Financial Performance - Revenue for the year ended December 31, 2024, was RMB 1,802,587, an increase of 6.9% compared to RMB 1,686,182 in 2023[2] - Gross profit for the same period was RMB 513,233, reflecting a 2.1% increase from RMB 502,883 in the previous year[2] - Net profit for the year decreased by 21.0% to RMB 48,285 from RMB 61,130 in 2023[2] - EBITDA for the year was RMB 203,108, down 2.9% from RMB 209,072 in 2023[2] - Basic earnings per share decreased by 14.8% to RMB 13.12 from RMB 15.40 in the previous year[2] - The group reported total revenue of RMB 1,802,587,000 for the year ending December 31, 2024, compared to RMB 1,686,182,000 in 2023, reflecting an increase of approximately 6.9%[13] - The company reported a net profit before tax of RMB 90,165 thousand for the year, compared to a loss of RMB 2,102 thousand in the previous year[25] - The company’s basic earnings attributable to the company's owners for 2024 were RMB 54,461,000, compared to RMB 63,918,000 for 2023, reflecting a decrease of approximately 14.5% [40] - The gross profit for 2024 was approximately RMB 513.2 million, representing a year-on-year growth of 2.1%[76] - Net profit decreased by 21.0% to approximately RMB 48.3 million, resulting in a net profit margin of 2.7%, down from 3.6% in 2023[56] Revenue Breakdown - Revenue from biscuit products amounted to RMB 1,360,780,000, while revenue from pasta products and flour products were RMB 162,277,000 and RMB 176,227,000 respectively[23] - Revenue from cookies, pasta, and flour business was approximately RMB 1,782.2 million, a 6.0% increase year-on-year, accounting for 98.9% of total revenue[63] - Revenue from noodle products increased to RMB 162,277 thousand in 2024, compared to RMB 128,063 thousand in 2023, representing a growth of approximately 26.7%[28] - Revenue from the flour business surged by 117.0% year-on-year to approximately RMB 176.2 million after acquiring a third-party flour business[74] - Revenue from coarse grain cookies increased by 6.9% year-on-year to approximately RMB 59.1 million, driven by health-conscious consumer trends[69] Expenses and Costs - Research and development expenses amounted to RMB 53,424 thousand in 2024, a decrease from RMB 57,057 thousand in 2023[32] - The total sales and distribution expenses were RMB 212,007 thousand in 2024, compared to RMB 80,399 thousand in 2023, indicating a significant increase[25] - Sales and distribution expenses accounted for 13.5% of revenue in 2024, up from 12.6% in 2023, reflecting increased marketing efforts[59] - The company faced challenges from rising procurement costs, particularly a 9.3% increase in palm oil prices, impacting production costs[56] - Administrative expenses for the year ending December 31, 2024, are approximately RMB 1,114 million, an increase of RMB 91 million or 8.9% year-on-year[80] Assets and Liabilities - Total assets as of December 31, 2024, were RMB 1,214,447, a decrease from RMB 1,299,650 in 2023[5] - Current liabilities increased to RMB 1,053,557 from RMB 881,142 in the previous year[5] - The group’s total liabilities exceeded current assets by approximately RMB 175,509,000 as of December 31, 2024, prompting careful consideration of future liquidity[10] - The company’s total liabilities rose to RMB 343,839,000 in 2024, compared to RMB 262,062,000 in 2023, representing an increase of approximately 31.1% [51] - The company’s current liabilities net amount is approximately RMB 1,755 million, with a current ratio of 0.83, down from 1.03 in 2023[86] Cash Flow and Financing - Cash and cash equivalents rose to RMB 379,129 from RMB 290,086 in 2023[4] - The group has available unutilized bank financing of approximately RMB 140,000,000 as of December 31, 2024[11] - The group expects to generate sufficient cash inflows from operating activities within the anticipated timeframe[11] - The group has taken measures to alleviate liquidity issues and improve financial conditions, including plans to refinance short-term bank borrowings of RMB 266,000,000 upon maturity[11] - The company’s financial assets measured at fair value through profit or loss increased to RMB 154,806,000 in 2024 from RMB 93,666,000 in 2023, reflecting a growth of approximately 65.2% [43] Dividends and Shareholder Information - The company proposed a final dividend of HKD 0.1 per share, unchanged from the previous year[2] - The company declared a final dividend of HKD 0.10 per share for 2023, totaling approximately HKD 41,500,000 (equivalent to about RMB 38,316,000) [37] - The company proposed a final dividend of HKD 0.10 per share for the year ending December 31, 2024, consistent with the previous year[101] - The annual general meeting is scheduled for May 30, 2025, with a notice to be issued to shareholders in due course[98] Corporate Governance - The audit committee, consisting of four independent non-executive directors, reviewed the financial performance for the year ending December 31, 2024[95] - The company has complied with the corporate governance code as per the Hong Kong Stock Exchange rules, with a noted deviation regarding the roles of the chairman and CEO being held by the same individual[93] - The financial statements for the year ending December 31, 2024, were approved by the board on March 21, 2025, and have been audited by Deloitte[96] Future Outlook - The company anticipates a challenging operating environment in 2025 but aims to maintain market share and product competitiveness while focusing on operational efficiency and cost-saving measures[90] - The company plans to enhance existing featured products and develop new products to maintain market competitiveness and meet consumer needs[60] - The company continues to adapt to changing consumer preferences, emphasizing clean labels, convenience, nutrition, authenticity, and premiumization[58]
嘉士利集团(01285) - 2024 - 年度业绩