Financial Performance - For the fiscal year ending December 31, 2024, the company reported revenue of RMB 98,580 thousand, a significant decrease of 77.7% compared to RMB 440,550 thousand in 2023[2]. - The cost of sales for the same period was RMB 99,036 thousand, resulting in a gross loss of RMB 456 thousand, compared to a gross profit of RMB 83,827 thousand in the previous year[4]. - The net loss for the year was RMB 77,527 thousand, contrasting with a net profit of RMB 25,493 thousand in 2023, indicating a substantial decline in profitability[4]. - Adjusted net loss, excluding certain expenses, was RMB 64,002 thousand, compared to an adjusted net profit of RMB 36,014 thousand in the prior year[2]. - Total revenue for 2024 is RMB 98,580,000, down from RMB 440,550,000 in 2023, indicating a significant decline in overall performance[40]. - The group recorded a total loss of RMB 77,527,000 and a net cash outflow from operating activities of RMB 27,007,000 as of December 31, 2024[14]. - The company reported a pre-tax loss of RMB 70,426 thousand for 2024, compared to a profit of RMB 34,456 thousand in 2023[56]. - The basic loss per share attributable to ordinary equity holders was RMB (360.00) for 2024, compared to a profit of RMB 116.00 in 2023[61]. - The company reported a net asset value of RMB 223,268 thousand at the end of 2024, down from RMB 279,831 thousand in 2023[61]. - The company’s revenue for the year ended December 31, 2024, decreased by approximately 77.6% to RMB 98.6 million from RMB 440.6 million in 2023[86]. Assets and Liabilities - Total assets minus current liabilities decreased to RMB 205,662 thousand from RMB 269,304 thousand in 2023, reflecting a decline in financial health[8]. - The company's cash and cash equivalents dropped to RMB 4,082 thousand from RMB 27,540 thousand, indicating liquidity challenges[6]. - Trade receivables decreased to RMB 223,268 thousand from RMB 279,831 thousand, suggesting a reduction in sales or collection issues[6]. - The total equity attributable to the owners of the parent company decreased to RMB 205,437 thousand from RMB 268,377 thousand, indicating a decline in shareholder value[8]. - The group has unutilized bank credit facilities amounting to RMB 7,000,000 to partially meet its debt obligations and capital expenditure requirements[14]. - The group has not recognized any deferred tax assets related to unutilized tax losses as of December 31, 2024, and December 31, 2023[38]. - The total deferred tax liabilities as of December 31, 2024, amount to RMB 70,000, down from RMB 151,000 in 2023, reflecting a reduction in tax obligations[75]. - The deferred tax assets for 2024 are recorded at RMB 56,000, a decrease from RMB 7,238,000 in 2023, indicating a decline in potential tax benefits[76]. Revenue Breakdown - Revenue from external customers in mainland China for 2024 is RMB 98,580,000, a decrease of 77.25% from RMB 433,814,000 in 2023[40]. - Revenue from IoT application data transmission and processing services was RMB 73,207,000 in 2024, down 80.7% from RMB 380,316,000 in 2023[43]. - Non-5G business revenue fell approximately 81.7% to RMB 64.2 million in 2024 from RMB 350.7 million in 2023[87]. - The 5G business revenue decreased from RMB 89.9 million in 2023 to approximately RMB 34.3 million in 2024[87]. - The revenue from data transmission and processing services decreased approximately 80.8% from about RMB 380.3 million in 2023 to about RMB 73.2 million in 2024[95]. - Sales revenue from communication equipment dropped approximately 56.4% from about RMB 58.2 million in 2023 to about RMB 25.4 million in 2024[99]. Operational Insights - The company continues to focus on providing Internet of Things (IoT) application data transmission and processing services, as well as communication equipment[9]. - The group operates as a single reportable operating segment, focusing on overall operational performance for resource allocation and evaluation[39]. - The company has 100% ownership in several subsidiaries, including Howkingtech (BVI) Limited and Parka Aragon Holding Limited, both focused on investment holding[11]. - The company has been rapidly developing its IoT services since 2012 and has established itself as a notable supplier in the growing 5G private network market in China[84]. - The company plans to diversify its 5G private network customer types, targeting advanced manufacturing, transportation, environmental protection, and energy sectors[89]. - The company aims to enhance its industry data platform using artificial intelligence and big data to support various applications[90]. Credit Risk and Impairment - The expected credit loss for trade receivables, notes receivable, and contract assets is calculated using a provisioning matrix based on industry-specific expected credit loss rates[34]. - The group has updated the expected credit loss amounts to reflect changes in credit risk since initial recognition, with significant estimates being influenced by economic conditions[36]. - The impairment loss on trade receivables increased to RMB 70,815 thousand in 2024 from RMB 42,785 thousand in 2023[62]. - The expected credit loss on trade receivables was RMB 70,815 thousand, reflecting a significant increase in credit risk[63]. - The company’s expected credit loss for financial assets increased by approximately 194.2%, from RMB 10.0 million in 2023 to RMB 29.4 million in 2024, primarily due to a slowdown in the recovery of overdue trade receivables[114]. Corporate Governance - The company aims to maintain high standards of corporate governance and internal control measures[137]. - The chairman and CEO roles are currently held by the same individual, which the board believes ensures unified leadership[138]. - The audit committee, consisting of three independent non-executive directors, has reviewed the audited consolidated financial statements for the year ending December 31, 2024[139]. - The company has adopted the standard code of conduct for securities trading applicable to all directors and relevant employees[136]. Future Outlook - The group believes it will have sufficient operating funds to meet its financial obligations in the foreseeable future[15]. - The company is considering the application of HKFRS 19 in specific financial statements of its subsidiaries[27]. - The company will strengthen risk management and improve cash flow recovery efforts in a challenging economic environment[90].
迷策略(02440) - 2024 - 年度业绩