Financial Performance - Revenue for the year ended December 31, 2024, was RMB 68,814,000, a decrease of 28.9% compared to RMB 96,802,000 in 2023[2] - Gross profit for the same period was RMB 55,451,000, down 13.0% from RMB 63,747,000, with a gross margin of 80.6%, up from 65.9%[3] - Net profit for the year was RMB 15,070,000, representing a decline of 44.6% from RMB 27,210,000 in 2023, with a net profit margin of 21.9%[3] - Basic and diluted earnings per share decreased to RMB 0.19 from RMB 0.34, a drop of 44.1%[3] - Pre-tax profit for 2024 was RMB 20,970,000, down 39% from RMB 34,493,000 in 2023[20] - Total revenue decreased by approximately 28.9% from about RMB 96.8 million for the year ended December 31, 2023, to about RMB 68.8 million for the year ended December 31, 2024, primarily due to no property sales from the Sci-Tech Innovation Park in 2024[48] - Gross profit decreased by approximately 13.0% from about RMB 63.7 million for the year ended December 31, 2023, to about RMB 55.5 million for the year ending December 31, 2024, primarily due to no property sales profit in 2024[50] - Net profit for the year decreased by approximately 44.6% from about RMB 27.2 million for the year ended December 31, 2023, to about RMB 15.1 million for the year ending December 31, 2024[55] Dividends - The board proposed a final dividend of RMB 0.23 per share for the year ended December 31, 2024, unchanged from 2023[2] - The company proposed a final dividend of RMB 0.23 per share for both 2024 and 2023, totaling RMB 18,400,000[22] - The company plans to distribute a final dividend of RMB 18.4 million per share, based on the audited distributable profits of approximately RMB 81.0 million for the fiscal year 2024[75] - The expected payment date for the final dividend to domestic shareholders is May 16, 2025, and for H-share holders, it is May 30, 2025[75] Assets and Liabilities - Total assets less current liabilities amounted to RMB 1,028,504,000, down from RMB 1,045,835,000 in 2023[4] - Non-current liabilities decreased to RMB 226,695,000 from RMB 240,696,000 in the previous year[5] - Cash and cash equivalents increased to RMB 86,386,000 from RMB 74,437,000 in 2023[4] - Contingent liabilities decreased from approximately RMB 103.4 million as of December 31, 2023, to approximately RMB 91.5 million as of December 31, 2024[62] Revenue Sources - Property management service revenue increased to RMB 4,055,000 in 2024 from RMB 3,632,000 in 2023, representing an increase of 11.7%[13] - The company did not have any customer revenue exceeding 10% of total revenue for 2024[14] - Interest income from bank deposits decreased to RMB 120,000 in 2024 from RMB 234,000 in 2023[16] - Total other net income for 2024 was RMB 35,000, significantly down from RMB 2,818,000 in 2023[16] - Other net income decreased by approximately 98.8% from about RMB 2.8 million for the year ended December 31, 2023, to about RMB 0.04 million for the year ending December 31, 2024, primarily due to a reduction in government subsidies[52] Operational Metrics - The average monthly rental for the first floor was RMB 373.2 per square meter in 2024, slightly up from RMB 372.9 in 2023, while the average for the second floor was RMB 193.8, up from RMB 193.6[36] - The average monthly rental for the third floor decreased to RMB 62.8 in 2024 from RMB 65.0 in 2023, indicating a decline in rental income for that area[36] - The average monthly rental income per square meter for the parking area remained stable at RMB 17.1 for both 2024 and 2023[36] - As of December 31, 2024, the rental area of the trading center was 24,092.68 square meters, with an occupancy rate of 94.3%, down from 25,390.6 square meters and 98.11% in 2023[37] - The number of tenants in the trading center decreased slightly to 615 as of December 31, 2024, from 617 in the previous year[34] - The Sci-Tech Innovation Park had a total rental area of 56,365.90 square meters as of December 31, 2024, with an occupancy rate of 68.6%, compared to 37,877.82 square meters and 64.8% in 2023[42] Investment and Financing - The company has secured bank financing of RMB 233,000,000, with the entire amount available for withdrawal[9] - The company has committed capital obligations of RMB 1,007 thousand for the year 2024, compared to RMB 824 thousand in 2023, reflecting an increase in contractual commitments[27] - The net proceeds from the fundraising as of December 31, 2024, amounted to approximately RMB 52.058 million, with RMB 43.106 million already utilized[67] - The allocation of funds includes 70% for the establishment and construction of the Sci-Tech Innovation Park, 20% for further development of the third floor, and 10% for general working capital[67] - As of December 31, 2024, the unutilized balance of the net proceeds is approximately RMB 9.0 million, which is expected to be used for the further development of the third floor by December 2025[67] Corporate Governance - The board of directors has adopted the corporate governance code but has not separated the roles of Chairman and CEO, which is currently held by the same individual[71] - The company confirms compliance with the standard code for securities trading by all directors and supervisors for the fiscal year ending December 31, 2024[73] - The audit committee has reviewed the accounting principles and policies adopted by the group and discussed internal controls and financial reporting matters[82] Future Plans and Market Outlook - The group plans to expand its rental area and develop the second phase of the Sci-Tech Innovation Park while integrating logistics, property, and e-commerce services[47] - The group aims to enhance digital capabilities and explore AI and blockchain applications to improve transaction efficiency and transparency[47] - The industrial added value in China is projected to grow by 5.8% year-on-year in 2024, with the equipment manufacturing and high-tech manufacturing sectors showing significant growth rates of 7.7% and 8.9% respectively[28] - The company aims to leverage its "market + industry" advantages to support the transformation and rise of the tooling industry, amidst a competitive landscape of leading enterprises and differentiated competition from SMEs[30] Events and Announcements - The annual general meeting is scheduled for April 30, 2025[77] - The company will suspend share transfer registration from April 23, 2025, to April 30, 2025, to determine eligibility for attending the annual general meeting and voting[78] - The company will also suspend share transfer registration from May 8, 2025, to May 14, 2025, to determine eligibility for the final dividend distribution[79] - There are no significant events post-December 31, 2024, that would materially impact the company's operations and financial performance[74] - The audit firm KPMG has confirmed that the financial figures in the preliminary announcement for the year ending December 31, 2024, are consistent with the amounts in the consolidated financial statements[80] - The annual performance announcement will be published on the Hong Kong Stock Exchange and the company's website, with the annual report to be sent to shareholders upon request[81]
温岭工量刃具(01379) - 2024 - 年度业绩