Financial Performance - Revenue for the year ended December 31, 2024, was RMB 1,016.8 million, a decrease of 8.4% compared to RMB 1,110.4 million in 2023[2] - Profit attributable to equity holders of the parent was RMB 26.7 million, down 14.7% from RMB 31.2 million in the previous year[2] - Basic earnings per share decreased to RMB 0.8, a decline of 20.0% from RMB 1.0 in 2023[2] - The company reported a total comprehensive income of RMB 33.9 million for the year, down from RMB 35.5 million in 2023[3] - The company experienced a decrease in pre-tax profit to RMB 44.1 million from RMB 67.9 million in the previous year[3] - Other income and gains decreased to RMB 57.7 million from RMB 104.1 million in 2023[3] - The total tax expense for the year was RMB 15,247,000, a decrease of 60.3% from RMB 38,379,000 in the previous year[25] - The profit attributable to equity holders of the parent decreased by approximately 14.7% from RMB 31,200,000 to RMB 26,700,000, despite improved gross margins and strict cost control[69] Assets and Liabilities - Total assets as of December 31, 2024, were RMB 2,829.2 million, a decrease of 4.3% from RMB 2,957.3 million in 2023[2] - Non-current assets decreased from RMB 1,327,015 thousand in 2023 to RMB 1,289,642 thousand in 2024, a decline of approximately 2.8%[7] - Current assets decreased from RMB 1,630,281 thousand in 2023 to RMB 1,539,538 thousand in 2024, a decline of about 5.6%[7] - Total liabilities decreased from RMB 553,937 thousand in 2023 to RMB 508,356 thousand in 2024, a reduction of approximately 8.2%[7] - Cash and cash equivalents decreased significantly from RMB 824,006 thousand in 2023 to RMB 503,804 thousand in 2024, a decline of around 38.8%[7] - The company's net asset value decreased from RMB 2,376,216 thousand in 2023 to RMB 2,292,691 thousand in 2024, a decrease of about 3.5%[8] - The total equity attributable to owners of the parent decreased from RMB 2,382,646 thousand in 2023 to RMB 2,296,885 thousand in 2024, a decline of approximately 3.6%[8] Cash Flow - Net cash flow from operating activities was negative at RMB (143.3) million, compared to RMB 176.4 million in the previous year[2] - The net cash inflow from investing activities was approximately RMB 161.7 million, primarily from reduced pledged deposits and unsecured time deposits[74] - The net cash outflow from financing activities was approximately RMB 162.1 million, mainly related to dividend payments and bank loan repayments[74] - Net cash position decreased to approximately RMB 406,000,000 from RMB 751,100,000, with a debt-to-equity ratio of 10.8%[73] Inventory and Costs - Inventory turnover days for raw materials increased by 23.4 days to 61.1 days, while finished goods turnover days increased by 66.7 days to 223.4 days[2] - The company reported an increase in inventory from RMB 504,482 thousand in 2023 to RMB 813,976 thousand in 2024, an increase of about 61.3%[7] - Sales cost reduced by about 10.0% from RMB 939,600,000 to RMB 845,700,000, with a significant inventory write-off of RMB 21,000,000[57] - Raw material costs decreased by approximately 18.7% to about RMB 381,700,000 compared to the previous year[57] - Energy expenses decreased by about 5.3% to approximately RMB 172,900,000[57] - Direct labor costs reduced by approximately 4.1% to around RMB 148,600,000[57] Dividends - The board recommended a final dividend of HKD 0.02 per share and a special final dividend of HKD 0.02 per share, unchanged from the previous year[2] - The company plans to declare a final dividend of HKD 0.02 per share, totaling RMB 119,330,000, compared to RMB 117,210,000 in the previous year[25] - The company has proposed a final dividend of HKD 0.02 per ordinary share, pending approval at the upcoming annual general meeting[92] Market and Product Development - The group successfully launched six new series of collagen protein casings, receiving unanimous praise from customers, which lays a solid foundation for market coverage and product upgrades[38] - Sales revenue from collagen protein food, skincare products, and high molecular collagen medical biomaterials increased by approximately 83.2% compared to the previous year[40] - Medical collagen protein raw materials sales grew by 542.7% year-on-year, with endotoxin levels at 0.01 EU/ml, significantly better than the FDA standard of 0.5 EU/ml[43] - The group has filed for Class III medical device registration for collagen bone filling materials, currently awaiting approval[43] - The group is enhancing production efficiency through standardized management of equipment and components, aiming to reduce maintenance and production costs[39] - The company is committed to enhancing the production efficiency of collagen-based food products, including beef tripe, beef tendons, rice noodles, collagen oatmeal, and ginger tea[89] - The company plans to accelerate clinical trials and production license applications for medical collagen products, aiming to initiate clinical trials by 2025[90] - The company expects significant sales growth in medical collagen and its semi-finished products, driven by increased sales efforts[90] Governance and Compliance - The audit committee has reviewed the group's consolidated annual performance for the year and confirmed compliance with applicable laws, accounting standards, and regulations[101] - The financial figures in the consolidated profit and loss statement and other comprehensive income statement have been verified by Ernst & Young, consistent with the draft financial statements[103] - The board of directors includes both executive and independent non-executive members, ensuring a diverse governance structure[105] - The company emphasizes the importance of separating the roles of the Chairman and CEO, currently held by the same individual[99] - The company will continue to consider the feasibility of appointing a CEO to enhance governance and operational effectiveness[100]
神冠控股(00829) - 2024 - 年度业绩