Financial Performance - Revenue increased by 1.3% to RMB 23.003 billion[4] - Net profit amounted to RMB 588.6 million, compared to a loss of RMB 299.4 million in the previous year[6] - Profit attributable to shareholders was RMB 553.6 million, a significant recovery from a loss of RMB 375.7 million[5] - Basic earnings per share were RMB 0.60, compared to a loss of RMB 0.41 per share last year[5] - The gross profit for 2024 was approximately RMB 2.86 billion, significantly up from RMB 1.46 billion in 2023, with a gross margin increase of 6.0 percentage points to 12.4%[70] - The group reported a net income of RMB 185,696,000 for the year 2024, compared to RMB 169,194,000 in 2023, reflecting an increase in profitability[21] - The company achieved a turnaround with a net profit attributable to shareholders of approximately RMB 553.5 million, compared to a loss of about RMB 375.7 million in the previous year[62] Revenue Breakdown - Total revenue for the year ending December 31, 2024, reached RMB 36,737,273,000, with external customer revenue contributing RMB 23,029,033,000[16] - Revenue from external customers in Asia accounted for 91.7% of total revenue, while revenue from the Americas accounted for 7.7%[15] - The company reported a significant increase in revenue from yarn sales in China, totaling RMB 21,814,080,000[16] - Yarn sales accounted for RMB 17.91 billion in 2024, up 2.1% from RMB 17.54 billion in 2023, while woven fabric sales increased by 5.7% to RMB 2.17 billion[68] Cost and Expenses - The cost of materials and consumables decreased to RMB 16,018,473,000 in 2024 from RMB 16,229,059,000 in 2023, indicating a reduction of approximately 1.3%[20] - Employee benefits expenses slightly decreased to RMB 2,329,459,000 in 2024 from RMB 2,366,827,000 in 2023, a decline of about 1.6%[20] - Financial expenses netted RMB 387,993,000 in 2024, down from RMB 517,592,000 in 2023, showing a reduction of approximately 25%[20] - The cost of sales decreased by 5.2% to approximately RMB 20.2 billion in 2024, with raw material costs constituting 76.1% of total sales costs[71] Assets and Liabilities - Total assets decreased to RMB 20.983 billion from RMB 22.811 billion[7] - Total liabilities reduced to RMB 10.845 billion from RMB 13.056 billion[8] - The total assets of the group as of December 31, 2024, amounted to RMB 20,982,724, with total liabilities at RMB 10,845,439[17] - As of December 31, 2024, the company's total bank borrowings decreased to approximately RMB 6.40 billion from RMB 7.73 billion in 2023, indicating improved financial health[79] Dividends and Shareholder Returns - The board declared a final dividend of HKD 0.10 per share[4] - The total dividend paid for 2024 amounted to RMB 83,474,000, with a proposed final dividend of HKD 0.10 per share, compared to no dividends in 2023[35][38] - The board aims to maintain a long-term stable dividend payout ratio of approximately 30% of the net profit attributable to the owners of the company, proposing a final dividend of HKD 0.10 per share for the year ended December 31, 2024[90] Operational Efficiency - Operating cash flow for 2024 was RMB 4.48 billion, a substantial increase from RMB 1.99 billion in 2023, driven by improved sales and operational efficiency[76] - The company's inventory turnover days decreased from 109 days in 2023 to 87 days in 2024, reflecting better inventory management[77] - The company's current ratio improved to 1.40 in 2024 from 1.28 in 2023, indicating better liquidity[79] Market and Industry Trends - The textile industry in China achieved a total revenue of approximately RMB 2.399 trillion in 2024, with a year-on-year growth of 3.6%[54] - The total profit for the textile and apparel industry in China was approximately RMB 62.4 billion in 2024, reflecting a year-on-year increase of 1.5%[54] - The global economic environment remains complex, with ongoing challenges such as rising costs and geopolitical risks impacting the textile industry[56] Strategic Initiatives - The company plans to continue focusing on product differentiation and innovation to strengthen its market position in 2025[52] - The company is focusing on digital technology and generative AI applications to enhance production efficiency and product quality while reducing costs[65] - The company plans to sell approximately 800,000 tons of yarn, 100 million meters of woven fabric, and 10,000 tons of knitted fabric in 2025, excluding trade business sales[65] - The company has constructed a 50 MW solar power station in China and plans to continue building distributed solar power stations in 2025 to support environmental sustainability[65] Governance and Compliance - The board consists of three executive directors and three independent non-executive directors, adhering to the corporate governance code applicable during the reporting period[93] - The company has adopted a strict code of conduct for securities trading by directors, confirming compliance for the year ending December 31, 2024[95] - The Audit Committee, composed of three independent non-executive directors, has reviewed the audited consolidated financial statements for the year ending December 31, 2024, with no disagreements on accounting policies[97]
天虹国际集团(02678) - 2024 - 年度业绩