CIFI Holdings (Group) Co (884) H2 2024 earnings summary

Executive summary

• Delivered approximately 62,000 property units in 2024, totaling 270,000 units from 2022–2024.

• Achieved contracted sales of RMB33.68 billion in 2024, with 2.78 million sq.m. GFA and ASP of RMB12,106/sq.m.

• Revenue declined 33.5% year-on-year to RMB47,788.7 million; gross profit fell 34.5% to RMB7,362.4 million.

• Net loss attributable to equity owners was RMB7,075.9 million, improved from RMB8,983.3 million loss in 2023.

• No final dividend declared for 2024.

Financial highlights

• Revenue: RMB47,788.7 million (down 33.5% year-on-year).

• Gross profit: RMB7,362.4 million (down 34.5% year-on-year).

• Net loss: RMB6,325.6 million; net loss attributable to equity owners: RMB7,075.9 million.

• Core net loss attributable to equity owners: RMB5,825.0 million (vs. RMB3,932.8 million in 2023).

• Gross margin: 15.4% (vs. 15.6% in 2023).

• Basic and diluted loss per share: RMB0.68 (vs. RMB0.86 in 2023).

Outlook and guidance

• Expects China's real estate market to stabilize in 2025, with demand led by core urban clusters and improved housing.

• Strategic focus on high-quality development, product upgrades, and operational efficiency.

• Continues to address onshore and offshore debt risks, with significant progress in debt restructuring.