金科股份业绩压力未缓解 债务重整进入关键期

Core Viewpoint - The financial performance of Kinko Co., Ltd. continues to deteriorate, with significant losses reported for 2024 and ongoing challenges in debt restructuring [1][2][5]. Financial Performance - In 2024, Kinko Co. reported a revenue of approximately 27.555 billion yuan, a year-on-year decrease of 56.43% [2]. - The net profit attributable to shareholders was a loss of approximately 31.969 billion yuan, a decline of 266.11% compared to the previous year [1][2]. - The cash flow from operating activities was approximately -674 million yuan, although this represented an 80.95% improvement year-on-year [1][2]. - The basic earnings per share were -6.04 yuan [1]. Loss Expansion - The company's losses have expanded, with a net profit loss of 31.969 billion yuan in 2024 compared to a loss of 8.732 billion yuan in 2023 [2]. - The net profit loss excluding non-recurring items was 28.418 billion yuan, up from 7.39 billion yuan in 2023 [2]. - The area of properties settled decreased by approximately 53% to 4.05 million square meters [2]. Reasons for Losses - The decline in overall project sales and a significant reduction in projects meeting delivery conditions contributed to the revenue drop [2]. - The rental rates and occupancy of operational properties decreased, leading to a reduction in their fair value by approximately 1.2 billion yuan [2]. - The company recognized a provision for inventory impairment of 13 billion yuan due to overdue debts and market factors [2]. - Financial expenses surged to 7.9 billion yuan due to interest expenses and overdue debts [2]. Debt Restructuring - Kinko Co. is undergoing a critical debt restructuring process, with total interest-bearing liabilities amounting to 69.829 billion yuan, of which 49.448 billion yuan are overdue [7]. - The company has engaged multiple investors and completed agreements with over 20 financial investors, raising 2.628 billion yuan for capital increase [7][8]. - The restructuring plan has been partially approved, but the ordinary creditor group has yet to approve it, which is crucial for the success of the restructuring [8][9]. Future Outlook - Kinko Co. aims to ensure all projects are completed without delays and plans to deliver at least 2.9 million square meters in 2025 [6]. - The company is focused on resolving risks and restoring a positive operational cycle through the infusion of new capital from restructuring investors [9].