BUCID(SH:600266) Mei Ri Jing Ji Xin Wen·2025-04-22 12:00Core Insights - The company reported a record high revenue of approximately 25.44 billion yuan for the fiscal year 2024, marking a year-on-year increase of 24.94%. However, it also recorded a significant net loss of approximately 951 million yuan, a decline of 270.17% compared to the previous year, indicating a shift from profit to loss [1][4][6]. Revenue Performance - The revenue from Beijing, the company's primary market, reached 23.75 billion yuan, a year-on-year increase of 53.36%, accounting for 93.37% of total revenue. In contrast, revenues from other regions such as Chongqing, Chengdu, Qingdao, and Tianjin saw significant declines [1][4][6]. - The company achieved a sales amount of 20.27 billion yuan and a turnover revenue of 18.70 billion yuan during the year [3][4]. Profitability Metrics - The company's net profit attributable to shareholders was -951 million yuan, with a significant drop in net profit excluding non-recurring items to -1.55 billion yuan, a decrease of 397.4% [3][4][6]. - The gross profit margins for real estate development, leasing, and property management decreased by 4.19%, 0.49%, and 28.06% respectively, with the gross margin for real estate development standing at 14.1% [6][8]. Cash Flow and Assets - The net cash flow from operating activities decreased by 57.5% to approximately 5.57 billion yuan [3][6]. - The company's net assets were reported at approximately 22.24 billion yuan, down 5.75% from the previous year, while total assets decreased by 11.70% to approximately 122.23 billion yuan [3][6]. Market Expansion - The company made its first foray into the Shanghai market, acquiring two land parcels in Yangpu District, indicating a strategic shift towards the relatively hot East China market [1][8][9]. - The company plans to enhance its marketing strategies and sales systems to improve inventory turnover, particularly focusing on underperforming projects [14][16]. Project Development - The company launched its first project in Shanghai, the Guoyufu, with a sales price of approximately 107,000 yuan per square meter, achieving a sales rate of over 80% during the initial launch [11][12]. - Another project, Lingcui Binjiang, was also introduced with a sales price of around 115,700 yuan per square meter, although sales have been slower compared to expectations [14]. Land Acquisition - In 2024, the company added a total land reserve of 353,000 square meters, significantly lower than the 822,000 square meters added in 2023, indicating a cautious approach to land acquisition amid market challenges [16].