Financial Performance - For the fiscal year ending December 31, 2024, revenue increased to approximately RMB 391.98 million from RMB 367.05 million, representing a growth of 6.79%[4] - Gross profit decreased to RMB 49.71 million, down 31.98% from RMB 73.09 million in the previous year[4] - Profit before tax fell by 57.28%, from RMB 57.14 million to RMB 24.41 million[4] - Net profit for the year dropped to RMB 19.18 million, a decline of 53.58% compared to RMB 41.31 million in 2023[5] - The net profit margin decreased from approximately 11.3% in 2023 to about 4.9% in 2024[5] - Total comprehensive income for the year was RMB 19.57 million, down 51.97% from RMB 40.74 million in the previous year[5] - Basic and diluted earnings per share were RMB 0.02, a reduction of 50.00% from RMB 0.04 in 2023[5] Revenue Breakdown - Revenue from aluminum alloy turbine sales for 2024 reached RMB 380,212,000, an increase of 6.5% compared to RMB 356,673,000 in 2023[18] - Total revenue for 2024 was RMB 391,981,000, up 6.7% from RMB 367,053,000 in 2023[18] - Revenue from Asian customers was RMB 198,492,000 in 2024, representing a 3.5% increase from RMB 191,063,000 in 2023[22] - Overseas market sales accounted for approximately 70% of total revenue, with overseas sales revenue increasing by about 8.3% from approximately RMB 245.5 million to approximately RMB 265.8 million[56] - Sales revenue from aluminum alloy turbines rose from approximately RMB 356.7 million to approximately RMB 380.2 million, driven by increased market demand and the expansion of new customers[54] Expenses and Costs - Research and development expenses increased to RMB 14.46 million from RMB 9.11 million, reflecting a focus on innovation[7] - Other income decreased significantly to RMB 1,897,000 in 2024 from RMB 7,316,000 in 2023, a decline of 74%[23] - Gross profit decreased by approximately 32.0% from about RMB 73.1 million to approximately RMB 49.7 million, with gross margin dropping from approximately 19.9% to about 12.7% due to rising raw material prices and intense market competition[59] - R&D expenses increased to approximately RMB 14.5 million for the year ending December 31, 2024, up from approximately RMB 9.1 million in 2023, reflecting an increase in R&D projects[64] Assets and Liabilities - Current assets decreased to RMB 397.06 million from RMB 409.37 million, while current liabilities also decreased to RMB 83.68 million from RMB 110.07 million[8] - Total assets slightly decreased from approximately RMB 499.1 million to approximately RMB 493.6 million, while total liabilities decreased by approximately 21.2% from about RMB 118.2 million to approximately RMB 93.2 million[68] - Trade receivables from third parties decreased to RMB 68,947,000 in 2024 from RMB 71,254,000 in 2023[36] - Cash and cash equivalents decreased by approximately 22.7% to RMB 172.9 million as of December 31, 2024, from RMB 223.7 million as of December 31, 2023, mainly due to cash being placed in time deposits for higher interest[72] Dividends and Shareholder Returns - The board of directors did not recommend the distribution of a final dividend for the fiscal year ending December 31, 2024[6] - The company declared a special dividend of HKD 0.03 per share, totaling RMB 27,314,000 for the year[35] - The company does not recommend the distribution of a final dividend for 2024, consistent with the previous year[100] Strategic Initiatives - The company plans to continue developing new products and expanding its sales and distribution network to drive sustainable long-term growth[45] - The company plans to strategically expand and diversify markets to reduce reliance on a single market or product line, targeting emerging markets with growth potential[47] - The company aims to accelerate digital transformation through advanced data analytics, automation, and artificial intelligence to improve operational efficiency and decision-making processes[49] - The company is involved in new business activities related to live e-commerce, indicating a strategic expansion into this sector[115] Risk Management - The group faced minimal interest rate risk due to floating rate financial instruments, with fixed rate instruments not posing significant fair value interest rate risk[91] - The group is exposed to currency risk primarily from receivables and cash balances denominated in currencies other than the functional currency, mainly USD[92] Employment and Workforce - As of December 31, 2024, the group had 486 employees, with total employee costs amounting to approximately RMB 54.5 million, an increase from RMB 48.2 million in the previous year[94] Audit and Compliance - The external auditor, KPMG, confirmed that the financial figures in the preliminary announcement for the year ending December 31, 2024, match those in the audited financial statements[109] - The annual report for 2024 will be published on the Hong Kong Stock Exchange and the company's website, containing all required information as per listing rules[110]
步阳国际(02457) - 2024 - 年度业绩