Financial Performance - For the year ending December 31, 2024, revenue decreased by 9.9% to RMB 1,562.6 million from RMB 1,734.1 million in 2023[5] - Gross profit for the year ending December 31, 2024, fell by 14.3% to RMB 806.3 million, with a gross margin of 51.6%, down from 54.2% in 2023[5] - Profit attributable to shareholders decreased by 34.9% to RMB 138.9 million, resulting in a net profit margin of 8.9%, down from 12.3% in 2023[5] - Basic earnings per share for the year ending December 31, 2024, were RMB 0.13, a decrease of 35.0% compared to RMB 0.20 in 2023[5] - The company reported a net profit of RMB 138,875,000 for the year ended December 31, 2024, down from RMB 213,238,000 in 2023, representing a decrease of 34.9%[21][24] - Revenue from tea sales was RMB 1,080,770,000 in 2024, down 13.8% from RMB 1,254,692,000 in 2023[21] - Adjusted operating profit for the tea segment was RMB 155,308,000, compared to RMB 254,139,000 in 2023, reflecting a decline of 38.8%[21][23] Dividends - The board proposed a final dividend of HKD 0.08 per share (equivalent to RMB 0.07), a reduction of 33.3% from RMB 0.12 per share in 2023[5] - Total declared interim dividend for 2024 was RMB 29,326,000, down 42% from RMB 50,196,000 in 2023[36] - Proposed final dividend for 2024 is RMB 80,270,000, a decrease of 32% compared to RMB 118,633,000 in 2023[35] Assets and Liabilities - Total assets as of December 31, 2024, amounted to RMB 2,973.6 million, a slight decrease from RMB 3,001.8 million in 2023[7] - Current assets increased to RMB 1,682.6 million from RMB 1,606.5 million in 2023, primarily driven by cash and cash equivalents rising to RMB 340.5 million[7] - Total liabilities decreased marginally to RMB 1,208.2 million from RMB 1,216.1 million in 2023[9] - Trade and other receivables totalled RMB 245,488,000 as of December 31, 2024, a slight decrease from RMB 248,268,000 in 2023[40] - The total cash outflow for leases in 2024 was RMB 72,485,000, down from RMB 78,712,000 in 2023[39] - The total borrowings increased to RMB 571,380,000 in 2024 from RMB 521,060,000 in 2023, reflecting a rise of about 10%[50] Operational Efficiency - The company plans to continue focusing on the tea segment while exploring opportunities for market expansion and new product development[18] - The company has implemented an integrated ERP system since 2012 to improve efficiency in processing and distribution operations[63] - The distribution costs decreased by 5.8% to RMB 343.1 million, attributed to a reduction in self-owned retail outlets and cost control measures[68] - The company plans to continue optimizing its retail network by establishing new retail outlets in densely populated commercial areas and expanding into third- and fourth-tier cities[60] Market Conditions - The overall economic conditions have led to a soft consumer market, impacting the company's performance[54] - Revenue from tea sales dropped by 13.9% to RMB 1,080.8 million, while tea food sales increased by 1.3% to RMB 247.6 million, and tea utensils sales rose by 2.4% to RMB 179.5 million[65] Corporate Governance - The audit committee reviewed the annual performance for the year ending December 31, 2024, which was approved by the company's auditor, PwC[107] - The board consists of nine members, including executive and independent non-executive directors, ensuring diverse oversight[109] - The company plans to propose the reappointment of PwC as its auditor at the annual general meeting[108] Share Buybacks - The company repurchased 2,447,000 shares at a total value of approximately HKD 9,370,000 during 2024, with a corresponding payment of RMB 8,639,000[44] - The company has not purchased, sold, or redeemed any of its listed securities during the fiscal year ending December 31, 2024, apart from the disclosed buybacks[104] - The board believes that the current trading price of the shares does not reflect their intrinsic value, indicating confidence in the long-term business outlook[103] Recognition and Awards - The company has received multiple awards, including being named "2024 China's Tea Industry 'Enterprise of the Year'" by Forbes and ranking among the "Top 10 Tea Brands" in China[54] - The company has been recognized for its ESG efforts, receiving the "Best Practice Award" in the daily consumer goods sector for 2022[59]
天福(06868) - 2024 - 年度业绩