Financial Performance - Revenue decreased from approximately RMB 1,530.9 million for the year ended December 31, 2023, to approximately RMB 750.6 million for the year ended December 31, 2024, representing a decline of about 51.0%[3] - Gross profit fell from approximately RMB 89.1 million in 2023 to approximately RMB 41.3 million in 2024, a decrease of about 53.7%[3] - Net profit attributable to the owners of the company decreased from approximately RMB 31.8 million in 2023 to approximately RMB 1.9 million in 2024, a decline of about 94.0%[3] - Operating profit decreased significantly from approximately RMB 47.8 million in 2023 to approximately RMB 2.3 million in 2024, a decline of about 95.2%[5] - The company reported a basic earnings per share of RMB 0.38 for the year ended December 31, 2024, compared to RMB 8.24 in 2023, a decrease of about 95.4%[5] - The net profit for the year ended December 31, 2024, was approximately RMB 1.9 million, a decrease of about 93.9% from RMB 31.8 million in 2023[55] Assets and Liabilities - Total assets decreased from approximately RMB 1,682.7 million in 2023 to approximately RMB 1,648.1 million in 2024, a reduction of about 2.1%[6] - Total liabilities decreased from approximately RMB 1,310.3 million in 2023 to approximately RMB 1,172.2 million in 2024, a decline of about 10.6%[7] - The net asset value as of December 31, 2024, was approximately RMB 476.0 million, an increase of about 27.8% compared to RMB 372.4 million as of December 31, 2023[3] Revenue Breakdown - Revenue from construction services for the year ended December 31, 2024, was RMB 750,556,000, a decrease of 51% compared to RMB 1,530,919,000 for the year ended December 31, 2023[23] - Revenue from construction projects decreased from approximately RMB 985.5 million in 2023 to about RMB 417.5 million in 2024, a reduction of RMB 568.0 million or 57.6%[41] - Revenue from municipal public works projects decreased by approximately RMB 74.5 million or 21.7%, from RMB 343.6 million in 2023 to RMB 269.0 million in 2024[42] - Revenue from foundation engineering projects dropped significantly by approximately RMB 103.6 million or 97.6%, from RMB 106.1 million in 2023 to about RMB 2.6 million in 2024[43][44] - Revenue from specialized contracting projects decreased by approximately RMB 34.3 million or 35.8%, from RMB 95.7 million in 2023 to RMB 61.5 million in 2024[45] Expenses and Costs - Total expenses for the year ended December 31, 2024, were RMB 749,245,000, down from RMB 1,482,983,000 in 2023, indicating a reduction of approximately 49%[25] - The total cost of revenue for the year ended December 31, 2024, was approximately RMB 709.2 million, a decrease of about RMB 732.6 million or 50.8% compared to RMB 1,441.8 million for the year ended December 31, 2023[47] - Administrative expenses decreased by approximately RMB 1.2 million or 2.9% in 2024, mainly due to reduced listing expenses, partially offset by increases in employee costs and professional fees[52] Financing and Cash Flow - The net financing cost for the year ended December 31, 2024, was RMB (2,996,000), compared to RMB (2,177,000) in 2023, reflecting an increase in financing costs[25] - Cash and cash equivalents as of December 31, 2024, were approximately RMB 96.7 million, down from RMB 147.1 million in 2023[56] - Total bank borrowings increased to RMB 56.4 million in 2024 from RMB 29.3 million in 2023, reflecting a growth of 92.5%[35] - The debt-to-equity ratio as of December 31, 2024, was approximately 11.8%, up from 7.9% in 2023[58] Dividends and Shareholder Returns - The company does not recommend the payment of any final dividend for the year ended December 31, 2024, consistent with the previous year[4] - The company did not declare or pay any dividends for the year ended December 31, 2024, consistent with 2023[30] Trade Receivables - Trade receivables increased to RMB 249.6 million in 2024 from RMB 140.7 million in 2023, representing a growth of 77.3%[32] - The net amount of trade receivables after impairment provisions was RMB 240.4 million in 2024, compared to RMB 137.3 million in 2023[32] - The company provided a credit period of no more than one month to customers, with trade receivables aging analysis showing RMB 177.3 million within one year in 2024, up from RMB 111.1 million in 2023[33] Company Operations and Market Position - The company has been primarily engaged in providing construction services in the People's Republic of China[9] - The company was recognized as one of the "Top 500 Enterprises in Shenzhen" for five consecutive years from 2020 to 2024[38] - The construction market in Guangdong Province recorded a compound annual growth rate (CAGR) of approximately 13.4%, increasing from about RMB 229.57 billion in 2018 to RMB 229.57 billion in 2022, and is expected to continue growing at a CAGR of about 8.3% to reach approximately RMB 342.61 billion by 2027[66] Future Plans and Investments - The company plans to use approximately HKD 30 million from the net proceeds of share subscriptions for potential acquisitions of construction companies with municipal engineering qualifications and good track records[68] - The net proceeds from the share subscriptions, after deducting underwriting commissions and listing expenses, are approximately RMB 773 million, with specific allocations for various projects detailed in the prospectus[69] - As of December 31, 2024, the company has utilized RMB 42.4 million of the net proceeds, with RMB 34.9 million remaining to be used by the end of 2025 and 2026 for equipment purchases and hiring additional staff[69] Compliance and Reporting - The audit committee is responsible for reviewing and supervising the financial reporting process and internal control systems of the group, ensuring compliance with corporate governance measures[76] - The company's auditor has confirmed that the figures in the preliminary announcement are consistent with the audited financial statements for the year ended December 31, 2024[77] - The annual report for the year ended December 31, 2024, will be provided to shareholders in accordance with listing rules and published on the stock exchange and the company's website[78]
中深建业(02503) - 2024 - 年度业绩