Financial Performance - For the fiscal year ending December 31, 2024, the company reported total revenue of RMB 256,610,000, an increase of 4.9% from RMB 244,688,000 in the previous year[3] - The gross profit for the year was RMB 1,046,000, compared to RMB 371,000 in the previous year, indicating a significant improvement[3] - The net loss for the year was RMB 68,177,000, which is a 12.6% increase from the net loss of RMB 60,585,000 in the prior year[3] - Revenue from wire and cable production and sales reached RMB 236,332 thousand in 2024, up from RMB 190,702 thousand in 2023, representing a growth of approximately 24%[18] - Revenue from carbon nanotubes and conductive agent products was RMB 20,278 thousand in 2024, with no prior year comparison available[18] - The company reported a significant increase in other income and gains, which rose to RMB 20,168,000 from RMB 8,615,000, marking an increase of 134%[3] - The company's total income tax expense for the year ended December 31, 2024, was RMB 6,562,000, compared to RMB 3,744,000 for the year ended December 31, 2023, reflecting an increase of 75.3%[24] - The company reported a basic loss per share of RMB 0.594 in 2024, slightly improved from RMB 0.653 in 2023[27] - The company recorded a net loss of RMB 68,177,000 for the year ended December 31, 2024[73] Assets and Liabilities - The company's total assets decreased to RMB 272,799,000 from RMB 358,849,000, reflecting a decline of approximately 24%[5] - Current liabilities decreased to RMB 224,722,000 from RMB 263,686,000, a reduction of about 14.8%[5] - The company's equity decreased significantly to RMB 12,468,000 from RMB 70,537,000, a drop of about 82.3%[6] - Trade receivables decreased to RMB 114,521,000 from RMB 143,028,000, a decline of approximately 19.9%[5] - The expected credit loss provision for trade receivables rose significantly to RMB 55,313,000 in 2024 from RMB 13,482,000 in 2023, indicating a substantial increase in credit risk[28] - The company's trade payables amounted to RMB 97,285,000 in 2024, a slight increase from RMB 95,435,000 in 2023[32] - The company’s bank borrowings due within one year decreased to RMB 37,465,000 in 2024 from RMB 51,248,000 in 2023, showing a reduction in short-term debt[36] - The total borrowings principal amount was approximately RMB 15,159,000 in 2024, down from RMB 50,999,000 in 2023, indicating a significant reduction in overall debt levels[36] - As of December 31, 2024, the company's net current liabilities amounted to RMB 63,765,000[73] - Total borrowings of the company were RMB 72,528,000, with RMB 49,708,000 due within the next twelve months[73] Operational Efficiency and Strategy - The company aims to enhance operational efficiency by streamlining processes and investing in automation to reduce costs and improve productivity[41] - The company has signed long-term supply agreements with favorable pricing to optimize procurement and extend its regional production base[42] - The company is focusing on innovation and R&D to develop high-performance, durable, and energy-efficient products[40] - The company anticipates the high voltage cable market to reach RMB 800 billion by 2025, driven by national grid upgrades and infrastructure projects[42] - The new polymer cable material factory is expected to produce over 20,000 tons annually, with a supply agreement for 10,000 tons signed with a state-owned enterprise[43] Expenses and Cost Management - Sales and distribution expenses rose by RMB 1.3 million (68.4%) to RMB 3.2 million in 2024, driven by efforts to acquire new customers in China and increased travel costs[51] - Administrative expenses decreased by RMB 15.8 million (37.3%) to RMB 26.6 million in 2024, mainly due to reduced losses from the sale of properties, plants, and equipment[51] - Total financing costs decreased slightly to RMB 7,131 thousand in 2024 from RMB 7,308 thousand in 2023, a reduction of about 2.4%[22] - Depreciation of property, plant, and equipment decreased to RMB 5,714 thousand in 2024 from RMB 8,971 thousand in 2023, a decline of approximately 36.5%[23] Shareholder Information - The average number of ordinary shares outstanding increased to 98,938,000 in 2024 from 92,000,000 in 2023, reflecting a share consolidation effective from July 10, 2024[27] - The company plans to issue up to 55.2 million new shares at a subscription price of HKD 0.11 per share, aiming to raise approximately HKD 6.072 million to strengthen its financial position[38] - The company did not declare or pay any dividends for the year ended December 31, 2024, consistent with 2023[26] Compliance and Governance - The audit committee consists of three independent non-executive directors, ensuring compliance with GEM listing rules[70] - The financial statements have been prepared in accordance with Hong Kong Financial Reporting Standards, reflecting a true and fair view of the company's financial position[72] - The company is committed to transparency and accuracy in its financial disclosures, as confirmed by the board of directors[77] - The company faces significant uncertainties regarding its ability to continue as a going concern due to its financial position[73] Employment and Workforce - The company employed a total of 111 full-time employees as of December 31, 2024, down from 116 in 2023, with total employee benefit expenses of approximately RMB 10.0 million[61] Other Financial Information - The company did not disclose significant impacts from the newly issued accounting standards expected to take effect in the future[11] - There was a default on loans totaling RMB 15,159,000, along with accrued interest of RMB 6,715,000[73] - The total cash and bank balance as of December 31, 2024, was RMB 1,776,000, up from RMB 1,409,000 in 2023[54] - The debt-to-equity ratio significantly increased to 674.8% in 2024 from 163.7% in 2023 due to increased borrowings and reduced equity[54]
中国蜀塔(08623) - 2024 - 年度业绩