Financial Performance - The audited revenue for the year ended December 31, 2024, was HKD 28.918 billion, a decrease of 11.6% compared to the previous year, with a net profit of HKD 2.808 billion, down 18.0% year-on-year[3]. - The company's revenue for the year ending December 31, 2024, was approximately HKD 28.91 billion, a decrease of 11.6% compared to the previous year due to reduced property sales[72]. - The net profit attributable to the owners of the company for 2024 was HKD 2,807,653,000, compared to HKD 3,423,695,000 in 2023, representing a decline of 18%[64]. - The company reported a total comprehensive income of HKD 402,982 for 2024, down from HKD 1,886,077 in 2023[48]. - The net profit for the year was HKD 3,002,324, representing a decline of 33.5% compared to HKD 4,525,667 in 2023[48]. - Gross profit for the same period was HKD 7,901,102, down 38.1% from HKD 12,789,693 in 2023[47]. - The overall gross profit margin decreased by 11.8 percentage points compared to 2023, mainly due to a higher proportion of lower-margin property projects in revenue[76]. Dividends - The company proposed a final dividend of HKD 0.52 per share, maintaining the total annual dividend at HKD 0.94 per share, with a payout ratio of 36.4%[3]. - The total dividend for 2024 is proposed at HKD 0.94 per share, maintaining the same level as 2023, with a payout ratio of 36.4% compared to 30% in the previous year[76]. Business Segments - The infrastructure and environmental business reported a profit of HKD 2.629 billion, an increase of 13.3%, primarily due to the sale of equity related to the Hangzhou Bay Bridge REIT, contributing approximately 85.1% to the group's net profit[4]. - The group’s toll roads reported a total net profit of HKD 1.081 billion, a decrease of 12.3%, with toll revenue of HKD 2.029 billion, a slight increase of 0.2%[8]. - The consumer goods segment contributed HKD 643 million to profits, a 71.8% increase year-on-year, representing approximately 20.8% of the group's net profit[27]. - The real estate business reported a loss of HKD 236 million in 2024, a significant decline from profitability in the previous year, accounting for approximately -7.7% of the group's net profit[23]. - The company reported a decrease in the revenue from the real estate segment, which fell to HKD 15,152,043,000 in 2024 from HKD 19,096,395,000 in 2023, a drop of 20.5%[61]. Growth and Expansion - The water and solid waste business experienced rapid growth, with ongoing efforts to seek quality investment projects in the environmental sector[11]. - The company added four new projects in Hubei, Shandong, Guangxi, and Hunan, with a total design processing capacity of 445,000 tons per day[13]. - Nanyang Tobacco's Malaysian production project achieved mass production this year, with sales increasing by 344.9% year-on-year, reflecting successful international market expansion efforts[29]. - The company plans to continue focusing on market expansion and new product development to drive future growth[61]. Market Conditions and Outlook - In 2024, China’s GDP is expected to grow by 5% as the economy continues to recover, with favorable policies for the environmental protection industry being introduced[14]. - Looking ahead to 2025, the company anticipates continued opportunities in the Chinese market driven by government support for consumption and environmental policies[33]. - The real estate sector is expected to remain under a loose policy environment, with the company closely monitoring government policies and market trends to adjust operational strategies accordingly[34]. Financial Position - Total assets as of December 31, 2024, were HKD 128,343,954, a decrease from HKD 131,886,956 in 2023[50]. - The total liabilities increased to HKD 90,219,363,000 in 2024 from HKD 101,851,509,000 in 2023, reflecting a reduction of 11.5%[62]. - The company’s total loans amounted to approximately HKD 59.49 billion as of December 31, 2024, an increase from HKD 58.69 billion in 2023, with 65.6% being unsecured credit[79]. - Current liabilities decreased to HKD 40,168,739 from HKD 47,424,656 in 2023, indicating improved liquidity management[50]. - Trade receivables increased to HKD 7.14 billion in 2024 from HKD 5.78 billion in 2023, with a provision for credit losses of HKD 376.35 million[68]. Operational Efficiency - The company is committed to enhancing its digital capabilities and improving production quality and cost control through technological innovation and capacity upgrades[36]. - The company plans to focus on enhancing product delivery capabilities and quality service assurance while optimizing organizational structure and integrating cross-regional business operations[31]. - Yongfa Printing is actively cultivating new business opportunities in niche markets, including supporting clients with new QR code requirements and providing anti-counterfeiting packaging technology[36]. Compliance and Standards - The group has adopted new Hong Kong Financial Reporting Standards (HKFRS) effective from January 1, 2024, including HKFRS 16 related to lease liabilities from sale and leaseback transactions[53]. - The group does not expect significant impact on its financial position and performance from the newly issued HKFRS and amendments that are not yet effective[55]. - The company has complied with all provisions of the Corporate Governance Code as of December 31, 2024[43].
上海实业控股(00363) - 2024 - 年度业绩