Financial Performance - The group's revenue for the fiscal year ended December 31, 2024, was RMB 661.6 million, a decrease of 3.22% compared to RMB 683.6 million in 2023[2]. - Gross profit for the fiscal year was RMB 125.6 million, an increase of 9.69% from RMB 114.5 million in 2023[2]. - Net profit attributable to the owners of the parent company for the fiscal year was RMB 43.7 million, a significant increase of 115.27% compared to RMB 20.3 million in 2023[2]. - Basic and diluted earnings per share were RMB 0.06, up from RMB 0.03 in 2023[2]. - Total comprehensive income for the year was RMB 45.3 million, compared to RMB 20.2 million in 2023[5]. - Revenue from customer contracts totaled RMB 661.6 million, with food raw materials sales contributing RMB 347.1 million and food additives sales contributing RMB 314.5 million[27]. - Other income decreased to RMB 2.1 million from RMB 5.1 million in the previous year, primarily due to a reduction in government subsidies[30]. - Profit for the year increased by 115.27% to RMB 43.7 million from RMB 20.3 million in the previous year[56]. Dividends - The board proposed a final dividend of HKD 0.0225 per share, totaling approximately RMB 14.2 million, compared to HKD 0.015 per share in 2023[2]. - The board proposed a final dividend of HKD 0.0225 per share, equivalent to approximately RMB 0.0208, totaling RMB 14.2 million based on 680 million shares issued[79]. Assets and Liabilities - Non-current assets increased to RMB 336.97 million from RMB 260.65 million in 2023, primarily due to investments in property, plant, and equipment[6]. - Current assets rose to RMB 370.55 million from RMB 333.00 million in 2023, with cash and cash equivalents increasing to RMB 185.18 million[6]. - Total liabilities increased to RMB 208.56 million from RMB 130.85 million in 2023, with interest-bearing bank borrowings rising to RMB 61.76 million[7]. - The company's equity attributable to owners increased to RMB 498.96 million from RMB 462.81 million in 2023[7]. - Cash and cash equivalents at year-end increased to RMB 185.175 million from RMB 157.502 million in the previous year[62]. - The company's interest-bearing bank borrowings rose from RMB 44.7 million as of December 31, 2023, to RMB 93.7 million as of December 31, 2024, primarily due to the construction of the Asia-Pacific Innovation Center[67]. - The asset-liability ratio increased to 29.5% as of December 31, 2024, compared to 22.0% as of December 31, 2023[67]. - The net current assets decreased from RMB 230.3 million as of December 31, 2023, to RMB 226.6 million as of December 31, 2024, mainly due to the construction of the Asia-Pacific Innovation Center[66]. Subsidiaries and Investments - The company has established several subsidiaries in China, Thailand, and Vietnam, focusing on food ingredient distribution and investment holding, with a total registered capital of approximately RMB 5.2 million to RMB 20 million and 99% to 100% ownership in these entities[11][12]. - The subsidiaries listed are significant contributors to the group's annual performance and net asset value[12]. - The company holds 28,125,200 shares of Tianye Innovation Co., Ltd., representing an 8.59% stake, with an investment cost of RMB 78.8 million[72]. - The investment in Tianye's joint venture amounted to RMB 106.6 million, accounting for approximately 15.1% of the company's total assets as of December 31, 2024[72]. - The company recorded realized income of RMB 2.5 million and received dividends of RMB 0.3 million from the investment in Tianye during the reporting period[72]. Financial Management and Reporting - The financial statements are prepared in accordance with the Hong Kong Financial Reporting Standards and are presented in Renminbi, with all values rounded to the nearest thousand[13][14]. - The company has adopted revised Hong Kong Financial Reporting Standards for the first time this year, which did not impact its financial position or performance[18][19]. - The company maintains a strong focus on research and development to enhance its competitive edge in the food raw materials and additives industry[42]. - The company has maintained a prudent financial management approach to ensure a robust liquidity position throughout the reporting year[68]. - The audit committee consists of three independent non-executive directors, ensuring compliance with applicable accounting standards and listing rules[81]. - Ernst & Young has confirmed that the figures in the annual performance announcement align with the group's consolidated financial statements for the reporting year[82]. - The detailed annual performance report will be published on the Hong Kong Stock Exchange and the company's website, containing all information required by listing rules[83]. Operational Highlights - The group primarily operates in the distribution of food ingredients and food additives, managing one reportable segment[20]. - Approximately 95% of the company's revenue is derived from the distribution of food raw materials and additives in mainland China[21]. - The company has no significant credit concentration risk, as trade receivables are diversified across multiple customers[38]. - Selling and distribution expenses decreased by approximately 17.57% to RMB 24.4 million from RMB 29.6 million, primarily due to lower labor and transportation costs[51]. - Administrative expenses decreased by approximately 12.72% to RMB 40.5 million from RMB 46.4 million, mainly due to reduced labor costs[52]. - The company expects strong revenue growth and plans to enhance product sales through existing and new distribution rights, targeting the food service and functional nutrition sectors[57]. - The Asia-Pacific Innovation Center, covering 40,816.13 square meters, is expected to be operational by the end of 2025, aimed at expanding R&D capabilities and product offerings[58].
欣融国际(01587) - 2024 - 年度业绩