Financial Performance - For the fiscal year ending December 31, 2024, Teamway International Group Holdings Limited reported total revenue of RMB 252,949,000, a decrease of 26% compared to RMB 340,918,000 in the previous year[3]. - The company incurred a gross loss of RMB 4,414,000 for the year, contrasting with a gross profit of RMB 9,160,000 in the prior year[3]. - The net loss for the year was RMB 108,075,000, which is a significant increase from the net loss of RMB 68,756,000 in the previous year, representing a 57% increase in losses[3]. - The company reported a basic and diluted loss per share of RMB 32.28, compared to RMB 30.92 in the previous year[3]. - The company reported a pre-tax loss of RMB 108,268,000 for the year ended December 31, 2024, compared to a pre-tax loss of RMB 70,352,000 in 2023, indicating a worsening financial performance[22]. - The company's pre-tax loss for 2024 was RMB 105,586,000, compared to RMB 68,295,000 in 2023, indicating an increase in losses[37]. - The loss attributable to the owners of the company for the year ended December 31, 2024, was approximately RMB 105,586,000, an increase from RMB 68,295,000 for the year ended December 31, 2023[59]. Financial Position - Total liabilities exceeded total assets by RMB 306,194,000 as of December 31, 2024, indicating a significant financial strain[7]. - The company’s current liabilities exceeded current assets by RMB 227,808,000, raising concerns about its liquidity position[9]. - The total assets of the company as of December 31, 2024, amounted to RMB 271,603,000, compared to RMB 319,129,000 in 2023, indicating a decrease in total assets[24]. - The total liabilities of the company as of December 31, 2024, were RMB 577,797,000, an increase from RMB 517,551,000 in 2023, reflecting a rise in financial obligations[25]. - The company’s financial liabilities as of the end of the reporting period amounted to RMB 306,194,000, indicating significant leverage concerns[44]. - The capital debt ratio as of December 31, 2024, was 1.79, compared to 1.42 in 2023[69]. Liquidity and Financing - The company plans to sell investment properties in Singapore, with estimated proceeds of RMB 59,000,000 to improve liquidity[12]. - Teamway International Group is actively seeking additional financing options to enhance its liquidity situation[12]. - The company has received ongoing financial support from major shareholders, which is crucial for its operational continuity[12]. - The group plans to raise up to approximately HKD 15,780,000 through a rights issue, issuing up to 197,282,636 new shares at a subscription price of HKD 0.08 per share[52]. - The company completed a rights issue on June 3, 2024, issuing a total of 197,279,115 shares, with net proceeds of approximately HKD 14,670,000 used for repaying outstanding borrowings and general working capital[76]. Asset Management - The impairment of property, plant, and equipment amounted to RMB 22,129,000, reflecting challenges in asset management[3]. - The company experienced a fair value loss on investment properties of RMB 1,043,000 in 2024, compared to a loss of RMB 1,594,000 in 2023, showing a reduction in losses[30]. - The company’s depreciation expense for property, plant, and equipment was RMB 6,723,000 in 2024, compared to RMB 5,114,000 in 2023, indicating increased asset usage[22]. - The company’s inventory provision was RMB 1,863,000 in 2024, up from RMB 1,830,000 in 2023, suggesting a slight increase in inventory write-downs[22]. Revenue Sources - External customer revenue for the year ended December 31, 2024, was RMB 252,949,000, a decrease from RMB 340,918,000 in 2023, representing a decline of approximately 26%[27]. - Revenue from packaging products and structural components for 2024 was RMB 250,802,000, a decrease from RMB 336,623,000 in 2023, reflecting a decline of approximately 25.4%[46]. - Major customer A contributed RMB 137,428,000 in revenue for 2024, down from RMB 170,746,000 in 2023, while major customer B contributed RMB 61,201,000, down from RMB 83,923,000[29]. - The company’s total rental income from investment properties was RMB 1,125,000 in 2024, compared to RMB 927,000 in 2023, showing an increase of about 21.3%[32]. Operational Efficiency - The group aims to optimize production processes in its Chinese factories to alleviate high production costs and expects an improvement in gross profit margin once new production facilities are fully operational[55]. - The group has established long-term relationships with key suppliers to ensure stable supply and timely delivery of quality raw materials and components, with no significant procurement difficulties reported for the year[49]. - The group has a strategy for property investment, which may contribute to its overall financial performance and market expansion[20]. - The group has a total annual production capacity of 11,800 tons for packaging products and structural components, sufficient to respond quickly to market demand[50]. Compliance and Governance - The group has prepared its financial statements in accordance with Hong Kong Financial Reporting Standards and the Companies Ordinance, with amounts presented in Renminbi (RMB) rounded to the nearest thousand[13]. - The group has applied new amendments to Hong Kong Financial Reporting Standards effective from January 1, 2024, but these amendments did not have a significant impact on the group's financial performance and position[16]. - The group has not early adopted new financial reporting standards that are issued but not yet effective, indicating a cautious approach to regulatory changes[18]. - The company has adhered to the corporate governance code as per the listing rules for the year ending December 31, 2024[78]. - The audit committee consists of three independent non-executive directors, with Dr. Zeng Qingyun as the chairman[79]. - The external auditor confirmed that the consolidated performance data for the year ending December 31, 2024, aligns with the audited consolidated financial statements[79]. Future Outlook - The outlook for 2025 remains challenging due to economic uncertainties, but the group will continue to enhance operational efficiency and seek growth opportunities to ensure sustainable profitability[58]. - The Singapore private property prices are expected to continue rising in 2025, driven by limited supply and strong demand, with GDP growth projected at 2% to 3%[56]. - The group is focused on developing new businesses, including gas filtration media and equipment, as well as rosewood furniture, to diversify revenue sources and enhance long-term growth[58].
TEAMWAY INTL GP(01239) - 2024 - 年度业绩