Financial Performance - Total revenue for the year ended December 31, 2024, was RMB 1,119,646,000, a decrease of 9.7% compared to RMB 1,239,515,000 in the previous year[2] - Gross profit for the same period was RMB 12,778,000, down from RMB 57,896,000, indicating a significant decline in profitability[2] - The net loss for the year was RMB 8,842,000, compared to a loss of RMB 1,509,000 in the previous year, reflecting a worsening financial position[2] - The company reported a basic loss per share of RMB 1.0, compared to RMB 0.2 in the previous year, indicating increased losses on a per-share basis[2] - The gross profit for the fiscal year ending December 31, 2024, decreased by approximately RMB 45,118,000 or 77.9% compared to the previous year, primarily due to market price volatility and the impact of electric vehicle popularity post-COVID-19[33] - The company reported a loss before tax of approximately RMB 10,600,000 in 2024, compared to a profit of about RMB 5,734,000 in 2023, primarily due to reduced gross profit[43] - The net loss for the year increased from approximately RMB 1,509,000 in 2023 to about RMB 8,842,000 in 2024, mainly due to reduced gross profit[45] Assets and Liabilities - Total assets decreased to RMB 463,058,000 from RMB 496,747,000, showing a reduction in the company's asset base[3] - Total liabilities also decreased to RMB 40,401,000 from RMB 65,248,000, indicating a reduction in the company's debt levels[3] - The company maintained cash and cash equivalents of RMB 33,410,000, down from RMB 189,706,000, highlighting liquidity challenges[3] - Trade receivables as of December 31, 2024, were RMB 20,542 million, down from RMB 51,017 million in 2023, indicating a significant reduction of 59.8%[27] - The net amount of trade receivables after provisions was RMB 19,099 million for 2024, compared to RMB 49,574 million in 2023, showing a decrease of 61.5%[27] - As of December 31, 2024, the group's current assets amounted to approximately RMB 421,381,000, a decrease of approximately RMB 9,691,000 compared to RMB 431,072,000 as of December 31, 2023[48] - As of December 31, 2024, the group had no borrowings, maintaining a debt ratio of zero[49] Revenue Sources and Sales - The company primarily engages in the sale of refined oil and other petrochemical products in China[11] - Revenue from external customer transactions accounted for approximately 10% of total revenue, with Customer A contributing RMB 964,279,000 and Customer B contributing RMB 163,049,000 in the previous year[15] - The sales of finished oil products generated revenue of RMB 1,013,353,000 from 145,587 tons in 2024, compared to RMB 894,128,000 from 130,591 tons in 2023, indicating an increase in average price per ton[35] - Service income for the fiscal year ending December 31, 2024, was approximately RMB 25,828,000, significantly higher than RMB 15,988,000 in 2023, reflecting a growth in service offerings[35] Cost and Expenses - The cost of goods sold for the year was RMB 1,221,434,000, compared to RMB 1,131,557,000 in the previous year, indicating an increase of approximately 7.9%[16] - The total operating expenses for the year were RMB 1,099,607,000, compared to RMB 1,238,657,000 in the previous year, showing a reduction of approximately 11.3%[16] - The total expenses for the year included significant costs such as transportation expenses of RMB 17,799,000 and short-term lease expenses of RMB 7,982,000[16] - Distribution expenses decreased by approximately RMB 5,178,000 or 32.0%, from about RMB 16,200,000 in 2023 to approximately RMB 11,022,000 in 2024[40] - Administrative expenses decreased by approximately RMB 9,948,000 or 42.1%, from about RMB 23,615,000 in 2023 to approximately RMB 13,667,000 in 2024[41] Future Outlook and Plans - The company has plans for market expansion and new product development, although specific details were not disclosed in the earnings call[2] - Future guidance indicates a cautious outlook, with expectations of continued challenges in revenue generation[2] - The company plans to focus on expanding its market presence and enhancing product offerings in the upcoming fiscal year[15] - The company plans to continue engaging in foreign trade to mitigate risks associated with market price fluctuations[33] Corporate Governance and Compliance - The company is registered as an exempted limited company in the Cayman Islands[4] - The ultimate holding company is XING MING LIMITED, with ownership of 80% and 20% by Mr. Xu and Ms. Huang respectively[5] - The financial statements are prepared in accordance with Hong Kong Financial Reporting Standards[6] - The financial statements are presented in Renminbi (RMB)[5] - The company has adhered to the corporate governance rules as stipulated in the listing rules up to December 31, 2024[72] - All directors confirmed compliance with the trading standards as of December 31, 2024[73] - The audit committee is responsible for reviewing and supervising the financial reporting process and internal control systems[75] - The auditors confirmed that the preliminary announcement aligns with the audited consolidated financial statements for the year ending December 31, 2024[76] Employee and Welfare Plans - The total employee cost for the group as of December 31, 2024, was approximately RMB 6,166,000, an increase from RMB 4,958,000 in 2023[59] - The group has established various welfare plans for employees in China, including basic medical insurance and unemployment insurance[60] Taxation - The group had no taxable profits in Hong Kong for the year ended December 31, 2024, and thus no provisions for Hong Kong profits tax were made[19] - The group’s standard corporate income tax rate in China remained at 25% for both 2024 and 2023[20] - The group recognized a deferred tax asset of RMB (1,412) million for the year ended December 31, 2024, compared to RMB (1,368) million in 2023[23] - The group’s unused tax losses can be carried forward indefinitely, with no foreseeable taxable income in the near future[19] Investments and Capital Expenditures - The company has no specific plans for significant investments or capital assets as of December 31, 2024[61] - The net proceeds from the share issuance amount to approximately RMB 20,803,000, with RMB 17,329,000 already utilized as of December 31, 2024[65] - The company plans to enhance the storage capacity of the Zengcheng oil depot by 11,038 cubic meters, with 7,564 cubic meters already completed[65] - Renovation of oil tanks, pipelines, and other facilities at the Zengcheng oil depot has been completed, with an investment of RMB 9,765,000[64] - The remaining unutilized proceeds are held in accounts at licensed banks in Hong Kong and China, expected to be fully utilized by December 31, 2025[65]
金泰丰国际控股(09689) - 2024 - 年度业绩