Financial Performance - For the fiscal year ending December 31, 2024, total revenue decreased by 11.1% to RMB 1,055.6 million compared to RMB 1,186.99 million in 2023[5]. - Gross profit for the same period was RMB 413.0 million, down 16.6% from RMB 495.5 million, resulting in a gross margin of 39.1%[5]. - The adjusted net loss attributable to equity holders was RMB 93.9 million, compared to a loss of RMB 36.0 million in 2023[5]. - The net loss attributable to equity holders for the year ending December 31, 2024, was RMB 132.2 million, compared to a net loss of RMB 99.1 million for the year ended December 31, 2023[39]. - The company reported a loss attributable to equity holders of RMB 126,957 thousand for the year ended December 31, 2024, compared to a loss of RMB 96,869 thousand in 2023, representing a 31% increase in losses year-over-year[104]. - The basic loss per share increased from RMB 0.0863 in 2023 to RMB 0.1130 in 2024, reflecting a 31% increase in loss per share[104]. Revenue Breakdown - Revenue from SaaS and marketing services dropped by 20.2% to RMB 333.7 million, primarily due to the reduction in sales leads[10]. - Revenue from the interior design and construction business for 2024 was RMB 665.2 million, a decrease of 8.8% year-on-year[14]. - Revenue from SaaS and marketing services decreased to RMB 333,709 thousand in 2024 from RMB 418,072 thousand in 2023, representing a decline of 20%[90]. - Revenue from interior design and construction services decreased to RMB 665,184 thousand in 2024 from RMB 729,671 thousand in 2023, a drop of 9%[90]. - Revenue from innovation and other services increased to RMB 56,746 thousand in 2024 from RMB 39,251 thousand in 2023, marking a growth of 45%[90]. Operational Efficiency and Cost Management - The company aims to enhance operational efficiency and restore merchant confidence through product optimization[12]. - The company continues to implement cost-saving strategies to support its operations amid economic pressures[8]. - The company aims to enhance operational efficiency and reduce costs by leveraging AI technology in customer service systems and project management[18]. - Selling and marketing expenses decreased by 3.0% from RMB 430.0 million to RMB 417.1 million, reflecting efforts in cost control and efficiency improvement[31]. - Administrative expenses decreased by 15.3% from RMB 75.9 million to RMB 64.3 million, mainly due to reduced salaries and benefits[32]. - Research and development expenses decreased by 24.0% from RMB 37.1 million to RMB 28.2 million, attributed to lower salaries and benefits[33]. User Engagement and Market Trends - The number of recommended users fell to 528,727 from 613,999, indicating a decline in user engagement[11]. - The number of sales leads decreased by 20.3% to 633,769 from 794,761 in the previous year[10]. - The renovation demand for existing homes is expected to grow, driven by urban renewal and quality of life improvements, with over 60% of homes being over ten years old[17]. - The company plans to focus on high-end home furnishing services targeting consumers in second and third-tier cities[14]. Cash Flow and Liquidity - Cash and cash equivalents amounted to RMB 119.2 million, with time deposits at RMB 745.9 million as of December 31, 2024[16]. - Cash and cash equivalents as of December 31, 2024, amounted to RMB 119.2 million, down from RMB 259.6 million as of December 31, 2023, representing a decrease of 54.0%[44]. - The net cash used in operating activities for the year ended December 31, 2024, was RMB 66.3 million, a significant improvement from RMB 247.4 million for the previous year[46]. - The company maintained strong liquidity with total cash and cash equivalents, restricted cash, and time deposits amounting to RMB 947.7 million as of December 31, 2024, compared to RMB 1,039.3 million in 2023[44]. Investments and Financial Assets - Financial assets net impairment losses increased by 152.2% from RMB 9.8 million to RMB 24.7 million, primarily due to higher expected credit losses on receivables and contract assets[34]. - The company recorded a net impairment loss on financial assets of RMB 24,694 thousand in 2024, compared to RMB 9,791 thousand in 2023, indicating a significant increase in impairment losses[113]. - The fair value of financial assets measured at fair value through other comprehensive income decreased from RMB 143,121 thousand in 2023 to RMB 72,481 thousand in 2024, a decline of 49%[109]. Corporate Governance and Management - The company has adopted corporate governance principles to ensure high levels of ethics, transparency, accountability, and integrity[133]. - The chairman and CEO roles are currently held by the same individual, which the board believes enhances internal leadership consistency[134]. - The audit and risk management committee has reviewed the annual performance and confirmed compliance with applicable accounting principles and regulations[137]. Future Outlook and Strategic Initiatives - The company is focused on expanding its SaaS and marketing services, as well as its interior design and construction segments, to drive future growth[86]. - The company has projected a revenue growth of 20% for the next fiscal year, aiming for HKD 1.8 billion[151]. - New product launches are expected to contribute an additional HKD 300 million in revenue over the next year[151]. - The company is considering strategic acquisitions to bolster its market position, with a budget of HKD 500 million allocated for potential deals[151].
齐屹科技(01739) - 2024 - 年度业绩