Financial Performance - For the fiscal year ending December 31, 2024, the company reported a revenue of RMB 4,103,756, representing a 216.3% increase compared to RMB 1,297,235 in 2023[3] - Gross profit for the same period was RMB 2,059,209, a significant increase of 459.4% from RMB 368,097 in 2023[3] - The company achieved a net profit of RMB 485,768, recovering from a loss of RMB 425,133 in the previous year, marking a 214.3% improvement[3] - Earnings per share (EPS) for the year was RMB 25.1 cents, compared to a loss of RMB 20.1 cents per share in 2023[3] - The company reported a total comprehensive income of RMB 500,471, recovering from a loss of RMB 470,056 in 2023[6] - The pre-tax profit for 2024 was RMB 1,130,382,000, compared to a loss of RMB 476,667,000 in 2023, indicating a significant turnaround[35] - The total tax expense for the year was RMB 644,614,000, compared to a tax benefit of RMB 51,534,000 in 2023[35] - Basic earnings per share for 2024 were RMB 0.25, recovering from a loss of RMB 0.20 per share in 2023[36][37] Assets and Liabilities - Total assets decreased slightly by 1.1% to RMB 13,385,727 from RMB 13,533,007 in 2023[3] - Net assets increased by 10.4% to RMB 5,342,134, up from RMB 4,840,839 in the previous year[3] - The company reported a total liability of RMB 8,043,593,000 as of December 31, 2024, down from RMB 8,692,168,000 in 2023, showing a reduction of about 7%[21][22] - Current liabilities decreased to RMB 5,055,477 from RMB 5,332,192 in the previous year, indicating improved liquidity[8] - Trade receivables at the end of 2024 amounted to RMB 61,081,000, down from RMB 70,013,000 in 2023, reflecting a decrease of about 12.8%[40] - Trade payables increased significantly to RMB 1,543,308,000 in 2024 from RMB 575,018,000 in 2023, an increase of approximately 168.3%[41] Revenue Segments - The group operates four reportable segments: commercial property development, property leasing, hotel operations, and other businesses[20] - The company reported a segment profit of RMB 1,776,220,000 in commercial property development for 2024, while the hotel operations segment incurred a loss of RMB 31,514,000[21] - Revenue from external customers in mainland China was RMB 4,103,008,000 for 2024, compared to RMB 1,281,033,000 in 2023, indicating a growth of about 220%[23] - The revenue from investment property operating leases increased to RMB 122,274,000 in 2024 from RMB 110,712,000 in 2023, reflecting a growth of approximately 10%[25] - Hotel operations recorded revenue of approximately RMB 224.6 million in FY2024, a decrease of about 12.9% due to a decline in hotel occupancy rates to approximately 63%[56] Cash Flow and Expenditures - The company’s cash and cash equivalents rose significantly to RMB 838,999 from RMB 181,155 in 2023[7] - Capital expenditures for the year were RMB 44,990,000, compared to RMB 70,899,000 in the previous year, reflecting a decrease of about 37%[21][27] - The group’s cash and cash equivalents totaled approximately RMB 886,087,000 as of December 31, 2024, compared to RMB 384,164,000 as of December 31, 2023[68] Market Position and Strategy - The company is primarily engaged in commercial property development, leasing, and hotel operations, with a focus on expanding its market presence[10] - The group has been recognized as one of the top ten commercial real estate operators in China, reflecting its strong market position[46] - The Chinese government's policies are expected to stabilize the real estate market, providing a more favorable financing environment for private and mixed-ownership real estate companies[48] - The group plans to continue its prudent management approach while exploring new development models to adapt to market changes[49] Corporate Governance and Compliance - The financial statements are prepared in accordance with International Financial Reporting Standards (IFRS), with all values reported in Renminbi (RMB) and adjusted to the nearest thousand units[11] - The consolidated financial statements include the financial statements of the company and its subsidiaries for the year ending December 31, 2024[12] - The group has adopted new and revised IFRS standards for the current year's financial statements, which have not had a significant financial impact[14] - The audit committee, composed entirely of independent non-executive directors, has reviewed the consolidated annual results for the fiscal year 2024[81] - The financial figures for the fiscal year 2024 have been agreed upon by the company's auditor, Ernst & Young, and are consistent with the consolidated financial statements[80] Employee and Stakeholder Relations - The company has implemented effective marketing strategies and plans to enhance product and service quality to strengthen its brand[75] - The company emphasizes investor relations management through various communication methods to convey its business strategies and operational status to stakeholders[75] - The company has adopted an employee stock option plan to incentivize and reward qualified participants contributing to its successful operations[76] - The group employed 1,232 staff as of December 31, 2024, a decrease from 1,256 staff as of December 31, 2023[74] Dividends and Shareholder Information - The group has no proposed final dividend for the year ending December 31, 2024, consistent with 2023[38] - The company will not recommend any final dividend for the fiscal year 2024, consistent with the previous fiscal year[79] - The company will hold its annual general meeting on June 5, 2025, with relevant notices to be published on its website and the stock exchange[85]
中国新城市(01321) - 2024 - 年度业绩