Financial Performance - The group's revenue for the twelve months ending December 31, 2024, was approximately RMB 1.01 billion, a decrease of about 72.3% compared to approximately RMB 3.64 billion for the twelve months ending December 31, 2023[3]. - The loss for the twelve months ending December 31, 2024, was approximately RMB 1,682.5 million, a significant decrease of about 928.79% compared to a profit of approximately RMB 203.0 million for the twelve months ending December 31, 2023[3]. - The basic and diluted loss per share for the twelve months ending December 31, 2024, was RMB 0.46, compared to a basic and diluted earnings per share of RMB 0.07 for the twelve months ending December 31, 2023[3]. - The group reported a gross loss of RMB 200.22 million for the twelve months ending December 31, 2024, compared to a gross profit of RMB 483.31 million for the same period in 2023[5]. - The company reported a net loss of RMB 168.25 million, a significant increase of 928.79% compared to the same period in 2023[53]. - The company's profit before tax for the year ending December 31, 2024, was RMB (1,680,105) thousand, compared to RMB 249,345 thousand for 2023, indicating a significant decline in profitability[30]. Assets and Liabilities - The total assets as of December 31, 2024, were RMB 4.90 billion, down from RMB 6.63 billion as of December 31, 2023[6]. - The net current assets as of December 31, 2024, were RMB 576.15 million, a decrease from RMB 1.97 billion as of December 31, 2023[6]. - The total liabilities as of December 31, 2024, were RMB 1.17 billion, compared to RMB 1.27 billion as of December 31, 2023[6]. - The company's equity attributable to owners as of December 31, 2024, was RMB 3.62 billion, down from RMB 5.25 billion as of December 31, 2023[7]. - The company's total inventory as of December 31, 2024, was RMB 527,267 thousand, a decrease from RMB 877,757 thousand in 2023[39]. - Trade receivables as of December 31, 2024, amounted to RMB 906,602 thousand, down from RMB 1,586,313 thousand in 2023, indicating improved collection or reduced sales[40]. - The company's trade payables decreased to RMB 155,018 thousand as of December 31, 2024, from RMB 434,071 thousand in 2023, suggesting improved cash flow management[44]. Revenue Breakdown - Revenue from external customers for the year ended December 31, 2024, was RMB 1,008,525 thousand, a decrease of 72.3% compared to RMB 3,640,712 thousand for the year ended December 31, 2023[17]. - The revenue breakdown by product for the year ended December 31, 2024, included RMB 717,399 thousand from panel furniture, RMB 231,486 thousand from soft furniture, and RMB 10,354 thousand from sports and custom furniture[21]. - Revenue from the United States for the year ended December 31, 2024, was RMB 460,776 thousand, a decrease of 80.1% from RMB 2,290,770 thousand in 2023[17]. - Sales to the United States accounted for 45.7% of total revenue in 2024, down from 62.9% in 2023, representing a decline of 17% in market share[59]. - Revenue from the top five customers totaled RMB 640.4 million, which is 63.5% of total sales, a decrease of approximately 8.1% from the previous year[61]. Expenses and Costs - The distribution and selling expenses increased to RMB 286.21 million for the twelve months ending December 31, 2024, compared to RMB 73.66 million for the same period in 2023[5]. - Research and development costs for the year ended December 31, 2024, were RMB 68,253 thousand, a decrease of 55.3% compared to RMB 152,602 thousand in 2023[24]. - The cost of materials consumed decreased by 64.9% to RMB 921.3 million in 2024 from RMB 2,626.5 million in 2023, primarily due to reduced furniture sales[65]. - The total sales cost decreased by 61.7% to RMB 1,208.7 million in 2024 from RMB 3,157.4 million in 2023, attributed to lower sales volume and reduced material costs[65]. Cash Flow and Liquidity - The group reported a net cash outflow from operating activities of RMB 327.4 million for the year ended December 31, 2024, compared to an outflow of RMB 93.7 million in 2023, indicating a worsening cash flow situation[67]. - As of December 31, 2024, the group had cash and bank balances of approximately RMB 5.59 million, indicating a tight liquidity position[67]. - The company’s cash and bank balances significantly decreased to RMB 45,468 thousand as of June 30, 2024, from RMB 463,355 thousand as of December 31, 2023[104]. Corporate Governance and Future Plans - The company is committed to maintaining high standards of corporate governance and has adopted the corporate governance code as per listing rules[94]. - The company plans to continue expanding markets outside the U.S. and strengthen its ODM capabilities to enhance market share and long-term business development[81]. - The group plans to enhance its core competitiveness by closely monitoring market conditions and taking necessary measures to improve operational performance[50].
汇森家居(02127) - 2024 - 中期业绩