Financial Performance - For the fiscal year ending December 31, 2024, the company's revenue was RMB 3,086.7 million, a decrease of 21.9% compared to RMB 3,950.6 million for the fiscal year ending December 31, 2023[8]. - The total payment transaction volume (GPV) for the fiscal year ending December 31, 2024, was RMB 233.55 billion, down 19.0% from RMB 288.29 billion for the fiscal year ending December 31, 2023[10]. - Total revenue for 2024 was RMB 3,086,742 thousand, a decrease of 21.9% compared to RMB 3,950,585 thousand in 2023[15]. - Revenue from the one-stop payment service fell by 22.9% from RMB 3,485.0 million in 2023 to RMB 2,685.9 million in 2024, primarily due to macroeconomic fluctuations[38]. - The revenue from merchant solutions slightly decreased by 6.4% from RMB 363.0 million in 2023 to RMB 339.6 million in 2024, offset by a record high in transaction volume[39]. - Revenue from in-store e-commerce services dropped by 40.4% from RMB 102.7 million in 2023 to RMB 61.2 million in 2024, due to a strategic shift towards higher quality and more profitable customers[40]. - The company reported a total operating expense of RMB 3,008,887,000 for the year ended December 31, 2024, down from RMB 3,941,797,000 in 2023, indicating a reduction of 23.6%[133]. - The company incurred a total tax expense of RMB 10,433,000 for the year ended December 31, 2024, compared to RMB 25,321,000 in 2023, representing a decrease of 58.8%[134]. Profitability - The company's overall gross profit margin increased from 18.7% for the fiscal year ending December 31, 2023, to 23.6% for the fiscal year ending December 31, 2024[8]. - The adjusted EBITDA for the fiscal year ending December 31, 2024, was RMB 384.5 million, with net profit for the same period rising over sixfold to RMB 73.0 million from RMB 10.1 million in the previous year[12]. - Net profit for the period surged to RMB 73,014 thousand, a significant increase of 622.0% from RMB 10,113 thousand in the previous year[15]. - Net profit surged over six times year-on-year to RMB 73.0 million in 2024, with a net profit margin increasing to 2.4%[27]. - Basic and diluted earnings per share for the year were RMB 0.22, compared to RMB 0.03 in 2023, indicating a significant improvement[94]. Cost Management - The financing cost decreased by 31.5% for the fiscal year ending December 31, 2024, compared to the previous year, due to proactive upgrades in equity and financing structure[8]. - The company’s sales, administrative, and R&D expenses decreased by 11.0%, 10.8%, and 10.5%, respectively, for the fiscal year ending December 31, 2024, attributed to the broader application of AI technologies[12]. - Operating costs decreased by 26.6% from RMB 3,212.4 million in 2023 to RMB 2,358.0 million in 2024, attributed to improved bargaining power and reduced commission fees[41]. - Financial costs decreased by over 30% year-on-year in 2024 due to streamlined debt structure and financing cost control[27]. Strategic Initiatives - The company is focusing on AI and generative technologies, having developed new products tailored to various vertical industries to enhance operational efficiency and reduce costs[8]. - The company plans to accelerate its globalization strategy and expand into overseas markets, leveraging its established product system and operational experience in China[28]. - The company has successfully introduced local life services in Japan, Singapore, and Hong Kong, enhancing its global presence[26]. - The company expanded its global payment network by joining major institutions like Visa, Mastercard, and UnionPay International, enhancing service quality[18]. Shareholder Engagement - The company’s ESG rating improved to 59 points, achieving an A- rating in the Hang Seng Corporate Sustainability Index[31]. - The company’s stock buyback program approved a total of $10 million to enhance shareholder returns[30]. - The board does not recommend the payment of a final dividend for the year ending December 31, 2024 (2023: zero)[73]. Employee and Governance - The company has a total of 871 employees, primarily located in China[77]. - The board is actively seeking female candidates to promote diversity and improve corporate governance standards[33]. - The company emphasizes the protection of minority shareholders' rights through various communication methods[33]. - The audit committee, consisting of three independent non-executive directors, has reviewed the audited consolidated financial statements for the year ending December 31, 2024[184]. Risk Management - The company has made over 170 billion risk-based decisions and handled over 19 million risk transactions during the reporting period, enhancing transaction safety[32]. - The company is exposed to credit risk related to cash and cash equivalents, restricted cash, receivables, and loans provided to partners[109]. - The company provides guarantees for loans issued by certain lending partners, which may require repayment if the borrowers default[109]. Financial Position - Total assets decreased from RMB 8,420.4 million as of December 31, 2023, to RMB 7,705.5 million as of December 31, 2024, while total liabilities decreased from RMB 5,803.0 million to RMB 5,116.0 million, resulting in a debt-to-asset ratio decrease from 68.9% to 66.4%[61]. - Cash and cash equivalents decreased by 32.9% from RMB 887.9 million to RMB 595.7 million due to early redemption of convertible bonds and payments to the trustee for restricted share units[62]. - The company’s total issued shares decreased to 443,012,442 as of December 31, 2024, from 445,992,842 in 2023, reflecting a reduction of about 0.7%[151]. Investments and Acquisitions - The company did not engage in any significant investments, acquisitions, or disposals during the fiscal year ending December 31, 2024, but will continue to identify new business development opportunities[69]. - The investment in the associate company, Fushi Technology, amounted to RMB 834.96 million, representing 10.8% of total assets, with an unrealized fair value gain of RMB 103.06 million recognized during the year[70]. Future Outlook - The company has set a future revenue guidance of 3,094,193 thousand currency units for the upcoming fiscal year, indicating growth expectations[97]. - Future guidance indicates a cautious outlook, with expectations of gradual recovery in user engagement and revenue growth[98].
移卡(09923) - 2024 - 年度业绩