Financial Performance - Revenue increased by approximately 32.6% to RMB 747.9 million (2023: RMB 564.0 million) [3] - Gross profit increased by approximately 41.8% to RMB 538.3 million (2023: RMB 379.7 million) [3] - Net profit for the year was RMB 34.6 million (2023: net profit RMB 52.6 million) [3] - Earnings per share for the year was RMB 3.65 (2023: earnings per share RMB 5.56) [3] - Total comprehensive income for the year amounted to RMB 16.0 million (2023: RMB 54.3 million) [4] - The company recorded a profit of approximately RMB 34.6 million in 2024, a decrease of approximately RMB 18.0 million from RMB 52.6 million in 2023 [43] Expenses and Costs - Selling and distribution expenses increased significantly to RMB 408.6 million (2023: RMB 250.0 million) [4] - Administrative expenses rose to RMB 88.6 million (2023: RMB 72.2 million) [4] - The group's operating profit before tax for 2024 was impacted by various costs, including cost of goods sold amounting to RMB 206,318,000, up from RMB 181,316,000 in 2023, which is an increase of about 13.8% [30] - The total tax expense for the year was RMB 6,320,000, compared to RMB 5,491,000 in 2023, representing an increase of approximately 15% [33] Assets and Liabilities - Total assets as of December 31, 2024, amounted to RMB 505,419,000, while total assets for 2023 were RMB 505,557,000, indicating a slight decrease of 0.03% [5] - The total value of non-current assets increased from RMB 218,226,000 in 2023 to RMB 229,905,000 in 2024, reflecting a growth of approximately 5.5% [5] - Current assets totaled RMB 275,514,000 in 2024, compared to RMB 287,331,000 in 2023, showing a decline of about 4.1% [5] - The net value of current liabilities decreased from RMB 82,051,000 in 2023 to RMB 69,139,000 in 2024, representing a reduction of approximately 15.7% [6] - The total equity attributable to the parent company increased from RMB 378,069,000 in 2023 to RMB 394,096,000 in 2024, marking an increase of about 4.2% [6] - The company reported a decrease in non-current liabilities from RMB 45,299,000 in 2023 to RMB 42,322,000 in 2024, which is a decline of approximately 6.5% [6] - The company’s total liabilities decreased from RMB 436,418,000 in 2023 to RMB 423,368,000 in 2024, showing a reduction of about 3% [6] Cash Flow and Investments - Cash and cash equivalents increased from RMB 104,530,000 in 2023 to RMB 117,556,000 in 2024, indicating a growth of about 12.5% [5] - The group invested approximately RMB 7.4 million in capital expenditures during the year, compared to RMB 1.7 million in 2023 [61] Market and Operations - The company operates primarily in China, Australia, and New Zealand, focusing on the manufacturing and sales of nutritional dietary supplements and health foods [8] - The group operates a single reportable segment focused on manufacturing and selling nutritional supplements and packaged health foods in China, Australia, and New Zealand [23] - Revenue from the Chinese market was RMB 623,538,000 in 2024, up from RMB 432,391,000 in 2023, representing a growth of 44.2% [25] - Revenue from New Zealand decreased to RMB 100,103,000 in 2024 from RMB 113,712,000 in 2023, a decline of 11.3% [25] - Revenue from Australia increased to RMB 8,411,000 in 2024 from RMB 4,701,000 in 2023, showing a growth of 78.0% [25] Financial Reporting Standards - The company has not experienced any impact on its financial position or performance due to the amendments to the Hong Kong Financial Reporting Standards since the initial application date [11] - The amendments clarify the classification of liabilities as current or non-current, ensuring that the classification remains unchanged after the initial application of the amendments [12] - The company does not have any supplier financing arrangements, thus the amendments regarding supplier financing do not impact its financial statements [12] - The group has confirmed that there are no variable lease payments affecting its financial situation [11] - The amendments are expected to have no significant impact on the company's financial statements [18] Corporate Governance - The company has adopted the corporate governance code and has complied with all applicable principles and provisions during the year [71] - The audit committee has been established and is responsible for reviewing and supervising financial reporting procedures and risk management [72] - The financial statements for the year have been reviewed and confirmed by Ernst & Young, ensuring consistency with the group's audited financial results [73] Future Outlook - The group plans to focus on developing cross-border e-commerce and optimizing promotional strategies for its e-commerce platform in 2024 [64] - The group anticipates further growth in e-commerce revenue due to the expansion of its e-commerce channels [56] - The company aims to achieve the goal of being the top seller in its e-commerce platform's core product category [69] - The company plans to enhance supply chain management by developing quality suppliers and improving production capacity to meet customer demand [69]
中生联合(03332) - 2024 - 年度业绩