CHINA LESSO(02128)2025-03-28 13:19Financial Performance - Revenue decreased by 12.4% to RMB 27.026 billion compared to the previous year[4] - Gross profit decreased by 10.2% to RMB 7.293 billion[4] - Net profit decreased by 29.4% to RMB 1.638 billion[4] - Basic earnings per share decreased by 28.6% to RMB 0.55[4] - Total comprehensive income for the year 2024 was RMB 857,525,000, a decrease from RMB 2,477,959,000 in 2023, representing a decline of approximately 65.4%[6] - The company's net profit attributable to shareholders for 2024 was RMB 899,629,000, down from RMB 2,499,787,000 in 2023, indicating a decrease of about 64.0%[6] - Basic and diluted earnings per share for 2024 were RMB 0.55, compared to RMB 0.77 in 2023, reflecting a decline of approximately 28.6%[6] - The company reported a total of RMB 3,011.2 million in recognized revenue from sales of goods and services, down from RMB 3,387.9 million in 2023[27] - The total revenue for 2024 was RMB 27,026.5 million, down from RMB 30,868.3 million in 2023, indicating a decline of 12.3%[27] - The net profit attributable to shareholders decreased by 28.9% to RMB 1.684 billion, down from RMB 2.368 billion in 2023[89] Dividends - Proposed final dividend of HKD 0.20 per share for the year ended December 31, 2024[4] - The final dividend declared for the year ending December 31, 2024, is HKD 0.20 per share, totaling HKD 615,885,000[41] - The company plans to maintain a stable dividend of HKD 0.20 per share for the fiscal year ending December 31, 2024[90] - The proposed final dividend is HKD 0.20 per share for the year ending December 31, 2024, subject to shareholder approval, with a payout ratio of 34.1% compared to 23.7% in 2023[135] Assets and Liabilities - Non-current assets totaled RMB 38,614,003,000 in 2024, slightly down from RMB 39,217,270,000 in 2023, a decrease of about 1.5%[7] - Current assets decreased to RMB 19,715,056,000 in 2024 from RMB 20,814,000,000 in 2023, representing a decline of approximately 5.3%[7] - The company’s total liabilities for 2024 were RMB 19,715,056,000, a decrease from RMB 20,482,999,000 in 2023, representing a decline of approximately 3.7%[7] - The company’s equity attributable to shareholders was RMB 1,638,017,000 in 2024, down from RMB 2,320,346,000 in 2023, indicating a decrease of about 29.4%[6] - The total current liabilities amount to RMB 21,581,685,000, compared to RMB 24,512,720,000 in 2023, indicating a decrease of approximately 12%[8] - The total assets, after deducting current liabilities, stand at RMB 36,747,374,000, an increase from RMB 35,518,550,000 in the previous year[8] - The net assets amount to RMB 24,415,375,000, slightly up from RMB 24,311,078,000 in 2023[8] - The group’s total borrowings were RMB 19,228,819,000 in 2024, slightly down from RMB 19,344,586,000 in 2023[64] Revenue Breakdown - The total revenue from external customers reached RMB 27,026,490,000, with no single external customer accounting for more than 10% of total revenue[16] - Revenue from sales related to building materials and home furnishings amounted to RMB 24,765,280,000, while revenue from new energy business sales and services was RMB 223,135,000[17] - Revenue from customer contracts in China reached RMB 23,462.7 million for 2024, a decrease of 10.4% compared to RMB 26,274.6 million in 2023[27] - Total revenue from overseas customers was RMB 1,525.8 million in 2024, compared to RMB 1,282.9 million in 2023, reflecting an increase of 19.0%[27] - Revenue from logistics and related services decreased to RMB 660,332,000 in 2024 from RMB 1,240,989,000 in 2023[26] - The building materials and home furnishings business generated revenue of 2.271 billion RMB, accounting for 8.4% of the company's total revenue[106] Operational Highlights - The company operates in three main business segments: Southern China, other regions in China, and overseas markets[13] - The company is engaged in manufacturing and selling building materials and home products, as well as providing services related to new energy and environmental engineering[13] - The company is focusing on expanding its new energy business, which saw a significant drop in revenue from RMB 1,057,321,000 in 2023 to RMB 223,135,000 projected for 2024[26] - The company plans to enhance its service offerings in environmental engineering, with revenue projected to be RMB 277,223,000 in 2024 compared to RMB 386,591,000 in 2023[26] - The company is focusing on enhancing core competitiveness in the plastic pipe system business while expanding both domestic and international markets[92] Market Outlook - The Chinese economy is projected to grow by 5.0% in 2024, reflecting resilience despite challenges[71] - The company anticipates that infrastructure investment will remain high, supported by government funding exceeding 1 trillion RMB, providing a strong impetus for economic growth[104] - The company expects a continuation of supportive real estate policies into 2025, which will help restore market confidence and reduce risk exposure for real estate firms[108] Sustainability and Innovation - The company is committed to sustainable development and aims to lead the industry's transformation towards sustainability[76] - The company emphasizes quality, technology, and customer satisfaction as its core operational principles, driving high-quality development across various sectors[83] - The company aims to enhance its core competitiveness through the integration of AI, IoT, and digital management in smart manufacturing upgrades[76] Employee and Governance - The group employed approximately 20,400 employees, with total employee costs amounting to RMB 2.349 billion during the reporting period[119] - The group maintains a high level of corporate governance and business ethics, ensuring compliance with applicable codes during the reporting period[130] - The company has reorganized its Sustainability Committee to enhance oversight on environmental, social, and governance matters, effective from March 28, 2025[131]