Financial Performance - For the year ended December 31, 2024, confirmed revenue was RMB 2.787 billion, a decrease of 28.5% compared to the same period in 2023[2]. - Gross profit for 2024 was RMB 404.91 million, down 24.2% year-on-year, with a gross margin increase from 13.7% in 2023 to 14.5% in 2024[2]. - The net loss increased from RMB 1.713 billion in 2023 to RMB 2.325 billion in 2024[3]. - Basic loss per share attributable to ordinary equity holders was RMB 0.9037, compared to RMB 0.6560 in 2023[3]. - The group reported a total annual loss of RMB 2,324,987,000 for the fiscal year ending December 31, 2024[28]. - The total external customer revenue for the group was RMB 2,787,231,000, with a significant loss before tax of RMB 2,313,636,000[28]. - The company reported a significant reduction in costs, with total sales and administrative expenses decreasing to RMB 2,581,722,000 from RMB 3,459,121,000[34]. - The company reported a net loss of RMB 1,713,819,000 for the year, compared to a loss of RMB 1,360,970,000 in the previous year[34]. - The company incurred a loss of RMB 367,342,000 on the fair value of investment properties[34]. - The company’s net debt ratio increased to 152.64% from 119.1% year-on-year, reflecting a significant rise in leverage[94]. Assets and Liabilities - Total non-current assets decreased from RMB 22.404 billion in 2023 to RMB 20.649 billion in 2024[6]. - Total current assets decreased from RMB 14.374 billion in 2023 to RMB 13.231 billion in 2024[6]. - Total liabilities decreased from RMB 27.086 billion in 2023 to RMB 26.479 billion in 2024[7]. - Total equity attributable to the company's owners decreased from RMB 9.601 billion in 2023 to RMB 7.266 billion in 2024[7]. - As of December 31, 2024, the group's current liabilities exceeded current assets by RMB 10,940,280,000[15]. - The total overdue borrowings amounted to RMB 5,034,868,000 as of December 31, 2024[15]. - The group has a total of RMB 6,583,478,000 in various bank and other borrowings that may require immediate repayment if demanded by lenders[16]. - The total assets of the group amounted to RMB 33,879,986,000, with total liabilities of RMB 26,479,011,000[28]. - The group’s total liabilities decreased slightly to RMB 3,344,918,000 in 2024 from RMB 3,388,927,000 in 2023[49]. - The group’s cash deposits for project development were RMB 208,905,000 as of December 31, 2024, down from RMB 219,308,000 in 2023[50]. Cash Flow and Liquidity - The group faced significant liquidity issues, with current liabilities exceeding current assets by RMB 10.94 billion as of December 31, 2024[60]. - The company has overdue borrowings totaling RMB 5.035 billion and outstanding payments to certain parties amounting to RMB 1.444 billion, leading to potential legal actions[60]. - The company has outstanding priority notes with a face value of RMB 1,724,806,000 as of December 31, 2024[56]. - The company has received a notice of acceleration due to non-payment of consent fees and interest totaling USD 27,553,000[55]. - The company is actively negotiating with lenders regarding overdue borrowings and has received preliminary intentions for renewal or extension from some lenders[123]. - The company has developed plans and measures to alleviate liquidity pressure and improve financial conditions, which are still in progress[121]. - The company has a cash flow forecast covering at least 12 months from December 31, 2024, to assess operational funding needs[121]. - The group aims to accelerate the sales collection of pre-sold and completed properties to improve cash flow[124]. - The group plans to sell certain assets at reasonable prices to generate cash inflow and alleviate liquidity pressure[124]. - The group has maintained positive communication with lenders regarding overdue loans, confident in persuading them not to demand immediate repayment[125]. Revenue Breakdown - For the fiscal year ending December 31, 2024, total revenue from the property development segment was RMB 1,886,827,000, while the total revenue from the property investment segment was RMB 706,290,000[28]. - The group recorded a total revenue of RMB 2.787 billion for the year, with residential sales contributing RMB 1.846 billion, rental income at RMB 472 million, and construction services generating RMB 261 million[61]. - Property sales revenue amounted to RMB 1,846.03 million, down 28.7% compared to the previous year, primarily due to a reduction in project deliveries[78]. - Rental income was RMB 472.01 million, a decline of 6% year-on-year, attributed to significant tenant downsizing in the second half of the year[79]. - Revenue from business park management services was RMB 208.40 million, a decrease of 9.5% year-on-year, due to clients reducing their business scale[80]. - Revenue from construction, renovation, and landscaping services was RMB 260.79 million, down 54.6% year-on-year, mainly due to fewer external project contracts[81]. Operational Strategy - The group plans to expedite the pre-sale and sale of properties under development and completed properties to generate cash inflow[18]. - The group aims to maintain ongoing business relationships with major contractors and suppliers to ensure timely completion of construction projects[22]. - The company plans to continue focusing on property development and management services to enhance revenue streams in the future[30]. - The company plans to focus on "stabilizing operations, reducing debt, managing risks, and seeking development" in response to ongoing market uncertainties[63]. - The group aims to enhance construction and decoration capabilities to stabilize revenue and improve project management quality[71]. Corporate Governance and Compliance - The independent auditor's report states that the company could not express an opinion on the consolidated financial statements due to insufficient audit evidence[58]. - The company has appointed a new auditor, BDO, effective December 24, 2024, following the resignation of the previous auditor[126]. - The audit committee has reviewed and approved the annual performance, focusing on cash flow forecasts and plans to mitigate liquidity pressure[130]. - The company has received a winding-up petition for overdue payments totaling HKD 889,261, which was later withdrawn by the petitioner[110]. - The company has not received any liquidation petitions from Andu Party as of the announcement date[122]. - The company’s auditor has expressed an inability to issue an opinion due to significant uncertainties regarding the company's ability to continue as a going concern[120].
亿达中国(03639) - 2024 - 年度业绩