Financial Performance - The company's revenue for the twelve months ending December 31, 2024, was RMB 598,057,000, representing a 34.3% increase compared to RMB 445,214,000 in the previous period[4] - The gross profit decreased significantly to RMB 9,447,000 from RMB 147,260,000, indicating a decline of 93.6%[4] - The net loss for the period was RMB 53,574,000, compared to a profit of RMB 67,517,000 in the previous year, marking a turnaround of 179.3%[4] - The company reported a basic and diluted loss per share of RMB 0.06, compared to earnings per share of RMB 0.09 in the previous period[4] - The company reported a net loss attributable to ordinary equity holders of RMB (53,574,000) for 2024, compared to a profit of RMB 67,517,000 in 2023[26] - Basic and diluted loss per share for 2024 was RMB (0.06), a decline from earnings of RMB 0.09 per share in 2023[26] - The net loss for the reporting period was approximately RMB 53.6 million, compared to a net profit of approximately RMB 67.5 million in the previous period, primarily due to a significant increase in direct material costs[58] Assets and Liabilities - The company's total assets decreased to RMB 487,545,000 from RMB 522,776,000, a decline of 6.7%[6] - Current assets decreased slightly to RMB 380,762,000 from RMB 397,650,000, a reduction of 4.2%[6] - The company's cash and cash equivalents decreased to RMB 150,544,000 from RMB 199,186,000, a decline of 24.4%[6] - Trade payables increased to RMB 71,127,000 from RMB 48,360,000, an increase of 47.0%[7] - The company's total equity attributable to owners decreased to RMB 411,706,000 from RMB 436,935,000, a decrease of 5.8%[7] - The company’s trade receivables aged analysis showed a total of RMB 94,805,000 as of December 31, 2024, compared to RMB 92,300,000 in 2023[31] - Current assets decreased from approximately RMB 311.8 million as of December 31, 2023, to about RMB 304.9 million as of December 31, 2024[59] - Cash and cash equivalents decreased by approximately 24.4%, from about RMB 199.2 million as of December 31, 2023, to approximately RMB 150.5 million as of December 31, 2024[62] - As of December 31, 2024, the company had no borrowings, compared to approximately 4.0% debt-to-equity ratio as of December 31, 2023[63] - The company had no significant investments exceeding 5% of total assets as of December 31, 2024[64] - As of December 31, 2024, the company had no assets pledged, compared to approximately RMB 18.2 million as of December 31, 2023[81] Revenue Breakdown - The revenue from dried products surged to RMB 356,362,000 in 2024, compared to RMB 112,060,000 in 2023, reflecting a growth of 218.5%[19] - The company recorded total revenue of approximately RMB 598.1 million, an increase of about 34.3% compared to approximately RMB 445.2 million in the previous period[48] - The sales cost amounted to approximately RMB 588.6 million, representing an increase of about 97.5% from approximately RMB 298.0 million in the previous period[50] - Gross profit was approximately RMB 9.4 million, a decrease of about 93.6% from approximately RMB 147.3 million in the previous period, with a gross margin of approximately 1.6%, down 31.5 percentage points from about 33.1%[51] - Other income decreased from approximately RMB 6.4 million in the previous period to approximately RMB 4.2 million, mainly due to a reduction in government subsidies[52] Capital Expenditures and Share Issuance - The company made capital expenditures of approximately RMB 40,000 in 2024, down from RMB 74,000 in 2023[29] - The company issued 200,000,000 new shares at HKD 0.68 per share, raising a total of approximately HKD 136 million (about RMB 121.49 million) on January 13, 2023[ii] - The company issued 160,000,000 new shares at HKD 0.138 per share, raising approximately HKD 22.08 million (about RMB 20.07 million) on June 5, 2024[iii] Operational Changes and Future Plans - The company continues to engage in the procurement, processing, and trading of dried delicacies, snacks, dried seafood, grains, and seasonings primarily in China[16] - The company plans to launch new vegetable snacks and meat snacks, leveraging established relationships with retail partners to facilitate sales[46] - The company aims to expand its supermarket sales network in Southwest China, particularly in Sichuan Province, and enhance marketing efforts through traditional media and social platforms[47] - The company operates two production facilities in Jiangxi Province, focusing on the processing and packaging of dried food products and snacks[45] Administrative and Governance Changes - Administrative expenses decreased from approximately RMB 36.6 million in the previous period to about RMB 31.4 million in the reporting period[56] - Income tax expenses increased from approximately RMB 9.2 million in the previous period to about RMB 19.8 million in the reporting period due to increased taxable income from a subsidiary[57] - The company has appointed Mr. Yu Zhi Jie as an independent non-executive director effective from January 15, 2025, and he will also serve as the chairman of the audit committee[79] - The company has changed its auditor to Yong Tuo Fu Xin Accounting Firm Limited effective from February 24, 2025, due to a disagreement on audit fees with the previous auditor[80] Employee and Dividend Information - The company had a total of 123 employees as of December 31, 2024, a decrease from 755 employees as of December 31, 2023, due to increased production needs[76] - The company did not declare an interim dividend for the twelve months ending December 31, 2024, consistent with the previous year[25] - The board has recommended not to declare any interim dividend for the reporting period, consistent with the previous period[88] Audit and Reporting - The audit committee, consisting of three independent non-executive directors, has reviewed the unaudited interim results for the twelve months ended December 31, 2024, and found the financial information to be adequately disclosed[89] - The interim results announcement for the twelve months ended December 31, 2024, will be published on the Hong Kong Stock Exchange and the company's website[90]
正味集团(02147) - 2024 - 中期业绩