Financial Performance - For the year ended December 31, 2024, Jia Yao Holdings Limited reported revenue of approximately RMB 1,434.9 million, a decrease of about 1.4% or RMB 20.8 million compared to the same period in 2023[2]. - The gross profit for the same period was approximately RMB 281.9 million, representing a decline of approximately 27.3% or RMB 105.6 million year-over-year[2]. - The gross profit margin decreased to approximately 19.6%, down from 26.6% in the same period last year, a reduction of about 7.0%[2]. - The profit attributable to the owners of the company was approximately RMB 50.6 million, a decrease of about RMB 48.7 million compared to the same period in 2023[2]. - Operating profit for the year was RMB 32.5 million, down from RMB 114.1 million in the previous year, indicating a significant decline[4]. - The company’s total comprehensive income for the year was RMB 48.4 million, down from RMB 136.4 million in the previous year[5]. - The company reported a net loss from financial assets of RMB 10.4 million, compared to a loss of RMB 8.4 million in the previous year[4]. - The company’s basic earnings per share for continuing operations decreased to RMB 0.010 in 2024 from RMB 0.093 in 2023, reflecting a decline in profitability[35]. Revenue Breakdown - Total revenue for the electronic cigarette segment was RMB 688.63 million, while the supporting services segment generated RMB 81.85 million, totaling RMB 770.48 million for the fiscal year ending December 31, 2024[23]. - Revenue from the electronic cigarette segment was RMB 770.5 million, showing a slight increase of 0.2% from RMB 768.8 million in the previous year[59]. - Revenue from paper cigarette packaging and other paper packaging decreased by approximately 3.3% to RMB 664.4 million, primarily due to a decline in sales prices[57]. - Giant Group's revenue for the year ending December 31, 2024, was RMB 664,434,000, a decrease of 3.5% compared to RMB 686,913,000 in 2023[45]. Asset and Liability Changes - The total assets as of December 31, 2024, were RMB 866.4 million, a decrease from RMB 1,465.2 million in the previous year[7]. - The total liabilities decreased significantly from RMB 925.22 million to RMB 374.14 million, indicating a reduction of approximately 59.6%[10]. - The total equity decreased from RMB 540.02 million to RMB 492.30 million, reflecting a decline of about 8.8%[10]. - Trade receivables decreased from RMB 351,617,000 in 2023 to RMB 209,938,000 in 2024, a decline of approximately 40.2%[36]. - Trade payables decreased significantly from RMB 425,748,000 in 2023 to RMB 128,786,000 in 2024, a reduction of about 69.8%[40]. - The company’s non-current assets in mainland China decreased to RMB 128,152,000 in 2024 from RMB 241,261,000 in 2023, indicating a significant reduction in asset value[26]. Cost and Expense Management - The company is focused on improving operational efficiency and reducing administrative expenses, which decreased from RMB 114.46 million to RMB 84.34 million, a reduction of approximately 26.4%[23]. - Distribution costs for the electronic cigarette segment were RMB 57.12 million, which is an increase from RMB 38.79 million in the previous year, representing a rise of approximately 47.0%[23]. - Administrative expenses rose by about 6.6% from RMB 146.5 million to RMB 156.2 million for the year ending December 31, 2024, mainly driven by increased rental and employee costs, particularly for R&D personnel recruitment[61]. - Employee benefit expenses rose to RMB 164,192,000 in 2024, compared to RMB 140,182,000 in 2023, reflecting an increase of approximately 17.1%[28]. Strategic Initiatives - The company plans to continue expanding its electronic cigarette product line and enhance its research and development efforts in related technologies[22]. - The company plans to continue its market expansion and product development strategies, focusing on enhancing its technological capabilities and exploring new market opportunities[1]. - The company is focusing on expanding its international business and enhancing geographical diversification strategies to adapt to changing market conditions[52]. - The group is focusing on enhancing its e-cigarette division through targeted capital allocation and increased R&D investment[84]. - The strategic framework emphasizes innovation while carefully managing resource allocation for new product development[85]. Market and Economic Outlook - The electronic cigarette industry market value reached USD 24.6 billion in 2024, reflecting complex market dynamics and consumer behavior changes[46]. - The global e-cigarette market is projected to reach a valuation of $26.42 billion by 2025, with a compound annual growth rate (CAGR) of 11.7%[83]. - By 2029, the market value is expected to increase to $42.8 billion, accelerating to a CAGR of 12.8%[83]. - China's economic growth is projected at 4.6% for 2025 and slightly slowing to 4.5% in 2026, reflecting a cautious expansion amid structural adjustments and external challenges[82]. Dividend and Shareholder Information - The company did not recommend the payment of a final dividend for the year ended December 31, 2024[2]. - The board does not recommend the payment of a final dividend for the year ending December 31, 2024, to focus on reinvestment in the e-cigarette business[91]. - The company reported a special dividend of RMB 166,331,000, equivalent to RMB 0.278 per share, approved at the special shareholders' meeting on January 6, 2025[43]. Compliance and Governance - The company’s audit committee has reviewed the annual performance, ensuring compliance with applicable accounting standards and full disclosure[90]. - The financial statements for the year ending December 31, 2024, have been verified by PwC, but no assurance has been provided[93]. - The annual general meeting is scheduled for June 20, 2025, with a suspension of share transfer registration from June 17 to June 20, 2025[92].
嘉耀控股(01626) - 2024 - 年度业绩