Financial Performance - In the fiscal year 2024, the revenue from construction contracts decreased by approximately RMB 1,021.3 million or 52.3% to about RMB 930.8 million compared to RMB 1,952.1 million in fiscal year 2023[3] - The overall gross profit margin declined from approximately 10.9% in fiscal year 2023 to about 7.6% in fiscal year 2024[3] - The net loss for fiscal year 2024 was approximately RMB 26.4 million, compared to a net profit of approximately RMB 46.0 million in fiscal year 2023[3] - Total revenue for the year ended December 31, 2024, was RMB 930,801 thousand, a decrease of 52.4% from RMB 1,952,122 thousand in 2023[25] - The gross profit for the fiscal year 2024 was approximately RMB 71.0 million, down approximately 66.7% from RMB 212.6 million in fiscal year 2023, resulting in a gross margin of about 7.6%[40] - The company's pre-tax loss for the fiscal year 2024 was RMB 25,389 thousand, compared to a profit of RMB 45,277 thousand in fiscal year 2023[32] - The basic and diluted loss per share for fiscal year 2024 was RMB 4.69, compared to earnings per share of RMB 9.60 in fiscal year 2023[4] Revenue Breakdown - Revenue from civil construction projects was RMB 529,287 thousand, down 45.8% from RMB 974,816 thousand in 2023[25] - Revenue from municipal engineering decreased by 54.4% to RMB 282,795 thousand from RMB 618,360 thousand in 2023[25] - Revenue from prefabricated steel structure engineering dropped by approximately RMB 230.0 million or 86.7% to about RMB 35.2 million in fiscal year 2024, mainly due to the nearing completion of a significant project[45] - Revenue from civil construction projects fell by approximately RMB 445.5 million or 45.7% to about RMB 529.3 million in fiscal year 2024, primarily due to the completion of major projects in fiscal year 2023[42] - Revenue from municipal engineering decreased by approximately RMB 335.6 million or 54.3% to about RMB 282.8 million in fiscal year 2024, attributed to the completion of large projects[43] Assets and Liabilities - The total assets less current liabilities amounted to RMB 501.6 million in fiscal year 2024, down from RMB 520.0 million in fiscal year 2023[5] - Trade receivables increased to RMB 448,472 thousand in 2024 from RMB 384,027 thousand in 2023, with third-party receivables rising to RMB 408,375 thousand[34] - Trade payables increased to RMB 985,306 thousand in 2024 from RMB 808,587 thousand in 2023, with third-party payables rising to RMB 945,415 thousand[38] - The company's current ratio slightly decreased from approximately 1.32 as of December 31, 2023, to about 1.27 as of December 31, 2024, indicating a slight reduction in short-term liquidity[56] Cash and Financing - The company had cash and cash equivalents of approximately RMB 32.5 million as of December 31, 2024, compared to RMB 59.6 million in the previous year[5] - The company successfully recovered no less than approximately RMB 220 million from trade receivables and contract assets after the reporting date[9] - The company has obtained bank loans of approximately RMB 15 million after the reporting date[9] - The unused bank and credit facilities totaled approximately RMB 11 million as of the announcement date[9] - Interest expenses on borrowings decreased to RMB 5,247 thousand in 2024 from RMB 7,775 thousand in 2023, a reduction of 32.5%[27] - Financial costs decreased from approximately RMB 7.8 million in fiscal year 2023 to about RMB 5.3 million in fiscal year 2024, primarily due to reduced borrowings[52] Corporate Governance and Compliance - The company has adopted the corporate governance code as per the listing rules since its listing date and will continue to comply until December 31, 2024[76] - The audit committee was established on March 10, 2023, and is composed of three independent non-executive directors, responsible for overseeing financial reporting and internal controls[78] - The consolidated financial statements for the fiscal year 2024 have been reviewed and approved by the audit committee, ensuring compliance with applicable accounting standards[79] Dividends and Shareholder Information - The company did not declare or pay any dividends for both fiscal years 2024 and 2023[30] - The board does not recommend any final dividend for the year ending December 31, 2024, consistent with the previous year[84] - The annual general meeting is scheduled for June 27, 2025, with a suspension of share transfer registration from June 24 to June 27, 2025[86] Future Plans and Investments - The company plans to use RMB 38.3 million for preliminary expenses related to three ongoing projects, with an additional RMB 15.3 million allocated for purchasing or replacing construction machinery and equipment[70] - The company announced a placement of 96,000,000 shares to raise approximately HKD 15.6 million, with a net amount of about HKD 15.2 million expected to be used for new project expenses and general working capital[72] - The company sold a non-wholly owned subsidiary for approximately RMB 2.6 million during fiscal year 2024, with no other significant investments or acquisitions reported[74] Risk Management - The company has not entered into any foreign exchange contracts to hedge against currency fluctuations, and considers the impact of foreign exchange risk to be minimal[75] - The company has no significant contingent liabilities as of December 31, 2024, aside from ongoing litigation and claims arising from normal business operations[66]
中天湖南集团(02433) - 2024 - 年度业绩