Financial Performance - For the fiscal year ending December 31, 2024, the group's revenue was approximately RMB 140,164,000, representing an increase of about 19.34% compared to RMB 117,446,000 for the fiscal year ending December 31, 2023[4] - The group reported a net loss of approximately RMB 6,323,000 for the fiscal year ending December 31, 2024, a significant improvement from a net loss of RMB 16,918,000 for the previous year[4] - The loss per share for the fiscal year ending December 31, 2024, was RMB 4.69, compared to RMB 14.10 for the fiscal year ending December 31, 2023[4] - The group's gross profit for the fiscal year ending December 31, 2024, was RMB 16,426,000, up from RMB 5,862,000 in the previous year[5] - The company reported a total operating loss of RMB 5,399,000, with a pre-tax loss of RMB 6,582,000 for the year ended December 31, 2024[33] - The group recorded a loss before tax of approximately RMB 6.58 million, an improvement from a loss of RMB 17.91 million in the previous year[87] - The total loss for the year was approximately RMB 6.32 million, compared to a loss of RMB 16.92 million in the previous year, reflecting a year-on-year improvement of about RMB 10.60 million[89] Assets and Liabilities - Total assets as of December 31, 2024, amounted to RMB 129,510,000, an increase from RMB 105,348,000 as of December 31, 2023[6] - The group's cash and bank balances decreased to RMB 6,211,000 as of December 31, 2024, down from RMB 12,439,000 in the previous year[6] - Trade receivables increased to RMB 49,868,000 as of December 31, 2024, compared to RMB 37,460,000 in the previous year[6] - Non-current assets decreased to RMB 1,606,000 as of December 31, 2024, from RMB 3,578,000 in the previous year[6] - As of December 31, 2024, the total interest-bearing borrowings of the group amounted to approximately RMB 28,563,000, of which approximately RMB 26,563,000 is due within 12 months[25] - Trade payables rose to RMB 70,689,000 in fiscal year 2024 from RMB 61,253,000 in fiscal year 2023, marking an increase of approximately 15.3%[53] - Trade payables and notes payable as of December 31, 2024, totaled RMB 73,689 thousand, an increase of 14.8% from RMB 64,253 thousand in 2023[55] Cash Flow and Financing - The group recorded a net cash outflow from operating activities of approximately RMB 20,854,000 for the year ending December 31, 2024[25] - The company is currently negotiating repayment schedules with several creditors to manage its cash flow effectively[26] - The company is seeking extensions and renewals for bank loans and other borrowings that are due[26] - Financing costs netted RMB (1,183,000) in 2024, compared to RMB (577,000) in 2023, showing an increase in financing costs by approximately 104.5%[39] - Total interest-bearing borrowings increased to RMB 28,563,000 from RMB 17,976,000, representing a growth of 58.5% year-over-year[98] Revenue Segments - Revenue from external customers for the exhibition and event services segment was RMB 122,716,000, while e-commerce services generated RMB 17,448,000, totaling RMB 140,164,000 for the reporting period[33] - Revenue from exhibition and event-related services increased to RMB 117,582,000 in 2024 from RMB 101,515,000 in 2023, representing a growth of approximately 15.8%[37] - Revenue from automotive-related exhibitions and activities was RMB 49.67 million, accounting for 35.44% of total revenue, while non-automotive-related exhibitions generated RMB 67.91 million, contributing 48.45%[74] Employee and Operational Costs - Total employee costs for fiscal year 2024 were approximately RMB 7,552,000, compared to RMB 5,983,000 in fiscal year 2023, showing an increase of around 26.3%[47] - Employee costs, including director remuneration, were approximately RMB 16.16 million, up from RMB 13.44 million, reflecting a 20.4% increase[110] - Administrative expenses rose to approximately RMB 18.30 million, an increase of about 44.83% or RMB 5.66 million year-on-year[83] - Selling expenses decreased to approximately RMB 7.20 million, down about 19.44% or RMB 1.74 million year-on-year[81] Strategic Initiatives and Future Outlook - The company is actively considering acquiring a business in the digital services sector in mainland China, with plans to proceed in the coming months[123] - The company aims to enhance operational efficiency and unlock long-term value through identified growth opportunities[123] - The company is focusing on upgrading and strengthening its non-automotive sector by launching innovative one-stop value chain services and SaaS platform solutions[70] - The company recognizes the importance of reducing risks and diversifying its business, leading to significant investments in related fields[72] - The group aims to enhance cost efficiency and solidify its existing business model while transitioning to a structure aligned with new technological advancements[121] Market and Economic Context - The service industry contributed RMB 76,558.3 billion to GDP in 2024, growing by 5.0% year-on-year, indicating its critical role in China's economic growth[62] - The number of trade exhibitions held in China in 2024 was 3,844, with exhibition area increasing by 10.1% to 1.55 million square meters, demonstrating stable development in the exhibition industry[65] - According to KPMG, China's GDP growth rate is expected to reach 5% in 2024, slightly lower than 5.2% in 2023, but in line with the government's target[119] - The International Monetary Fund has revised China's 2025 economic growth forecast to 4.6%, reflecting ongoing economic challenges[120] Governance and Compliance - The Audit Committee was established on May 16, 2018, in compliance with GEM Listing Rules, consisting of three independent non-executive directors[133] - The independent non-executive directors have confirmed their independence according to GEM Listing Rules, and the company considers all of them to be independent individuals[134] - The auditor, Fook Wai Ma Choi & Co., confirmed that the financial figures in the preliminary announcement are consistent with the group's consolidated financial statements for the year ending December 31, 2024[135] - The annual report for the year ending December 31, 2024, will include all information required by GEM Listing Rules and will be sent to shareholders[136]
天平道合(08403) - 2024 - 年度业绩