Financial Performance - The group's revenue for the year ended December 31, 2024, was approximately RMB 2,811.6 million, an increase of 0.8% compared to RMB 2,788.9 million for the year ended December 31, 2023[2]. - The group's net profit for the year ended December 31, 2024, was approximately RMB 273.5 million, a decrease of 21.2% from RMB 347.0 million for the year ended December 31, 2023[2]. - The adjusted net profit under non-IFRS was approximately RMB 416.3 million, down 11.7% from RMB 471.5 million for the previous year[2]. - The non-IFRS EBITDA for the year ended December 31, 2024, was approximately RMB 628.8 million, a decrease of 11.0% from RMB 706.1 million for the year ended December 31, 2023[2]. - The adjusted EBITDA under non-IFRS was approximately RMB 707.3 million, down 9.5% from RMB 781.2 million for the previous year[2]. - Basic earnings per share for the year ended December 31, 2024, were RMB 0.11, compared to RMB 0.13 for the year ended December 31, 2023[9]. - Total comprehensive income for the year ended December 31, 2024, was RMB 328.3 million, down from RMB 402.0 million for the year ended December 31, 2023[9]. - The total pre-tax profit for the fiscal year ending December 31, 2024, was RMB 391,887,000, compared to RMB 464,268,000 for the previous year[25][26]. - Net profit decreased by 21.2% to approximately RMB 273.5 million, impacted by a reduction in one-time government subsidies and foreign exchange losses[94]. Assets and Liabilities - Total non-current assets increased to RMB 13,891,865 thousand in 2024 from RMB 13,553,729 thousand in 2023, representing a growth of approximately 2.5%[10]. - Current liabilities rose to RMB 2,119,451 thousand in 2024, up from RMB 1,689,833 thousand in 2023, indicating an increase of about 25.5%[11]. - The company's net asset value reached RMB 10,354,187 thousand in 2024, compared to RMB 10,186,812 thousand in 2023, reflecting a growth of approximately 1.6%[11]. - The company's bank borrowings increased significantly to RMB 1,277,537 thousand in 2024 from RMB 747,804 thousand in 2023, marking an increase of approximately 70.8%[11]. - The company's total equity increased to RMB 10,354,187 thousand in 2024, up from RMB 10,186,812 thousand in 2023, indicating a growth of about 1.6%[11]. - The company reported a decrease in inventory to RMB 50,948 thousand in 2024 from RMB 62,428 thousand in 2023, representing a decline of approximately 18.4%[10]. - Accounts receivable surged to RMB 234,406,000 in 2024, a significant increase from RMB 73,086,000 in 2023, marking a rise of about 220%[40]. - Total liabilities for accounts payable and other payables decreased to RMB 737,772,000 in 2024 from RMB 884,520,000 in 2023, a reduction of approximately 16.6%[45]. Cash Flow and Financing - The company incurred finance costs of RMB 57.4 million for the year ended December 31, 2024, down from RMB 79.6 million for the previous year[8]. - The company repaid 62% of its US dollar syndicated loan principal during the year, enhancing its financial stability[12]. - The company added new loans amounting to RMB 3,294,476,000 in 2024, significantly higher than RMB 640,062,000 in 2023, indicating a substantial increase in borrowing[49]. - The repayment of loans in 2024 was approximately RMB 3,183,799,000, compared to RMB 642,902,000 in 2023, showing a significant rise in repayment activity[49]. - The interest rates on loans ranged from 2.15% to 7.3% in 2024, down from 3.5% to 7.3% in 2023, reflecting a decrease in borrowing costs[49]. - The company maintains sufficient reserves and continuously monitors cash flow forecasts to manage liquidity risk[116]. Research and Development - Research and development expenses for the year ended December 31, 2024, were RMB 24.7 million, compared to RMB 21.7 million for the previous year[8]. - Research and development expenses increased by 13.8% to approximately RMB 24.7 million, reflecting investment in innovation[88]. Market and Operational Insights - The company has diversified its global investment strategy, focusing on expansion in China and Southeast Asia[12]. - The company plans to expand its services in assisted reproductive technology as it becomes included in national health insurance coverage across various provinces starting in 2024[54]. - The number of births in China is projected to stabilize between 2025 and 2040, following a significant decline from approximately 1,500,000 annually to 900,000 between 2016 and 2023[50]. - The penetration rate of assisted reproductive technology in China was approximately 9% in 2023, significantly lower than the rates in Europe (36%) and the United States (33%)[50]. - The company anticipates long-term development opportunities due to stabilizing fertility rates, increasing penetration of assisted reproduction, and supportive government policies[66]. Corporate Governance and Compliance - The audit and risk management committee has reviewed the company's compliance with applicable laws and regulations, ensuring adequate disclosure of financial statements[126]. - The company is committed to adhering to international financial reporting standards, ensuring transparency in its financial disclosures[138]. - The company emphasizes corporate governance as per the listing rules, ensuring compliance and risk management[134]. Shareholder Returns and Incentives - The board recommended not to declare a final dividend for the year ended December 31, 2024, compared to a dividend of HKD 0.0595 per share for the previous year[3]. - The company repurchased a total of 13,000,000 shares during the reporting period at a total cost of approximately HKD 31.4 million, indicating confidence in its business outlook[122]. - The company has a share incentive plan adopted on February 17, 2022, which will be revised on June 25, 2024[134].
锦欣生殖(01951) - 2024 - 年度业绩