姚长林掌舵首年业绩承压 大悦城控股2024年亏损加剧

Core Viewpoint - In 2024, the new leadership of Joy City Holdings, under Yao Changlin, has not managed to reverse the declining performance, with a slight revenue drop and an expanded net loss attributed to the company shareholders [1][5][14]. Financial Performance - In 2024, Joy City Holdings reported a revenue of approximately 35.79 billion yuan, a decrease of 2.7% year-on-year [5]. - The net loss attributable to shareholders reached approximately 2.98 billion yuan, marking a 103.14% increase compared to the previous year [5][7]. - The total assets of the company were about 178.58 billion yuan, down 9.84% from the beginning of the year, while the net assets attributable to shareholders decreased by 23.46% to approximately 10.60 billion yuan [5]. Sales and Market Conditions - The company's sales business saw a total contract signing of 36.9 billion yuan in 2024, a decline of 20% year-on-year, with a signed area of 1.67 million square meters, down 25% [6]. - Cash flow from operating activities was approximately 6.62 billion yuan, a decrease of 37.82% year-on-year [6]. Strategic Adjustments - In response to the declining core development business, Joy City Holdings is adjusting its strategy, focusing on light-asset operations and launching investment funds based on shopping centers [9][10]. - The company acquired five land parcels in 2024, totaling 197,500 square meters, with a total land payment of 8.43 billion yuan [9]. Management Changes - The company has experienced frequent changes in its executive team, which has impacted operational stability [11][12]. - Yao Changlin took over as General Manager in December 2023 and later became Chairman in June 2024, overseeing a year marked by significant losses without the asset sale gains seen in previous years [14].