Financial Performance - The group's revenue increased by approximately 5.2% from RMB 2,445,428,000 in the year ended December 31, 2023, to RMB 2,571,606,000 in the year ended December 31, 2024, due to higher average selling prices[2] - The gross profit margin decreased by 10.8 percentage points to approximately 6.0% for the year ended December 31, 2024, attributed to higher average material costs[2] - The net loss for the year was approximately RMB 43,338,000, compared to a profit of approximately RMB 162,790,000 for the year ended December 31, 2023[3] - The loss attributable to equity holders of the parent company was approximately RMB 45,380,000, compared to a profit of approximately RMB 163,611,000 for the previous year[3] - The basic and diluted loss per share for the year was approximately RMB 0.07, down from earnings of approximately RMB 0.27 per share in the previous year[3] - The group reported a pre-tax loss of RMB 43,854,000 in 2024, compared to a profit of RMB 221,191,000 in 2023[33] - The total income tax expense for the year was a credit of RMB 516,000, a significant decrease from an expense of RMB 58,401,000 in 2023[34] - The company’s gross profit decreased by approximately 62.8% to RMB 153,274,000, resulting in a gross margin decline of 10.8 percentage points to 6.0%[62] Dividends - The board proposed a final dividend of HKD 0.05 per ordinary share for the year ended December 31, 2024, down from HKD 0.09 in the previous year[2] - Proposed final dividend for 2024 is HKD 0.05 per share, totaling approximately RMB 29,155,000, pending shareholder approval[36] - The company plans to pay a final dividend of HKD 0.05 per share for the year, down from HKD 0.09 in 2023, reflecting a commitment to shareholder returns while reserving resources for further expansion[62] Inventory and Assets - The total inventory as of December 31, 2024, was RMB 1,195,126,000, an increase from RMB 1,019,545,000 in the previous year[5] - Non-current assets decreased from RMB 1,093,960,000 in the previous year to RMB 1,041,403,000 as of December 31, 2024[5] - The carrying amount of non-current assets subject to impairment testing was RMB 980,000,000 as of December 31, 2024, compared to RMB 1,043,000,000 in 2023[22] - Inventory carrying amount increased to RMB 1,195,126,000 as of December 31, 2024, from RMB 1,019,545,000 in 2023, representing an increase of approximately 17.3%[23] - The total value of right-of-use assets decreased from RMB 68,815,000 at the beginning of 2023 to RMB 61,818,000 by the end of 2024, reflecting a depreciation expense of RMB 3,746,000 for the year[41] Liabilities and Borrowings - Current liabilities totaled RMB 1,596,119,000 as of December 31, 2024, compared to RMB 1,626,352,000 in the previous year[5] - The total accounts payable and notes payable as of December 31, 2024, was RMB 454,696,000, a decrease of 22.6% from RMB 587,651,000 in 2023[51] - The total amount of current interest-bearing bank and other borrowings increased to RMB 989,556,000 in 2024 from RMB 833,806,000 in 2023, representing an increase of 18.7%[53] - The current portion of bank loans due within one year rose to RMB 938,693,000 in 2024 from RMB 782,480,000 in 2023, an increase of 20.0%[54] - Interest-bearing bank and other borrowings increased by 17.8% to approximately RMB 1,023,992,000[92] Revenue Breakdown - Revenue from mainland China decreased to RMB 1,079,472,000 in 2024 from RMB 1,194,237,000 in 2023, a decline of about 9.6%[26] - Revenue from the European Union increased to RMB 516,543,000 in 2024 from RMB 468,957,000 in 2023, reflecting a growth of approximately 10.2%[26] - Revenue from continuing operations amounted to RMB 324,706,000, with no revenue reported in 2023 from a single customer[27] - Total customer contract revenue for 2024 was RMB 2,571,606,000, representing an increase of 5.2% from RMB 2,445,428,000 in 2023[29] - Sales of hemp yarn, hemp fiber, and waste accounted for RMB 2,344,251,000 in 2024, slightly up from RMB 2,339,400,000 in 2023[29] Operational Developments - The company has established four production bases in China with a total annual capacity of 23,000 tons, all operating near full capacity[70][73] - The company is investing in a new production facility in Ethiopia, which will increase annual capacity by 5,000 tons, with the project expected to benefit from reduced costs and tariffs[72] - The company is establishing a warehouse in Heilongjiang Province to manage the storage and supply chain of industrial hemp fiber, aiming to make it a national trade center for hemp materials in China[67] - The company has entered into foreign exchange forward contracts to manage currency risks, with no significant derivative financial assets or liabilities recorded as of December 31, 2024[101] Employee and Governance - The total employee cost for the year decreased by approximately 4.7% to RMB 250,102,000, compared to RMB 262,496,000 in the previous year[102] - The total number of employees as of December 31, 2024, was 3,703, a slight increase from 3,700 in 2023[102] - The company has adopted stock option and share incentive plans to motivate and reward employees contributing to its business success[102] - The company has established an audit committee to review and monitor financial reporting processes and risk management systems[115] - The audit committee consists of three independent non-executive directors, with Mr. Liu Yingjie as the chairman, ensuring compliance with corporate governance codes[117] Market Position and Future Outlook - The company continues to maintain its position as China's largest pure linen yarn exporter for 22 consecutive years, demonstrating its market leadership[60] - The company anticipates a positive long-term outlook for the linen industry, driven by changing consumer preferences towards sustainable and high-quality products[65] - The company is collaborating with CottonConnect to promote sustainability in the flax industry through the REEL flax behavior code[68] - The group plans to establish a new factory in Egypt, with feasibility studies already conducted and registration planned for 2024[100] - The company is conducting feasibility studies for establishing a new factory in Egypt, which could benefit from reduced or zero import tariffs from EU member states[103]
金达控股(00528) - 2024 - 年度业绩