Financial Performance - For the fiscal year ending December 31, 2024, the group's revenue from continuing operations was approximately RMB 157.6 million, a significant decrease of about 61.6% compared to RMB 410.5 million in 2023[2] - The net loss attributable to the company's owners for 2024 was approximately RMB 23.2 million, a reduction from RMB 35.0 million in 2023[5] - The gross profit for continuing operations increased to RMB 48.4 million in 2024 from RMB 36.9 million in 2023, despite a decline in total sales volume due to a strategic shift towards higher-margin silver products[4] - The company reported a loss from discontinued operations of approximately RMB 44.6 million in 2024, compared to RMB 27.5 million in 2023, primarily due to significant impairment losses in the fresh food retail segment[3] - The group reported revenue from continuing operations of RMB 157,570,000 for the year ending December 31, 2024, a decrease of 61.7% compared to RMB 410,458,000 in 2023[19] - Total revenue for 2024 was RMB 157,570 thousand, a decrease of 61.7% compared to RMB 410,458 thousand in 2023[22] - The total loss attributable to the owners of the company for 2024 was RMB 26,891,000, compared to RMB 14,045,000 in 2023, representing an increase of 91.5%[36] Assets and Liabilities - The total assets as of December 31, 2024, were RMB 1,558.9 million, slightly up from RMB 1,550.4 million in 2023[6] - The company's cash and cash equivalents increased to RMB 429.3 million in 2024 from RMB 419.5 million in 2023[6] - The inventory level remained relatively stable at RMB 973.5 million in 2024, compared to RMB 980.5 million in 2023[6] - The company's trade and other receivables decreased to RMB 93.2 million in 2024 from RMB 131.2 million in 2023[6] - The total assets classified as held for sale amounted to RMB 29,890,000, while the total liabilities related to these assets were RMB 97,732,000[38] - Non-current assets in mainland China decreased to RMB 15,672,000 in 2024 from RMB 11,020,000 in 2023[19] - The group’s non-current assets totaled RMB 16,207,000 in 2024, down from RMB 32,475,000 in 2023[19] Revenue Breakdown - Revenue from the sale of silver products was RMB 137,643,000 in 2024, up 32.1% from RMB 104,149,000 in 2023[20] - The group’s revenue from terminated operations in mainland China was RMB 2,667,000 in 2024, down 97.0% from RMB 90,074,000 in 2023[19] - Silver product sales accounted for 87.3% of total revenue in 2024, up from 25.4% in 2023, while gold product sales dropped to 9.9% from 73.3%[65] Operational Changes - The group has one operating segment focused on jewelry retail, with the fresh food retail segment ceasing operations as of December 31, 2024[17] - The group reduced the number of physical stores from 16 in 2023 to 7 in 2024, shifting sales focus to online channels and leveraging third-party platforms for marketing[53] - The group completed the sale of a 51% stake in Shenzhen Fresh Life Technology Co., Ltd. for RMB 300,000, with the transaction finalized on January 13, 2025[9] - The company completed the sale of its 51% stake in Shenzhen Fresh Life Manager for RMB 300,000 thousand, marking the termination of its fresh food retail business[34] Cost Management - The company’s total employee costs decreased to RMB 14,300 thousand in 2024 from RMB 17,454 thousand in 2023[26] - Sales and distribution expenses decreased by approximately 21.6% to about RMB 15.5 million for the year ending December 31, 2024, due to reduced spending on various promotional activities[69] - Administrative expenses decreased by approximately 14.8% from RMB 27.7 million for the year ended December 31, 2023, to about RMB 23.6 million for the year ending December 31, 2024, mainly due to cost control measures[70] Strategic Initiatives - The group completed the acquisition of a mining exploration license in Tibet in August 2024, marking a strategic shift towards becoming a gold resource company to capitalize on the rising gold market[52] - The company plans to continue its strategic focus on gold-related business operations and aims to enhance product development and channel expansion[63] - The company is optimistic about capitalizing on the current gold bull market, driven by factors such as central bank gold purchases and global economic vulnerabilities[60] - The company intends to change its name to Mount Everest Gold Group Company Limited to reflect its strategic shift and enhance brand recognition[63] Governance and Compliance - The board consists of three executive directors and three independent non-executive directors, adhering to corporate governance codes[89] - The company has complied with the standard code for securities trading by directors for the year ending December 31, 2024[91] - The audit committee reviewed the financial reporting process and confirmed compliance with applicable accounting standards and regulations[93] - The financial statements for the year ending December 31, 2024, were verified by the auditor and are consistent with the amounts approved by the board[94] Future Outlook - The group aims for strong business and profit growth in 2025 and beyond through a series of restructuring measures, including the sale of underperforming business segments[52] - The company signed an agreement to sell its entire 51% stake in the fresh food retail business, expecting to generate an estimated disposal gain of approximately RMB 40 million, to be recognized in the financial results for the year ending December 31, 2025[59] - The company has no significant capital commitments or major investments planned for the future, focusing instead on its core operations[85]
金猫银猫(01815) - 2024 - 年度业绩