Summary by Moomoo AI
Shimao Group (stock code: 813) announced its full-year results for the year ended 31 December 2023, with contract sales of RMB428.22 billion and sales of approximately RMB594.64 billion, down approximately 5.7% year-on-year. Gross profit was approximately RMB58.48 billion, an increase of approximately 10.7% year-on-year and a gross margin of 9.8%. Shareholders accounted for a loss in the core business of approximately RMB145.08 billion. The Board of Directors does not recommend the distribution of any final dividend. Against the backdrop of increasing adverse factors in the international political and economic environment, domestic cyclical and structural contradictions, the Chinese real estate market continues to adjust to the bottom. Faced with a complex market environment, Shimao Group will continue to fine-tune management and targeted upgrades in the future to safeguard sales by carefully developing strategies, optimizing management, etc. In 2023, Shimao focused on securing delivery, delivering 88 cities, 114 projects and 158 batches throughout the year. Looking ahead to 2024, Shimao Group plans to actively take various initiatives to promote sales, secure delivery, stable capital, and stable operations, and drive the company forward.