Jingrui Holdings (1862) H2 2024 earnings summary

Executive summary

• Contracted sales for 2024 were RMB2,077.2 million, down 45.2% year-on-year, with revenue at RMB5,906.4 million, a 19.0% decrease from 2023.

• Gross loss reached RMB252.5 million (gross loss margin 4.3%), and net loss for the year was RMB3,245.1 million.

• No final dividend was recommended for 2024.

• The auditor issued a disclaimer of opinion due to material uncertainties about going concern.

Financial highlights

• Revenue fell to RMB5,906.4 million from RMB7,294.5 million year-on-year.

• Gross loss of RMB252.5 million, compared to gross profit of RMB464.3 million in 2023.

• Net loss widened to RMB3,245.1 million from RMB1,841.3 million in 2023.

• Basic and diluted loss per share was RMB(1.95), up from RMB(1.12) in 2023.

• Total assets at year-end were RMB30,617.8 million.

Outlook and guidance

• Management is implementing measures to address liquidity, including debt restructuring, asset sales, and cost controls.

• Directors believe sufficient funds will be available to meet obligations over the next 12 months, but this is subject to successful execution of plans.