Revenue and Sales Performance - Revenue increased by 277.4% to RMB 80.644 million in 2024, driven by sales of frozen concentrated orange juice and related products[2][4] - Sales of frozen concentrated orange juice and related products surged to RMB 65.613 million, accounting for 81.4% of total revenue, up from 25.0% in 2023[9] - The company's revenue for the fiscal year ending June 30, 2024, was RMB 80.644 million, with a gross profit of RMB 21.248 million[23] - The company's revenue from frozen concentrated orange juice and related products increased significantly from RMB 5,339 thousand in FY2023 to RMB 65,613 thousand in FY2024, representing a growth of approximately 1,129%[33][36] - Revenue from Senmei fresh-squeezed orange juice and other products slightly decreased from RMB 16,027 thousand in FY2023 to RMB 15,031 thousand in FY2024, a decline of about 6.2%[33][36] - Total revenue from all products increased from RMB 21,366 thousand in FY2023 to RMB 80,644 thousand in FY2024, a growth of approximately 277%[33][36] - The majority of revenue (RMB 65,613 thousand) in FY2024 came from food and beverage manufacturers, primarily for frozen concentrated orange juice[33] - Mainland China remains the largest market, contributing RMB 79,471 thousand (98.5%) of total revenue in FY2024[36] - Revenue from external customers for frozen concentrated orange juice and related products increased to RMB 65,613 thousand in FY2024, up from RMB 5,339 thousand in FY2023[43] - Revenue from external customers for fresh-squeezed orange juice and other products decreased to RMB 15,031 thousand in FY2024, down from RMB 16,027 thousand in FY2023[43] - Total segment revenue for frozen concentrated orange juice and related products rose to RMB 66,484 thousand in FY2024, compared to RMB 11,543 thousand in FY2023[43] - Total segment revenue for fresh-squeezed orange juice and other products declined to RMB 20,368 thousand in FY2024, down from RMB 24,250 thousand in FY2023[43] - Revenue from mainland China increased significantly to RMB 79,471 thousand in 2024, up from RMB 19,669 thousand in 2023, representing a growth of 304%[48] - The company's total revenue increased to RMB 80,644 thousand in 2024 from RMB 21,366 thousand in 2023, a growth of 277%[48] - Major customer A1 contributed RMB 23,819 thousand in 2024, representing a significant portion of the company's total sales[48] Profitability and Losses - Gross profit rose by 221.5% to RMB 21.248 million, with a gross margin of 26.3%, down from 30.9% in 2023 due to changes in sales mix[2][4] - Net loss decreased by 9.1% to RMB 24.550 million, with basic and diluted loss per share at RMB 0.0798, a 32.5% improvement[2] - The company reported a net loss of RMB 24.550 million for the fiscal year ending June 30, 2024, compared to a net loss of RMB 26.998 million in the previous year[23] - The company reported a net loss attributable to owners of approximately RMB 24.545 million for the year ended June 30, 2024, compared to RMB 26.989 million in 2023[26] - Segment performance for frozen concentrated orange juice and related products improved to RMB 16,020 thousand in FY2024, up from RMB 9,535 thousand in FY2023[43] - Segment performance for fresh-squeezed orange juice and other products worsened to a loss of RMB 11,998 thousand in FY2024, compared to a profit of RMB 4,019 thousand in FY2023[43] - The company reported a net loss attributable to owners of RMB 24,545 thousand in 2024, slightly improved from RMB 26,989 thousand in 2023[57] - The company reported a net loss attributable to owners of approximately RMB 24,545,000 for the year ended June 30, 2024[85] Costs and Expenses - Distribution costs decreased by 17.7% to RMB 4.058 million, primarily due to reduced marketing and transportation expenses[10] - Administrative expenses decreased by 2.2% to RMB 28.835 million, mainly due to lower general office and salary expenses[11] - Financing costs decreased by 32.5% to RMB 19.606 million, reflecting lower interest expenses[12] - Employee costs decreased to RMB 5,810 thousand in 2024 from RMB 7,410 thousand in 2023, a reduction of 21.6%[54] - Depreciation expenses for property, plant, and equipment decreased to RMB 15,719 thousand in 2024 from