Financial Performance - For the fiscal year ending December 31, 2024, the company reported total revenue of HKD 992,369,000, a decrease of 29.5% compared to HKD 1,410,943,000 in 2023[3] - The cost of sales for the year was HKD 877,027,000, resulting in a gross profit of HKD 115,342,000, which is a slight increase of 2.4% from HKD 112,990,000 in the previous year[3] - The company recorded a net loss of HKD 36,404,000 for the year, significantly improved from a net loss of HKD 201,293,000 in 2023, representing an 81.9% reduction in losses[4] - Basic and diluted loss per share was HKD 0.021, compared to HKD 0.081 in the previous year, indicating a 74.1% improvement[3] - The group reported total revenue of HKD 992,369,000 for the year ended December 31, 2024, a decrease of 30.5% from HKD 1,424,788,000 in 2023[16] - The group incurred a net loss of HKD 36,404,000 for the year 2024, an improvement from a net loss of HKD 201,293,000 in 2023[17] - The group recorded a loss attributable to equity holders of approximately HKD 39 million, compared to a loss of HKD 148 million in 2023[46] Assets and Liabilities - Total assets less current liabilities amounted to HKD (633,641,000) as of December 31, 2024, compared to HKD (605,416,000) in 2023[5] - The company’s current liabilities were HKD 1,278,594,000, down from HKD 1,617,367,000 in the previous year, reflecting a decrease of 21%[5] - The company’s non-current assets decreased to HKD 238,720,000 from HKD 373,825,000 in the previous year, a decline of 36.1%[5] - Total liabilities decreased from HKD 1,170,268,000 in 2023 to HKD 908,023,000 in 2024, indicating a reduction in financial obligations[30] - Total assets as of December 31, 2024, were HKD 645 million, a decrease of HKD 367 million from HKD 1.012 billion as of December 31, 2023[64] - Total liabilities as of December 31, 2024, were HKD 1.353 billion, down HKD 348 million from HKD 1.701 billion as of December 31, 2023[64] Cash Flow and Financing - The company’s cash and cash equivalents stood at HKD 40,983,000 as of December 31, 2024, compared to HKD 39,298,000 in 2023, showing a slight increase[5] - The group successfully restructured bank loans totaling HKD 83,109,000, with part of the interest waived and repayment terms extended by five years until 2029[8] - The group is actively negotiating with banks for additional financing and restructuring of existing loans totaling HKD 343,553,000[9] - The group is involved in ongoing litigation with a bank regarding the repayment of HKD 343,553,000 (2023: HKD 437,069,000) [32] - The group successfully negotiated a settlement with one bank regarding an outstanding debt of HKD 83,109,000 and interest of HKD 55,363,000, resulting in a debt repayment benefit of HKD 56,152,000 [31] - The company is actively communicating with a state-owned commercial bank regarding the overdue bank borrowings of HKD 344 million, with no immediate repayment expected[63] Operational Performance - The cost of inventory for 2024 was HKD 877,027,000, down from HKD 1,297,953,000 in 2023, reflecting a reduction in operational costs[21] - The group reported a significant increase in bank loan interest expenses, which rose to HKD 50,351,000 in 2024 from HKD 35,918,000 in 2023[21] - The group successfully sold subsidiary assets generating HKD 17,710,000 in revenue in 2024, with no such sales reported in 2023[20] - The impairment loss on property, plant, and equipment was HKD 42,119,000 in 2024, down from HKD 56,495,000 in 2023, showing improved asset management[21] - The annual production capacity for upstream slaughtering decreased by approximately 1 million heads to 2.35 million heads as of December 31, 2024[45] - The overall gross profit increased by 2.1% to HKD 115 million, with the gross margin rising by 3.6 percentage points to 11.6% compared to 8.0% in the previous year[49] Governance and Compliance - The independent auditor's report indicated that due to multiple uncertainties regarding going concern, no opinion was expressed on the consolidated financial statements [33] - The independent auditor's report for the year ending December 31, 2024, contains a "disclaimer of opinion" regarding the group's ability to continue as a going concern[73] - The audit committee and the board of directors are aligned in their views regarding the "disclaimer of opinion" and the measures taken to address it[78] - The company has complied with the corporate governance code, except for the separation of the roles of chairman and CEO, which are currently held by the same individual[80] Future Outlook - The management plans to address the overdue bank loans and aims to remove the "disclaimer of opinion" in the auditor's report for the year ending December 31, 2025, if all plans are executed successfully[77] - The company plans to cautiously approve capital expenditures of approximately RMB 15 million for 2025, primarily for ongoing construction and equipment upgrades[68] - The company has no significant investments or acquisitions planned as of the announcement date[68] Market Conditions - In 2024, the total national GDP reached RMB 135 trillion, with a year-on-year growth of 5.0%[39] - The average price of live pigs in 2024 was approximately RMB 17.08 per kilogram, an increase of about 11.3% year-on-year[41]
雨润食品(01068) - 2024 - 年度业绩