Financial Performance - For the fiscal year ending December 31, 2024, total revenue decreased by 6.3% to RMB 13,051.7 million from RMB 13,926.5 million in 2023[2]. - Gross profit declined by 4.6% to RMB 7,915.5 million, compared to RMB 8,294.3 million in the previous year[2]. - Adjusted comparable EBITDA fell by 11.9% to RMB 1,952.3 million, with an adjusted EBITDA margin of 15.0%, down 0.9 percentage points from 15.9%[2]. - The company reported a net loss of RMB 53.7 million, a significant decline from a net profit of RMB 581.8 million in 2023, representing a 109.2% decrease[2]. - Adjusted comparable net profit decreased by 30.5% to RMB 541.2 million, with an adjusted net profit margin of 4.1%, down 1.5 percentage points from 5.6%[2]. - The company incurred non-cash losses of RMB 286.0 million and non-recurring losses of RMB 260.5 million for the fiscal year 2024[2]. - The company reported a pre-tax profit of RMB 196.8 million, down from RMB 933.6 million in 2023[3]. - The effective tax rate for the year was approximately 56.6%, compared to 37.6% in the previous year[3]. - The company experienced a significant increase in other comprehensive losses, totaling RMB 195.5 million, compared to a gain of RMB 631.8 million in 2023[5]. Assets and Liabilities - Total non-current assets increased to RMB 14,908,570 thousand in 2024 from RMB 14,219,781 thousand in 2023, reflecting a growth of 4.84%[7]. - Current assets rose to RMB 5,133,400 thousand in 2024, up from RMB 4,622,641 thousand in 2023, marking an increase of 11.05%[7]. - Total current liabilities increased significantly to RMB 8,441,189 thousand in 2024, compared to RMB 3,872,369 thousand in 2023, representing a growth of 118.56%[8]. - The net asset value decreased to RMB 750,272 thousand in 2024 from RMB (3,307,789) thousand in 2023, indicating a substantial improvement[8]. - Total non-current liabilities rose to RMB 9,156,682 thousand in 2024, up from RMB 5,305,557 thousand in 2023, an increase of 72.67%[8]. - The company's equity total decreased to RMB 5,813,371 thousand in 2024 from RMB 6,295,224 thousand in 2023, a decline of 7.66%[8]. - Cash and cash equivalents decreased to RMB 1,364,283 thousand in 2024 from RMB 1,603,920 thousand in 2023, a decrease of 14.89%[7]. Cash Flow and Financing - The net cash flow from operating activities for the year ended December 31, 2024, was RMB 1,346,423 thousand, an increase from RMB 1,096,819 thousand in 2023, representing a growth of approximately 22.7%[10]. - The financing costs increased to RMB 920,611 thousand in 2024 from RMB 773,489 thousand in 2023, reflecting a rise of about 19%[10]. - The cash flow from financing activities resulted in a net outflow of RMB 1,070,999 thousand in 2024, compared to RMB 1,994,607 thousand in 2023, indicating a reduction of approximately 46.3%[11]. - The company raised RMB 3,330,048 thousand through new bank loans in 2024, a substantial increase from RMB 610,000 thousand in 2023[11]. - The company reported a significant increase in foreign exchange losses, which amounted to RMB 176,791 thousand in 2024, compared to RMB 4,771 thousand in 2023[10]. Revenue Breakdown - Revenue from the infant formula segment was RMB 3,332,404 thousand, while the probiotics and nutritional supplements segment generated RMB 821,291 thousand[24]. - Revenue from mainland China decreased to RMB 8,685,410 thousand in 2024 from RMB 9,972,668 thousand in 2023, indicating a decline of 12.9%[29]. - The North American market contributed RMB 1,621,676 thousand in revenue for 2024, up from RMB 1,498,193 thousand in 2023, showing an increase of 8.2%[29]. - Revenue from the nutrition supplements segment increased by 4.9% to RMB 8,830.5 million, accounting for 67.7% of total revenue[86]. - The infant formula segment saw a significant decline of 24.2% in revenue, totaling RMB 3,332.4 million, which represented 25.5% of total revenue[86]. - Revenue from the adult nutrition and care products segment grew by 9.0% to RMB 6,696.2 million, making up 51.3% of total revenue[86]. Market Performance - The company operates in five business segments, focusing on high-end children's nutrition products, infant care products, adult nutrition and care products, and pet nutrition and care products[21]. - The ultra-premium infant formula market in China is expected to contract by 17.7% in 2024, but the company anticipates initial signs of market stabilization towards the end of the year[68]. - Biostime's market share in the ultra-premium infant formula segment increased from 12.4% to 13.3% over the year, reaching a peak of 14.5% by December 2024[68]. - The company achieved a market share of 40.1% in organic infant formula and 43.4% in infant goat milk formula in the French pharmacy channel[72]. - The company maintained leading market shares in several categories, ranking first in Singapore for beauty vitamins, herbal and mineral supplements, and liver health, and second in Italy for similar categories[66]. Expenses and Cost Management - Sales and distribution costs for the year ended December 31, 2024, decreased slightly by 0.2% to RMB 5,391.8 million, with the percentage of sales and distribution costs (excluding depreciation and amortization) increasing from 38.8% in 2023 to 41.3% in 2024[105]. - Administrative expenses decreased by 8.1% from RMB 848.5 million in 2023 to RMB 779.4 million in 2024, with the percentage of administrative expenses relative to total revenue slightly declining from 6.1% in 2023 to 6.0% in 2024, reflecting improved operational efficiency and cost management[110]. - Other expenses for the year ended December 31, 2024, amounted to RMB 588.6 million, including research and development expenses of RMB 243.0 million, which increased by 17.9% year-on-year, reflecting the company's ongoing commitment to product innovation[111]. Taxation and Compliance - The total income tax expense for 2024 was RMB 250,514 thousand, a decrease of 28.8% from RMB 351,757 thousand in 2023[39]. - The company’s effective tax rate for its mainland China operations remained at 25% for both 2023 and 2024[41]. - The company is currently under review by the Australian Taxation Office regarding a capital gains tax issue related to the transfer of intellectual property and other assets[117]. - The company maintains a strong stance against the Australian Taxation Office's interpretation of the capital gains tax rules, asserting that the transaction only involved the sale of certain assets[119].
H&H国际控股(01112) - 2024 - 年度业绩