RMB 16,434 thousand in 2023, a decline of 4.3%[54] - Depreciation expenses for fresh-squeezed orange juice and other products rose to RMB 12,518 thousand in FY2024, up from RMB 12,222 thousand in FY2023[47] - Impairment losses on inventory for fresh-squeezed orange juice and other products increased to RMB 6,179 thousand in FY2024, compared to a reversal of RMB 2,129 thousand in FY2023[47] Financial Position and Liabilities - Inventory increased by 453.2% to RMB 36.616 million, reflecting higher stock levels of frozen concentrated orange juice and related products[2] - Trade receivables grew by 323.9% to RMB 4.315 million, indicating increased sales on credit terms[2] - Cash and cash equivalents decreased by 4.7% to RMB 4.796 million, while total borrowings increased by 2.3% to RMB 211.436 million[2][14] - The company's total assets minus current liabilities stood at RMB -252.346 million as of June 30, 2024, compared to RMB -250.710 million in the previous year[24] - The company's total liabilities exceeded total assets by RMB 252.543 million as of June 30, 2024, compared to RMB 297.546 million in the previous year[24] - The company had net current liabilities of approximately RMB 335.134 million as of June 30, 2024, compared to RMB 348.196 million in 2023[26] - The company's total liabilities, including borrowings, corporate bonds, and lease liabilities, were approximately RMB 211.436 million, RMB 40.456 million, and RMB 722,000 respectively as of June 30, 2024[26] - The company's cash and cash equivalents were only approximately RMB 4.796 million as of June 30, 2024, compared to RMB 5.030 million in 2023[26] - Trade receivables increased significantly from RMB 1,018 thousand in 2023 to RMB 4,315 thousand in 2024, with 85.3% of receivables aged 0-30 days[60][63] - Total trade and other receivables decreased from RMB 12,472 thousand in 2023 to RMB 8,166 thousand in 2024, primarily due to reductions in bid deposits and other deposits[60] - Trade payables increased substantially from RMB 378 thousand in 2023 to RMB 2,186 thousand in 2024, with 82.7% of payables aged 0-90 days[64][65] - Amounts due to a director and related parties increased significantly from RMB 44,226 thousand in 2023 to RMB 92,021 thousand in 2024, mainly due to offsetting of share subscription consideration and settlement of bonds[64][67] - Contract liabilities increased from RMB 2,595 thousand in 2023 to RMB 6,654 thousand in 2024, reflecting advance payments received from customers[64][70] - Total borrowings increased slightly from RMB 206,588 thousand in 2023 to RMB 211,436 thousand in 2024, with 88.6% of borrowings due within one year or on demand[71] - Interest payable decreased from RMB 16,570 thousand in 2023 to RMB 12,820 thousand in 2024, partly due to interest waiver agreements with lenders[64][66] - The company's total mortgaged assets as of June 30, 2024, amounted to RMB 64,569,000, including property, plant, and equipment (RMB 52,917,000) and right-of-use assets (RMB 11,652,000)[77] - As of June 30, 2024, the company had a net current liability of approximately RMB 335,134,000 and a shareholders' equity deficit of approximately RMB 252,362,000[85] - The company defaulted on certain borrowings and corporate bonds totaling approximately RMB 92,079,000 and RMB 40,456,000, respectively, due to delayed or overdue payments[85] Capital and Share Issuance - The company's capital expenditures for the reporting period were approximately RMB 2.213 million, primarily used for the purchase of property, plant, and equipment[20] - The company is considering fundraising activities such as share placements or rights issues to improve its financial condition and expand its capital base[27] - The company's authorized share capital increased from HKD 30,000,000 (3,000,000,000 shares at HKD 0.01 each) to HKD 50,000,000 (5,000,000,000 shares at HKD 0.01 each) following the approval of an additional 2,000,000,000 shares[74] - The company issued 1,123,500,000 new shares at a subscription price of HKD 0.067 per share, representing a 9.46% discount to the last traded price of HKD 0.074 on July 10, 2023[73] - The new shares issued accounted for approximately 49.23% of the existing issued shares as