GREATTOWN(SH:600094) Hua Xia Shi Bao·2025-05-16 13:31Core Viewpoint - Shanghai Daming City (600094.SH) reported a net loss of 2.336 billion yuan in 2024, a staggering decline of 1149.65% year-on-year, with total revenue dropping by 64.34% to 4.171 billion yuan [2][4] Financial Performance - In 2024, Daming City achieved total revenue of 4.171 billion yuan, a decrease of 64.34% year-on-year [4] - Real estate project revenue accounted for 95.19% of total revenue, amounting to 4.164 billion yuan, down 64.40% from the previous year [4] - The net profit attributable to shareholders was -2.336 billion yuan, a decline of 1149.65% year-on-year, while the net profit excluding non-recurring gains and losses was -2.345 billion yuan, down 1102.77% [4] - The company had a net loss of 2.368 billion yuan in 2024 due to inventory impairment and sales strategy adjustments [5] Business Strategy and Transformation - Daming City has paused new real estate investments for three consecutive years to navigate the challenging market, resulting in fewer completed projects [5] - The company is exploring new business avenues, including artificial intelligence computing power and low-altitude economy, although these have not yet generated significant revenue [7][8] - The financial investment sector has not performed well, with reported revenues dropping to zero in 2024 [7] - The company aims to optimize its real estate strategy by focusing on key regions and cities, while also adapting to new market trends [9] Future Outlook - Daming City believes there are still structural opportunities in the real estate sector and plans to wait for the industry cycle to bottom out [5][9] - The company reported a total revenue of 674 million yuan in Q1 2025, a year-on-year increase of 94.91%, and a net profit of 3.8721 million yuan, indicating a turnaround [10]