Financial Performance - Revenue increased by approximately 15.4% from RMB 157.9 million in FY2023 to RMB 182.2 million in FY2024[3] - Gross profit for FY2024 was approximately RMB 77.3 million, compared to RMB 68.5 million in FY2023[3] - Net profit for FY2024 was approximately RMB 51.8 million, up from RMB 49.2 million in FY2023[3] - Total other income for the year 2024 was RMB 1,366,000, compared to RMB 1,175,000 in 2023, representing an increase of approximately 16.2%[24] - Financing costs increased to RMB 1,220,000 in 2024 from RMB 872,000 in 2023, marking a rise of about 39.9%[25] - The group reported a net profit of RMB 51,754,000 for 2024, up from RMB 49,230,000 in 2023, reflecting an increase of approximately 5.1%[32] - Net profit for FY2024 was approximately RMB 518 million, an increase of about RMB 26 million from approximately RMB 492 million in FY2023, driven by revenue growth of approximately RMB 244 million[64] Dividends and Equity - The board does not recommend a final dividend for FY2024, while no dividend was paid for FY2023[3] - The group did not declare or recommend any dividends for both 2024 and 2023[29] - The company’s total equity increased from RMB 339.7 million in FY2023 to RMB 478.0 million in FY2024[8] Assets and Liabilities - Total assets less current liabilities increased from RMB 343.0 million in FY2023 to RMB 489.6 million in FY2024[8] - Non-current assets rose from RMB 204.8 million in FY2023 to RMB 232.9 million in FY2024[7] - Cash and cash equivalents increased significantly from RMB 89.4 million in FY2023 to RMB 226.1 million in FY2024[7] - Current liabilities increased from approximately RMB 20.1 million in FY2023 to approximately RMB 44.2 million in FY2024, primarily due to extended payment cycles to suppliers[70] - Total bank borrowings increased from approximately RMB 20.0 million in FY2023 to approximately RMB 40.0 million in FY2024[71] - The group’s bank borrowings increased to RMB 40,000,000 in 2024 from RMB 19,995,000 in 2023, representing a growth of approximately 100.1%[36] Sales and Market Performance - Revenue from sales to major customers included Customer A at RMB 24,427,000, Customer B at RMB 22,319,000, Customer C at RMB 20,086,000, and Customer D at RMB 28,080,000 for the year 2024[22] - The number of pots sold rose from approximately 10.5 million in FY2023 to approximately 12.5 million in FY2024, reflecting enhanced productivity[53] - The average selling price per pot remained stable at approximately RMB 15.1 in both FY2023 and FY2024[53] - The company’s products are primarily sold through a distribution network in China, with sales to distributors amounting to approximately RMB 157.9 million in FY2023 and RMB 182.2 million in FY2024, representing 100% of total revenue[52] Accounting and Compliance - The company has adopted new and revised Hong Kong Financial Reporting Standards effective from January 1, 2024, which may impact future financial reporting[13] - The company has not made any retrospective adjustments due to the adoption of the revised accounting standards, and no significant impact is expected on past financial periods[14] - The company is currently evaluating the potential impacts of newly issued accounting standards that will become effective in 2025 and beyond[15] - The company’s financial performance indicators will be affected by the introduction of new presentation requirements under the Hong Kong Financial Reporting Standard No. 18[16] - The company’s board of directors is assessing the impact of the new standards on the presentation and disclosure of consolidated financial statements[16] - The audit committee, composed of three independent non-executive directors, has reviewed the group's financial performance for the fiscal year 2024 and confirmed compliance with applicable accounting standards[109] Operational Insights - The company primarily engages in the cultivation and sale of potted vegetable products in China under the "Fujing Agriculture" brand[10] - The company has only one operating and reportable segment, which is the cultivation and sale of potted vegetables[18] - The company operates four planting bases as of December 31, 2024, with a total of 168 operational greenhouses, an increase from 140 in the previous year[52] - The company has capital commitments of approximately RMB 12.9 million for the acquisition of property, plant, and equipment as of December 31, 2024, up from RMB 4.0 million in 2023[88] Risk Management and Governance - The board has assessed the effectiveness of the risk management and internal control systems, concluding they are effective and adequate[111] - The company has engaged an external independent internal control consultant to review its internal control and risk management systems[111] - The company has maintained compliance with the corporate governance code since its listing date, ensuring shareholder interests are protected and corporate value is enhanced[103] Future Plans - The company plans to establish new planting bases in new regional markets and enhance existing planting capabilities, with a total estimated expenditure of RMB 43.8 million for these initiatives[96] - The expected timeline for the establishment of a dedicated organic substrate production base has been delayed to December 2025 due to the need for overseas raw materials[99]
富景中国控股(02497) - 2024 - 年度业绩