Financial Performance - The company's turnover for the year ended December 31, 2024, was RMB 5,344,911 thousand, representing a decrease of 13.0% compared to RMB 6,145,228 thousand in 2023[5]. - The company reported a loss of RMB 9,937 thousand for the year, a significant decline of 169.9% from a profit of RMB 14,214 thousand in the previous year[5]. - Loss attributable to owners of the company was RMB 11,980 thousand, down 159.6% from a profit of RMB 20,109 thousand in 2023[5]. - Basic and diluted loss per share was RMB (1.10), a decrease of 159.8% from earnings of RMB 1.84 per share in 2023[5]. - Gross profit decreased by approximately 9.5% to RMB 378.8 million from RMB 418.8 million in 2023, with a gross profit margin of 7.1%[77]. - The Group's EBITDA was approximately RMB 162.4 million, representing a decrease of approximately 21.0% compared to RMB 205.6 million in 2023[65]. - The Group recorded a loss attributable to owners of the Company amounting to approximately RMB 12.0 million, a decline of 159.6% compared to a profit of RMB 20.1 million in 2023[90]. Assets and Liabilities - Total assets decreased by 10.3% to RMB 4,368,764 thousand from RMB 4,870,355 thousand in the previous year[5]. - The company's cash position improved significantly, increasing by 148.8% to RMB 332,961 thousand from RMB 133,825 thousand[5]. - The current ratio increased to 1.2 from 1.1, indicating improved liquidity[5]. - The debt-to-equity ratio decreased to 112.4% from 119.7%, reflecting a reduction in leverage[5]. - As of December 31, 2024, the Group's borrowings amounted to approximately RMB 1,222.2 million, a decrease of approximately 5.9% from RMB 1,299.8 million in 2023[97]. - The total debt to equity ratio as of December 31, 2024, was approximately 112.4%, down from 119.7% in 2023[97]. - Net current assets increased by approximately 7.3% to RMB 525.9 million as of December 31, 2024, from RMB 490.2 million in 2023[99]. Business Strategy and Market Focus - The company is adjusting its development strategy to explore new markets for wearable device batteries, automotive batteries, and energy storage batteries[13]. - Veson Holdings Limited focuses on lithium-ion technology applications and aims to provide diversified and professional module solutions in response to market changes[13]. - The Group's core business is the manufacturing and sales of 3C consumer lithium-ion battery products, and it is actively exploring new power supply product markets to diversify revenue sources[33]. - The Group aims to improve operational efficiency and product development capabilities to address challenges from market competition and price reduction pressures[36]. - The Group will focus on niche markets and establish differential advantages in various consumer lithium-ion battery product fields to create unique competitiveness[36]. - The Group will strive to seize market growth opportunities and accelerate the deployment of new products to support long-term sustainable development[36]. Sales and Revenue - During the Review Period, approximately 60% of the Group's ODM sales revenue was derived from the mobile phone battery business, with sales volume and revenue decreasing by approximately 15% and 22% year-on-year respectively[36]. - The sales revenue of tablet batteries and new power supply products increased by 11% and 24% year-on-year respectively, becoming the main drivers of the growth of the ODM business in 2024[36]. - The ODM business accounted for approximately 93.4% of the Group's consolidated turnover, with a turnover of approximately RMB 4,994.6 million, down from RMB 5,745.8 million in 2023[59]. - Sales from mobile phone batteries amounted to approximately RMB 3,334.3 million, representing 62.4% of the Group's consolidated turnover, down from 69.4% in 2023[70]. - New power supply products generated sales of approximately RMB 262.6 million, contributing approximately 4.9% to the Group's consolidated turnover, up from 3.5% in 2023[70]. Operational Efficiency - The Group plans to control operating costs by strictly managing fixed expenses and material procurement costs while improving operational efficiency to stabilize gross and net profit[41]. - The Group aims to improve operational efficiency and reduce production costs through equipment versatility and process optimization[55]. - The Group's overall shipment of the ODM business showed an upward trend compared to 2023, despite challenges from competitors' low-price strategies[36]. Governance and Management - The Group's management team has extensive experience in financial management, engineering, and corporate governance, enhancing its strategic capabilities[133][136]. - The Group has adopted a share option plan to reward eligible participants, including directors and employees, for their contributions[125]. - The Group's board of directors regularly reviews compensation policies based on operational performance and market statistics[126]. - The Group's executive directors include Feng Ming Zhu, who has been with the Group since March 2007, and Lian Xiu Qin, who has over 20 years of experience in engineering and manufacturing technologies[127][128]. Future Outlook - The smartphone market is expected to continue growing in 2025, driven by device update cycles and demand from emerging markets, with AI technology playing a significant role[46]. - The rapid penetration of AI technology is expected to drive smartphone replacement demand in the coming years, influencing market growth[47]. - The popularization of AI-enabled mobile phones is expected to significantly increase the demand for high-performance lithium-ion batteries, driving further upgrades in battery technology[32].
锐信控股(01399) - 2024 - 年度业绩