*ST建艺：增收不增利，财务状况堪忧

Core Insights - The company *ST Jianyi (002789) reported a total operating revenue of 6.249 billion yuan for 2024, a year-on-year increase of 0.79%, but the net profit attributable to shareholders was -0.829 billion yuan, a year-on-year decrease of 47.23%, indicating a significant decline in profitability despite revenue growth [1] - In the fourth quarter, the total operating revenue was 1.778 billion yuan, a year-on-year decrease of 32.32%, with a net profit attributable to shareholders of -0.833 billion yuan, a year-on-year decrease of 40.75%, reflecting increased operational pressure at year-end [2] Financial Performance - Key financial indicators show a drastic decline in profitability, with a gross margin of 10.96%, down 9.08% year-on-year, and a net margin of -12.85%, down 51.03% year-on-year [7] - Earnings per share were -5.19 yuan, a decrease of 47.03% year-on-year, and the net asset per share was -5.03 yuan, a decrease of 2640.89% year-on-year [3][7] Revenue Composition - The main revenue sources include construction engineering business at 4.61 billion yuan (73.77% of total revenue) with a gross margin of 12.77%, and decoration engineering business at 1.202 billion yuan (19.23%) with a gross margin of 1.15% [7] - The company also reported revenue from new energy business at 202 million yuan (3.23%) with a gross margin of 13.05%, and commercial development business at 126 million yuan (2.02%) with a gross margin of 29.56% [7] Regional Distribution - Revenue distribution shows that the southern region contributed 5.544 billion yuan (88.72%) with a gross margin of 11.21%, while the eastern region contributed 536 million yuan (8.58%) with a gross margin of 9.95% [7] Cash Flow and Debt - The net cash flow from operating activities increased by 121.35% year-on-year, primarily due to enhanced collection efforts, while cash flow from investing activities increased by 109.31% [9] - However, the cash flow from financing activities decreased by 105.54% year-on-year, indicating a challenging financing environment [9] - The company’s cash position shows a cash to current liabilities ratio of only 25.04%, and the interest-bearing debt has increased by 20.96% to 3.447 billion yuan [7][9]