Financial Performance - Revenue for the fiscal year 2024 was RMB 989.3 million, a decrease of 15.7% compared to RMB 1,174.0 million in fiscal year 2023[3] - Gross profit was RMB 222.5 million with a gross margin of 22.5%, an increase of RMB 184.9 million and 19.3 percentage points from RMB 37.6 million and 3.2% in fiscal year 2023[3] - The profit for the fiscal year 2024 was RMB 60.9 million, with a net profit margin of 6.1%, an increase of RMB 146.3 million and 13.4 percentage points from a net loss of RMB 85.4 million and a net loss margin of 7.3% in fiscal year 2023[3] - Basic and diluted earnings per share for the fiscal year 2024 were RMB 0.074, compared to a loss of RMB 0.103 in fiscal year 2023[4] - The group’s net profit for the fiscal year 2024 was RMB 609 million, a significant increase of RMB 1.463 billion compared to a net loss of RMB 854 million in fiscal year 2023[55] Assets and Liabilities - Total assets as of December 31, 2024, were RMB 1,572.3 million, an increase from RMB 1,543.6 million as of December 31, 2023[6] - Total equity increased to RMB 850.1 million from RMB 754.1 million year-over-year[7] - Non-current liabilities rose to RMB 126.4 million from RMB 92.4 million in the previous year[7] - Cash and bank balances increased to RMB 120.7 million from RMB 72.6 million year-over-year[6] - The total amount of trade and other receivables reached RMB 149,536,000 in 2024, up from RMB 127,337,000 in 2023[39] Revenue Breakdown - Revenue from the Chinese market was RMB 475,237,000 in 2024, down from RMB 595,174,000 in 2023, reflecting a decrease of about 20.2%[22] - Sales revenue from carrageenan products decreased by RMB 220.9 million or 31.2% due to a decline in seaweed material prices[56] - The sales value in the Chinese market for fiscal year 2024 was RMB 475.2 million, a decrease of RMB 119.9 million or 20.1% compared to fiscal year 2023[57] Expenses - The cost of raw materials and consumables used in 2024 was RMB 598,374,000, down from RMB 884,780,000 in 2023, representing a reduction of 32.4%[25] - Research and development expenses for 2024 amounted to RMB 22,808,000, an increase of 46.1% from RMB 15,589,000 in 2023[26] - The total employee benefits expense for 2024 was RMB 117,576,000, slightly down from RMB 117,866,000 in 2023[25] - The group's sales and distribution expenses rose to RMB 20.6 million, an increase of RMB 2.8 million or 15.7% due to more overseas sales representatives[61] - Administrative expenses increased by RMB 7.3 million or 7.5% to RMB 104.6 million, primarily due to increased material costs in R&D functions[62] Dividends and Shareholder Returns - The company proposed a final cash dividend of HKD 0.012 per share, subject to shareholder approval[2] - The proposed final dividend for 2024 is HKD 0.012 per share, totaling approximately RMB 9,713,000, compared to zero in 2023[38] - The company plans to pay a final cash dividend of HKD 0.012 per share, totaling HKD 10.5 million, to share its operational results with shareholders[54] Corporate Governance - The company confirmed adherence to the corporate governance code, with the exception of the separation of the roles of chairman and CEO as per code provision C.2.1[90] - The company has adopted the principles and provisions of the corporate governance code as its governance framework since its listing[89] - The audit committee, consisting of three independent non-executive directors, reviewed the company's annual performance and financial statements for the fiscal year 2024[93] Future Outlook and Investments - The company is currently evaluating the comprehensive impact of new accounting standards and interpretations on its operations[17] - The company expects that newly issued accounting standards will not have a significant impact on its financial reporting in the foreseeable future[16] - The group plans to invest further in expanding the production capacity of Hongxin using internal resources in the foreseeable future[77] - The group has entered into an investment agreement to inject up to RMB 63.85 million into Xiamen Blue Sea Algae Film Biotechnology Co., Ltd.[73] Market Position and Strategy - The group maintained its market leadership in agar products and refined carrageenan products in China, being recognized as the largest global producer of these products by 2025[48] - The company has launched a 100% biodegradable seaweed film as a plastic alternative, aiming to capitalize on global decarbonization opportunities[51] - The group aims to diversify the geographical location of its production facilities to reduce costs and improve product quality and competitiveness[52] Taxation - The income tax expense for 2024 was RMB 19,996,000, compared to a tax benefit of RMB 27,447,000 in 2023[28] - The effective tax rate for 2024 was 25%, up from 24% in 2023[32] - The group’s subsidiaries in Indonesia and Hong Kong are subject to a corporate tax rate of 22% and 16.5%, respectively[29] Compliance and Reporting - The company will publish its annual report for the fiscal year 2024 on its website and the stock exchange website, in compliance with applicable laws and regulations[97] - The company will suspend share transfer registration from June 3, 2025, to June 6, 2025, to determine eligibility for attending the annual general meeting and voting rights[94] - The company confirmed that there were no significant events affecting the group from December 31, 2024, to the date of the announcement[88]
绿新生物科技(01084) - 2024 - 年度业绩