Times China (1233) H2 2024 earnings summary

Executive summary

• Revenue for 2024 was RMB13,110.5 million, down 37.6% year-over-year, with a gross loss of RMB2,985.9 million versus a gross profit in 2023.

• Net loss for the year was RMB16,870.9 million, up 288.3% from 2023; core net loss attributable to owners was RMB15,969.4 million, up 246.9%.

• Contracted sales fell 34.4% to RMB9.416 billion, with average sales price down 25.1%.

• Delivered over 30 projects and nearly 15,000 units in 2024.

Financial highlights

• Property development contributed 94.7% of revenue; property leasing and sub-leasing 5.3%.

• No income from urban redevelopment business in 2024.

• Gross loss margin was 22.8% in 2024, compared to a gross profit margin of 12.3% in 2023.

• Other income and gains dropped to RMB377.8 million from RMB643.2 million.

• Finance costs rose 72.5% to RMB2,153.7 million.

• Cash and bank deposits at year-end were RMB2,224.3 million, down 44% from 2023.

Outlook and guidance

• Focus on advancing debt restructuring, improving balance sheet, and stabilizing operations in 2025.

• Plans to boost sales, reduce costs, enhance efficiency, and leverage technology for product and service improvement.

• Expectation of continued government support for the real estate sector, but broad market recovery remains uncertain.