Financial Performance - Total revenue for the year ended December 31, 2024, was RMB 866.7 million, representing a 13.4% increase from RMB 764.4 million in 2023[3] - Gross profit for the same period was RMB 234.6 million, up 7.2% from RMB 218.9 million in 2023[3] - The adjusted EBITDA was a loss of RMB 6.7 million, compared to a profit of RMB 49.9 million in the previous year[3] - The annual loss narrowed to RMB 93.5 million, a 10.8% improvement from a loss of RMB 104.8 million in 2023[3] - The gross margin decreased to 27.1%, down 1.5 percentage points from 28.6% in 2023[3] - The company reported a net loss margin of -10.8%, an improvement of 2.9 percentage points from -13.7% in 2023[3] - Basic and diluted loss per share improved to RMB (0.53), a 32.9% reduction from RMB (0.79) in the previous year[4] - The company incurred an operating loss of RMB 73.26 million, leading to a total annual loss of RMB 93.46 million[24] - The net loss for the year ended December 31, 2024, was RMB 93.5 million, a decrease from RMB 104.8 million in the previous year, primarily due to increased gross profit from sales through new channels[56] Assets and Liabilities - Total assets decreased to RMB 793.8 million from RMB 810.9 million in 2023[6] - Total liabilities decreased slightly to RMB 579.3 million from RMB 588.3 million in 2023[8] - As of December 31, 2024, the company has bank borrowings of approximately RMB 456.4 million, with RMB 297.4 million due within one year[12] - The total bank borrowings as of December 31, 2024, amounted to RMB 456,400,000, an increase from RMB 405,190,000 in the previous year[43] - Current liabilities exceeded current assets by approximately RMB 124,469,000 as of December 31, 2024, indicating significant uncertainty regarding the company's ability to continue as a going concern[82] Cash Flow and Financing - The company has a cash and bank balance of RMB 52.5 million, up from RMB 44.3 million in 2023[6] - The company plans to seek external funding to improve working capital and cash flow conditions[12] - The company recorded a net cash inflow from operating activities of RMB 31.5 million for the year ended December 31, 2024, compared to RMB 88.6 million in the previous year[59] - The company reported a net financing cost of RMB 20,201,000, down from RMB 22,696,000 in the previous year[29] Capital Expenditures - Capital expenditures for the year totaled RMB 40.66 million, with significant investments in jelly and confectionery products[24] - Capital expenditures for the year ended December 31, 2024, amounted to RMB 40.7 million, mainly for upgrading production lines[60] Sales and Distribution - Revenue from external customers for jelly products amounted to RMB 759.19 million, with a gross profit of RMB 206.14 million[22] - Sales and distribution expenses increased by approximately 53.5% to RMB 168.6 million, driven by higher logistics service frequency and advertising costs associated with e-commerce channels[53] - The sales performance was positively impacted by the recovery of consumer sentiment in China following the COVID-19 pandemic, with new sales channels contributing to the growth of jelly products, confectionery, and other snack foods[47] - The number of distributors decreased by 40.3% to 435 as of December 31, 2024, due to the company's strict evaluation of distributor performance and financial status[47] Corporate Governance - The audit committee consists of three independent non-executive directors, ensuring compliance with corporate governance standards[80] - The company has adhered to all provisions of the corporate governance code for the year ended December 31, 2024, with no deviations reported[82] - The company is committed to strict corporate governance practices to enhance shareholder confidence and accountability[82] Employee and Payroll - The company recorded a total payroll expense of RMB 113.7 million for approximately 860 employees as of December 31, 2024, down from about 1,200 employees in 2023[75] Future Outlook - The company anticipates continued recovery in the Chinese economy and its business, with a focus on brand promotion and expanding new sales channels[78] Dividends - The company did not declare a final dividend for the year ended December 31, 2024, consistent with the previous year[38] - The company did not recommend any final dividend for the year ended December 31, 2024[79] Compliance and Regulations - The application of new and revised International Financial Reporting Standards has not had a significant impact on the financial statements for the current and prior years[14] - There were no reported violations of the employee written guidelines regarding insider trading during the year ended December 31, 2024[85] - The company has established a written guideline for employees regarding securities trading, ensuring compliance with the standard code[84] - The independent auditor confirmed that the preliminary performance figures are consistent with the consolidated financial statements for the year ended December 31, 2024[81] Miscellaneous - The company has not made any significant investments or acquisitions during the year ended December 31, 2024[77] - The company has not entered into any forward contracts to hedge foreign exchange risks, opting to monitor foreign exchange risks instead[71] - The company has taken measures to consider the sale of non-core businesses and/or financial assets if necessary[12] - The annual results announcement for the year ended December 31, 2024, is available on the company's website and the Hong Kong Stock Exchange website[86] - The company plans to hold its annual general meeting on June 19, 2025, for the year ended December 31, 2024[87] - The company has no significant contingent liabilities or capital commitments as of December 31, 2024[73][74]
蜡笔小新食品(01262) - 2024 - 年度业绩