Financial Performance - The company's revenue for the year ended December 31, 2024, was approximately RMB 10,129.1 million, representing a 14.3% increase compared to RMB 8,863.4 million in the same period of 2023[6]. - Gross profit decreased to approximately RMB 889.4 million, down 13.6% year-on-year from RMB 1,029.9 million[6]. - Operating profit was approximately RMB 427.9 million, reflecting an 8.0% decrease from RMB 465.4 million in the previous year[6]. - Net profit for the year was approximately RMB 273.5 million, a decline of 14.5% compared to RMB 319.9 million in 2023[6]. - The earnings attributable to equity shareholders of the company were approximately RMB 189.9 million, down 9.9% from RMB 210.7 million in the prior year[6]. - The company's revenue for the year ended December 31, 2024, was approximately RMB 10,129.1 million, an increase of about RMB 1,265.7 million or approximately 14.3% compared to RMB 8,863.4 million in 2023[26]. - The gross profit for the year ended December 31, 2024, was approximately RMB 889.4 million, a decrease of about 13.6% from RMB 1,029.9 million in 2023, with the gross margin dropping from 11.6% to 8.8%[28]. - The company's net profit for the year ended December 31, 2024, was approximately RMB 273.5 million, a decrease of about RMB 46.4 million from RMB 319.9 million in 2023[25]. - The profit attributable to equity shareholders for the year ended December 31, 2024, was approximately RMB 189.9 million, a decrease of about RMB 20.8 million or approximately 9.9% compared to RMB 210.7 million in 2023[35]. - The group reported a total segment profit of RMB 497,122,000 for 2024, with KOTON Technology at RMB 366,130,000 and HEDAN Technology at RMB 130,992,000[70]. - The group’s net profit attributable to shareholders for 2024 was RMB 189,854,000, compared to RMB 210,700,000 in 2023, indicating a decrease of about 9.9%[75]. Market Focus and Strategy - The company is focusing on the AI and IoT sectors, leveraging its proprietary AI technology and large language models to provide advanced chip application solutions and efficient supply chain management services[7]. - The company aims to capitalize on the growing demand for high-performance computing chips driven by AI applications and cloud computing infrastructure upgrades[9]. - The company is developing a smart battery management platform for the new energy sector, targeting the rapidly growing market for two-wheeled vehicle battery swapping and re-utilization[12]. - The company has established partnerships with over 80 leading chip manufacturers, including Nvidia, AMD-Xilinx, and Intel, to enhance its product offerings in the AI computing supply chain[9]. - The group aims to enhance revenue sources by focusing on new energy smart battery cloud services, particularly in the two-wheeler battery cloud service market[18]. - The group plans to develop an open and prosperous ecosystem for the electronic manufacturing value chain, which includes supply chain financing and cloud computing services[20]. - The group intends to increase customer loyalty and procurement volume by utilizing advanced market analysis tools to provide more efficient online and offline platforms[21]. - The group will leverage its technology service platform to continuously enhance chip application solution designs to meet the high-performance chip demand in the AI supply chain[17]. - The group is committed to accelerating the expansion of the AI industry chain by integrating its subsidiaries' capabilities in technology and services[17]. - The group aims to create a closed-loop industry ecosystem of "chip-end-cloud" to meet the demands of the AI industry chain[18]. - The group plans to monetize the data collected from customers and suppliers to provide data-driven services, enhancing its service offerings[20]. Financial Position and Assets - As of December 31, 2024, the group's current assets were approximately RMB 6,740.0 million, with cash and bank balances at RMB 839.7 million, inventories at RMB 3,510.5 million, and trade and other receivables at RMB 2,380.7 million[36]. - The current ratio as of December 31, 2024, was 1.41, down approximately 6.6% from 1.51 as of December 31, 2023[36]. - Capital expenditures for the year ended December 31, 2024, were approximately RMB 31.0 million, a decrease of about RMB 137.0 million or approximately 81.5% from RMB 168.0 million in 2023[38]. - The net debt-to-equity ratio as of December 31, 2024, was approximately 27.8%, up from 25.1% as of December 31, 2023, primarily due to an increase in bank loans during the reporting period[39]. - As of December 31, 2024, the group had no significant contingent liabilities[46]. - The group had no major investments during the reporting period, including any investments in companies valued at 5% or more of the total assets[40]. - The group had no major acquisitions or disposals during the reporting period, except for the repurchase of equity in Shenzhen Keton Technology[42]. - The total assets decreased from RMB 7,591,537,000 in 2023 to RMB 6,739,997,000 in 2024, reflecting a reduction of approximately 11.3%[52]. - The company’s total liabilities decreased from RMB 5,027,572,000 in 2023 to RMB 4,781,189,000 in 2024, a decline of about 4.9%[52]. Governance and Compliance - The company has adopted strict corporate governance principles and has complied with all applicable codes in the Corporate Governance Code, except for the separation of the roles of Chairman and CEO, which are currently held by the same individual[82]. - The management has not provided monthly updates to the board as required but has shared quarterly business information to keep the board informed of the company's performance and outlook[83]. - The audit committee, consisting of three independent non-executive directors, has reviewed the company's annual performance for the year ending December 31, 2024[86]. - There are no significant litigations or arbitrations involving the company as of December 31, 2024[89]. - The board does not recommend the distribution of a final dividend for the year ending December 31, 2024[90]. - The annual report for the year ending December 31, 2024, will be published on the company's website and the Hong Kong Stock Exchange website[92]. Other Financial Metrics - Research and development expenses for the year ended December 31, 2024, were approximately RMB 104.1 million, an increase of about 1.5% from RMB 102.6 million in 2023[31]. - Administrative and other operating expenses for the year ended December 31, 2024, were approximately RMB 221.7 million, a decrease of about 29.6% from RMB 315.0 million in 2023[32]. - The company recorded other income, gains, and losses of approximately RMB 24.1 million for the year ended December 31, 2024, a decrease of about 54.4% from RMB 52.9 million in 2023[29]. - The company reported a foreign exchange gain of RMB 67,742,000 in 2024, compared to a loss of RMB 5,296,000 in 2023[51]. - The group’s financial costs rose to RMB 125,260,000 in 2024 from RMB 109,295,000 in 2023, an increase of approximately 14.7%[72]. - The company did not declare or recommend any dividends for the fiscal year ending December 31, 2024[73]. - The average credit period granted by the group remained at 30 days for both 2024 and 2023[79].
硬蛋创新(00400) - 2024 - 年度业绩