HKHC(SH:600162) Sou Hu Cai Jing·2025-04-21 10:34Core Viewpoint - Xiangjiang Holdings (600162) reported a mixed financial performance for 2024, with revenue growth but a decline in net profit, indicating ongoing challenges in profitability and cash flow management [1][7]. Group 1: Financial Performance - The company achieved total revenue of 3.76 billion yuan, a year-on-year increase of 13.96% [1]. - Net profit attributable to shareholders was 61.80 million yuan, a year-on-year decrease of 11.07% [1]. - The net profit excluding non-recurring items was 23.10 million yuan, indicating a return to profitability compared to the previous year [1]. - Operating cash flow net amount was 290 million yuan, a significant decline of 72.73% year-on-year [6]. - The weighted average return on net assets was 1.02%, down 0.06 percentage points from the previous year [6]. - The return on invested capital was -37.81%, a decrease of 36.88 percentage points year-on-year [6]. Group 2: Business Segments - In the commercial circulation operation segment, the company maintained stable performance, optimizing product categories and enhancing operational capabilities in key projects [4]. - The gross profit for 2024 was 1.10 billion yuan, showing a decline compared to the previous year, reflecting increased market competition and cost pressures [4]. - In the urban development and supporting construction segment, the company focused on sales destocking and ensuring project delivery, achieving a signed contract amount of approximately 600 million yuan [5]. - The book value of inventory was 9.30 billion yuan, accounting for 157.67% of net assets, indicating significant inventory pressure [5][6]. - The company has faced challenges in inventory digestion, with a provision for inventory impairment of 1.01 billion yuan, representing a 9.76% provision rate [6]. Group 3: Market Environment - The overall market environment for Xiangjiang Holdings in 2024 is complex and variable, with the need for continuous exploration of strategies to maintain stable development amid fierce competition [7].