Core Viewpoint - The company reported a significant decline in revenue and a shift to net losses for the fiscal year 2024, marking the lowest revenue in a decade [1][3]. Financial Performance - The company achieved an operating revenue of 7.152 billion yuan, a year-on-year decrease of 54.59% [1]. - The net profit attributable to shareholders was a loss of 2.827 billion yuan, a shift from profit to loss compared to the previous year [1]. - The non-recurring net profit was a loss of 2.966 billion yuan, which represents a substantial increase in losses compared to the same period last year [1]. Cost Structure - The ratio of selling, administrative, and financial expenses to operating revenue increased from 13.84% to 29.4%, indicating significant pressure on cost control [1]. - Financial expenses rose from 833 million yuan to 888 million yuan, primarily due to a decrease in capitalizable interest [1]. Real Estate Sector Impact - The decline in revenue was largely attributed to reduced income from the real estate development segment, which reported an operating revenue of 4.011 billion yuan, down 68.92% year-on-year [3]. - The company has experienced continuous losses in non-recurring net profit for three consecutive years, totaling 4.635 billion yuan from 2022 to 2024, surpassing the total of 4.424 billion yuan from 2017 to 2021 [4]. Cash Flow and Profit Distribution - The company plans not to distribute profits for the fiscal year 2024 due to significant losses, with retained earnings of 3.141 billion yuan intended for operational funding and project reserves [5]. - Cash flow from operating activities was 974 million yuan, a decrease of 414 million yuan year-on-year; cash flow from investing activities was -30 million yuan, down 85 million yuan; and cash flow from financing activities was -2.666 billion yuan, a reduction of 1.341 billion yuan [5]. Stock Performance - Since mid-December of the previous year, the company's stock price has continuously declined, with a cumulative drop of 24.36% since December 17, exceeding the decline of over 70% in the residential development sector [5]. - The company has faced ongoing selling pressure from leveraged funds, with net selling occurring in 9 out of the last 10 trading days, totaling 14.9938 million yuan [5].
北辰实业营业收入腰斩,第四季度亏损近19亿元,三年亏掉五年净利润,杠杆资金持续流出