Financial Performance - Revenue for the year ended 30 June 2024 was RMB 354,863,000, a decrease of 33.1% compared to RMB 530,207,000 for the eighteen months ended 30 June 2023[2] - Gross profit for the year was RMB 11,927,000, down from RMB 16,744,000, reflecting a gross margin of approximately 3.4%[2] - Loss before tax for the year was RMB 81,593,000, an improvement from a loss of RMB 152,310,000 in the previous period[2] - Loss for the year attributable to the owners of the Company was RMB 79,931,000, compared to RMB 150,503,000 for the previous period[2] - Total comprehensive expenses for the year amounted to RMB 79,408,000, down from RMB 154,981,000 in the previous period[2] - Basic and diluted loss per share was RMB 0.5987, compared to RMB 1.2783 for the previous period[2] - The Group's loss for the Reporting Period decreased to approximately RMB79.9 million due to reduced sales and distribution costs[63] Assets and Liabilities - Non-current assets decreased to RMB 23,155,000 from RMB 14,885,000 year-on-year[4] - Current assets decreased to RMB 240,412,000 from RMB 271,430,000 year-on-year[4] - Net current assets decreased to RMB 199,217,000 from RMB 226,208,000 year-on-year[4] - Total equity decreased to RMB 178,375,000 from RMB 219,445,000 year-on-year[4] - Trade receivables decreased from RMB 105,833,000 in 2023 to RMB 90,271,000 in 2024, with impairment losses reducing from RMB 1,455,000 to RMB 358,000[47] - The Group's inventory decreased from RMB 79,181,000 in 2023 to RMB 74,716,000 in 2024, with raw materials dropping significantly from RMB 1,293,000 to RMB 434,000[44] - Cash and cash equivalents as of June 30, 2024, were approximately RMB60.9 million, down from approximately RMB66.5 million as of June 30, 2023, with no bank borrowings[81] Revenue Segments - The Group's principal activities include packaging and sales of seafood products and procurement and sales of fast-moving consumer goods[1] - Revenue from external customers for the year ended June 30, 2024, was RMB 530,207, a decrease from RMB 354,863 for the eighteen months ended June 30, 2023[16] - The Group's revenue from the food products business decreased by 33.1% to RMB354.9 million from RMB530.2 million in 2023[63] - Segment gross profit from the food products business decreased by 28.8% to RMB11.9 million from RMB16.7 million in 2023, with a slight increase in gross margin from 3.2% to 3.4%[63] Cost Management - Selling and distribution expenses decreased due to tightened cost control on promotion and advertising activities during the Reporting Period[76] - Administrative expenses also decreased as a result of tightened cost control measures implemented during the Reporting Period[80] - Staff costs, including salaries and bonuses, decreased to RMB 64,766,000 from RMB 118,712,000, reflecting a reduction of approximately 45.5%[32] Compliance and Governance - The consolidated financial statements have been prepared in accordance with all applicable Hong Kong Financial Reporting Standards (HKFRSs)[2] - The Group's financial statements comply with the applicable disclosure provisions of the Rules Governing the Listing of Securities on the Main Board[2] - The Audit Committee has reviewed the consolidated results for the year ended June 30, 2024, and confirmed compliance with relevant accounting standards[101] - The Company has adopted the standard code for securities trading since June 22, 2017, with all directors confirming compliance for the year[98] Future Outlook - The company expects household consumption expenditure to grow by 6.0% in 2024, driven by increasing disposable income and decreasing savings rate[87] - The company aims to diversify its business development strategies and expand into new markets to remain competitive[87] Shareholder Information - The Group's public float was 40.98% as of June 30, 2024, down from 56.25% in 2023, maintaining compliance with the 25% requirement[59] - The Group completed a placing of 24,000,000 shares at HK$1.80 per share, raising approximately HK$42.3 million in December 2023[57] - The Board did not recommend the payment of a final dividend for the year ended June 30, 2024[102]
中国升海集团(01676) - 2024 - 年度业绩