Financial Performance - For the fiscal year ending December 31, 2024, revenue was RMB 275.1 million, an increase of 6.3% compared to RMB 258.8 million in 2023[2] - Gross profit for the same period was RMB 73.1 million, a decrease of 1.4% from RMB 74.1 million in 2023[2] - The loss attributable to ordinary equity holders was RMB 516.6 million, a reduction of 1.5% from RMB 524.3 million in 2023[2] - Total comprehensive expenses for the year amounted to RMB 525.4 million, compared to RMB 518.0 million in the previous year[4] - The basic and diluted loss per share was RMB 0.89, compared to RMB 0.91 in the previous year[4] - The company reported a net loss of 2,851,544 thousand RMB in 2024, compared to a net loss of 2,333,542 thousand RMB in 2023, representing an increase in losses of approximately 22.2%[6] - The company reported a loss before tax of RMB 516,564,000 for the year ending December 31, 2024, compared to a loss of RMB 524,316,000 for the previous year, representing a slight improvement[35] - The effective tax rate for the year was 15.4% for 2024, compared to 25.0% for 2023, indicating a reduction in tax burden[35] Cash Flow and Liquidity - Cash and cash equivalents decreased from 10,124 thousand RMB in 2023 to 6,346 thousand RMB in 2024, a decrease of about 37.5%[5] - The group reported a net cash amount of approximately RMB 836,000 as of December 31, 2024, compared to RMB 102,215,000 in 2023, indicating a significant decrease[13] - The group has implemented measures to ensure sufficient cash resources to meet its financial obligations over the next twelve months[16] - The group is negotiating with financial institutions for the renewal of short-term loans totaling approximately RMB 2,315,145,000 and has received commitments for new financing of RMB 450,000,000[18] Assets and Liabilities - Total assets decreased from 803,342 thousand RMB in 2023 to 752,212 thousand RMB in 2024, a decline of approximately 6.4%[5] - Current liabilities increased from 432,455 thousand RMB in 2023 to 452,136 thousand RMB in 2024, an increase of about 4.0%[5] - The company's total liabilities increased from 3,438,026 thousand RMB in 2023 to 3,894,099 thousand RMB in 2024, an increase of approximately 13.3%[5] - The company's long-term debt increased from 2,806,293 thousand RMB in 2023 to 3,309,947 thousand RMB in 2024, an increase of about 17.9%[5] - The accumulated losses of the group reached approximately RMB 3,718,420,000 as of December 31, 2024, compared to RMB 3,201,856,000 in 2023, indicating a rise of about 16.1%[13] Revenue and Sales - Revenue from the sale of seasoning products for the year 2024 is RMB 275,077,000, an increase from RMB 258,784,000 in 2023, representing a growth of approximately 6.3%[26] - Revenue from liquor products rose by 8.9% from RMB 171.7 million in 2023 to RMB 187.0 million in 2024, driven by product optimization and improved market penetration[75] - Revenue from soy sauce products increased by 15.2% from RMB 26.3 million in 2023 to RMB 30.3 million in 2024, driven by the development of zero-additive and high-value products[76] - Online sales revenue reached approximately RMB 23.0 million in 2024, up approximately 83.0% from RMB 12.6 million in the same period of 2023[67] Operational Efficiency - The company experienced a foreign exchange loss of RMB 1.4 million, compared to a loss of RMB 1.1 million in the previous year[4] - The company reported a decrease in selling and distribution expenses to RMB 95.2 million from RMB 86.9 million[4] - Administrative expenses increased to RMB 47.1 million from RMB 41.0 million[4] - The company has implemented cost management measures to enhance production efficiency and improve management effectiveness[69] Inventory and Receivables - Inventory decreased from 645,899 thousand RMB in 2023 to 586,086 thousand RMB in 2024, a decline of approximately 9.2%[5] - The company recognized an additional provision of RMB 358,000 for inventory obsolescence in 2024, compared to a reversal of RMB 3,038,000 in 2023, highlighting challenges in inventory valuation[41] - Trade receivables totaled RMB 27,893,000 in 2024, up from RMB 23,229,000 in 2023, indicating an increase in sales on credit[42] - The net value of trade receivables after impairment was RMB 25,220,000 for 2024, compared to RMB 20,775,000 in 2023, showing improved collection efficiency[42] Corporate Governance and Management - The board of directors did not recommend the payment of a final dividend for the fiscal year ending December 31, 2024[2] - The company is actively seeking a new Chief Executive Officer to fill the vacancy left by the resignation of the previous CEO in November 2024[121] - The company emphasizes the importance of good corporate governance to enhance management and protect shareholder interests[120] Future Outlook and Strategy - The company aims to achieve an economic growth target of around 5% by 2025, focusing on domestic demand and consumer confidence recovery[109] - The company plans to enhance its market position by diversifying its product structure and expanding product lines to respond to market demands[107] - The company is focusing on developing a diverse range of seasoning products to better meet the personalized and diversified needs of existing customers[71] - The company plans to strengthen its marketing and brand promotion through digital marketing strategies, including social media and content marketing, to increase online visibility and interaction[112]
老恒和酿造(02226) - 2024 - 年度业绩