Financial Performance - For the fiscal year ending December 31, 2024, the total revenue was RMB 1,650,509 thousand, a slight decrease of 0.4% compared to RMB 1,657,308 thousand in 2023[2] - Gross profit for the same period was RMB 73,963 thousand, down 22.2% from RMB 95,132 thousand in 2023[2] - The company reported a loss before tax of RMB 21,637 thousand, compared to a loss of RMB 8,313 thousand in the previous year, indicating a significant increase in losses[3] - The net loss for the year was RMB 21,606 thousand, which is an increase of 168.5% from RMB 8,043 thousand in 2023[3] - Basic and diluted loss per share for the year was RMB 4.86, compared to RMB 1.93 in 2023, reflecting a substantial decline in earnings[3] - The reportable segment profit for 2024 was RMB 21,053,000, down from RMB 32,754,000 in 2023, indicating a decrease of about 35%[36] - The company reported a pre-tax loss of RMB 21,637,000 for 2024, compared to a pre-tax loss of RMB 8,313,000 in 2023, reflecting a worsening of approximately 160%[36] - The company reported a loss attributable to owners of approximately RMB 21,473,000 for the year ending December 31, 2024[27] - The company’s net asset value was approximately RMB 536.4 million as of December 31, 2024, down from RMB 553.6 million a year earlier[86] Assets and Liabilities - Total assets decreased to RMB 1,297,562 thousand in 2024 from RMB 1,745,823 thousand in 2023, indicating a reduction in the company's asset base[5] - Current liabilities decreased to RMB 680,746 thousand from RMB 907,115 thousand in 2023, showing a reduction in short-term obligations[6] - Non-current liabilities also decreased to RMB 106,452 thousand from RMB 121,412 thousand in the previous year, indicating improved long-term financial stability[7] - The company's equity attributable to owners decreased to RMB 525,368 thousand from RMB 542,471 thousand in 2023, reflecting a decline in shareholder value[7] - The total amount of secured bank borrowings as of December 31, 2024, is approximately RMB 149.5 million, a decrease from RMB 188.0 million as of December 31, 2023[91] - The total liabilities decreased to approximately RMB 387.3 million as of December 31, 2024, from RMB 457.0 million a year earlier, resulting in a debt-to-equity ratio of 74%[88] Revenue Breakdown - Revenue from external customers for the year 2024 totaled RMB 1,650,509,000, with a reported profit of RMB 21,053,000[34] - Revenue from processed foods declined by 5.0% to approximately RMB 757.8 million, contributing 45.9% of total revenue[63] - Revenue from chilled and frozen chicken increased by 8.0% to approximately RMB 694.9 million, contributing 42.1% of total revenue[64] - Revenue from chilled and frozen rabbit meat decreased by 6.7% to approximately RMB 175.5 million, contributing 10.6% of total revenue[65] - Revenue from other products fell by 20.2% to RMB 22.4 million, contributing 1.4% of total revenue[66] - Revenue from the domestic market in China increased to RMB 1,246,198,000 in 2024 from RMB 1,220,168,000 in 2023, marking a growth of approximately 2.1%[38] - Revenue from exports decreased by 7.5% to RMB 404.3 million[67] Operational Challenges and Strategies - The company aims to improve operational efficiency and control costs to enhance future profitability and cash flow[29] - The company plans to increase investment in new product development, focusing on high-value-added processed foods to enhance competitiveness and market resilience[60] - The company will continue to optimize its product mix, strengthen cost management, and expand new sales channels to improve overall performance[60] - The company faces challenges from low growth rates and intensified competition in the food industry, but the impact of external uncertainties is expected to be limited due to the essential nature of its products[59] - The company has identified significant uncertainties that may impact its ability to continue as a going concern[31] Financing and Cash Flow - The total bank borrowings amounted to approximately RMB 282,517,000, which are due within 12 months from December 31, 2024[27] - The company has successfully negotiated with several banks to extend RMB 69,000,000 of its bank borrowings for one year, maturing in 2026[28] - The company has received a letter of intent from its main bank indicating a willingness to provide RMB 100,000,000 in financing in 2025[28] - The company plans to seek additional financing sources and negotiate repayment extensions for related party loans[30] - The company is actively seeking to renegotiate bank loans and explore other financing sources to meet its debt obligations[88] - The company plans to improve liquidity and financial condition, including negotiating loan extensions and seeking new financing sources[99] Compliance and Governance - The company has not declared any dividends for the current year, consistent with the previous year[49] - The independent auditor issued a disclaimer of opinion regarding the group's ability to continue as a going concern due to multiple uncertainties affecting the financial statements[101] - The management has implemented various plans and measures to alleviate liquidity pressure and improve financial conditions, but their success is crucial for the group's ongoing operations[102] - The company has complied with all applicable corporate governance code provisions, except for the separation of roles between the chairman and CEO, which was temporarily held by the same individual[105] - The audit committee has reviewed the accounting principles adopted by the group and discussed matters related to the audit and internal controls[104] Future Outlook - The company anticipates that the adoption of IFRS 18 may change the presentation of the consolidated income statement and require additional disclosures[25] - The company plans to publish its annual report for the fiscal year ending December 31, 2024, on relevant stock exchange websites[110] - There have been no significant matters affecting the group since December 31, 2024, up to the date of this announcement[109]
康大食品(00834) - 2024 - 年度业绩