2022, reflecting a rise of about 20%[125]. - The total carbon dioxide emissions reached 56,085,383 kilograms, up from 48,903,267 kilograms in 2022, marking an increase of approximately 15%[125]. - The company aims to reduce energy consumption and carbon emissions through operational management and sustainable practices, including minimizing electricity and water usage[127]. - The company is committed to environmental sustainability by participating in initiatives like Earth Hour and promoting online meetings to reduce carbon emissions from travel[127]. - The group has established a waste classification system in offices, promoting recycling and proper waste management[182]. - The management is committed to complying with environmental regulations and ensuring transparency in business decisions[191] Governance and Management - The audit committee held five meetings during the year to review the consolidated financial statements for the year ended 2022 and the first half of 2023, ensuring compliance with applicable accounting standards[99] - The company has adopted a diversity policy for its board, aiming to appoint at least one female director by December 31, 2024, as currently, there are no female directors[92] - The company actively encourages all directors and senior management to enhance their knowledge and skills, with training records indicating participation in various training sessions throughout the year[78] - The company has established a remuneration committee to review and propose the overall remuneration policy for all directors and senior management, ensuring performance-based compensation[94] - The company has a performance evaluation and reward system for employees based on work performance, attitude, and ability[197] - The company adheres to labor laws and regulations in China and Hong Kong, ensuring employee rights and fair compensation[198]
明发集团(00846) - 2023 - 年度财报