Financial Performance - Revenue for the year ended December 31, 2024, was RMB 584,794,000, a decrease of 8.2% from RMB 637,078,000 in 2023[3] - The annual loss attributable to shareholders was RMB 68,243,000, an improvement from a loss of RMB 86,057,000 in the previous year, representing a reduction of 20.6%[3] - Gross profit for the year was RMB 16,777,000, down 35.1% from RMB 25,809,000 in 2023[4] - Operating loss increased to RMB 57,068,000 from RMB 52,048,000, reflecting a decline of 9.7%[4] - The net loss attributable to the company for 2024 was RMB 68,243,000, compared to a loss of RMB 86,057,000 in 2023, resulting in a basic loss per share of RMB 0.129[31] - The company recorded a loss attributable to shareholders of approximately RMB 68,243,000 for the year ended December 31, 2024, compared to a loss of RMB 86,057,000 in 2023, driven by declining sales revenue and gross profit margin[58] Assets and Liabilities - Total assets as of December 31, 2024, were RMB 1,249,758,000, slightly up from RMB 1,242,496,000 in 2023[6] - Current liabilities increased significantly to RMB 604,551,000 from RMB 325,238,000, indicating a rise of 85.5%[6] - The total equity attributable to shareholders decreased to RMB 583,446,000 from RMB 651,688,000, a decline of 10.5%[5] - Total non-current assets (excluding deferred tax assets) amounted to RMB 950,745,000 as of December 31, 2024, compared to RMB 903,495,000 in 2023[21] - The company's total outstanding bank loans amounted to RMB 524,540,000 as of December 31, 2024, an increase from RMB 492,613,000 in 2023[61] - The debt-to-asset ratio increased to 53.3% in 2024 from 47.6% in 2023, primarily due to increased bank loans[62] Cash Flow and Financing - The company reported a net cash outflow from operating activities of RMB 32,317,000 for the year[9] - The group has uncommitted revolving bank financing of RMB 409,000,000 as of December 31, 2024, with approximately RMB 162,666,000 remaining undrawn[12] - The group will seek alternative financing to meet existing financial obligations and future operational needs[12] - The group continues to comply with the terms and conditions of bank loans and may convert internal loans to equity if necessary to meet financial commitments[15] - The company is taking measures to alleviate liquidity pressure and improve its financial condition[75] Revenue Sources and Market Performance - Revenue from mainland China was RMB 404,527,000 in 2024, down from RMB 465,224,000 in 2023, representing a decline of 13.0%[18] - Export sales accounted for approximately 30.8% of total revenue in 2024, up from 27.0% in 2023, indicating a growing international market presence[59] - The group’s largest customer contributed approximately RMB 20,490,000 to sales, accounting for about 4% of total revenue in 2024, down from 6% in 2023[21] Operational Developments - The group plans to complete the second phase of its subsidiary's production line by 2025, which is expected to gradually improve profitability and generate positive operating cash flow[12] - The group has integrated its subsidiaries' production lines to streamline processes and reduce costs, with ongoing measures to control administrative expenses and future capital expenditures[12] - The production of major products increased by 18% during the year, despite a decline in product prices due to market oversupply[45] - The sales volume of major products grew by 9% year-on-year, indicating strong market competitiveness[46] - The company completed the relocation and integration of certain production lines from the Lianyungang factory to the Dalian factory, enhancing the overall product chain[44] Research and Development - Research and development costs for 2024 were RMB 10,739,000, slightly up from RMB 10,209,000 in 2023, focusing on various organic acid products[27] - The company maintained a focus on research and development, holding a total of 44 patents, including 30 invention patents and 14 utility model patents by the end of 2024[49] - The company aims to enhance product competitiveness and economic benefits by continuously supporting the Dalian factory's product development and sales[51] Governance and Compliance - The company has maintained compliance with the corporate governance code as stipulated by the Hong Kong Stock Exchange[93] - The independent non-executive directors have confirmed their independence in accordance with the listing rules[96] - The audit committee has been established and includes three independent non-executive directors as of December 31, 2024[97] - The audit committee reviewed the accounting principles and practices adopted by the group and discussed financial reporting procedures with the board[97] Shareholder Information - The company has not issued any dilutive shares in both 2024 and 2023, maintaining a consistent share count of 529,700,000[32] - As of December 31, 2024, the company has issued a total of 529,700,000 shares, comprising 183,700,000 H shares, 2,500,000 domestic shares, and 343,500,000 foreign shares[90] - The percentages of shareholdings are calculated based on the total issued shares as of December 31, 2024, which are 2,500,000 domestic shares, 343,500,000 foreign shares, and 183,700,000 H shares[85]
常茂生物(00954) - 2024 - 年度业绩