CREC(SZ:000736) Xin Jing Bao·2025-04-18 00:48Core Viewpoint - China Communications Real Estate has been placed under "ST" (Special Treatment) status due to negative net assets, indicating a significant risk of delisting [2][3]. Financial Performance - As of the end of 2024, the company's total assets were approximately 107.7 billion, a decrease of 12.63% year-on-year, with a net asset value of -3.579 billion [3]. - The company's revenue for 2024 was 18.302 billion, a decline of 44.59% year-on-year, and the net profit attributable to shareholders was -5.179 billion [9]. - The cash flow from operating activities was 3.175 billion, down 55.6% compared to the previous year [9]. Business Strategy - To maintain its listing status, the company plans to divest its core real estate development business to its controlling shareholder, China Communications Real Estate Group, which will significantly reduce its primary revenue source [2][6]. - The company aims to shift focus towards light asset businesses such as property services and asset management, intending to improve its asset quality and profitability [7][10]. Market Position - The company's sales performance has been underwhelming, with a signed sales amount of only 15.643 billion in 2024, a decrease of 58.13% year-on-year, and a signed sales area of 853,200 square meters, down 52.51% [7]. - The ambitious sales targets set in previous years have not been met, with actual sales figures falling significantly short of the projected goals [8][9]. Regulatory Environment - The company is subject to delisting risks as per the Shenzhen Stock Exchange regulations, which stipulate that companies with negative net assets for two consecutive years may face termination of their stock listing [4].