Financial Performance - The company's revenue for the year ended December 31, 2024, was approximately RMB 4,313.7 million, a decrease of about 20.9% compared to RMB 5,455.0 million in 2023[2] - The net profit attributable to the company's owners for 2024 was approximately RMB 10.0 million, down from RMB 14.5 million in 2023[2] - The fresh food retail segment reported a loss of approximately RMB 44.6 million in 2024, up from a loss of about RMB 27.5 million in 2023, primarily due to business restructuring[4] - The group reported a profit before tax of RMB 21,548 for continuing operations, with a net profit of RMB 22,407 after tax for the fiscal year ending December 31, 2024[20] - The net loss from continuing operations for 2024 was RMB 2,545,000, compared to a loss of RMB 9,953,000 in 2023, indicating a significant improvement[34] - The company reported a profit attributable to owners of RMB 20,827,000 for 2024, up from RMB 17,737,000 in 2023, representing an increase of about 12%[38] - The company did not declare or recommend any dividends for both 2024 and 2023, maintaining a policy of retaining earnings[37] Segment Performance - The jewelry retail segment saw a significant decline in gold product sales, but silver product sales increased, leading to a segment profit of approximately RMB 9.9 million in 2024, compared to a loss of about RMB 7.8 million in 2023[2] - The manufacturing segment's profit decreased from approximately RMB 55.5 million in 2023 to about RMB 49.2 million in 2024 due to a decline in silver ingot sales[4] - The manufacturing business generated RMB 4,156,144 from silver bar sales, while the new retail business generated RMB 157,570 from various jewelry products for the fiscal year ending December 31, 2024[33] - The segment performance for the manufacturing business was RMB 49,229, while the new retail business reported a loss of RMB 9,850, resulting in a total segment performance of RMB 59,079 for the fiscal year ending December 31, 2024[20] - The group’s fresh food retail business segment recorded an annual loss of approximately RMB 44.6 million in 2024, compared to a loss of RMB 27.5 million in 2023, leading to its classification as a discontinued operation[75] Assets and Liabilities - Total assets decreased from RMB 1,863.6 million in 2023 to RMB 1,849.2 million in 2024[7] - The total assets of the group as of December 31, 2024, amounted to RMB 1,978,876, a decrease from RMB 2,023,049 as of December 31, 2023[24][25] - The total liabilities of the group as of December 31, 2024, were RMB 760,528, down from RMB 784,949 as of December 31, 2023[24][25] - Total equity for the year ended December 31, 2024, is RMB 1,218,348,000, a decrease of 1.6% from RMB 1,238,100,000 in 2023[8] - The company's equity attributable to owners increased to RMB 461,437,000 in 2024 from RMB 451,471,000 in 2023, reflecting a growth of 2.1%[8] Cash Flow and Financial Position - The company's cash and cash equivalents remained stable at approximately RMB 526.3 million in 2024, compared to RMB 524.7 million in 2023[7] - The company's bank and other borrowings balance was approximately RMB 400.9 million as of December 31, 2024, down from RMB 421.2 million in 2023[96] - The total non-current liabilities and total equity amounted to RMB 1,220,126,000 in 2024, down from RMB 1,243,740,000 in 2023, a decrease of 1.9%[8] Operational Changes and Strategy - The group has two operating segments: manufacturing and jewelry new retail, following the termination of the fresh food retail business in 2024[18] - The company plans to focus its management and resources on its core jewelry and metal businesses following the sale of the Jiangsu Nongmuren platform, completed on January 13, 2025[64] - The group plans to continue leveraging third-party platforms for online sales, achieving satisfactory sales performance through collaborations with platforms like JD.com, Tmall, and Douyin[71] - The group strategically reduced marketing expenses for its lab-grown diamond brand SISI, as the market for lab-grown diamonds in China is still in its early stages[70] Cost Management - The overall sales cost decreased from approximately RMB 5,346.4 million in 2023 to approximately RMB 4,202.6 million in 2024, a reduction of about 21.4%[84] - Selling and distribution expenses decreased by about 20.9% from approximately RMB 23.6 million in 2023 to approximately RMB 18.6 million in 2024, attributed to store closures and strict cost control measures[87] - Administrative expenses decreased by approximately 12.9% from about RMB 50.9 million in 2023 to approximately RMB 44.4 million in 2024, mainly due to stringent cost control measures[88] Acquisitions and Investments - The company completed the acquisition of 51% of Jiangxi Letong New Materials Co., Ltd. for a total consideration of RMB 2,550,000 on August 21, 2024[60] - The identifiable assets and liabilities from the acquisition include exploration rights valued at RMB 472,000, usage rights assets at RMB 2,799,000, and other receivables at RMB 2,877,000, resulting in a net cash outflow of RMB 2,487,000 for the acquisition[62] - The group plans to continue exploring upstream business opportunities, including potential acquisitions of mining resources, to enhance supply chain control and resource reserves[79] Corporate Governance - The company has maintained high corporate governance standards to protect shareholder interests and enhance corporate value[109] - The audit committee reviewed the financial reporting processes, risk management, and internal control systems, confirming that the financial statements comply with applicable accounting standards and regulations[112] - The financial figures for the year ending December 31, 2024, have been verified by the auditor, confirming consistency with the amounts approved by the board on March 27, 2025[113]
中国白银集团(00815) - 2024 - 年度业绩