Financial Performance - For the year ended March 31, 2024, the Group's overall revenue was approximately RMB 116.1 million, a decrease of 70.5% compared to RMB 394.1 million for the year ended March 31, 2023[7]. - The Group recorded a gross profit of approximately RMB 9.9 million, down from RMB 56.1 million in the previous year, indicating a significant decline in profitability[8]. - The net loss for the year was approximately RMB 193.3 million, compared to a net profit of approximately RMB 366.0 million for the year ended March 31, 2023[8]. - Basic loss per share was RMB (2.68), compared to earnings of RMB 5.17 per share in 2023[179]. - The adjusted capital decreased to RMB 370,550,000 from RMB 487,664,000 in 2023, a reduction of 24%[170]. Revenue and Income Sources - Rental income increased by 9.4% for the year ended March 31, 2024, primarily due to an increase in the average occupancy rate of shopping mall units in Baishan City, PRC[14]. - As of March 31, 2024, property management service revenue remained stable at RMB 32,900,000, compared to RMB 32,800,000 for the year ended March 31, 2023[163]. Expenses and Costs - Administrative expenses rose by approximately RMB 3.1 million to RMB 38.5 million, mainly due to the opening of the Group's office for its ginseng and mineral spring water businesses[17]. - Other expenses rose by approximately RMB 75.6 million from RMB 11.3 million for the year ended March 31, 2023, to RMB 86.9 million for the year ended March 31, 2024, largely due to a write-down of the Fusong Property Project of approximately RMB 84.3 million[38]. - The finance costs for the year ended March 31, 2024, increased by RMB 6.4 million to approximately RMB 23.1 million, mainly due to an increase in interest on Convertible Bonds and bank borrowings[41]. Assets and Liabilities - As of March 31, 2024, the Group's cash and bank deposits amounted to approximately RMB 53.6 million, a decrease of about 23.3% from RMB 69.9 million as of March 31, 2023, primarily due to loan repayments and operational expenses[33]. - The Group's bank and other borrowings decreased from RMB 674.7 million as of March 31, 2023, to RMB 651.6 million as of March 31, 2024, due to repayments made during the year[34]. - The Group recorded a deferred tax credit of approximately RMB 36.8 million, primarily from the reversal of taxable temporary differences related to property write-downs and decreases in investment property values[23]. - The Group's maximum exposure to credit risk was primarily from pledged bank deposits, bank balances, cash, and trade receivables, with trade receivables from the largest single customer representing less than 5% of the total[90]. Market and Industry Insights - The healthcare industry is projected to reach a market size of RMB 9 trillion in 2024, presenting significant growth opportunities despite current market challenges[5]. - The market for healthcare products and services is experiencing a continuous increase in consumption, indicating a shift in consumer demand towards health-related sectors[4]. Management and Governance - The company has a strong governance structure with independent non-executive directors actively participating in various committees, enhancing oversight and accountability[113]. - The financial management team, led by experienced directors, is dedicated to maintaining robust financial reporting and corporate governance practices[135]. - The company is focused on strategic policy and decision-making, with a commitment to investment promotion and urban development in Jilin Province[126]. Strategic Initiatives - The company plans to leverage resources from the ginseng base and "Changbaishan" mineral water brand to enhance its cultural tourism and healthcare industry integration[182]. - The Group aims to achieve asset-light and low-debt operations through joint ventures and cooperation, aligning with domestic economic development trends[182]. Employee and Staffing - As of March 31, 2024, the Group had 226 full-time employees, an increase from 202 employees as of March 31, 2023[94]. - Total staff costs for the year ended March 31, 2024, amounted to approximately RMB 26.0 million, up from RMB 23.4 million for the previous year, primarily due to the increase in staff numbers[94].
华音国际控股(00989) - 2024 - 年度财报