Financial Performance - For the fiscal year ending December 31, 2024, the company reported total revenue of RMB 8,791,355 thousand, representing a 14.5% increase from RMB 7,675,665 thousand in 2023[5]. - Gross profit for the same period was RMB 2,687,485 thousand, up 11.8% from RMB 2,403,331 thousand in the previous year[5]. - The net profit for the year was RMB 1,493,218 thousand, reflecting a significant increase of 36.2% compared to RMB 1,096,354 thousand in 2023[5]. - Profit attributable to equity holders of the parent company was RMB 1,478,507 thousand, a 36.9% rise from RMB 1,079,628 thousand in the prior year[5]. - Adjusted profit (non-IFRS) was RMB 1,542,385 thousand, which is a 5.7% increase from RMB 1,458,990 thousand in 2023[5]. - Basic earnings per share increased to RMB 0.71, representing a 22.4% growth from RMB 0.58 in the previous year[5]. - Diluted earnings per share also rose to RMB 0.71, a 36.5% increase from RMB 0.52 in 2023[5]. - Operating profit for the year was RMB 1,833,297 thousand, compared to RMB 1,744,535 thousand in the previous year[7]. - The total comprehensive income for the year amounted to 1,498,012 thousand RMB, up from 1,076,563 thousand RMB, indicating a growth of approximately 39.2%[9]. Assets and Liabilities - Non-current assets totaled 2,014,990 thousand RMB, an increase from 1,144,257 thousand RMB in the previous year, showing a growth of about 76.1%[10]. - Current assets increased to 4,859,645 thousand RMB from 4,008,672 thousand RMB, representing a growth of approximately 21.2%[10]. - The company's cash and bank balances stood at 1,935,264 thousand RMB, down from 2,427,979 thousand RMB, indicating a decrease of about 20.3%[10]. - Trade payables rose to 697,891 thousand RMB from 601,272 thousand RMB, reflecting an increase of approximately 16.0%[10]. - The total liabilities increased to 4,452,288 thousand RMB from 4,362,203 thousand RMB, showing a growth of about 2.1%[10]. - Non-current liabilities increased to RMB 310,329 thousand in 2024 from RMB 175,220 thousand in 2023, representing a growth of 77.1%[11]. - Total equity reached RMB 2,112,018 thousand in 2024, up from RMB 615,506 thousand in 2023, marking a significant increase of 243.5%[11]. - The company's total assets increased significantly, with net assets growing to RMB 2,066,166 thousand in 2024 from RMB 582,865 thousand in 2023, reflecting a growth of 253.5%[11]. Revenue Sources - Revenue from customer contracts for 2024 reached RMB 8,791,355 thousand, a 14.6% increase from RMB 7,675,665 thousand in 2023[22]. - Sales of goods and equipment contributed RMB 7,027,475 thousand in 2024, up from RMB 6,144,711 thousand in 2023, representing an increase of 14.4%[22]. - Franchise management services revenue increased to RMB 1,749,633 thousand in 2024 from 1,518,646 thousand in 2023, reflecting a growth of 15.2%[22]. - Direct store sales rose to RMB 14,247 thousand in 2024, compared to RMB 12,308 thousand in 2023, marking an increase of 15.7%[22]. - The majority of revenue, 96.6%, came from franchise stores for the year ended December 31, 2024, compared to 97.1% in 2023[70]. Expenses and Costs - The cost of services and sold inventory for 2024 is RMB 6,103,870,000, compared to RMB 5,272,334,000 in 2023, reflecting a rise of 15.7%[29]. - Employee benefits expenses rose to RMB 700,055,000 in 2024, up from RMB 624,520,000 in 2023, an increase of 12.1%[29]. - Operating expenses, including sales and distribution expenses, rose by 42.4% to RMB 479.4 million due to increased advertising and promotional activities[76]. - Research and development expenses increased by 17.0% from RMB 198.7 million in 2023 to RMB 232.6 million in 2024, primarily due to rising personnel costs[78]. Taxation - The total income tax expense for 2024 was RMB 311,091 thousand, a decrease of 10.8% from RMB 348,733 thousand in 2023[34]. - The impact of tax incentives for 2024 was a reduction of RMB 151,059 thousand, compared to RMB 114,133 thousand in 2023[34]. - Certain subsidiaries in China are eligible for a reduced corporate income tax rate of 15% as "high-tech enterprises"[32]. Market and Expansion - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[9]. - The company plans to expand its store network in 17 provinces, with 17 additional provinces remaining untapped for future growth opportunities[65]. - The store network covers over 200 cities in China, with a significant presence in lower-tier cities, where 80% of the stores are located[49]. - The company aims to strengthen its technology investments to improve operational efficiency and enhance collaboration with franchisees[67]. Corporate Governance - The audit committee consists of two independent non-executive directors and one non-executive director, responsible for reviewing the company's financial data[118]. - Ernst & Young conducted a comparison of the group's consolidated financial statements and confirmed compliance with applicable accounting principles[119]. - The board of directors will regularly review and strengthen corporate governance practices to ensure compliance with the corporate governance code[122]. Shareholder Information - The company declared a dividend of RMB 1.74 billion to shareholders as of December 31, 2024, based on retained earnings and share premium[115]. - The company plans to distribute a special dividend of no less than RMB 2 billion by December 2025, based on retained earnings from subsidiaries[116]. - The company has not engaged in any buybacks or sales of its listed securities during the reporting period[117].
古茗控股有限公司(01364) - 2024 - 年度业绩