Financial Performance - Revenue for the year ended December 31, 2024, was RMB 11,415,755, a decrease of 3.2% compared to RMB 11,797,534 in 2023[2] - Gross profit increased by 109.0% to RMB 1,163,247 from RMB 556,572 in the previous year[2] - Operating profit surged by 418.2% to RMB 815,941, up from RMB 157,470 in 2023[2] - Net profit for the year reached RMB 625,589, a significant increase of 297.5% compared to RMB 157,396 in 2023[2] - Shareholders' profit attributable to the company was RMB 482,253, reflecting a growth of 346.7% from RMB 107,959[2] - Basic earnings per share rose by 348.9% to RMB 0.0808 from RMB 0.0180 in the previous year[2] - Proposed final dividend per share increased by 42.0% to HKD 0.98 from HKD 0.69[2] Assets and Liabilities - Total assets as of December 31, 2024, amounted to RMB 6,958,889, up from RMB 5,352,626 in 2023[6] - Current assets increased significantly to RMB 4,419,363 from RMB 2,697,624 in the previous year[6] - Total liabilities rose to RMB 2,465,234 from RMB 1,416,073, indicating a growth in financial obligations[6] Revenue Breakdown - Revenue from external customers in China for the reporting period was RMB 10,702,521,000, while revenue from other countries was RMB 713,234,000, compared to RMB 10,856,939,000 and RMB 940,595,000 in the previous year[9] - Revenue from fermentation and downstream products rose significantly by 37.7% to RMB 4,407,871,000, up from RMB 3,200,671,000 in 2023[31] - Lysine revenue increased significantly by 51.5% to RMB 3,427,579,000 in 2024, compared to RMB 2,261,792,000 in 2023[32] - Lysine export volume increased to approximately 72,921 tons in 2024, compared to 59,383 tons in 2023, despite a challenging market environment[26] - Starch sugar revenue was approximately RMB 500,583,000, up from RMB 472,198,000 in 2023, with sales volume increasing by 21.1% to 217,581 tons[32] Cost and Expenses - Cost of goods sold decreased to RMB 8,809,092,000 in 2024 from RMB 10,044,812,000 in 2023, while research expenses dropped significantly to RMB 89,669,000 from RMB 160,490,000[11] - Sales cost decreased by 8.8% to RMB 10,252,508,000 in 2024, down from RMB 11,240,962,000 in 2023, primarily due to a significant drop in corn prices[34] - Average cost of corn in 2024 was RMB 2,071 per ton, compared to RMB 2,543 per ton in 2023[34] - Administrative expenses increased to RMB 217,323,000 in 2024 from RMB 194,551,000 in 2023, driven by higher government fees and employee costs[36] Tax and Income - The income tax expense for 2024 was RMB 212,551,000, a substantial increase from RMB 19,437,000 in 2023, primarily due to the introduction of current income tax in China[12] Shareholder Information - The proposed final dividend for 2024 is HKD 0.98 per share, amounting to HKD 58,452,000, compared to HKD 41,183,000 in 2023[15] - The company reported a total shareholder return rate of 44.8% in 2024, compared to -36.5% in 2023[42] - The company has available reserves for distribution to shareholders of approximately RMB 126,115,000 as of December 31, 2024[46] - The board proposed a final dividend of HKD 0.98 per share for the year ended December 31, 2024, subject to shareholder approval at the 2025 Annual General Meeting[47] Operational Capacity - The production capacity for starch and lysine reached 2,800,000 tons and 560,000 tons respectively by the end of 2024, up from 2,700,000 tons and 500,000 tons in 2023[22] - The company announced two projects aimed at expanding long-term capacity, including upgrading existing starch production facilities to increase annual capacity from 1,000,000 tons to 1,550,000 tons[23] - The company is actively researching to extend its industrial chain and diversify its development direction in response to ongoing market competition[22] - The company plans to enhance production efficiency and customer satisfaction through resource investment and operational optimization[22] Employee and Financial Management - The company employed approximately 2,209 full-time employees as of December 31, 2024, down from 2,267 in 2023, with total employee costs around RMB 283,737,000[39] - The leverage ratio as of December 31, 2024, increased significantly to 21.3% from 10.5% in 2023, primarily due to working capital needs and favorable bank interest rates[43] - Total bank borrowings amounted to approximately RMB 1,420,301,000, all of which were short-term loans as of December 31, 2024[43] - The company has implemented financial risk management policies to ensure all payables are settled within the relevant credit periods[18] Compliance and Governance - The company has complied with the corporate governance code as per the listing rules, except for the absence of the chairman at the 2024 Annual General Meeting due to other business commitments[51] - The 2024 annual report will be published around April 11, 2025, containing all information required by the listing rules[54] Miscellaneous - The company has no recorded losses for trade receivables in both 2024 and 2023, indicating stable credit management[16] - Trade receivables decreased to RMB 82,970,000 in 2024 from RMB 136,797,000 in 2023, with the aging analysis showing a significant drop in receivables aged 0-30 days[16] - Trade payables increased to RMB 157,694,000 in 2024 from RMB 132,443,000 in 2023, with the average credit period for purchases remaining at 80 days[18] - The company pledged assets with a total book value of RMB 1,281,000,000 to secure various credit facilities from banks[44] - As of December 31, 2024, the company had no significant contingent liabilities[45] - The company repurchased a total of 4,075,000 shares at a total cost of approximately HKD 607,000 during the year ended December 31, 2024[50]
中国淀粉(03838) - 2024 - 年度业绩