Financial Performance - For the fiscal year ending December 31, 2024, the company's revenue was approximately RMB 315,028,000, a decrease of 10.4% compared to RMB 351,767,000 in 2023[2] - Gross profit for the same period was approximately RMB 87,383,000, down 12.2% from RMB 99,513,000 in 2023[2] - The company reported a loss attributable to shareholders of approximately RMB 3,623,000, a decline of 173.6% from a profit of RMB 4,920,000 in 2023[2] - Basic and diluted loss per share for the fiscal year was RMB 0.5, compared to earnings of RMB 0.6 per share in 2023[2] - Total revenue for 2024 was CNY 315,028,000, down 10.5% from CNY 351,767,000 in 2023[19] - The group's net loss for the year ending December 31, 2024, was approximately RMB 3.6 million, compared to a profit of approximately RMB 4.9 million for the year ending December 31, 2023, mainly due to increased provisions for expected credit losses on trade and other receivables[51] Assets and Liabilities - Total assets as of December 31, 2024, amounted to RMB 529,898,000, a decrease from RMB 543,678,000 in 2023[5] - Current assets increased to RMB 381,020,000 in 2024 from RMB 363,335,000 in 2023, representing a growth of approximately 4.5%[5] - Cash and cash equivalents decreased to RMB 28,993,000 in 2024 from RMB 35,064,000 in 2023, a decline of about 17.5%[5] - Total liabilities increased to RMB 199,548,000 in 2024 from RMB 164,195,000 in 2023, reflecting a rise of approximately 21.5%[5] - The company's asset-liability ratio was approximately 70.2% as of December 31, 2024, compared to 68.6% as of December 31, 2023[62] Revenue Breakdown - Revenue from China for the year 2024 was CNY 283,836,000, a decrease of 6.2% compared to CNY 302,814,000 in 2023[19] - Revenue from Asia (excluding China) for 2024 was CNY 12,237,000, down 37.5% from CNY 19,439,000 in 2023[19] - Revenue from Europe for 2024 was CNY 17,315,000, a decline of 25.0% compared to CNY 23,101,000 in 2023[19] Dividends and Shareholder Returns - The board of directors has resolved not to declare any final dividend for the fiscal year ending December 31, 2024[3] - The company does not recommend any dividend payment for the year ending December 31, 2024, consistent with 2023[32] - The board does not recommend any dividend payment for the year ending December 31, 2024, consistent with 2023[76] Operational Insights - The company is primarily engaged in the manufacturing and sale of confectionery products, including candies and chocolates[6] - The company operates a single business segment, generating revenue from the sale of confectionery products[17] - The company aims to enhance product quality and expand its production capabilities by investing in new production lines and equipment[41] - The company operates production facilities in Fujian Province, Jinjiang City, which allows for direct control over product quality and production costs[39] Expenses and Costs - Other income, including bank interest income, was RMB 32,168 thousand in 2024, compared to RMB 28 thousand in 2023, indicating a significant increase[26] - Financing costs totaled RMB 13,829 thousand in 2024, slightly up from RMB 13,587 thousand in 2023[27] - Research and development expenses were RMB 9,370 thousand in 2024, down from RMB 11,094 thousand in 2023, showing a reduction in investment[28] - Selling expenses decreased from approximately RMB 34.8 million for the year ending December 31, 2023, to approximately RMB 31.4 million for the year ending December 31, 2024, mainly due to reduced marketing and promotional expenses[47] - Administrative expenses decreased from approximately RMB 34.6 million for the year ending December 31, 2023, to approximately RMB 32.9 million for the year ending December 31, 2024, primarily due to a reduction in research and development expenses[48] Risk Management - The group faces significant risks including potential economic impacts from COVID-19, reliance on a few major OEM customers, and fluctuations in raw material prices which could affect production and sales costs[54] - The company plans to maintain a flexible business strategy to address risks and uncertainties[56] - The company is closely monitoring business trends to identify favorable entrepreneurial environments[58] Governance and Compliance - The group has maintained compliance with corporate governance standards, ensuring shareholder rights and enhancing corporate value[77] - The audit committee, consisting of four independent non-executive directors, has reviewed the annual performance and financial statements for the year ending December 31, 2024[82] - The annual performance announcement has been published on the Hong Kong Stock Exchange website and the company's website[84] Employee and Operational Metrics - The company had 386 employees as of December 31, 2024, down from 406 employees as of December 31, 2022[63] - The company did not have any significant acquisitions or disposals of subsidiaries or joint ventures during the year ended December 31, 2024[66] Future Outlook - The company does not expect the newly issued and revised Hong Kong Financial Reporting Standards to have a significant impact on the consolidated financial statements in the foreseeable future[10] - The group continues to follow a prudent policy to manage cash and maintain strong liquidity, ensuring the ability to seize future growth opportunities[70]
久久王(01927) - 2024 - 年度业绩