Financial Performance - The group's revenue for the year ended December 31, 2024, was approximately RMB 584.5 million, an increase of about 84.2% compared to the fiscal year 2023[5] - The gross profit for the same period was approximately RMB 57.5 million, representing an increase of approximately 141.1% from the previous year[5] - The loss attributable to the owners of the company was approximately RMB 12.8 million, an increase of about 26.4% compared to the fiscal year 2023[5] - The basic and diluted loss per share for the year was approximately RMB 1.01[5] - The company reported a net loss for the year of RMB 12.8 million, compared to a net loss of RMB 10.1 million in 2023[7] - The net loss attributable to the owners of the company for 2024 was RMB 12,753,000, compared to RMB 10,091,000 in 2023, indicating an increase in losses of 26.3%[33] - The basic and diluted loss per share for 2024 was RMB 1.01, compared to RMB 0.80 in 2023, reflecting a 26.3% increase in loss per share[33] Assets and Liabilities - Total assets as of December 31, 2024, amounted to RMB 492.8 million, slightly up from RMB 492.2 million in 2023[8] - Total liabilities increased to RMB 189.2 million in 2024 from RMB 176.3 million in 2023[9] - The company's cash and cash equivalents decreased to RMB 231.9 million from RMB 269.0 million in the previous year[8] - The company’s equity attributable to owners decreased to RMB 303.7 million from RMB 315.9 million in 2023[8] - Current assets net value decreased to approximately RMB 158.3 million as of December 31, 2024, down from RMB 191.4 million as of December 31, 2023[91] - The group's total borrowings increased to approximately RMB 52.3 million as of December 31, 2024, up from RMB 36.9 million as of December 31, 2023[93] Revenue Segmentation - The footwear segment generated revenue of RMB 505,188 thousand in 2024, up 107.5% from RMB 243,376 thousand in 2023[19] - The footwear segment accounted for approximately 86.4% of total revenue, up from 76.7% in 2023[68] - Revenue from dyeing services was RMB 64.9 million, accounting for 11.1% of total revenue, while lace production and sales generated RMB 14.4 million, accounting for 2.5%[76] - The group's dyeing and finishing revenue increased by approximately 21.9% to RMB 64.9 million during the reporting period, up from RMB 53.3 million in the fiscal year 2023[78] - Lace product revenue decreased by approximately 30.3% to RMB 14.4 million, down from RMB 20.7 million in the fiscal year 2023 due to intense market competition[79] - Footwear business revenue surged by approximately 107.6% to RMB 505.2 million, compared to RMB 243.4 million in the fiscal year 2023[80] Expenses - In 2024, the cost of raw materials and goods consumed increased to RMB 477,110,000 from RMB 242,584,000 in 2023, representing a 96.5% increase[24] - Employee benefits expenses, including director remuneration, rose to RMB 54,022,000 in 2024 from RMB 36,449,000 in 2023, a 48.2% increase[24] - Total sales cost, sales and distribution expenses, and administrative expenses amounted to RMB 601,355,000 in 2024, compared to RMB 334,830,000 in 2023, reflecting an increase of 79.6%[24] - Other income decreased by approximately 59.2% to RMB 1.8 million, down from RMB 4.4 million in the fiscal year 2023, mainly due to reduced government subsidies[82] Research and Development - The group incurred research and development expenses of RMB 12,112 thousand in 2024, an increase from RMB 8,659 thousand in 2023[19] - Research and development expenses for 2024 were approximately RMB 12,112,000, up from RMB 8,659,000 in 2023, marking an increase of 39.5%[24] Joint Ventures and Investments - The group's investment in joint ventures amounted to RMB 32,410,000 as of December 31, 2024, with no prior investments recorded in 2023[38] - The total current assets of the joint venture as of December 31, 2024, were RMB 32,216,000, while current liabilities were RMB 32,416,000, resulting in a net liability of RMB 200,000[45] - The total comprehensive loss for the joint venture during the period from October 25, 2024, to December 31, 2024, was RMB 200,000, with the group's share of the loss being RMB 100,000[45] - The company has committed to providing a loan of up to HKD 70,000,000 (approximately RMB 64,820,000) to the joint venture for operational funding[41] - The group has committed to provide financial support of RMB 32,410,000 to joint ventures in 2024, compared to no such commitments in 2023[48] Corporate Governance and Compliance - The group has adhered to corporate governance codes during the reporting period, ensuring the protection of shareholder interests[110] - The audit committee was established on December 16, 2020, in accordance with the listing rules, consisting of three independent non-executive directors[114] - The group's auditor, Fuhua Mazhe CPA Limited, confirmed the consistency of the financial statements for the year ending December 31, 2024, with the draft financial statements[115] Future Plans and Strategies - The company is strategically reallocating resources to reduce further investment in lace manufacturing due to strong growth in the footwear business[71] - The company plans to establish manufacturing partnerships in Southeast Asia to mitigate geographical concentration risks due to new tariff policies[72] - The company is actively negotiating with well-known IP holders to enhance product differentiation and brand value[72] - The group has no specific plans for significant investments or acquisitions of major capital assets or other businesses as of the announcement date[106] Miscellaneous - The group has not declared or paid any dividends for the years ended December 31, 2024, and 2023[67] - The group has maintained the public float required by the listing rules as of the announcement date[113] - The group has not engaged in any purchases, sales, or redemptions of its listed securities during the reporting period[112] - The group has a share option plan in place, with a total of 126 million shares available for issuance, representing 10% of the issued share capital as of the adoption date[108] - No significant events occurred from the reporting period to the date of this announcement[116] - The annual performance announcement and annual report will be published on the Hong Kong Stock Exchange and the company's website[117] - The board expressed gratitude to all employees, shareholders, customers, suppliers, banks, and business partners for their support[118] - Changes in the nomination committee include the appointment of executive director Cai Linqi and independent non-executive director Zhou Jieting, effective March 28, 2025[119] - The board of directors includes executive directors and independent non-executive directors as of the announcement date[121]
应星控股(01440) - 2024 - 年度业绩