Financial Performance - For the fiscal year ending December 31, 2024, the total revenue was RMB 325,234,000, a decrease of 13.3% compared to RMB 375,161,000 in 2023[4]. - The gross profit for the same period was RMB 28,627,000, down 37.5% from RMB 45,753,000 in 2023[4]. - The net loss attributable to the owners of the company was RMB 322,050,000, compared to a loss of RMB 230,665,000 in 2023, representing an increase in loss of 39.5%[4][9]. - The company reported a pre-tax loss of RMB (322,050,000) for 2024, compared to a loss of RMB 230,665,000 in 2023, indicating a deterioration in financial performance[50]. - The group incurred a net loss attributable to shareholders of approximately RMB 322,050,000 for the year ended December 31, 2024[66]. - The net loss for the reporting period was approximately RMB 276.3 million, compared to a net loss of RMB 193.8 million in the previous year[81]. Assets and Liabilities - The total assets less current liabilities decreased to RMB 480,098,000 from RMB 804,309,000 in 2023, a decline of 40.2%[5][6]. - The total equity attributable to owners of the company decreased to RMB 126,960,000 from RMB 449,010,000 in 2023, a decline of 71.7%[6]. - The company's current liabilities net value was approximately RMB 459,355,000 as of December 31, 2024, indicating significant financial uncertainty[66]. - Total assets as of December 31, 2023, amounted to RMB 1,634,041,000, while projected total assets for December 31, 2024, are RMB 1,302,719,000[22][23]. - The debt-to-equity ratio increased to 108.4% from 59.6% in the previous year, indicating a rise in financial leverage[85]. Cash Flow and Financing - The company’s cash and cash equivalents increased to RMB 48,872,000 from RMB 32,508,000 in 2023, reflecting a positive cash flow trend[5]. - The company is actively seeking additional financing and lending sources to meet its financial obligations and fund future operations and capital expenditures[12]. - The company has received a commitment letter from Mr. Liu, agreeing not to demand repayment of approximately RMB 60,663,000 until December 31, 2024[12]. - The group is exploring various financing options with multiple financial institutions to secure operational funding for the foreseeable future[68]. - The group has received guarantees from major shareholders to ensure sufficient funds for settling liabilities due within the next twelve months[68]. Operational Challenges - The board of directors expressed concerns regarding the company's ability to continue as a going concern due to significant uncertainties affecting its operational cash flow and financing capabilities[10]. - The group faced significant operational challenges due to severe economic conditions, leading to a notable decline in performance both domestically and internationally[89]. - The company continues to implement cost control measures to improve cash flow from operations[12]. - Management is implementing measures to accelerate the collection of outstanding trade debts and control administrative costs[68]. - The group is focusing on cost control and risk management strategies to mitigate the negative impacts of economic slowdown and enhance project stability[91]. Revenue Breakdown - Revenue from external customers for the year 2024 was RMB 325,234,000, down 13% from RMB 375,161,000 in 2023[31]. - Revenue from the infrastructure and land reclamation business decreased to RMB 14,893,000 in 2024 from RMB 30,069,000 in 2023, a decline of 50%[31]. - Revenue from other maritime businesses was RMB 301,080,000 in 2024, down from RMB 334,300,000 in 2023, reflecting a decrease of approximately 10%[31]. - The infrastructure and reclamation dredging segment recorded revenue of approximately RMB 14,900,000, a significant decrease of about 50.5% compared to the previous year, primarily due to economic downturns and project delays[70]. - Other maritime operations reported revenue of approximately RMB 301,100,000, a decrease of 10% compared to the same period last year, mainly due to fewer projects executed[71]. Impairment and Losses - The company reported a significant impairment loss on property, plant, and equipment of RMB 135,305,000, compared to RMB 40,161,000 in 2023, indicating a substantial increase in asset write-downs[4]. - The impairment loss on property, plant, and equipment surged to RMB 135,305,000 in 2024 from RMB 40,161,000 in 2023, marking an increase of approximately 236.5%[44]. - Non-cash impairment losses on property, plant, and equipment were approximately RMB 135.3 million, significantly higher than RMB 40.2 million in the previous year, due to challenging market conditions[75]. Employee Costs - The total employee costs for 2024 amounted to RMB 62,238,000, up from RMB 58,244,000 in 2023, reflecting an increase of about 3.4%[44]. - The total employee cost for the reporting period was approximately RMB 62.2 million, compared to RMB 58.2 million in the previous year, with a reduction in the workforce from 443 to 415 employees[92]. Corporate Governance and Future Plans - The group is committed to maintaining high standards of corporate governance to enhance shareholder value and accountability[96]. - The group plans to diversify its business operations into environmental renewable energy and digitalization of new energy sectors[91]. - The board has proposed a capital restructuring to shareholders, with a special meeting scheduled for consideration[95].
中国疏浚环保(00871) - 2024 - 年度业绩