Financial Performance - For the fiscal year ending December 31, 2024, the company reported revenue of RMB 1,551,043 thousand, representing a 32.7% increase from RMB 1,168,451 thousand in 2023[5]. - The gross profit for the same period was RMB 426,189 thousand, up 12.1% from RMB 380,173 thousand in 2023[5]. - The loss from continuing operations before tax significantly decreased by 85.7%, from RMB 468,861 thousand in 2023 to RMB 67,014 thousand in 2024[5]. - The adjusted net loss (non-IFRS measure) for 2024 was RMB 53,717 thousand, a reduction of 33.0% from RMB 80,151 thousand in 2023[5][10]. - The adjusted EBITDA (non-IFRS measure) rose by 56.1%, from RMB 4,567 thousand in 2023 to RMB 7,129 thousand in 2024[5][10]. - The company reported a net loss of RMB 68.7 million for the year, adjusted for non-cash items[76]. - The total comprehensive loss for the year was RMB 68,662 thousand in 2024, a substantial decrease from RMB 467,209 thousand in 2023, reflecting an improvement of approximately 85.3%[101]. Cash Flow and Assets - The net cash generated from operating activities increased by 98.4%, reaching RMB 419,945 thousand compared to RMB 211,709 thousand in 2023[5]. - The company's cash and cash equivalents decreased from RMB 1,053.2 million as of December 31, 2023, to RMB 746.9 million as of December 31, 2024[74]. - The company’s cash and cash equivalents decreased to RMB 240,163 thousand in 2024 from RMB 310,904 thousand in 2023, a decline of approximately 22.6%[102]. - The total current assets decreased by 14.9%, from RMB 11,257,399 thousand in 2023 to RMB 9,577,651 thousand in 2024[6]. - Trade receivables and other receivables decreased by 14.4% from RMB 10,165.7 million as of December 31, 2023, to RMB 8,703.8 million as of December 31, 2024, primarily due to a decline in transaction volume and average steel prices[64]. - The company’s restricted cash decreased from RMB 742,286,000 in 2023 to RMB 506,695,000 in 2024[123]. Revenue Streams - International business revenue surged from RMB 221.1 million in 2023 to RMB 593.3 million in 2024, marking a year-over-year increase of 168.4%[17]. - Revenue from transaction services was RMB 281,105,000 in 2023, expected to rise to RMB 313,160,000 in 2024, indicating a growth of 11.4%[109]. - Revenue from technology subscriptions decreased from RMB 508,994,000 in 2023 to RMB 432,103,000 in 2024, reflecting a decline of about 15%[109]. - Revenue from other businesses, primarily non-steel product transactions, increased by 49.4% from RMB 123.3 million in 2023 to RMB 184.2 million in 2024[37]. - Revenue from international trading operations surged from RMB 221.1 million in 2023 to RMB 593.3 million in 2024, marking an increase of 168.5%[29]. Expenses and Liabilities - The total expenses for sales, management, and R&D amounted to RMB 419 million, reflecting a year-on-year change of 6.1% when excluding stock-based payments and listing costs[23]. - Sales and distribution expenses rose by 12.9% from RMB 259.9 million in 2023 to RMB 293.4 million in 2024, driven by increased employee benefits and business development costs[52]. - Administrative expenses decreased significantly by 81.6% from RMB 418.5 million in 2023 to RMB 77.1 million in 2024, primarily due to a reduction in share-based payment expenses[53]. - The company reported trade payables of RMB 145,174,000 for 2024, up from RMB 71,058,000 in 2023, indicating a significant increase in liabilities[126]. - The total liabilities decreased from RMB 18,106,520 thousand in 2023 to RMB 16,485,147 thousand in 2024, a reduction of about 9.0%[104]. Corporate Governance - The company has implemented measures to ensure good corporate governance standards and avoid potential conflicts of interest with its controlling shareholders[90]. - The audit committee has reviewed and approved the group's financial performance and consolidated financial statements for the reporting period[96]. - The company has established various committees, including the audit committee, remuneration committee, nomination committee, and corporate governance committee, all composed of independent non-executive directors[94]. - The board believes that having the same individual serve as both chairman and CEO will benefit the company's business prospects and operational efficiency, despite it being a deviation from corporate governance codes[93]. - The company has confirmed compliance with corporate governance measures to manage potential conflicts of interest with controlling shareholders since the listing date[91]. Strategic Initiatives - The company is focused on enhancing its digital steel trading platform and expanding its B2B services, including logistics and SaaS products[4]. - The company aims to enhance supply chain management and digitalization to improve operational efficiency and market competitiveness[18]. - The company established a new division, "Fat Cat Industrial Products," to replicate its steel industry infrastructure in non-steel trading services[20]. - The AI technology has significantly enhanced internal efficiency, with the AI trading assistant processing over 10 million messages daily and achieving an accuracy rate of over 95%[22]. - The company has developed 12 AI agents, including the AI trading assistant and AI procurement assistant, which have been fully integrated into its operations, improving collaboration and employee efficiency[21][23].
找钢集团(06676) - 2024 - 年度业绩