of July 10, 2023, and 32.99% of the enlarged issued share capital post-subscription[74] - The total proceeds from the new share issuance were approximately HKD 75,274,500 (RMB 70,349,000), with net proceeds of HKD 74,710,000 (RMB 69,824,000) after deducting related expenses[74] - The company implemented a share consolidation, merging every 10 existing shares into 1 consolidated share, reducing the issued share capital from 3,405,582,652 shares to 340,558,265 shares[76] - As of June 30, 2024, the company's issued and fully paid share capital was 340,558,265 shares at HKD 0.1 each, totaling HKD 34,056,000 (RMB 29,842,000)[72] Operational and Strategic Measures - The company is actively negotiating with banks, financial institutions, and third parties to renew existing borrowings and corporate bonds due within 12 months from June 30, 2024[27] - The company is implementing cost control measures, including production and human resources optimization, restructuring, and exploring overseas markets[27] - The company's ability to continue as a going concern is subject to significant uncertainties, including the successful execution of fundraising, financing, and operational restructuring plans[86] - The company's financial statements were prepared on a going concern basis, but their validity depends on the outcome of various plans and measures to improve liquidity and financial conditions[86] Accounting and Financial Reporting - The company has applied new and revised International Financial Reporting Standards (IFRS) effective from July 1, 2023, with no significant impact on its financial position or performance[28] - The company has revised its accounting policies due to the cancellation of the Mandatory Provident Fund (MPF) offsetting mechanism in Hong Kong, effective from May 1, 2025[29] - The company recognized a cumulative retrospective adjustment for long service payment obligations due to changes in accounting treatment following the cancellation of the MPF offset mechanism[30] - The company has not early adopted several new or amended IFRS standards that will become effective between 2024 and 2025, as they are not expected to have a material impact on financial statements[31] - The company's financial statements were prepared in accordance with the disclosure requirements of the Hong Kong Companies Ordinance, despite the auditors' inability to form an opinion[84] - The company's financial statements and related notes were consistent with the audited consolidated financial statements for the year ended June 30, 2024[82] - The company's auditors did not express an opinion on the financial statements due to significant uncertainties related to the company's ability to continue as a going concern[84] - The company's audit committee reviewed the financial statements and internal controls, and discussed financial reporting matters with management[81] Dividends and Shareholder Information - No dividends were recommended for the years ending June 30, 2024, and June 30, 2023[56] - The company did not recommend the payment of a final dividend for the year ended June 30, 2024[87] - The weighted average number of ordinary shares used to calculate basic loss per share decreased from (11.83) in 2023 to (7.98) in 2024, reflecting a reduction due to share consolidation[59] Credit and Risk Management - The company's credit risk is considered extremely low, with no significant expected credit loss provisions made for trade receivables in both 2023 and 2024[61][63] - The company maintains a credit period of 30-120 days for sales to customers and 90-150 days for purchases of goods[61][65] Government Grants and Non-Current Assets - Government grants in mainland China amounted to RMB 1,537 thousand in 2024, down from RMB 2,370 thousand in 2023, a decrease of 35.1%[50][51] - Non-current assets in mainland China decreased to RMB 82,009 thousand in 2024 from RMB 96,825 thousand in 2023, a decline of 15.3%[48] Employee and Human Resources - The company had 98 employees as of June 30, 2024, down from 110 employees in the previous year[21] Miscellaneous - The company did not purchase, sell, or redeem any of its listed securities during the reporting period[78]
森美控股(00756) - 2024 - 年度业绩