Financial Performance - Revenue decreased by 2.5% from RMB 20,208.6 million for the year ended December 31, 2023, to RMB 19,712.9 million for the year ended December 31, 2024[5]. - Gross profit increased by 23.5% from RMB 1,077.5 million for the year ended December 31, 2023, to RMB 1,330.9 million for the year ended December 31, 2024[5]. - Profit attributable to owners of the company decreased by 17.8% from RMB 230.4 million for the year ended December 31, 2023, to RMB 189.4 million for the year ended December 31, 2024[5]. - The company reported a basic and diluted earnings per share of RMB 0.81 for the year ended December 31, 2024, down from RMB 1.01 for the year ended December 31, 2023[6]. - The company’s pre-tax profit for the year ended December 31, 2024, was RMB 269,769,000, down from RMB 305,113,000 in 2023, indicating a decrease of 11.5%[30]. - The company's net profit for the year ended December 31, 2024, was RMB 189,361,000, compared to RMB 230,375,000 for 2023, representing a decrease of approximately 17.8%[32]. - Total comprehensive income for the year was RMB 200.7 million, down 14.0% from RMB 233.5 million[78]. Dividends and Shareholder Information - The board proposed a final cash dividend of RMB 0.3 per share, totaling RMB 81.9 million for the year ended December 31, 2024[5]. - The company declared a dividend of RMB 91,627,000 in March 2024, with a proposed final dividend of RMB 0.3 per share, totaling RMB 81,907,000, pending shareholder approval[33]. - The proposed final dividend will be subject to shareholder approval at the annual general meeting, with the registration period for share transfers suspended from May 22 to May 27, 2025[119]. - The company will announce the exact expected date for dividend payment after the annual general meeting[113]. Assets and Liabilities - Total assets less current liabilities increased to RMB 2,692.3 million as of December 31, 2024, compared to RMB 1,969.7 million as of December 31, 2023[8]. - Non-current assets amounted to RMB 695.8 million as of December 31, 2024, compared to RMB 616.8 million as of December 31, 2023[7]. - Current assets increased to RMB 4,238.9 million as of December 31, 2024, from RMB 3,404.2 million as of December 31, 2023[7]. - The total amount of trade payables and notes payable was RMB 394,083,000 as of December 31, 2024, down from RMB 511,787,000 in 2023, representing a decrease of approximately 23%[39]. - The company had pledged or restricted deposits of RMB 466,621,000 as of December 31, 2024, compared to RMB 528,795,000 in 2023, indicating a decrease of about 11.8%[38]. - As of December 31, 2024, the company's total borrowings amounted to RMB 1,348,918,000, a significant increase from RMB 790,041,000 in 2023[41]. Revenue Breakdown - Revenue from gold jewelry and other gold products amounted to RMB 19,280,247 thousand, while revenue from K gold jewelry and diamond-studded jewelry was RMB 342,650 thousand[22]. - Sales of gold jewelry and other gold products generated revenue of RMB 19,280.2 million, down 3.0% year-over-year due to decreased sales volume attributed to rising gold prices affecting consumer sentiment[60][61]. - Revenue from K-gold jewelry and diamond-studded products increased by 52.0% to RMB 342.7 million, driven by higher sales to overseas customers[60]. - Revenue from other services decreased by 14.9% to RMB 90.0 million, primarily due to reduced brand service fees from franchisees amid declining consumer confidence in gold jewelry[61]. - E-commerce sales revenue surged by 168.7% to RMB 2,017.1 million, contributing 10.2% to total revenue, up from 3.7% in 2023[62][63]. Expenses and Costs - Total depreciation and amortization expenses for the year were RMB 61,158,000, an increase from RMB 53,007,000 in 2023, reflecting a rise of about 15.5%[10]. - Administrative expenses increased by 29.6% to RMB 103.4 million, mainly due to higher depreciation and amortization costs from relocating to a new production facility[71]. - Distribution and selling expenses decreased by 10.9% to RMB 229.2 million, attributed to reduced media advertising and promotional expenses[68]. - Financial costs increased by 13.3% to RMB 71.5 million from RMB 63.1 million, mainly due to an increase in borrowing interest of RMB 18.9 million[73]. Market and Industry Insights - The company anticipates 2025 to be a challenging year for the industry due to geopolitical tensions, macroeconomic uncertainties, and high gold prices[97]. - The total gold consumption in China for 2024 was 985.3 tons, representing a year-on-year decline of 9.6%[54]. - Gold jewelry consumption decreased by 24.7% to 532.0 tons in 2024, while gold bar and coin consumption increased by 24.5% to 373.1 tons[57]. Corporate Governance and Compliance - The company has complied with all principles and provisions of the corporate governance code since its listing date until December 31, 2024[109]. - The audit committee reviewed the annual performance for the year ending December 31, 2024, and confirmed that the financial statements comply with applicable accounting standards[111]. - The independent non-executive director was appointed as the chairman of the nomination committee on January 14, 2025, restoring compliance with listing rules[109]. Future Plans and Developments - The company plans to expand its franchise network in 2025, focusing on key development areas and enhancing its brand image in first and second-tier markets[98]. - The company has not engaged in any significant investments, acquisitions, or disposals of subsidiaries, associates, or joint ventures since its listing date until December 31, 2024[99].
梦金园(02585) - 2024 - 年度业绩