Financial Performance - The company's revenue for the year ended December 31, 2024, was approximately RMB 2,371.7 million, an increase of about 32.3% compared to RMB 1,793.1 million for the year ended December 31, 2023[4]. - The net loss for the year was approximately RMB 58.3 million, a decrease of about 55.5% from RMB 131.0 million for the previous year[4]. - Adjusted EBITDA for the year was approximately RMB 283.4 million, an increase of about 17.6% from RMB 241.0 million for the year ended December 31, 2023[4]. - The company's total revenue for the year ended December 31, 2024, was approximately RMB 2,371.7 million, an increase of 32.3% compared to RMB 1,793.1 million in 2023, primarily driven by growth in equipment recovery and subscription services[16]. - The company reported a pre-tax loss of RMB 56,952,000 for 2024, an improvement from a loss of RMB 131,268,000 in 2023[87]. Revenue Breakdown - Revenue from the equipment recycling business was approximately RMB 1,835.7 million, an increase of about 42.7% from RMB 1,286.4 million in the previous year[7]. - Revenue from equipment subscription services was approximately RMB 379.5 million, an increase of about 9.1% from RMB 347.9 million in the previous year[9]. - Equipment recovery revenue increased by 42.7% year-over-year to RMB 1,835.7 million, with sales volume rising approximately 20% from 810,559 units in 2023 to 972,396 units in 2024[17][18]. - The company plans to continue expanding its equipment subscription services, which generated RMB 536,031 thousand in revenue in 2024[73]. Customer Metrics - The number of equipment sold increased by 20.0% to 972,396 units from 810,559 units in the previous year[8]. - The average revenue contribution per recycling customer increased by 6.5% to RMB 692,190 from RMB 649,692 in the previous year[8]. - The number of long-term equipment subscription customers grew from 21,615 in 2023 to 23,818 in 2024, contributing to a total subscription volume increase from 5,744,050 units to 6,175,846 units[19]. Profitability and Costs - The gross profit for the equipment recovery business was approximately RMB 9.8 million, a turnaround from a gross loss of RMB 27.9 million in 2023, with a gross margin of 0.5% compared to a gross loss margin of 2.2%[24]. - The gross profit from equipment subscription services increased from approximately RMB 72.1 million in 2023 to RMB 93.2 million in 2024, with the gross margin rising from 20.7% to 24.6%[25]. - IT technology subscription services saw a decrease in gross profit from approximately RMB 103.5 million in 2023 to RMB 93.4 million in 2024, with the gross margin declining from 65.1% to 59.7%[26]. - Total sales costs for the year were approximately RMB 2,175.3 million, representing about 91.7% of total revenue, compared to 91.8% in 2023[22]. Expenses and Financial Management - Distribution and selling expenses increased by approximately 11.4% to RMB 143.1 million, while the percentage of these expenses relative to revenue decreased from about 7.2% to 6.0%[28]. - Administrative expenses decreased by approximately 8.5% to RMB 93.8 million, with the percentage of these expenses relative to revenue declining from about 5.7% to 4.0%[29]. - R&D expenses decreased by approximately 1.7% from RMB 255 million to RMB 251 million, with R&D expenses as a percentage of revenue dropping from about 1.4% to 1.1%[30]. - Financing costs increased by approximately 13.9% from RMB 418 million to RMB 476 million due to increased borrowing to meet business expansion funding needs[31]. Assets and Liabilities - Current assets increased by approximately 10.5% from RMB 8.09 billion to RMB 8.93 billion, with a current ratio of approximately 1.2 times[40]. - Inventory rose from approximately RMB 790 million to RMB 1.03 billion, driven by increased disposal demand for obsolete IT equipment[42]. - Trade and lease receivables increased significantly from approximately RMB 1.06 billion to RMB 2.56 billion, mainly due to increased sales in the equipment recovery business[43]. - Trade payables decreased from approximately RMB 1.48 billion to RMB 1.07 billion, as more trade payables were settled before the end of the year[45]. Cash Flow and Investments - As of December 31, 2024, bank balances and cash were approximately RMB 295.9 million, down from RMB 416.6 million as of December 31, 2023, due to increased investments in business development[48]. - The company's total bank borrowings amounted to approximately RMB 531.2 million as of December 31, 2024, compared to RMB 455.0 million as of December 31, 2023[49]. - The capital debt ratio increased to 113.0% as of December 31, 2024, from 93.6% as of December 31, 2023[50]. - The company did not engage in any significant investments, acquisitions, or disposals during the year[51]. Dividends and Shareholder Information - The company has not proposed any final dividends for the year, consistent with the previous year[63]. - The weighted average number of ordinary shares for calculating diluted loss per share was 306,927,579 for 2024, compared to 305,378,399 for 2023[87]. Other Financial Metrics - Other income rose from approximately RMB 18.5 million in 2023 to RMB 28.0 million in 2024, mainly due to government funding received of approximately RMB 11.8 million[27]. - The company recorded a tax credit of approximately RMB 55 million for the current year, compared to a tax expense of approximately RMB 25 million for the previous year[32]. - Adjusted net loss (non-IFRS measure) was approximately RMB 305 million, down from approximately RMB 674 million in the previous year[34]. - Adjusted EBITDA (non-IFRS measure) increased by approximately 17.6% from RMB 2.41 billion to RMB 2.83 billion[35].
凌雄科技(02436) - 2024 - 年度业绩