Financial Performance - For the fiscal year ending December 31, 2024, the company's revenue was approximately RMB 1,498,562,000, a decrease of about 32.44% compared to RMB 2,218,204,000 in 2023[3]. - The net loss attributable to the parent company for the year was approximately RMB 39,536,000, compared to a net loss of RMB 7,358,000 in 2023[3]. - Basic and diluted loss per share for the year was approximately RMB 0.08, compared to a loss of RMB 0.01 in 2023[6]. - Total operating costs for the year were approximately RMB 1,550,051,248, compared to RMB 2,216,522,358 in the previous year[5]. - The company reported a total comprehensive loss of RMB 44,798,789 for the year, compared to a loss of RMB 6,265,677 in the previous year[6]. - The company experienced a significant increase in financial expenses, which rose to RMB 4,025,619 from RMB 1,621,993 in the previous year[5]. - The company reported a net asset acquisition of -¥31,487.17, with goodwill amounting to ¥31,488.17[47]. - The company reported a credit impairment loss of -¥7,773,581.84, compared to a gain of ¥205,371.78 in the previous year[52]. - The total income tax expense for the current period was ¥5,214,888.35, down from ¥7,255,768.32 in the previous year, representing a decrease of about 28%[53]. - The basic earnings per share (EPS) for the year ended December 31, 2024, is -0.08, compared to -0.01 in the previous period, reflecting a significant decline in net profit attributable to shareholders of -39,535,871.71[55]. - The net loss for the year ending December 31, 2024, was approximately RMB 44,799,000, compared to a net loss of RMB 6,266,000 for the previous year, representing a loss margin of about 3.00%[80]. - The net loss attributable to the owners of the parent company was approximately RMB 39,536,000, compared to RMB 7,358,000 for the previous year, with loss margins of 2.64% and 0.33% respectively[81]. Assets and Liabilities - The company's total assets as of December 31, 2024, amounted to RMB 1,232,947,050, a decrease from RMB 1,249,254,163 at the end of the previous year[7]. - Total liabilities amounted to RMB 822,938,882.22, an increase from RMB 773,547,489.16 at the end of the previous year, representing a growth of 6.4%[8]. - Current liabilities totaled RMB 715,947,792.19, slightly decreased from RMB 723,625,607.87, while non-current liabilities increased significantly from RMB 49,921,881.29 to RMB 106,991,090.03[8]. - The company's equity attributable to shareholders decreased to RMB 381,717,665.12 from RMB 441,383,001.27, reflecting a decline of 13.5%[8]. - The company has a total outstanding bank loan of RMB 64,892,000 as of December 31, 2024, down from RMB 73,972,000 in 2023[86]. - The total accounts payable at the end of the period is 452,530,564.05, an increase from 439,958,267.49 at the beginning of the year[71]. - The total tax payable at the end of the period is 7,643,636.04, significantly higher than 4,959,317.44 at the beginning of the year[72]. Cash Flow and Financial Management - Cash and cash equivalents increased to RMB 422,324,054 from RMB 342,509,536 at the end of the previous year[7]. - The company has established a financial policy to optimize cash flow and ensure timely repayment of debts[92]. - The current ratio and quick ratio are approximately 1.43 and 1.07 respectively as of December 31, 2024, compared to 1.42 and 1.00 in 2023[88]. - The company's capital debt ratio is 15.83% as of December 31, 2024, slightly up from 15.55% in 2023[91]. Operational Highlights - The company has a production capacity of 6 million tons of drip irrigation materials annually, positioning itself as a leading one-stop service provider in the water-saving irrigation sector[10]. - The company has included 17 subsidiaries in its consolidated financial statements, indicating a broad operational scope[12]. - The company plans to focus on technological innovation and project implementation in 2025, optimizing product structure and adjusting operational strategies[83]. - The company aims to enhance its core competitiveness through increased R&D investment and the establishment of a professional R&D team[83]. - The market outlook is positive, with the government prioritizing water-saving industries and investing over RMB 100 billion to support modernization of irrigation areas[82]. Accounting Policies and Compliance - The company’s financial statements were approved by the board on March 28, 2025, ensuring compliance with relevant regulations[11]. - The company adheres to the accounting standards set by the Ministry of Finance, ensuring accurate financial reporting[17]. - The company will implement the new accounting standard "Interpretation No. 17" starting from January 1, 2024, which will not have a significant impact on its financial position and operating results[24]. - The company will make necessary adjustments to align the accounting policies and periods of subsidiaries with its own when preparing consolidated financial statements[23]. - The company has not made any significant changes to its accounting estimates during the reporting period[33]. - The company has not reported any significant changes in its accounting policies during the reporting period[34]. Taxation and Incentives - The company has obtained a high-tech enterprise certificate valid for three years, allowing it to enjoy a reduced corporate income tax rate of 15% for the 2024 fiscal year[38]. - The company’s subsidiaries, including Gansu Tianye and Aksu Tianye, will also benefit from a 15% corporate income tax rate in 2024 due to compliance with the western development tax incentive policy[38]. - The company’s subsidiaries are eligible for a tax reduction policy for small and micro enterprises, allowing a 20% tax rate on income exceeding 100,000 but not exceeding 300,000[37]. - The company has no profits generated in Hong Kong, thus no need to pay Hong Kong profits tax[54]. Employee and Governance - The company employed a total of 500 employees as of December 31, 2024, an increase from 407 in 2023[96]. - The board of directors includes three executive directors: Chairman Zhou Gang, Han Gen, and Jiang Dayong[112]. - There are four independent non-executive directors: Li Lianjun, Gu Li, Hong Weide, and He Xinlin[112].
天业节水(00840) - 2024 - 年度业绩