Financial Performance - Revenue for the year ended December 31, 2024, remained stable at approximately RMB 1,078.6 million compared to RMB 1,078.6 million for the year ended December 31, 2023[4] - Gross profit decreased by approximately RMB 2.4 million or about 1.7% to approximately RMB 136.5 million for the year ended December 31, 2024, from RMB 138.9 million for the year ended December 31, 2023[4] - Profit for the year increased by approximately RMB 2.5 million or about 7.2% to RMB 37.0 million for the year ended December 31, 2024, compared to RMB 34.5 million for the year ended December 31, 2023[4] - Basic and diluted earnings per share for the year ended December 31, 2024, were approximately RMB 6.17, up from RMB 5.76 for the year ended December 31, 2023[6] - The gross profit margin decreased from approximately 12.9% for the year ended December 31, 2023, to approximately 12.7% for the year ended December 31, 2024[4] Assets and Liabilities - Total assets less current liabilities increased to RMB 380.8 million as of December 31, 2024, from RMB 293.7 million as of December 31, 2023[7] - Non-current assets increased to RMB 242.1 million as of December 31, 2024, from RMB 234.9 million as of December 31, 2023[7] - Current liabilities decreased to RMB 484.2 million as of December 31, 2024, from RMB 526.8 million as of December 31, 2023[8] - Trade receivables and notes receivable totaled RMB 292,120,000 in 2024, an increase of 6.6% from RMB 274,116,000 in 2023[35] - Inventory decreased slightly to RMB 119,970,000 in 2024 from RMB 122,312,000 in 2023, a decline of 1.9%[33] - Trade payables increased to RMB 189,756,000 in 2024, up 22.1% from RMB 155,511,000 in 2023[36] Income and Expenses - Other income increased to RMB 9.4 million for the year ended December 31, 2024, compared to RMB 4.9 million for the year ended December 31, 2023[6] - The group reported other income of RMB 9,373,000 in 2024, an increase of 90.0% compared to RMB 4,924,000 in 2023[23] - Total employee costs rose to RMB 82,773,000 in 2024, up 20.9% from RMB 68,400,000 in 2023[30] - Research and development expenses increased to RMB 35,113,000, representing a 13.2% rise from RMB 31,053,000 in 2023[30] - Selling and distribution expenses increased by approximately RMB 6.6 million or about 22.8% to approximately RMB 35.8 million, primarily due to higher salaries and social insurance contributions for sales personnel[49] - The group's financial costs decreased from approximately RMB 15.2 million to approximately RMB 11.8 million, attributed to reduced interest expenses on bank borrowings[51] - The income tax expense decreased from approximately RMB 10.0 million to approximately RMB 5.0 million, mainly due to prior year overprovision[52] Revenue Breakdown - Sales of plain fabric amounted to RMB 894,857,000 in 2024, an increase of 2.0% from RMB 875,010,000 in 2023[18] - Sales of corduroy fabric decreased by 11.6% to RMB 140,887,000 in 2024 from RMB 159,476,000 in 2023[18] - Revenue from dyeing and processing services was RMB 42,845,000 in 2024, down from RMB 44,142,000 in 2023, representing a decrease of 2.9%[18] - Revenue from external customers in China was RMB 800,998,000 in 2024, a decrease of 2.0% from RMB 822,986,000 in 2023[21] - Revenue from Bangladesh increased by 14.1% to RMB 110,711,000 in 2024 from RMB 96,994,000 in 2023[21] Dividends - The company did not recommend the distribution of any final dividend for the year[4] - The company declared a final dividend of HKD 0.03 per share for 2024, consistent with the previous year, totaling approximately RMB 16,624,000[27] - The board of directors does not recommend the payment of any final dividend for the year ended December 31, 2024, compared to a final dividend of HKD 0.03 per share for the year ended December 31, 2023[69] Corporate Governance and Compliance - The company has adopted the corporate governance code as per the listing rules and has complied with all applicable provisions during the year ended December 31, 2024, except for a deviation regarding the separation of the roles of Chairman and CEO[71] - The company has not engaged in any significant environmental claims, lawsuits, fines, or administrative or disciplinary actions during the year ended December 31, 2024[65] - The audit committee reviewed the group's audited financial performance for the year ended December 31, 2024, and discussed risk management, internal controls, and financial reporting matters with management[75] Future Outlook and Strategic Initiatives - The overall economic environment remains uncertain, impacting the textile dyeing industry, despite a 5.0% growth in China's GDP[41] - The group plans to enhance production efficiency and product quality by installing automation systems in its production processes[44] - The company has made a refundable deposit of approximately RMB 55,690,000 for potential investments related to business expansion in Southeast Asia[38] Miscellaneous - The company's headquarters and main business location in Hong Kong have been relocated to 7th Floor, New Century Plaza, 181 Queen's Road Central, Hong Kong, effective September 20, 2024[66] - There were no significant events requiring additional disclosure or adjustment after the year ended December 31, 2024[67] - The annual report for the year ended December 31, 2024, will be sent to shareholders electronically and published on the respective websites as per listing rules[78]
亚东集团(01795) - 2024 - 年度业绩