Financial Performance - The total revenue for the year ended December 31, 2024, was HKD 2,001,095,000, representing a 45.5% increase from HKD 1,373,938,000 in 2023[3] - Gross profit for the same period was HKD 190,972,000, compared to HKD 43,637,000 in 2023, indicating a significant improvement in profitability[3] - The net profit attributable to the company's owners for 2024 was HKD 769,598,000, down 81.8% from HKD 4,224,593,000 in 2023[5] - The company reported a pre-tax profit from continuing operations of HKD 745,619,000, a decrease of 80.1% from HKD 3,701,045,000 in the previous year[3] - Total comprehensive income for the year was HKD 358,324,000, a decline of 89.8% compared to HKD 3,508,029,000 in 2023[5] - Revenue from continuing operations for 2024 reached HKD 2,001,095,000, a 45.5% increase from HKD 1,373,938,000 in 2023[34] - The total profit before tax for the fiscal year was HKD 3,701,045,000, with the amino acids segment showing a significant improvement in performance compared to the previous year[31] - The company reported a total profit for the year of HKD 769,598,000, which includes a profit from discontinued operations of HKD 481,466,000[31] Assets and Liabilities - The company’s total assets decreased to HKD 4,442,182,000 in 2024 from HKD 5,209,096,000 in 2023, reflecting a reduction of 14.7%[6] - Current liabilities amounted to HKD 6,486,145,000, down from HKD 8,395,603,000 in 2023, indicating a 22.8% decrease[6] - As of December 31, 2024, the group recorded a net current liability of approximately HKD 4,386,400,000, down from HKD 7,426,100,000 as of December 31, 2023[10] - The group's net liabilities were approximately HKD 1,954,400,000 as of December 31, 2024, compared to HKD 4,036,900,000 in the previous year[10] - The company’s total liabilities decreased to HKD 2,658,768,000 in 2024 from HKD 3,571,683,000 in 2023, a reduction of 25.5%[52] Cash Flow and Financial Management - The company’s cash and bank balances were HKD 85,470,000, slightly down from HKD 88,246,000 in 2023[6] - The group plans to enhance operational cash flow by maximizing production capacity in its amino acid business and expects to launch a series of high-value products to increase sales[11] - The group is implementing measures to reduce operating costs and develop new businesses to strengthen cash flow during market volatility[11] - The group anticipates that its amino acid business will continue to generate sufficient cash inflow in 2025[11] - The financial costs for continuing operations decreased to HKD 323,402,000 in 2024 from HKD 750,351,000 in 2023, indicating improved financial management[38] Operational Highlights - The company has not reported any significant changes in its main business operations, which focus on the production and sale of corn-refined products and biochemical products[8] - The group completed the sale of Changchun Dacheng Industrial Group, improving its financial condition by eliminating liabilities associated with the sold group[10] - The group recognized a one-time gain from debt restructuring of approximately HKD 4,284,800,000, significantly impacting the financial results for the year[39] - The group reported a significant one-time gain of approximately HKD 1,962,100,000 from the sale of subsidiaries, which are no longer consolidated in the financial statements[69] Market and Product Development - The company is exploring new strategies for market expansion and product development, although specific details were not disclosed in the report[8] - The amino acid segment's revenue increased by approximately 50.2% to HKD 1,736,900,000, compared to HKD 1,156,700,000 in the previous year, with a sales volume of 280,000 tons[71] - The group plans to redesign the boiler facility renovation project to reduce amino acid production costs and enhance competitiveness[68] Shareholder Information - The company does not recommend any dividend distribution for the current year, consistent with 2023[42] - The company issued 14,535,514,629 shares of convertible preferred stock to Jilin Liheng and 2,732,235,940 shares to Jilin Yuanheng, with a conversion ratio of one preferred share to one common share[55] - The total value of the convertible preferred stock subscription amounts to approximately HKD 1,726,775,056.97, equivalent to RMB 1,580,000,000[56] - The company repurchased 31,666,000 shares under the share buyback authorization, which is 10% of the total shares issued as of the special general meeting[57] Employee and Operational Metrics - The group employed approximately 1,567 full-time employees as of December 31, 2024, a decrease from 2,154 in 2023[106] - Employee costs from continuing operations amounted to approximately HKD 107.97 million, down from HKD 115.04 million in 2023[106] Compliance and Reporting - The adoption of new and revised Hong Kong Financial Reporting Standards has not had a significant impact on the consolidated financial statements[16] - The company's financial statements have been prepared in accordance with Hong Kong Financial Reporting Standards, presenting a true and fair view of its financial position as of December 31, 2024[61] - The auditor confirmed that the figures in the announcement align with the group's consolidated financial statements for the year[115]
大成生化科技(00809) - 2024 - 年度业绩