Financial Performance - The group's revenue for the year ended March 31, 2024, was RMB 2,687,361 thousand, representing a 10.9% increase from RMB 2,422,402 thousand in the previous year[3] - Gross profit for the same period was RMB 695,224 thousand, up 10.7% from RMB 628,182 thousand year-on-year[3] - The profit from continuing operations for the year was RMB 325,051 thousand, compared to RMB 269,764 thousand in the previous year, marking a 20.5% increase[3] - Basic and diluted earnings per share from continuing operations increased to RMB 4.04, up from RMB 3.35, reflecting a 20.6% growth[3] - Total comprehensive income for the year attributable to equity shareholders was RMB 319,285 thousand, compared to RMB 2,329,777 thousand in the previous year[4] - The company recorded a net profit of approximately RMB 325.1 million, a significant decrease from RMB 2,337.5 million last year, primarily due to the sale of the automotive business and valuation losses on investment properties[72] Revenue Breakdown - Revenue for the year ended March 31, 2024, was RMB 2,687,361,000, representing an increase of 11% from RMB 2,422,402,000 in 2023[16] - Sales of goods accounted for RMB 2,395,457,000, while service revenue was RMB 219,316,000, showing growth in both categories[16] - Revenue from external customers in mainland China and Hong Kong was RMB 1,319,664,000, an increase from RMB 1,206,597,000 in 2023[26] - The wholesale segment generated RMB 878,022,000 in revenue, contributing significantly to the overall performance[23] - The company reported a total segment revenue of RMB 2,763,339,000, up from RMB 2,485,538,000 in 2023[25] - The manufacturing and trading segment generated revenue of approximately RMB 1,442.9 million, up 12.3% from RMB 1,284.4 million last year, attributed to cost reductions through automation[75] - Retail business revenue decreased by 15.9% to approximately RMB 332.8 million from RMB 395.9 million last year, mainly due to a shift towards online shopping and e-commerce[76] - Wholesale business revenue increased by 23.9% to approximately RMB 878 million from RMB 708.5 million last year, driven by strong performance in alcoholic beverages and appliances[77] Assets and Liabilities - The group's net current assets increased significantly to RMB 1,800,374 thousand from RMB 543,419 thousand year-on-year[6] - Total assets less current liabilities rose to RMB 2,639,689 thousand, compared to RMB 2,363,539 thousand in the previous year[6] - Non-current assets decreased to RMB 839,315 thousand from RMB 1,820,120 thousand, indicating a significant reduction in long-term investments[6] - Trade receivables at the end of the reporting period totaled RMB 918,738,000, an increase from RMB 696,691,000 in the previous year[43] - Trade payables and other payables amounted to RMB 596,022,000, compared to RMB 506,662,000 in the previous year[44] - Bank and other loans totaled RMB 665,013,000, down from RMB 848,054,000 in the previous year[48] - The company’s bank financing was RMB 644,490,000, a decrease from RMB 756,000,000 in the previous year[51] - The contract liabilities at the end of the reporting period were RMB 71,832,000, down from RMB 88,791,000 in the previous year[45] Investment and Income - Investment income remained stable at RMB 33,680,000, compared to RMB 33,634,000 in the previous year[16] - Other income net amount for 2024 reached RMB 156,332,000, a significant increase from RMB 21,699,000 in 2023, primarily driven by government subsidies and property sales[28] - Investment income from the investment holding segment rose by 0.3% to approximately RMB 33.7 million from RMB 33.6 million last year[78] Costs and Expenses - Employee costs decreased to RMB 157,163,000 in 2024 from RMB 166,301,000 in 2023, indicating a reduction of about 5.5%[29] - The cost of inventory for 2024 was RMB 1,787,019,000, compared to RMB 1,642,437,000 in 2023, representing an increase of approximately 8.8%[32] - The total tax expense for 2024 was RMB 82,455,000, up from RMB 57,792,000 in 2023, reflecting a rise of approximately 42.6%[34] - Interest expenses on bank and other borrowings decreased to RMB 35,331,000 in 2024 from RMB 44,163,000 in 2023, a reduction of approximately 20.0%[29] Market and Business Segments - Manufacturing and trading became the most significant business segment, accounting for 53.7% of total revenue, while retail, wholesale, and investment holding contributed 12.4%, 32.7%, and 1.2% respectively[67] - Major markets include China, the United States, and Europe, contributing 97.3% of total revenue, with China accounting for 49.1% and the combined contribution from the U.S. and Europe at 48.2%[69] Future Outlook and Strategy - The company expects to recognize future revenue of RMB 774,000,000 from existing contracts with HVAC wholesale customers over the next 36 months[20] - The company remains cautiously optimistic about the profitability and growth of its manufacturing and trading business despite ongoing geopolitical tensions and inflationary pressures[81] - The company plans to optimize its retail operations and maintain stable growth in wholesale business by adapting to changing consumer behaviors and enhancing product offerings[82] - The company will continue to focus on developing and introducing new products to meet evolving customer needs and expand its customer base in existing and emerging markets[81] Dividends and Shareholder Returns - The company did not recommend a final dividend for the year ending March 31, 2024, compared to RMB 0 in the previous year[50] Valuation and Financial Health - The valuation of investment properties decreased to RMB 453,870,000 in 2024 from RMB 562,151,000 in 2023, a decline of about 19.3%[39] - The debt-to-equity ratio decreased from 40.9% as of March 31, 2023, to 27.8% as of March 31, 2024, mainly due to a reduction in bank loans by approximately RMB 185,600,000 during the year[54] - As of March 31, 2024, the company's net assets increased to approximately RMB 2,394,300,000, with a net asset value per share of RMB 29.8, primarily due to profits earned during the fiscal year[54]
利时集团控股(00526) - 2024 - 年度业绩