Financial Performance - Revenue for 2023 was RMB 24,933 million, a decrease of RMB 1,681 million (approximately 6.3%) from RMB 26,614 million in 2022[8]. - Gross profit for 2023 was RMB 2,570 million, down RMB 1,529 million (approximately 37.3%) compared to RMB 4,099 million in 2022[8]. - The company reported a loss for the year of RMB 1,769 million, a decline of RMB 2,549 million from a profit of RMB 780 million in 2022[8]. - Total assets decreased to RMB 128,236 million in 2023, down RMB 21,415 million (approximately 14.3%) from RMB 149,651 million in 2022[10]. - Total liabilities were RMB 108,178 million, a reduction of RMB 18,260 million (approximately 14.4%) from RMB 126,438 million in 2022[10]. - Total equity decreased to RMB 20,058 million, down RMB 3,155 million (approximately 13.6%) from RMB 23,213 million in 2022[10]. - The net loss attributable to the owners of the Group was approximately RMB 1,752 million, reflecting a decrease of approximately 464%[162]. - The board does not recommend payment of a final dividend for the twelve months ended December 31, 2023[162]. Revenue Sources - Sales of properties accounted for 95.5% of total revenue, totaling RMB 23,800 million, a decrease of RMB 1,877 million (approximately 7.3%) from RMB 25,677 million in 2022[11]. - Property management and other services revenue increased by RMB 184 million (approximately 29.8%) to RMB 801 million in 2023[11]. - Rental income rose by RMB 12 million (approximately 4.6%) to RMB 271 million in 2023[11]. - The average selling price was approximately RMB 12,952 per square meter, with total revenue from property sales around RMB 23,800 million, a decrease of approximately 7.3% from the previous year[166]. - The average contracted selling price during the period was approximately RMB 11,012/sq.m.[174]. Market Conditions - China's real estate investment declined by 9.6% in 2023 compared to 2022, and new construction commencement plummeted by 20.9%[19]. - Nearly 90% of China's top 100 listed real estate companies experienced a shrink in market capitalization in 2023[19]. - The global GDP growth rate for 2023 was 2.6%, while China's GDP growth rate was 5.2%[18]. Strategic Initiatives - The company aims to strategically deepen its land bank in the Yangtze River Delta and Pan-Pearl River Delta regions, having developed projects in 37 cities across 9 provinces[3]. - Greenland HK focused on innovative sales and marketing strategies to enhance efficiency and reduce losses amid a challenging real estate market[26]. - The company implemented a series of effective measures to maintain overall stability in production and operation[26]. - Greenland HK's strategic focus remains on first-tier cities in the Yangtze River Delta and Greater Bay Area, adopting a prudent investment strategy for long-term stability[33]. - The Group's strategic focus includes reshaping sales momentum, achieving high-quality delivery, and expanding funding sources through a multi-channel approach[32]. Project Development - In 2023, Greenland HK delivered over 3 million square meters of real estate, with 465,000 square meters delivered ahead of schedule[20]. - The Group maintained a high-quality land bank of approximately 19 million square meters as of December 31, 2023, sufficient to support future development needs[38]. - The company has a portfolio of 30 projects in Jiangsu across 9 cities, 9 projects in Zhejiang across 6 cities, and 38 projects in Guangdong across 12 cities[61]. - The company is focused on expanding its property development portfolio, with a significant number of projects in key urban areas across China[61]. Customer Engagement and Marketing - The Southern China region launched the "30-Day Refund for No Reason" campaign, enhancing customer trust and participation in marketing activities[31]. - The Group's marketing initiatives included over 1,250 activities for owners' circles and a creative photography contest that generated over 1.05 million discussions on Douyin[31]. - The Group emphasized the integration of new media platforms to improve customer engagement and drive property sales[177]. - The Group launched six series of IP products, focusing on quality and innovative construction processes[176]. Awards and Recognition - The Group won a total of 19 industry awards in 2023, including 5 international awards and 14 domestic awards[161]. - Greenland HK's first intelligent construction project, the Yancheng Dafeng Distillery Demonstration Center, received the highest honor in its category at the 10th Architectural Creation Award[161]. Future Outlook - Greenland HK's development strategy for the next five years includes optimizing structure, excelling in core business, strengthening coordination, and diversifying development[53]. - The company plans to develop smart manufacturing and property improvement services in a coordinated manner alongside its real estate business[53]. - Greenland HK is committed to fulfilling social responsibilities and contributing to sustainable development as part of its corporate culture[54].
绿地香港(00337) - 2023 - 年度财报