CHI MER LAND (00978) announces its performance for the year 2024. The company's owner is expected to have a loss of approximately 1.851 billion yuan, a change from profit to loss compared to the previous year.

CHI MER LAND (00978) announced its performance in 2024, with revenue of approximately 20.661 billion yuan, a year-on-year decrease of approximately 28%; gross profit of approximately 985 million yuan, a year-on-year decrease of approximately 75%; the company's attributable net loss is approximately 1.851 billion yuan, a year-on-year change from profit to loss; loss per share is 37.73 cents. The announcement stated that the decrease in gross profit was mainly due to a higher proportion of projects with lower gross profit margins in the recognized revenue. The gross profit margin was approximately 4.77% (2023: approximately 13.44%), a year-on-year decrease of 8.67 percentage points. The group, including joint ventures and associates, achieved a total contract signing amount of 42.46 billion yuan in 2024, experiencing a V-shaped reversal from a 32% decline in the first quarter to a 10% growth for the full year, including projects such as Nanjing Zhongshan Peak View that exceeded sales targets for the year. Through deepening the "all-dimensional scene creation" system, the Nanjing "Golden Capital Series" project achieved a 92% sell-through rate upon opening; and the Guangzhou "Linyu Jing" project, as a benchmark for fourth-generation residential developments, achieved land acquisition, real-life display, and opening for sale within 99 days, creating a miracle of values exceeding those in the feasibility report in the outskirts.