Financial Performance - For the year ended December 31, 2024, the group's revenue was approximately RMB 44,013,000, a decrease of RMB 12,918,000 or 22.7% compared to 2023[3]. - The profit attributable to the owners of the company for the year ended December 31, 2024, was RMB 9,848,000, down RMB 7,754,000 or 44.1% from RMB 17,602,000 in 2023[3]. - Gross profit for the year was RMB 36,599,000, down from RMB 47,752,000 in 2023, reflecting a decline in gross margin[4]. - Total revenue for the year ending December 31, 2024, was RMB 44,013,000, a decrease from RMB 56,931,000 in 2023, representing a decline of approximately 22.9%[25]. - The pre-tax profit for the year ended December 31, 2024, was RMB 16,510,000, down from RMB 26,185,000 in 2023, indicating a decrease of about 37.0%[32]. - Net profit for the year decreased by 44.3% to RMB 9.8 million in 2024 from RMB 17.6 million in 2023, with a net profit margin dropping to 22.4% from 30.9%[78]. - Basic earnings per share for the year ended December 31, 2024, was RMB 1.0, down from RMB 1.8 in 2023[4]. - Basic earnings per share for the year ended December 31, 2024, was RMB 0.010, down from RMB 0.018 in 2023[79]. Dividends - The board proposed a final dividend of HKD 0.55 per share for the year ended December 31, 2024, compared to HKD 1.00 per share in 2023[3]. - The company declared a final dividend of RMB 9,123,000 for the year ended December 31, 2024, compared to zero in 2023, marking a significant return to dividend distribution[36]. - The company proposed a final dividend of HKD 0.55 per share, totaling approximately HKD 5.5 million for the year ended December 31, 2024[64]. - The board recommends a final cash dividend of HKD 0.55 per share for the year ending December 31, 2024, totaling approximately HKD 5,500,000, pending shareholder approval[96]. Assets and Liabilities - Total assets less current liabilities as of December 31, 2024, were RMB 313,806,000, compared to RMB 308,373,000 in 2023[5]. - The company's cash and cash equivalents decreased to RMB 171,318,000 in 2024 from RMB 234,986,000 in 2023[5]. - Non-current assets decreased to RMB 111,311,000 in 2024 from RMB 43,093,000 in 2023, indicating a significant change in asset composition[5]. - The company reported a total of RMB 87.1 million in contract liabilities as of December 31, 2024, an increase from RMB 84.5 million in 2023, primarily due to long-term advance payments from customers[44]. - As of December 31, 2024, trade payables amounted to RMB 8.76 million, up from RMB 7.31 million in 2023[41]. - Total prepayments and other receivables reached RMB 83.97 million as of December 31, 2024, significantly higher than RMB 12.27 million in 2023[40]. - The company’s debt-to-asset ratio is 31.7%, an increase from 30.9% in 2023, indicating stable liquidity[88]. Revenue Segmentation - Total revenue for the year ending December 31, 2024, was RMB 44,013,000, with cemetery sales contributing RMB 25,002,000, and funeral services contributing RMB 6,384,000[16]. - For the fiscal year ending December 31, 2024, the company generated revenue of RMB 317 million, accounting for 72.1% of total revenue from funeral services, a decrease from 79.4% in 2023[48]. - The revenue from funeral services was RMB 64 million for the year ending December 31, 2024, slightly up from RMB 63 million in 2023[49]. - Revenue from cemetery maintenance services reached RMB 59 million in 2024, compared to RMB 55 million in 2023[50]. Expenses - Total employee costs for the year ended December 31, 2024, were RMB 11,023,000, slightly down from RMB 11,029,000 in 2023, indicating a marginal decrease[32]. - The total depreciation and amortization expense for the year ended December 31, 2024, was RMB 3,369,000, up from RMB 2,975,000 in 2023, reflecting an increase of about 13.2%[32]. - The company incurred distribution and selling expenses of RMB 10,530,000 for the year ended December 31, 2024, compared to RMB 10,865,000 in 2023, showing a decrease of approximately 3.1%[25]. - Sales and service costs decreased by 19.6% to RMB 7.4 million in 2024 from RMB 9.2 million in 2023[67]. Future Outlook and Strategy - The company expects to recognize revenue from remaining performance obligations of RMB 87,142,000 as of December 31, 2024, with RMB 6,812,000 expected within one year[23]. - The company anticipates continued demand for funeral services during peak periods, particularly around traditional festivals[51]. - The company aims to enhance its market position in Langfang and expand its operations in the Beijing-Tianjin-Hebei metropolitan area[52]. - The company plans to enhance its service offerings by introducing various price points for products and upgrading cemetery facilities to meet diverse customer needs[56]. - The company will continue to provide extended funeral services, including a one-stop service for rituals, body handling, and memorial services, to ensure a stable customer base[57]. - The company is strategically positioned to explore the funeral service market in the Beijing-Tianjin-Hebei metropolitan area, leveraging its location to increase marketing efforts and partnerships with local funeral service providers[59]. - The company has identified potential acquisition opportunities and strategic alliances since its GEM listing, focusing on expanding its cemetery joint venture project[60]. - The estimated total development cost for the cemetery project is approximately RMB 50 million, with additional administrative and miscellaneous costs of about RMB 4 million[62]. - The company plans to construct operational burial sites in the Beijing New Airport relocation area by 2025 and 2026, which will involve the development of the acquired land[62]. - The company has committed to providing shareholder loans at an interest rate of 6.9% to support the cemetery joint venture project as needed[62]. Compliance and Governance - The audit committee has reviewed the consolidated financial statements for the year ending December 31, 2024, and found them compliant with applicable accounting standards[99]. - The company has adopted corporate governance practices and confirms compliance with the corporate governance code as of December 31, 2024[97]. - There are no significant contingent liabilities reported as of December 31, 2024[92]. - The company has not engaged in any currency hedging arrangements and actively monitors foreign exchange risks[93]. - The company has no capital commitments related to intangible assets as of December 31, 2024[91]. General Information - The annual general meeting is scheduled for May 29, 2025, to approve the final dividend and other matters[101]. - There are no major events affecting the company reported after December 31, 2024[95].
中国万桐园(06966) - 2024 - 年度业绩