Financial Performance - The Group's revenue slightly decreased by 0.9% to approximately RMB 27.8 billion in 2024 compared to 2023, primarily due to a decrease in the revenue of the Colloid segment [3] - Overall gross profit decreased by 19.1% to approximately RMB 5.1 billion in 2024, mainly due to reduced gross profit contributions from the Colloid and Food Additive segments [3] - Profit attributable to the Shareholders amounted to approximately RMB 2.3 billion, representing a decrease of 26.5% compared to 2023 [3] - Earnings per share (Basic) was RMB 91.86 cents, down from RMB 124.02 cents in 2023 [3] - Return on equity was 12.6%, a decline from 18.1% in 2023 [3] - The Group's operating profit decreased to RMB 2.5 billion in 2024 from RMB 3.7 billion in 2023 [5] - The Group's profit before income tax expense for 2024 was RMB 2,837,031,000, a decrease of 26.2% from RMB 3,850,245,000 in 2023 [63] Dividends - The Board proposed final dividends of HK 22 cents per Share, resulting in a full-year dividend of HK 40 cents per share, down from HK 58 cents in 2023 [3] - The total dividends paid in 2024 amounted to RMB 923,620,000, a decrease of 30.9% compared to RMB 1,337,558,000 in 2023 [75] - The final dividends paid in 2024 were RMB 802,567,000, compared to RMB 748,943,000 in 2023, reflecting an increase of 7.1% [75] - The Group's withholding tax on dividends from PRC subsidiaries was RMB 75,000,000 in 2024, down from RMB 102,750,000 in 2023, a decrease of 27.0% [63] - The proposed final dividend for 2024 is HKD 882,174,000 (approximately RMB 802,567,000), equating to HKD 0.35 per share, an increase from HKD 0.331 per share in 2023 [77] - The board proposed a special final dividend of HKD 75,200,000 (approximately RMB 69,393,000) for 2025, which is HKD 0.03 per share [78] Assets and Liabilities - Total assets increased to RMB 36.1 billion in 2024 from RMB 32.6 billion in 2023 [7] - Total equity rose to RMB 18.3 billion in 2024, compared to RMB 17.3 billion in 2023 [7] - Cash and cash equivalents increased to RMB 9.9 billion in 2024 from RMB 6.9 billion in 2023 [7] - Total liabilities increased to RMB 17,746,842, up from RMB 15,236,673, representing a growth of 16.5% year-over-year [8] - Current liabilities rose to RMB 16,240,497, compared to RMB 14,044,560, marking an increase of 15.7% [8] - Non-current liabilities totaled RMB 1,506,345, up from RMB 1,192,113, reflecting a growth of 26.4% [8] - The Group's total equity and liabilities reached RMB 36,089,896, up from RMB 32,560,887, showing an increase of 10.3% [8] Revenue Breakdown - Revenue from food additives increased to RMB 14,365,304,000 in 2024, up 6.44% from RMB 13,495,002,000 in 2023 [29] - Revenue from animal nutrition decreased to RMB 8,739,272,000 in 2024, down 1.83% from RMB 8,901,002,000 in 2023 [29] - High-end amino acid revenue rose to RMB 2,217,371,000 in 2024, an increase of 12.39% from RMB 1,972,812,000 in 2023 [29] - Revenue from external customers in the PRC amounted to RMB 19,436,449,000 in 2024, down from RMB 20,482,261,000 in 2023 [31] - Approximately 70% of the Group's revenue was generated from sales to customers in the PRC in 2024, compared to 73% in 2023 [33] - The Group's revenue from external customers in Europe and other countries increased to RMB 8,320,861,000 in 2024 from RMB 7,524,614,000 in 2023 [31] Expenses and Costs - Selling and marketing expenses increased by approximately RMB 159.0 million, or 8.8%, mainly due to higher transportation costs [178] - Administrative expenses decreased by approximately RMB 109.8 million, or 9.1%, attributed to reduced research and development expenses [179] - Interest expenses on bank borrowings increased to RMB (219,681,000) in 2024 from RMB (185,888,000) in 2023, reflecting a rise of 18.2% [48] - The average selling price of MSG decreased by 16.3% to approximately RMB 7,676 per tonne in 2024 compared to 2023 [125] - The average price of corn kernels decreased by 16.1% to approximately RMB 1,964 per tonne, accounting for 56.5% of total production costs [163] - Coal costs represented 17.4% of total production costs, with an average unit cost of RMB 385 per tonne, down 6.6% from the previous year [169] Cash Flow and Financing - The Group had a net cash inflow of approximately RMB 2,955.3 million from operating activities, compared to RMB 1,704.9 million in 2023 [197] - As of December 31, 2024, the Group's total cash and bank balances were approximately RMB 13,657.1 million, an increase from RMB 10,880.2 million in 2023 [194] - Total bank borrowings increased to approximately RMB 11,364.5 million, up from RMB 9,724.5 million in 2023 [195] - The current bank borrowings, unsecured, increased to RMB 7,183,043,000 in 2024 from RMB 5,931,000,000 in 2023, reflecting a growth of 21.1% [102] Market and Production Insights - The annual designed production capacity for MSG increased by 24.1% to 1,650,000 tonnes, with full capacity utilization achieved during the year [171] - The export volume of threonine increased by 26% year-on-year to about 718,200 tonnes in 2024, driven by increased overseas demand [127] - China's total corn production in 2024 was approximately 295 million tonnes, a 2.1% increase from 2023, while corn imports dropped by 49.2% to 13.64 million tonnes [120] - China's coal production reached a record high of approximately 4,760 million tonnes in 2024, an increase of 1.3% compared to 2023, with coal imports rising by 14.4% [122] Other Financial Metrics - Net foreign exchange gains increased to RMB 194,106,000 in 2024 from RMB 160,747,000 in 2023, representing a growth of 20.7% [46] - Gains from sales of carbon emission quotas surged to RMB 113,081,000 in 2024, a significant increase from RMB 1,460,000 in 2023 [46] - Finance income rose to RMB 498,661,000 in 2024, up from RMB 330,504,000 in 2023, marking an increase of 50.9% [48] - The capitalisation rate for borrowing costs decreased to 1.95% in 2024 from 2.43% in 2023 [49] - The weighted average effective interest rate for borrowings decreased to 1.90% in 2024 from 2.10% in 2023, suggesting a reduction in borrowing costs [105]
阜丰集团(00546) - 2024 - 年度业绩