Financial Performance - For the fiscal year ending December 31, 2024, the total revenue was RMB 214,068,000, a decrease of 37.8% compared to RMB 344,075,000 for the fiscal year ending December 31, 2023[4] - Gross profit for the fiscal year 2024 was RMB 55,197,000, down 47.1% from RMB 104,175,000 in 2023[4] - The net profit for the year was RMB 9,670,000, representing an 80.2% decline from RMB 48,795,000 in the previous year[4] - Basic and diluted earnings per share for 2024 were RMB 1.61, a decrease of 80.2% compared to RMB 8.13 in 2023[4] - The company reported a total comprehensive income of RMB 11,336,000 for 2024, down from RMB 49,955,000 in 2023, a decline of 77.3%[4] - Interest income for 2024 was RMB 766,000, down from RMB 906,000 in 2023, reflecting a decline of 15.4%[24] - The net loss from the sale of properties, plants, and equipment was RMB 8,589,000 in 2024, with no such loss reported in 2023[24] - The total tax expense for the year ending December 31, 2024, was RMB 5,149,000, significantly lower than RMB 19,511,000 for the year ending December 31, 2023, indicating a decrease of 73.7%[25] - Employee costs, including director remuneration, amounted to RMB 15,458,000 in 2024, down from RMB 17,062,000 in 2023, a reduction of 9.4%[24] - The cost of inventory for the year ending December 31, 2024, was RMB 158,871,000, compared to RMB 239,900,000 in 2023, representing a decrease of 33.7%[24] Assets and Liabilities - Total assets as of December 31, 2024, were RMB 491,348,000, an increase from RMB 479,644,000 in 2023[5] - The company's cash and cash equivalents decreased to RMB 229,668,000 in 2024 from RMB 286,266,000 in 2023, a decline of 19.7%[5] - Inventory levels decreased to RMB 30,549,000 in 2024 from RMB 46,466,000 in 2023, a reduction of 34.3%[5] - Non-current assets increased significantly to RMB 187,802,000 in 2024 from RMB 92,019,000 in 2023, an increase of 103.3%[5] - The company's total equity rose to RMB 484,225,000 in 2024, compared to RMB 472,889,000 in 2023, an increase of 2.5%[5] - Trade receivables from third parties decreased to RMB 88,928,000 in 2024 from RMB 103,603,000 in 2023, a decline of approximately 14.3%[28] - The aging analysis of trade receivables shows that amounts within 30 days decreased to RMB 29,963,000 in 2024 from RMB 38,038,000 in 2023, a drop of about 21.5%[29] - Trade payables to third parties increased to RMB 32,577,000 in 2024 from RMB 31,278,000 in 2023, indicating a rise of approximately 4.1%[31] - The total liabilities of the group as of December 31, 2024, were approximately RMB 56.1 million, compared to RMB 55.6 million as of December 31, 2023[47] - The capital-to-debt ratio was approximately 0.03% as of December 31, 2024, up from 0.02% as of December 31, 2023[47] Market and Operations - The company operates primarily in China, with all assets and liabilities located in the region[21] - The company has only one operating and reportable segment, which is the production of traditional Chinese medicine in China[21] - The Chinese traditional medicine market is expected to grow steadily, with a market size reaching RMB 100 billion, driven by increased health management awareness and government support[36] - The company produces around 60 types of traditional Chinese medicine products, targeting various health issues, including those related to cardiovascular and digestive systems[37] - The company has established a distribution network of 105 distributors covering approximately 53 cities in China, supported by over 37 marketing personnel with relevant experience[38] - The company plans to expand its distribution network in South China and East China, with an expected completion date by the end of 2025[39] Revenue and Sales - The total revenue for the year ending December 31, 2024, was RMB 214,068,000, a decrease of 37.8% compared to RMB 344,075,000 for the year ending December 31, 2023[23] - The top three best-selling products in 2024 contributed approximately 27.6%, 16.3%, and 10.7% to total revenue, respectively[40] - Revenue contributions by region for 2024 were as follows: Northeast RMB 114.9 million (53.7%), East RMB 18.3 million (8.5%), South RMB 35.4 million (16.5%), North RMB 35.5 million (16.6%), Southwest RMB 6.1 million (2.9%), and Northwest RMB 3.9 million (1.8%) [41] - The overall gross margin decreased from approximately 30.3% in 2023 to about 25.8% in 2024, primarily due to rising raw material costs and fixed cost absorption during the production halt[42] - Operating profit before tax decreased by approximately 78.3% to about RMB 14.8 million in 2024 from RMB 68.3 million in 2023, mainly due to the temporary production halt for repairs[46] Expenses and Investments - The company’s sales and distribution expenses decreased by approximately 8.6% to about RMB 22.3 million in 2024 from RMB 24.4 million in 2023[44] - The company’s administrative and other operating expenses significantly decreased by approximately 20.2% to about RMB 9.1 million in 2024 from RMB 11.4 million in 2023[44] - The group's capital expenditure for 2024 was approximately RMB 116.9 million, significantly higher than RMB 13.4 million in 2023[54] - The total capital expenditure commitment for 2023 was RMB 120,638,000, related to the construction agreement for a pharmaceutical building expansion, which was completed in 2024[35] - The group did not hold any significant investments, acquisitions, or disposals of subsidiaries, associates, or joint ventures during 2024[52] Dividends and Recommendations - The board of directors recommended no final dividend for the years ended December 31, 2024, and 2023[27] - The board has decided not to recommend the payment of a final dividend for the year 2024, similar to the decision for 2023[55] Compliance and Reporting - The company has adopted new and revised Hong Kong Financial Reporting Standards, which are not expected to have a significant impact on the consolidated financial statements[20] - The group will report to relevant authorities regarding the new contract arrangements, expected to be implemented in the second half of 2026[61] - There were no major contingent liabilities as of December 31, 2024, consistent with the previous year[48] - The group had no assets pledged as of December 31, 2024, remaining unchanged from the previous year[50]
现代中药集团(01643) - 2024 - 年度业绩