Financial Performance - For the fiscal year ending December 31, 2024, the company reported revenue of approximately RMB 2,574.3 million, representing a year-on-year increase of 17.5%[9] - The gross profit for the same period was RMB 378.4 million, showing a slight decrease of 1.3% compared to RMB 383.5 million in 2023[4] - Net profit for the year was approximately RMB 141.8 million, reflecting a decrease of 7.2% from RMB 152.9 million in the previous year[4] - The basic earnings per share decreased by 5.7% to RMB 0.33 from RMB 0.35 in 2023[4] - The group's total revenue for the year ended December 31, 2024, was approximately RMB 2,574.3 million, an increase of about RMB 383.4 million or 17.5% compared to the previous year[15] - Revenue for the year ended December 31, 2024, was RMB 2,574,330 thousand, an increase of 17.5% compared to RMB 2,190,942 thousand in 2023[60] - Gross profit for the year was RMB 378,421 thousand, slightly down by 1.9% from RMB 383,539 thousand in 2023[60] - Net profit for the year was RMB 141,820 thousand, a decrease of 7.2% from RMB 152,861 thousand in 2023[60] - Basic earnings per share for the year was RMB 0.33, down from RMB 0.35 in 2023[60] Revenue Breakdown - New orders for standard prefabricated pipeline products totaled approximately 24,000 tons, with about 98.2% coming from overseas customers[10] - Revenue from standard prefabricated pipeline products was approximately RMB 393.6 million, accounting for 15.3% of total revenue, with a year-on-year increase of 27.5%[11] - The company recorded revenue from steel pipe products of approximately RMB 1,189.2 million, which accounted for about 46.2% of total revenue, with a decline in sales volume and prices for certain products[12] - Revenue from the design and supply of assembled pipeline systems was approximately RMB 41.1 million, an increase of 23.8% year-on-year, contributing about 1.6% to total revenue[13] - Revenue from steel coil trading reached approximately RMB 950.0 million, a year-on-year increase of about RMB 349.5 million or 58.2%, driven by increased procurement agreements with steel mills[18] - Revenue from electric resistance welded steel pipes was approximately RMB 304.5 million, a decrease of about 68.2 million or 18.3% due to reduced sales volume and lower prices[17] - Revenue from the sale of spiral submerged arc welded steel pipes was RMB 507,659,000, down 16.1% from RMB 604,972,000 in 2023[70] - Revenue from standard prefabricated pipe fittings increased by 27.5% to RMB 393,604,000 from RMB 308,794,000 in 2023[70] - Revenue from customized steel pipes rose by 39.5% to RMB 376,973,000 compared to RMB 270,164,000 in 2023[70] - Revenue from resistance welded steel pipes decreased by 18.3% to RMB 304,497,000 from RMB 372,668,000 in 2023[70] - Revenue from the Chinese market was RMB 1,751,393,000, representing a 20.7% increase from RMB 1,451,736,000 in 2023[77] - Revenue from the United States was RMB 313,524,000, up 37.6% from RMB 227,723,000 in 2023[77] Market Challenges and Strategies - The company continues to face challenges in the domestic market due to the contraction of the real estate industry and declining steel pipe demand[9] - The company is focused on enhancing management and leveraging market resources and technological research and development to navigate current market challenges[9] - The company plans to enhance its market position through strategies focused on marketing, production capacity increase, digitalization, and team building to achieve sustainable growth[57] Expenses and Costs - Distribution and selling expenses rose to approximately RMB 94.7 million, an increase of about 8.7% or RMB 7.6 million, mainly due to higher shipping costs[23] - Administrative expenses increased to approximately RMB 64.3 million, an increase of about 8.6% or RMB 5.1 million, primarily due to higher management personnel costs[24] - R&D expenses increased by approximately 3.1% to RMB 70.1 million for the year ending December 31, 2024, accounting for about 2.7% of total revenue[25] - Financial costs rose by approximately 23.9% to RMB 8.3 million for the year ending December 31, 2024, mainly due to an increase in discounted notes[27] - Tax expenses for the year amounted to RMB 29,019,000 in 2024, up from RMB 20,465,000 in 2023, reflecting a higher tax burden due to increased profits[85] Assets and Liabilities - The asset-liability ratio increased to approximately 6.1% as of December 31, 2024, from 3.7% in the previous year, mainly due to increased bank loans[31] - Trade receivables increased by approximately 35.7% to RMB 731.2 million as of December 31, 2024, driven by increased shipments to trade customers in the fourth quarter[36] - Contract liabilities rose to approximately RMB 157.0 million as of December 31, 2024, from RMB 60.8 million in the previous year, related to the timing of product delivery to customers[42] - Borrowings increased to approximately RMB 69.1 million as of December 31, 2024, from RMB 38.4 million in the previous year, primarily due to increased bank loans[46] - Cash used in operating activities increased to a net outflow of approximately RMB 158.9 million for the year ending December 31, 2024, compared to RMB 20.4 million in the previous year[32] - Cash and cash equivalents increased to approximately RMB 77.3 million as of December 31, 2024, from RMB 71.9 million in the previous year[30] - Trade payables increased to RMB 156,343,000 in 2024 from RMB 67,094,000 in 2023[100] Employee and Labor Costs - The total labor costs, including director remuneration and other forms of compensation, amounted to approximately RMB 122.4 million for the year ending December 31, 2024, compared to RMB 118.9 million for the previous year[54] - The group had a total of 1,229 employees as of December 31, 2024, an increase from 1,070 employees as of December 31, 2023, with 1,037 located in China (including Hong Kong), 121 in Vietnam, and 71 in Thailand[54] Environmental Initiatives - The company has implemented various optimization measures for its environmental protection systems, achieving a 10% reduction in energy consumption for dust removal facilities while ensuring effective pollution control[59] - The company has upgraded its volatile organic compounds (VOCs) treatment systems, significantly improving removal efficiency and enhancing operational stability and reliability[59] - The company aims to increase the reuse rate of reclaimed water for irrigation to 70% during dry seasons, contributing to green production and environmental protection[59] Dividends and Shareholder Information - The board has proposed a final cash dividend of HKD 0.12 per share for the year ending December 31, 2024, totaling approximately HKD 52,056,000, consistent with the previous year[49] - The company declared a final dividend of HKD 0.12 per share for the year ending December 31, 2024, amounting to approximately HKD 52,056,000 (RMB 48,152,000), an increase from HKD 0.10 per share in 2023[102] Compliance and Governance - The audit committee has reviewed the annual performance for the year ending December 31, 2024[110] - The annual general meeting is scheduled for May 30, 2025, in Hong Kong[111] - The company maintained the designated public float as required by the listing rules as of the announcement date[107] - The company has adopted the standard code for securities transactions by directors as per the listing rules, confirming compliance for the year ending December 31, 2024[105]
迈科管业(01553) - 2024 - 年度业绩