Financial Performance - The group recorded revenue of approximately RMB 6.028 billion for the year ending December 31, 2024, an increase of about 19.2% compared to RMB 5.058 billion for the year ending December 31, 2023[3]. - The profit attributable to shareholders for the year was approximately RMB 25.693 million, a decrease of about 91.0% from RMB 284.734 million in the previous year, primarily due to a goodwill impairment loss of RMB 237.683 million recognized during the year[4]. - The group reported a pre-tax profit of RMB 195.263 million for the year, down from RMB 425.384 million in the previous year[4]. - The group’s total comprehensive income for the year was RMB 90.292 million, compared to RMB 331.506 million in the previous year[5]. - The adjusted profit attributable to the owners of the parent company for 2024 was RMB 357,668 thousand, slightly down from RMB 368,797 thousand in 2023, reflecting a decrease of approximately 3.1%[18]. - The gross profit for the group in 2024 was RMB 1,148,835 thousand, compared to RMB 1,022,822 thousand in 2023, indicating a year-on-year increase of about 12.3%[18]. - The group’s gross profit margin decreased from 20.2% for the year ended December 31, 2023, to 19.1% for the year ended December 31, 2024, primarily due to a decline in the gross profit margin of hazardous waste treatment services[53]. Revenue Sources - The group secured 64 urban service projects through public tenders and acquisitions, with a total contract value and estimated annual revenue of approximately RMB 7.848 billion and RMB 1.497 billion, respectively[3]. - Revenue from the mainland China market was RMB 5,692,940 thousand in 2024, up from RMB 5,057,613 thousand in 2023, marking an increase of approximately 12.6%[20]. - The group’s income from the city services segment in 2024 was RMB 5,310,493 thousand, an increase from RMB 4,343,559 thousand in 2023, representing a growth of approximately 22.2%[18]. - Revenue from urban environmental governance services was RMB 5,253,268,000, up 29.4% from RMB 4,060,872,000 in the previous year[22]. - The company’s hazardous waste treatment business revenue decreased by 1.9% to RMB 536,459 thousand in 2024 from RMB 546,759 thousand in 2023[41]. Dividends and Shareholder Returns - The proposed final dividend is HKD 0.013 per share, with a total annual dividend of HKD 0.025 per share[3]. - The company plans to distribute a final dividend of HKD 0.013 per share for 2024, down from HKD 0.015 per share in 2023, totaling approximately RMB 42,538,000[32]. - The company repurchased 39,700,000 shares at a total cost of approximately RMB 20,746,000 in 2024, compared to 3,636,000 shares for RMB 1,456,000 in 2023[40]. Assets and Liabilities - The group's cash flow remains robust, with total assets amounting to RMB 8.581 billion as of December 31, 2024, compared to RMB 8.127 billion in 2023[9]. - Current liabilities totaled RMB 2.682 billion, with a net current asset value of RMB 2.355 billion as of December 31, 2024[9]. - The group’s non-current assets decreased to RMB 3.544 billion from RMB 3.842 billion in the previous year, primarily due to the reduction in goodwill[7]. - Total bank borrowings increased to RMB 2,632,026 thousand in 2024 from RMB 2,562,139 thousand in 2023, marking a rise of 2.7%[39]. - The net debt ratio increased to 44.4% as of December 31, 2024, from 38.5% as of December 31, 2023, primarily due to increased net debt from business expansion[80]. Operational Highlights - The company operated a total of 231 urban service projects as of December 31, 2024, an increase from 186 projects at the beginning of the year[44]. - The company successfully won 35 urban service projects through public bidding, with a total contract value of approximately RMB 6,090.9 million in mainland China and RMB 330.9 million in Hong Kong[45]. - The actual processing volume of the group's harmless disposal projects increased from 230,027 tons for the year ended December 31, 2023, to 285,637 tons for the year ended December 31, 2024[59]. Expenses and Costs - Administrative expenses increased to RMB 593.5 million for the year ended December 31, 2024, compared to RMB 523.7 million in the previous year, primarily due to ongoing business expansion in urban services[63]. - Other expenses rose to RMB 48.7 million for the year ended December 31, 2024, from RMB 30.9 million in the previous year, mainly due to impairment losses on trade receivables[64]. - The group’s financing costs for 2024 were RMB 59,234 thousand, slightly down from RMB 61,331 thousand in 2023, reflecting a decrease of about 3.4%[18]. Strategic Focus and Future Plans - The company aims to enhance operational efficiency, drive innovation, and deepen value cultivation as its strategic focus for 2025[82]. - The company plans to implement a "high-quality development" strategy to improve profitability, reduce growth rates, and control risks[83]. - The company is focusing on developing smart sanitation equipment, low-carbon technologies, and digital platforms to create a differentiated competitive advantage[83]. Governance and Compliance - The company emphasizes high levels of corporate governance to achieve sustainable development and enhance performance, adhering to the corporate governance code as of December 31, 2024[96]. - All directors confirmed compliance with the standard code for securities trading as of December 31, 2024[97]. - The audit committee, consisting of three independent non-executive directors, reviewed the company's financial reporting procedures and internal controls for the year ending December 31, 2024[98]. - Deloitte has verified the financial figures in the preliminary announcement for the year ending December 31, 2024, although their work does not constitute an audit[99].
北控城市资源(03718) - 2024 - 年度业绩