Financial Performance - Total revenue for the year ended December 31, 2024, was RMB 257.788 million, representing an increase of 9.6% from RMB 235.248 million in 2023[3] - Gross profit for the same period was RMB 62.986 million, up 40.7% from RMB 44.740 million in 2023[3] - Operating profit increased to RMB 17.458 million, a 77.4% rise compared to RMB 9.823 million in the previous year[3] - Net profit attributable to the owners of the company reached RMB 11.882 million, a significant increase of 101.6% from RMB 5.890 million in 2023[3] - Basic and diluted earnings per share for 2024 were RMB 1.19, compared to RMB 0.59 in 2023, reflecting a 101.7% increase[3] - Reported segment profit for 2024 was RMB 18,756,000, up 78.2% from RMB 10,517,000 in 2023[34] - Comprehensive pre-tax profit for 2024 was RMB 14,293,000, a significant increase of 122.5% compared to RMB 6,423,000 in 2023[34] Assets and Liabilities - Total assets as of December 31, 2024, amounted to RMB 492.328 million, a slight increase from RMB 483.130 million in 2023[5] - The total liabilities of the group are approximately RMB 167.3 million as of December 31, 2024, down from RMB 170.1 million in 2023[92] - The debt-to-equity ratio as of December 31, 2024, is approximately 11.7%, a decrease from 14.3% in 2023[93] - The group holds cash and cash equivalents of approximately RMB 46.9 million as of December 31, 2024, compared to RMB 41.9 million in 2023[92] Revenue Breakdown - Revenue from China was RMB 225,574,000 in 2024, representing a 13.6% increase from RMB 198,519,000 in 2023[39] - The revenue from the sale of raised access floor was RMB 243,522 thousand in 2024, up from RMB 223,230 thousand in 2023, representing an increase of 9.1%[25] - The revenue contribution from all-steel raised access floor products was approximately 68.8% of total revenue for the year ended December 31, 2024, with sales amounting to approximately RMB 177.3 million, a slight increase of 1.7% from approximately RMB 174.4 million in the previous year[68] - Sales of calcium sulfate raised access floor products increased significantly by 32.2% to approximately RMB 80.5 million for the year ended December 31, 2024, up from approximately RMB 60.9 million for the year ended December 31, 2023[69] Expenses and Costs - Employee costs rose to RMB 19,450,000 in 2024, up 13.3% from RMB 17,222,000 in 2023[42] - Selling expenses rose by RMB 2,800,000 or 29.4% to RMB 12,200,000 in 2024, primarily due to increased consultancy fees for business development activities[76] - Administrative expenses increased by RMB 2,400,000 or 18.5% to RMB 15,100,000 in 2024, mainly driven by higher salaries and wages[76] - Financing costs decreased to RMB 3,165,000 in 2024 from RMB 3,400,000 in 2023, a decline of 6.9%[40] Credit and Receivables - Trade receivables rose to RMB 201.900 million, up 22.4% from RMB 164.918 million in 2023[5] - The allowance for impairment losses on trade receivables rose to RMB 50,599 thousand in 2024 from RMB 37,710 thousand in 2023, an increase of 34.1%[49] - Management closely monitors customer receivables and maintains communication to ensure timely payments, considering legal actions if necessary to recover outstanding debts[82] Market and Industry Outlook - The demand for raised access floor products in China is expected to grow due to increased construction of industrial office buildings and stricter government policies[55] - The Chinese flooring materials market is estimated to reach $90 billion in 2024, supported by urbanization and infrastructure growth[63] - The group remains optimistic about the suspended activity flooring industry and aims to adapt quickly to market changes for long-term growth[63] Corporate Governance and Compliance - The company adhered to the corporate governance code as stipulated by the Hong Kong Stock Exchange throughout the fiscal year ended December 31, 2024[104] - The audit committee, established on December 19, 2019, consists of three independent non-executive directors and reviewed the group's financial performance for the year ended December 31, 2024[108] Future Plans and Investments - The group plans to enhance product recognition and ensure cost-effectiveness by advancing technology and upgrading production lines[63] - The group has acquired land in Changzhou City for approximately HKD 20.9 million as part of its capacity enhancement strategy[65] - The group has installed five additional production lines, with an investment of approximately HKD 26.9 million, to increase production capacity[65]
佳辰控股(01937) - 2024 - 年度业绩