Financial Performance - Revenue increased by 20.1% to approximately RMB 194,863,000 (2023: RMB 162,278,000) [3] - Gross profit rose by 22.5% to approximately RMB 80,098,000 (2023: RMB 65,363,000) [3] - Gross margin improved to approximately 41.1% (2023: 40.3%) [3] - Profit before tax decreased by 45.8% to approximately RMB 1,429,000 (2023: RMB 2,638,000) [3] - Profit attributable to equity holders decreased by 44.9% to approximately RMB 1,270,000 (2023: RMB 2,303,000) [3] - Basic earnings per share decreased by 50.0% to approximately RMB 0.03 (2023: RMB 0.06) [3] - The net profit attributable to equity holders for the year ended December 31, 2024, was approximately RMB 1,270,000, a decrease of about RMB 1,033,000 or 44.9% compared to RMB 2,303,000 in 2023 [64] Assets and Liabilities - Total assets increased to RMB 337,982,310 (2023: RMB 292,849,380) [5] - Total liabilities increased to RMB 219,288,040 (2023: RMB 175,419,693) [6] - Non-current assets increased to RMB 146,955,912 (2023: RMB 131,631,817) [5] - Trade receivables increased to RMB 77,868,421 as of December 31, 2024, from RMB 71,469,009 in 2023, marking an increase of about 9.5% [36] - The total unused tax losses as of December 31, 2024, amounted to approximately RMB 25,090,999, an increase from RMB 16,284,584 as of December 31, 2023 [30] - Trade payables decreased significantly to RMB 18,994,736 in 2024 from RMB 39,371,472 in 2023, indicating a reduction of 51.8% [40] Expenses - Research and development expenses increased to RMB 15,542,097 (2023: RMB 11,585,685) [4] - The total cost of sales, selling expenses, administrative expenses, and impairment of financial assets amounted to RMB 187,975,221 for the year ending December 31, 2024, up from RMB 155,684,169 in 2023, representing an increase of approximately 20.7% [22] - The group’s employee benefit expenses increased to RMB 35,703,993 in 2024 from RMB 28,518,993 in 2023, reflecting a rise of approximately 25.4% [22] - Distribution costs increased by approximately RMB 10,220,000 or 42.1%, from RMB 24,249,000 in 2023 to RMB 34,469,000 in 2024, mainly due to higher transportation, marketing, and employee expenses [57] - The company's inventory cost recognized as cost of sales for the year ended December 31, 2024, was RMB 112,520,895, compared to RMB 94,900,017 in 2023, reflecting an increase of approximately 18.5% [35] Taxation - The company's income tax expense for the year ended December 31, 2024, was RMB (158,625) compared to RMB (334,849) for the year ended December 31, 2023, indicating a significant reduction in tax expenses [29] - The effective tax rate decreased from 12.7% in 2023 to 11.1% in 2024, with income tax expenses dropping from approximately RMB 335,000 to RMB 159,000, a decrease of about RMB 176,000 or 52.5% [63] Cash Flow and Capital Structure - Cash and cash equivalents as of December 31, 2024, amounted to RMB 16,330,972, up from RMB 14,888,159 in 2023, reflecting a growth of 9.7% [39] - Total borrowings increased to approximately RMB 172,958,000 in 2024 from RMB 111,401,000 in 2023 [80] - Capital debt ratio rose to 132.0% in 2024 from 82.2% in 2023, mainly due to increased bank borrowings [81] - Cash and cash equivalents increased by approximately RMB 1,443,000, driven by net cash inflow from operating activities of approximately RMB 7,847,000 [79] Research and Development - The company invested approximately RMB 15,542,000 in research and development in 2024, emphasizing its commitment to new product development [47] - Research and development expenses increased from approximately RMB 11,586,000 in 2023 to RMB 15,542,000 in 2024, an increase of about RMB 3,956,000 or 34.1%, primarily due to new projects in the environmental sector [60] Corporate Governance - The company has complied with all applicable provisions of the corporate governance code during the review period, except for deviations from provisions C.2.1 and C.1.8 [102] - The audit committee held two meetings during the review period, with all members in attendance, and reviewed the consolidated financial statements for the year ending December 31, 2024 [105] Future Outlook - In 2025, the group plans to expand its foreign customer market, particularly in North America, Europe, and Southeast Asia [91] - The group aims to develop high-value-added fine chemicals from bentonite resources, focusing on three product categories: organic bentonite series, water-based bentonite series, and inorganic gel series [90]
长安仁恒(08139) - 2024 - 年度业绩