Financial Performance - The group's revenue increased by 11.1% or RMB 281.2 million to RMB 2,821.3 million for the year ended December 31, 2024, compared to RMB 2,540.1 million in 2023[3] - Gross profit decreased by RMB 23.4 million to RMB 299.9 million, with a gross margin decline from 12.7% in 2023 to 10.6% in the reporting period, primarily due to increased procurement costs from RMB depreciation[3] - Net profit for the period was RMB 42.0 million, slightly down from RMB 42.4 million in 2023, representing a decrease of 0.9%[3] - Basic and diluted earnings per share remained at RMB 0.02 for both 2024 and 2023[3] - The board proposed a final dividend of HKD 0.20 per share, down from HKD 0.39 per share in 2023, totaling HKD 4,000,000 compared to HKD 8,000,000 in the previous year[3] Assets and Liabilities - Non-current assets increased to RMB 488.2 million in 2024 from RMB 457.4 million in 2023, driven by growth in property, plant, and equipment[6] - Current assets rose to RMB 1,512.2 million in 2024 from RMB 1,433.3 million in 2023, with inventory significantly increasing to RMB 352.3 million from RMB 108.0 million[6] - Total liabilities increased to RMB 1,331.7 million in 2024 from RMB 1,232.0 million in 2023, with bank borrowings rising to RMB 340.9 million[6] - The company's equity attributable to owners increased to RMB 662.9 million in 2024 from RMB 628.1 million in 2023[7] - The total assets of the group as of December 31, 2024, amounted to RMB 2,000,423 thousand, up from RMB 1,890,678 thousand in 2023, indicating an increase of approximately 5.8%[20][21] Revenue Segments - Total revenue for the year ended December 31, 2024, reached RMB 2,821,321 thousand, with external sales from the import pharmaceuticals segment contributing RMB 2,792,619 thousand[17] - The import pharmaceuticals segment reported a profit of RMB 127,000 thousand, while the medical aesthetics segment incurred a loss of RMB 16,401 thousand[17] - The medical aesthetics services segment generated revenue of RMB 28,702 thousand, contributing to the overall performance of the group[17] - The import pharmaceuticals segment generated sales of RMB 2,792,619 thousand for the year ended December 31, 2024, compared to RMB 2,514,137 thousand in 2023, reflecting a growth of about 11.1%[23][24] Expenses and Costs - The cost of sold inventory rose to RMB 2,513,397,000 in 2024, up from RMB 2,207,433,000 in 2023, an increase of 13.8%[31] - Research and development expenses surged to RMB 19,000,000 in 2024, compared to RMB 8,291,000 in 2023, marking a significant increase of 129.5%[31] - Sales and distribution expenses were approximately RMB 63.9 million, a decrease of RMB 29.8 million from the same period in 2023, mainly due to reduced marketing and promotional expenses[52] - Administrative expenses increased to RMB 126.0 million, up RMB 17.1 million from 2023, driven by higher R&D expenses of RMB 11.0 million and increased employee costs of RMB 5.2 million[53] Cash Flow and Financing - The net cash flow from operating activities for the group was approximately RMB 232.9 million in 2024, a decrease from RMB 353.7 million in 2023, primarily due to an increase in inventory of RMB 244.3 million and an increase in trade receivables of RMB 72.0 million[64] - The net cash used in investing activities was approximately RMB 52.9 million in 2024, compared to RMB 63.6 million in 2023, mainly including investments in properties, plants, and equipment of RMB 35.2 million and other intangible assets of RMB 17.9 million[64] - The net cash flow from financing activities was approximately RMB 154.6 million in 2024, a significant improvement from a net cash outflow of RMB 189.7 million in 2023, primarily due to a reduction in pledged deposits of RMB 117.0 million and net proceeds from bank borrowings of RMB 59.2 million[64] Corporate Governance and Compliance - The company has maintained compliance with all relevant laws and regulations in the Cayman Islands, British Virgin Islands, Hong Kong, and China during the reporting period[85] - The company has adopted corporate governance principles to safeguard shareholder interests and enhance corporate value and accountability[95] - The audit committee consists of four members, all of whom are independent non-executive directors[100] Market Strategy and Expansion - The company plans to continue expanding its market presence in mainland China, where the majority of its non-current assets are located[24] - The company is enhancing its marketing network and collaborating with medical institutions at various levels to expand market coverage[41] - The company is accelerating the commercialization of core products like the "Girl Needle" and plans to expand into Southeast Asia to capture growing global demand[45] Employee and Operational Management - Total employee costs for the group amounted to RMB 61.4 million in the reporting period, compared to RMB 54.8 million in 2023[77] - The group has a total of 291 employees as of December 31, 2024[77] - The company has not faced significant difficulties in recruitment or experienced severe employee turnover during the reporting period[78] Environmental and Risk Management - The group has implemented measures to promote environmental protection and energy conservation, with no significant expenditures related to compliance with environmental laws during the reporting period[84] - The company emphasizes the importance of risk management for operational efficiency and effectiveness[80]
兴科蓉医药(06833) - 2024 - 年度业绩