Revenue Performance - The group's revenue decreased by 15.7% to approximately RMB 974.5 million from RMB 1,155.7 million in the previous period[3]. - The company's revenue decreased by 15.7% from approximately RMB 1,155.7 million to approximately RMB 974.5 million due to weak market sentiment and consumer spending[20]. - Total revenue for the year ended December 31, 2024, reached RMB 3,974,488 thousand, a significant increase from RMB 1,155,738 thousand in 2023[41]. - For the year ending December 31, 2024, the company reported a total revenue of RMB 974,488,000, a decrease from RMB 1,155,738,000 in 2023, reflecting a decline of approximately 15.7%[75]. Profitability and Loss - The group recorded a net loss of approximately RMB 202.4 million after tax, slightly improved from RMB 210.9 million in the previous period[3]. - The company recorded a net loss of approximately RMB 202.4 million, an improvement from the previous period's loss of approximately RMB 210.9 million[31]. - Net loss for the year was RMB 202,409 thousand, slightly better than the net loss of RMB 210,945 thousand in 2023, showing a reduction of approximately 4%[41]. - The company recorded a net loss of RMB 9,098,000 in 2024, compared to a net loss of RMB 7,708,000 in 2023, indicating a worsening financial position[77]. Expenses and Cost Management - Total sales, distribution, general, and administrative expenses decreased by 13.9% to approximately RMB 465.1 million from RMB 539.9 million in the previous period[3]. - The company is implementing cost-saving measures to manage sales and distribution expenses, as well as general and administrative costs, to enhance operational cash flow[54]. Inventory and Cash Management - Inventory turnover days decreased to 141 days, and cash conversion cycle improved to 97 days from 161 days and 131 days in the previous period respectively[3]. - The group reduced inventory by approximately RMB 72.5 million, resulting in a 20-day reduction in inventory turnover days[7]. - The cash conversion cycle decreased from 131 days in the previous period to 97 days in the reporting period[33]. Financial Position and Liabilities - Total assets decreased to RMB 454,217 thousand in 2024 from RMB 580,753 thousand in 2023, a decline of about 22%[42]. - The company's total liabilities decreased to RMB 540,117 thousand in 2024 from RMB 693,538 thousand in 2023, indicating a decline of approximately 22%[42]. - As of December 31, 2024, the company's net current liabilities amounted to RMB 13,523,000, and total net liabilities were RMB 83,900,000[49]. - The group had no significant contingent liabilities as of December 31, 2024[38]. Capital Expenditures and Financing - Capital expenditures for the reporting period amounted to approximately RMB 16.5 million, primarily for store renovations, compared to RMB 14.3 million in the previous period[34]. - The company has extended and increased its loan financing from HKD 150,000,000 (approximately RMB 135,930,000) to HKD 250,000,000 (approximately RMB 231,500,000), with HKD 100,000,000 (approximately RMB 91,708,000) remaining as undrawn financing as of December 31, 2024[54]. - A loan capitalization agreement was established for HKD 100,000,000 (approximately RMB 92,600,000) to improve the financial position and liquidity of the group[50]. Governance and Compliance - The company has adopted the corporate governance code as per the listing rules and has complied with all mandatory disclosure requirements during the reporting period[109]. - The audit committee, consisting of three independent non-executive directors, has reviewed and confirmed the annual performance of the group[111]. - The financial figures in the preliminary announcement have been verified by the auditor, Daxin CPA, ensuring consistency with the audited financial statements[112]. Market Presence and Business Development - The group expanded its Hall One stores for older children to four additional cities, enhancing its market presence[6]. - The group established a new business unit focused on developing the older children's market, integrating more products into Kidsland and FAO stores[6]. - The company is expanding new sales channels and product lines to boost sales and attract a diverse range of new customers[54]. Employee and Compensation - The total number of employees decreased to approximately 1,100 as of December 31, 2024, down from about 1,300 in the previous year[104]. - The total compensation for internal and external employees was approximately RMB 95.2 million and RMB 71.9 million, respectively, compared to RMB 104.6 million and RMB 82.6 million in the previous period[104].
凯知乐国际(02122) - 2024 - 年度业绩