Financial Performance - Total revenue for the year ended December 31, 2024, was RMB 46,453,309 thousand, a decrease of 8.1% compared to RMB 50,560,063 thousand in 2023[2] - Gross profit for the same period was RMB 685,686 thousand, reflecting a decline of 25.6% from RMB 921,534 thousand in the previous year[3] - The company reported a total annual loss of RMB 385,139 thousand, which is an increase of 102.2% compared to a loss of RMB 190,493 thousand in 2023[3] - The basic and diluted loss per share for the year was RMB 0.33, compared to RMB 0.17 in 2023[3] - The net loss attributable to shareholders for the year ended December 31, 2024, was RMB 414,579 thousand, compared to a loss of RMB 219,068 thousand in 2023, indicating a significant increase in losses[26] - The group reported a total segment loss of RMB 258,406,000 for the year ended December 31, 2024, compared to a loss of RMB 27,267,000 for the year ended December 31, 2023[19] - The company recorded a net loss of approximately RMB 385,100,000 for the year ending December 31, 2024, a 102.2% increase compared to a net loss of approximately RMB 190,500,000 in 2023[45] Revenue Breakdown - Sales revenue from the processing segment was RMB 43,686,749,000 for the year ended December 31, 2024, compared to RMB 47,265,587,000 for the previous year, a decline of about 7.5%[18] - The manufacturing segment reported sales revenue of RMB 1,455,604,000 for the year ended December 31, 2024, an increase from RMB 1,204,642,000 in the previous year, reflecting a growth of approximately 20.8%[18] - Stainless steel sales volume increased by 0.7% to 2,056,957 tons, while carbon steel sales volume rose by 4.2% to 5,059,186 tons[2] - Stainless steel processing sales volume increased by 0.7% to approximately 2,057,000 tons in 2024 from 2,043,000 tons in 2023, while processing volume decreased by 1.9% to approximately 3,180,000 tons[45] - Carbon steel processing sales volume rose by 4.2% to approximately 5,059,000 tons in 2024 from 4,855,000 tons in 2023, with processing volume decreasing by 1.6% to approximately 4,785,000 tons[45] Cash Flow and Assets - The operating cash flow for the year was RMB 439,462 thousand, significantly higher than RMB 67,280 thousand in 2023[8] - Cash and cash equivalents at year-end decreased to RMB 153,891 thousand from RMB 265,311 thousand at the beginning of the year[8] - Total assets decreased to RMB 12,970,475 thousand from RMB 13,188,882 thousand in the previous year[4] - Total liabilities increased to RMB 10,105,677 thousand, up from RMB 9,907,634 thousand in 2023[6] - Current liabilities exceeded current assets by approximately RMB 1,270,595,000 as of December 31, 2024, compared to RMB 562,329,000 as of December 31, 2023[10] - Cash and cash equivalents decreased from RMB 265,311,000 as of December 31, 2023, to RMB 153,891,000 as of December 31, 2024[10] Expenses and Costs - The total expenses for the year ended December 31, 2024, amounted to RMB 46,711,715 thousand, a decrease of 7.4% from RMB 50,587,330 thousand in 2023[20] - The cost of raw materials consumed was RMB 44,411,966 thousand, down from RMB 48,311,029 thousand, representing a reduction of 6.0%[20] - Distribution costs increased from approximately RMB 493.3 million in 2023 to approximately RMB 506.4 million in 2024, primarily due to rising transportation costs[59] Financial Position - The company’s debt-to-equity ratio was 71.42% as of December 31, 2024, compared to 68.37% in 2023, indicating an increase in financial leverage[67] - As of December 31, 2024, accounts payable increased to RMB 1,082,057,000 from RMB 707,959,000 in 2023, representing a growth of approximately 52.8%[32] - The aging analysis of trade payables shows that payables within 6 months rose to RMB 972,012,000 in 2024 from RMB 688,721,000 in 2023, an increase of about 41.3%[33] Strategic Initiatives - The group plans to improve operational performance and cash flow by increasing sales volume and enhancing inventory management[12] - The company aims to enhance profitability through improved customer service, operational efficiency, and technological innovation, with increased investment in advanced processing equipment and technology[36] - A strategic cooperation agreement was signed with China CRRC and Anomi Marine Technology to develop a strong supply system for clean energy market products[43] - The company successfully exported condenser equipment to Spain, showcasing its competitive edge in the condenser manufacturing sector[37] - A new processing base will be established in Chongqing through a tripartite joint venture agreement, enhancing service capabilities in the southwestern region[42] - The opening of the Yangtze River terminal marks a significant milestone in the company's development, enhancing its high-end manufacturing service capabilities[44] Governance and Compliance - The company has adhered to the Corporate Governance Code as per the Hong Kong Stock Exchange's Listing Rules throughout the year[70] - The audit committee reviewed the audited consolidated annual results for the year ending December 31, 2024, confirming compliance with applicable accounting standards[74] - The company did not purchase, sell, or redeem any of its listed securities during the year[71] Employment and Workforce - As of December 31, 2024, the company employed 6,738 staff, a decrease of approximately 6.8% from 7,231 in 2023[68] - The workforce comprised 4,993 production and technical personnel (74.1%), 1,114 sales personnel (16.5%), and 631 management and finance personnel (9.4%)[68] Dividends - The company did not declare any dividends for the year ended December 31, 2024, consistent with the previous year[28] - No interim dividend was declared for the year, consistent with 2023, and no final dividend is recommended for the year ending December 31, 2024[69] Future Outlook - The company anticipates continued growth in overseas business revenue and stable income from stainless steel processing services[46] - The company plans to enhance its service network and improve processing capabilities through advanced automation equipment and digital transformation of existing production facilities[46]
大明国际(01090) - 2024 - 年度业绩