Financial Performance - Revenue decreased to approximately RMB 515.15 million, a decline of about 19.6% compared to the previous year[4] - Gross margin fell from approximately 15.0% in 2023 to about 13.0% in 2024[4] - Loss attributable to owners of the company was approximately RMB 120.53 million, with a basic loss per share of about RMB 14.93[4] - Total revenue for 2024 was RMB 515,148 thousand, a decrease of 19.6% compared to RMB 640,849 thousand in 2023[15] - The company reported a pre-tax loss of RMB 100,215 thousand for 2024, compared to a loss of RMB 52,806 thousand in 2023[15] - The net loss for the year was approximately RMB 120.53 million, with a net margin of about -23.4%[58] - The pre-tax loss for 2024 was approximately RMB 100.22 million, compared to RMB 52.81 million in 2023, with a pre-tax net margin of about -19.5%[56] Revenue Breakdown - The Antenna Systems segment reported a revenue of RMB 162,534 thousand, down 36.4% from RMB 255,635 thousand in 2023[15] - The Base Station RF Subsystem segment generated RMB 279,796 thousand, a decline of 14.6% from RMB 327,654 thousand in the previous year[15] - The Coverage Extension Solutions segment saw an increase in revenue to RMB 72,818 thousand, up 26.4% from RMB 57,560 thousand in 2023[15] - Revenue from external customers in China was RMB 235,526 thousand, down 28.7% from RMB 330,439 thousand in 2023[20] - Domestic sales revenue from telecom operators decreased by approximately 40.7% to about RMB 90.25 million, accounting for about 17.5% of total revenue[46] - Sales to international operators decreased by approximately 36.9% to about RMB 48.21 million, representing about 9.4% of total revenue[47] - Sales to international equipment customers increased by approximately 0.8% to about RMB 253.13 million, making up about 49.1% of total revenue[48] Expenses and Costs - Research and development expenses increased to RMB 65.04 million from RMB 62.51 million in the previous year[5] - Financial costs increased to RMB 4,593 thousand in 2024 from RMB 3,279 thousand in 2023, reflecting higher interest expenses[22] - Administrative expenses rose by approximately 3.6% to about RMB 77.85 million, driven by increases in various operational costs[53] - Other income decreased by approximately 9.7% to about RMB 31.41 million, primarily due to a reduction in government subsidies[50] - The company recognized government grants related to expenses amounting to RMB 11,973 thousand, compared to RMB 14,808 thousand in 2023[21] Assets and Liabilities - Total assets decreased to RMB 738.46 million from RMB 894.02 million year-on-year[6] - Current liabilities decreased to RMB 662.48 million from RMB 740.97 million in the previous year[6] - Trade receivables (net of credit loss provisions) decreased to RMB 226.77 million in 2024 from RMB 259.76 million in 2023[32] - Trade payables decreased to RMB 336.24 million in 2024 from RMB 369.37 million in 2023[34] - The company recorded net current assets of approximately RMB 75.98 million as of December 31, 2024, compared to RMB 153.05 million in 2023[80] - The company's cash and cash equivalents amounted to approximately RMB 192.66 million as of December 31, 2024, down from RMB 198.67 million in 2023[81] - The leverage ratio increased to approximately 10.7% as of December 31, 2024, compared to 7.6% in 2023, indicating a rise in bank borrowings[81] Corporate Governance - The company does not recommend the payment of any final dividend for the year[4] - The audit committee, consisting of three independent non-executive directors, reviewed the group's annual performance for the year ended December 31, 2024[89] - The company is committed to maintaining high standards of corporate governance to protect shareholder interests and enhance corporate value[88] - The company has complied with the corporate governance code provisions during the year, with the exception of the separation of roles between the chairman and CEO[88] - The preliminary announcement of the group's consolidated financial position and results for the year ended December 31, 2024, has been confirmed by Deloitte[91] Market Outlook and Strategy - The company is focusing on new business areas such as "telecom + energy saving/new energy" to create a second growth curve, with multiple new projects in development[39] - The company is actively exploring opportunities in the "communication + energy-saving/new energy" sectors, which are expected to drive future growth[77] - By the end of 2024, global 5G connections are expected to exceed 2 billion, with projections indicating that by 2028, 5G users will surpass 4G, marking a significant shift in mobile communication technology[69] - Emerging markets are anticipated to contribute over 45% of the global increase in base station antennas and RF devices over the next five years, highlighting substantial growth potential[69] - The global market for base station antennas and RF is projected to exceed $30 billion by 2028, indicating a promising outlook for the industry[69] - The company is focusing on the development of new product platforms to address the evolution of 5G and 5G-A/6G technologies, aiming for steady market share expansion[78] Research and Development - The company has completed self-research and development of various RF technologies and products, which are expected to contribute to future revenue growth[43] - The company is continuously improving its R&D capabilities to align with customer needs, maintaining a strong position in the overseas market[72] - The company has developed multiple industry-leading antenna products, including green antennas and multi-band integrated antennas, to meet the growing demand for 5G and satellite communication technologies[75]
摩比发展(00947) - 2024 - 年度业绩