Yiju Enterprise Holdings (02048) announced its annual results for the year ended December 31, 2023. Revenue was obtained during the period...
According to the Zhitong Finance App, Yiju Enterprise Holdings (02048) announced its annual results for the year ended December 31, 2023. During this period, it achieved revenue of 4.45 billion yuan (RMB, same below), down 11.7% from the same period last year.
In 2023, the government introduced a series of policies and measures to encourage real estate sales, but the real estate industry is still sluggish due to poor buyer willingness to buy homes and economic growth slowing. Sales of many leading developers have declined sharply compared to the same period last year, and some of them are still facing serious liquidity restrictions. In this context, Yiju Group's business was negatively affected by the ongoing and unprecedented decline in the industry. Total revenue fell 11.7% year on year. Among them, new home sales agent revenue fell 62.6% year on year, real estate data and consulting service revenue fell 20.7% year on year, real estate brokerage network service revenue fell 4.2%, and digital marketing revenue decreased 1.6% year on year.
In a challenging market environment, Yiju focused on reducing costs and cash flow. Annual losses fell 69.3% year over year, and net cash used in operating activities decreased by 60.2% year over year.
Furthermore, due to the guarantee agreement between Shanghai Kerui and a mainland Chinese bank, the company's ability to carry out necessary internal restructuring in the current round of Yiju's overseas debt restructuring plan was limited. Yiju announced that this round of foreign debt restructuring plans will not take effect. The announcement stated that Yi Juzheng is actively working to replace the restructuring plan and will announce the revised debt restructuring plan as soon as possible.