Financial Performance - Revenue for the year ended December 31, 2024, increased to RMB 370,559,000, up 33.3% from RMB 277,861,000 in 2023[2] - Gross profit for the year was RMB 123,877,000, representing a gross margin of 33.5%, compared to RMB 85,264,000 in 2023[2] - The net profit attributable to owners of the company for 2024 was RMB 4,413,000, a significant recovery from a loss of RMB 23,864,000 in 2023[3] - Basic and diluted earnings per share for 2024 were RMB 0.69, compared to a loss per share of RMB 3.73 in 2023[3] - Total revenue for 2024 reached RMB 370,559,000, up from RMB 277,861,000 in 2023, marking an increase of 33.4%[15] - Gross profit rose by 45.3% to RMB 123,877,000 in 2024, up from RMB 85,264,000 in 2023, driven by increased orders in China[43] - The company achieved a net profit of RMB 4,413,000 in 2024, reversing from a net loss of RMB 23,864,000 in 2023[43] - Basic earnings per share improved to RMB 0.69 in 2024 from a loss of RMB 3.73 in 2023, indicating a significant turnaround[26] Assets and Liabilities - Total assets as of December 31, 2024, were RMB 737,678,000, down from RMB 777,127,000 in 2023[5] - Total liabilities decreased slightly to RMB 172,399,000 in 2024 from RMB 173,605,000 in 2023[6] - Non-current assets in mainland China decreased to RMB 112,580,000 in 2024 from RMB 122,444,000 in 2023, a decline of 8.5%[16] - As of December 31, 2024, the group's net current assets were RMB 393,386,000, down from RMB 428,440,000 in 2023, with a current ratio of 3.3 times compared to 3.5 times in the previous year[70] Trade Receivables and Inventory - Trade receivables increased significantly to RMB 169,189,000 in 2024 from RMB 96,557,000 in 2023[5] - Trade receivables from third parties increased to RMB 230,749,000 in 2024 from RMB 170,250,000 in 2023[11] - The total amount of trade receivables and notes receivable rose to RMB 169,189,000 in 2024, compared to RMB 96,557,000 in 2023[11] - Inventory as of December 31, 2024, was RMB 212,960,000, a slight increase from RMB 211,933,000 in 2023[5] - Inventory costs recognized as expenses amounted to RMB 240,871,000 in 2024, compared to RMB 175,212,000 in 2023, an increase of 37.4%[27] - Inventory increased slightly to RMB 212,960,000 as of December 31, 2024, from RMB 211,933,000 in 2023, while inventory turnover days decreased from 413 days to 314 days[70] Revenue Breakdown - Revenue from asphalt mixing equipment sales increased to RMB 274,850,000 in 2024 from RMB 184,044,000 in 2023, representing a growth of 49.4%[15] - Revenue from sales in mainland China rose to RMB 301,575,000 in 2024, compared to RMB 200,158,000 in 2023, reflecting a growth of 50.5%[15] - Revenue from recycling equipment surged by 114.7% to RMB 190,467,000, attributed to the completion of a high-margin major contract[55] - Revenue from conventional equipment decreased by 11.5% to RMB 84,383,000, as customer preference shifted towards recycling equipment[56] - Revenue from parts and components sales fell by 23.2% to RMB 53,657,000, primarily due to a decrease in customer demand for conventional equipment modifications[59] - Other specialized asphalt equipment sales revenue increased by 75.8% to RMB 42,052,000, indicating strong customer trust and satisfaction[61] Market Expansion and Strategy - The company is engaged in the production and distribution of asphalt mixing equipment and related products, indicating ongoing focus on market expansion and product development[7] - The company expanded its overseas market presence to new regions including Indonesia, Madagascar, Malawi, and the Democratic Republic of the Congo[41] - The company is strategically diversifying its overseas markets, focusing on regions such as Hong Kong, Southeast Asia, Africa, and Europe to mitigate competitive pressures[44] - The company aims to capitalize on the growing demand for recycling facilities in Southeast Asia driven by sustainable development policies[51] - The company is expanding its asphalt-related business by seeking strategic partnerships to enhance production and sales capabilities[46] Cost Management and Financial Strategy - The company maintained a strict cost control strategy and automation measures to achieve a moderate turnaround from loss to profit[43] - The company plans to strengthen financial management and improve cash flow through stricter credit controls and regular customer credit assessments[51] - The company recorded total revenue of RMB 370,559,000 for the year ending December 31, 2024, representing an increase of approximately 33.4% compared to RMB 277,861,000 in 2023[52] Corporate Governance and Sustainability - The company has adhered to the corporate governance code as per the listing rules for the year ending December 31, 2024[87] - The company is committed to sustainable development and aims to integrate environmental, social, and governance considerations into its business strategy[88] - The company’s sustainability report will detail its performance for the year ending December 31, 2024, and set future goals and plans[88] Shareholder Returns and Repurchase - The company did not propose a final dividend for the year ending December 31, 2024, consistent with 2023[23] - The board has proposed a special dividend of approximately HKD 0.07 per share, totaling HKD 43.9 million (approximately RMB 39.9 million), to celebrate the establishment of a subsidiary[82] - The company repurchased a total of 7,240,000 shares through the stock exchange for the year ending December 31, 2024, with a total cost of HKD 5,143,000 (RMB 4,833,000)[85] - The board believes that the repurchase will increase the net asset value per share due to the significant discount of the trading price to the net asset value per share[85] Audit and Compliance - The audit committee, consisting of four independent non-executive directors, reviewed the annual results for the year ending December 31, 2024[90] - The company’s auditor, PwC, confirmed that the preliminary announcement aligns with the audited financial statements for the year ending December 31, 2024[91] - The annual results announcement and annual report for 2024 will be published on the Hong Kong Stock Exchange and the company’s website[92]
德基科技控股(01301) - 2024 - 年度业绩