Financial Performance - For the year ending December 31, 2024, the revenue was approximately RMB 600.8 million, a decrease of about 0.9% compared to RMB 606.3 million for the year ending December 31, 2023[5] - The loss for the year ending December 31, 2024, was approximately RMB 118.0 million, compared to a loss of RMB 110.5 million for the year ending December 31, 2023[5] - The loss attributable to equity holders of the parent company for the year ending December 31, 2024, was approximately RMB 95.6 million, compared to RMB 84.0 million for the year ending December 31, 2023[5] - The basic loss per share for the year ending December 31, 2024, was approximately RMB 0.48, compared to RMB 0.42 for the year ending December 31, 2023[5] - The gross profit for the year ending December 31, 2024, was RMB 124.5 million, compared to RMB 144.8 million for the year ending December 31, 2023[6] - The group recorded a net current liability of approximately RMB 592,699,000 as of December 31, 2024, including other payables and accrued expenses of RMB 838,416,000[11] - The group reported a loss before tax of RMB 99,245 thousand in 2024, compared to a loss of RMB 78,438 thousand in 2023[25] - The total income tax expense for 2024 was RMB 18,792 thousand, a decrease from RMB 32,022 thousand in 2023[25] - The group recorded a post-tax loss of approximately RMB 118.0 million, compared to a post-tax loss of RMB 110.5 million in the previous year, with a post-tax profit margin declining from -18.2% to -19.6%[50] Assets and Liabilities - The total assets less current liabilities as of December 31, 2024, amounted to RMB 4,596.9 million, compared to RMB 4,543.5 million as of December 31, 2023[7] - The total non-current assets as of December 31, 2024, were RMB 5,189.6 million, a slight decrease from RMB 5,262.6 million as of December 31, 2023[7] - The total current liabilities as of December 31, 2024, were RMB 1,098.9 million, compared to RMB 1,359.5 million as of December 31, 2023[7] - Non-current liabilities increased to RMB 3,618,513,000 in 2024 from RMB 3,465,607,000 in 2023, representing a growth of approximately 4.4%[8] - Net asset value decreased to RMB 978,398,000 in 2024 from RMB 1,077,867,000 in 2023, a decline of about 9.2%[8] - Total equity stood at RMB 978,398,000 in 2024, down from RMB 1,077,867,000 in 2023, indicating a decrease of approximately 9.2%[8] - As of December 31, 2024, total borrowings amounted to approximately RMB 3,669.9 million, an increase from RMB 3,558.2 million as of December 31, 2023[56] - The asset-liability ratio increased to 375.1% as of December 31, 2024, compared to 330.1% as of December 31, 2023, primarily due to new bank borrowings for the construction of water supply systems[56] Revenue Sources - Revenue from major customers contributing over 10% of total revenue included Customer 1 at RMB 149,637,000 and Customer 2 at RMB 141,418,000 for 2024[18] - Total revenue from customer contracts was RMB 600,802,000 in 2024, slightly down from RMB 606,347,000 in 2023, reflecting a decrease of about 1.0%[18] - The revenue from water sales was RMB 587,684 thousand in 2024, slightly up from RMB 585,540 thousand in 2023[19] - Installation service revenue decreased significantly to RMB 13,118 thousand in 2024 from RMB 20,807 thousand in 2023, representing a decline of 37.1%[19] - Raw water sales revenue decreased by RMB 9.7 million or 7.1% to approximately RMB 126.5 million, compared to approximately RMB 136.2 million for the year ended December 31, 2023[49] - Municipal water supply revenue increased by RMB 6.6 million or 1.7% to approximately RMB 405.4 million, up from approximately RMB 398.8 million for the year ended December 31, 2023[49] - Tap water sales revenue rose by RMB 4.0 million or 7.9% to approximately RMB 54.5 million, compared to approximately RMB 50.5 million for the year ended December 31, 2023[49] Cash Flow and Financing - The cash and cash equivalents as of December 31, 2024, were RMB 321.3 million, a decrease from RMB 447.8 million as of December 31, 2023[7] - The total available but undrawn bank financing amounted to RMB 3,654,590,000, which can be utilized within the next 12 months[11] - The company believes it has sufficient cash flow to continue operations and meet its obligations due to available financial resources and internal cash generation[11] - The board proposed to issue perpetual corporate bonds in China with a total principal amount not exceeding RMB 400 million to enhance financing capabilities and optimize capital structure[62] Operational Insights - The group operates solely in the water supply and installation sector, with all revenue generated from customers located in mainland China[16] - All non-current assets are located in mainland China, indicating a concentrated asset base[17] - The company aims to enhance its core competitiveness by integrating water management with technology and talent development[41] - The water supply industry in China is experiencing stable development driven by policy initiatives and technological innovation, with a focus on smart water management[39] - The government continues to promote water conservation through various policies, including the "Water Conservation Regulations" issued in March 2024[40] Employee and Corporate Governance - As of December 31, 2024, the group had 255 employees, with employee benefit expenses amounting to approximately RMB 85.2 million during the reporting period[63] - The company did not recommend the distribution of a final dividend for the year ended December 31, 2024[65] - The audit committee has reviewed and approved the annual performance and consolidated financial statements for the year ended December 31, 2024[71] - The financial information provided does not constitute audited accounts but is extracted from the consolidated financial statements audited by Ernst & Young[72] - The annual performance announcement and annual report for 2024 will be published on the Hong Kong Stock Exchange and the company's website[73]
台州水务(01542) - 2024 - 年度业绩