Financial Performance - Revenue for the year ended December 31, 2024, was RMB 18,396,000, a decrease of 31.6% from RMB 26,908,000 in 2023[3]. - Gross profit for the same period was RMB 10,885,000, down 12.1% from RMB 12,387,000 in 2023, resulting in a gross margin of 59.2%, an increase of 13.2 percentage points[3][4]. - The net loss attributable to the parent company was RMB 145,755,000, significantly improved from a loss of RMB 535,918,000 in 2023, reflecting a reduction of 72.8%[4]. - Total comprehensive loss for the year was RMB 163,873,000, compared to RMB 529,925,000 in the previous year, indicating a substantial decrease[5]. - The basic and diluted loss per share improved to RMB 2.52 from RMB 16.03 in the previous year[4]. - Other income for 2024 totals RMB 34,460,000, a decrease of 40.5% from RMB 57,879,000 in 2023[27]. - The group reported a pre-tax loss of RMB 24,312,000 for 2024, compared to a profit of RMB 14,750,000 in 2023[27]. - Financial costs for 2024 amount to RMB 58,212,000, a decrease of 8.5% from RMB 63,544,000 in 2023[30]. - The company has not declared any final dividends for the years ended 2024 and 2023[34]. - The company recorded a net loss of RMB 143,699,000 for the year ended December 31, 2024[73]. Assets and Liabilities - Non-current assets totaled RMB 1,369,145,000, slightly down from RMB 1,400,972,000 in 2023[7]. - Current assets decreased to RMB 682,436,000 from RMB 725,066,000 in 2023, primarily due to a reduction in trade receivables[7]. - Total liabilities decreased to RMB 2,110,017,000 from RMB 2,045,877,000 in 2023, with current liabilities accounting for RMB 1,460,662,000[8]. - The company's equity increased to RMB 141,564,000 from RMB 80,161,000 in 2023, reflecting improved financial stability[8]. - The group has only about RMB 1,801,000 in unrestricted cash and cash equivalents, raising significant doubts about its ability to continue as a going concern[74]. - Current liabilities exceeded current assets by approximately RMB 778,226,000 as of December 31, 2024[73]. - Total interest-bearing bank and other borrowings amounted to approximately RMB 576,527,000, with RMB 354,347,000 due within the next twelve months[11][73]. Revenue Sources - Major customers contributing over 10% of total revenue include Customer C with RMB 7,476,000 and Customer B with RMB 3,170,000 for the year 2024[20]. - Total revenue from customer contracts decreased to RMB 18,396,000 in 2024 from RMB 26,908,000 in 2023, representing a decline of approximately 31%[21]. - Construction services revenue fell to RMB 15,816,000 in 2024 from RMB 24,258,000 in 2023, a decrease of about 35%[21]. Strategic Focus and Operations - The company continues to focus on landscaping design services and related activities, indicating a strategic emphasis on core business areas[9]. - The company is focusing on municipal and urban landscaping projects, providing a "one-stop" service solution that includes investment financing, planning design, project construction, and commercial operation[51]. - The company is actively exploring ecological restoration and environmental governance as key growth points, particularly in areas such as mine restoration and wetland protection[49]. - The company aims to actively explore opportunities in green infrastructure and new energy sectors, promoting business transformation and upgrades[62]. - The company plans to deepen its involvement in the operation of hydropower stations and expand its footprint in the new energy generation sector[62]. - The company is committed to creating positive value for society and the environment, aligning with long-term sustainable development goals[63]. Debt Management and Financing - The group is currently reviewing its debt structure and seeking external financing opportunities, including potential equity financing if necessary[13]. - The group has taken measures to manage its liquidity needs and improve its financial position, including cash flow forecasts covering at least twelve months from December 31, 2024[12]. - The group is actively negotiating with lenders regarding the renewal of expired bank financing and repayment arrangements for outstanding borrowings[13]. - The group has received commitments from shareholders and related parties not to demand repayment of borrowings due by December 31, 2024, until all other obligations are fulfilled[13]. Trade Receivables and Impairment - Trade receivables amounted to RMB 532,749 thousand in 2024, slightly up from RMB 526,752 thousand in 2023, with an increase in impairment losses to RMB (482,952) thousand from RMB (370,108) thousand[39]. - The aging analysis of trade receivables shows that overdue amounts exceeding three years increased to RMB 2,993 thousand in 2024 from RMB 34,006 thousand in 2023[39]. - The expected credit loss rate for trade receivables was 99.2% for amounts overdue over three years in 2024, compared to 90.5% in 2023[41]. - The impairment loss on trade receivables increased to RMB 112,844,000 in 2024 from RMB 73,516,000 in 2023, indicating a rise of 53.5%[28]. - The company maintains strict control over trade receivables, with overdue balances reviewed regularly by senior management[37]. - The company has not held any collateral or other credit enhancements for its trade receivables[37]. Market Outlook - The Chinese landscaping industry is expected to reach a market size of several hundred billion RMB by 2028, with an average growth rate remaining high in the coming years[48]. - By the end of 2024, China's installed solar power capacity is expected to reach approximately 890 million kilowatts, a significant year-on-year increase of 45.2%[61]. - The total national green electricity trading volume in 2024 reached 151.93 billion kilowatt-hours, representing a year-on-year growth of 233%[61]. - The installed capacity of wind power is projected to be around 520 million kilowatts by the end of 2024, reflecting a year-on-year increase of 18.0%[61]. - By 2025, the proportion of non-fossil energy generation capacity is expected to rise to about 55%, with wind and solar power accounting for over 17% of the total national electricity generation[62]. - The Shanghai municipal government expanded its investment in municipal infrastructure and landscaping in 2024, with the landscaping business scale estimated at approximately RMB 9 billion[63]. - The landscaping business scale in Shanghai is projected to reach RMB 12 billion by 2025, driven by the city's continued push for "Ecological City" development[63]. Corporate Governance - The company has adhered to all corporate governance codes during the reporting period, ensuring transparency and accountability[66].
中国绿地博大绿泽(01253) - 2024 - 年度业绩