Financial Performance - Revenue for the year ended December 31, 2024, was RMB 2,060,367 thousand, representing a 12% increase from RMB 1,845,275 thousand in 2023[4] - Gross profit increased by 15% to RMB 1,356,287 thousand in 2024, compared to RMB 1,181,484 thousand in 2023[4] - Profit before tax rose by 18% to RMB 219,561 thousand, up from RMB 185,934 thousand in the previous year[4] - Net profit attributable to owners of the company increased by 23% to RMB 187,858 thousand, compared to RMB 152,375 thousand in 2023[4] - Basic earnings per share for 2024 was RMB 0.087, up from RMB 0.071 in 2023[6] - Revenue from customer contracts for 2024 reached RMB 2,060,367 thousand, an increase of 11.6% compared to RMB 1,845,275 thousand in 2023[18] - Other income and gains totaled RMB 20,274 thousand in 2024, up from RMB 19,494 thousand in 2023, representing a growth of 4.0%[18] - The company reported a pre-tax profit of RMB 219,561,000 for 2024, up from RMB 185,934,000 in 2023, indicating a growth of 18.1%[25] - The company's net profit attributable to equity holders for 2024 is RMB 187,858,000, compared to RMB 152,375,000 in 2023, representing an increase of 23.3%[27] - Net profit for the year ending December 31, 2024, was approximately RMB 187.9 million, representing an increase of about 23.2% from approximately RMB 152.4 million for the year ended December 31, 2023[56] Dividends - The board proposed a final dividend of HKD 0.04 per share, equivalent to approximately RMB 0.0369, compared to RMB 0.0323 in 2023[4] - The proposed final dividend for 2024 is HKD 0.0400 per share, an increase from HKD 0.0356 per share in 2023, totaling RMB 80,398,000[27] - The board proposed a final dividend of HKD 0.04 per ordinary share, totaling approximately RMB 80.4 million, which represents about 42.8% of the net profit for the year ending December 31, 2024[71] - The final dividend is subject to approval at the annual general meeting scheduled for May 30, 2025[71] Assets and Liabilities - Total assets less current liabilities amounted to RMB 1,540,674 thousand as of December 31, 2024, compared to RMB 1,408,986 thousand in 2023[8] - Non-current assets totaled RMB 357,938 thousand, a decrease from RMB 375,506 thousand in the previous year[7] - Current assets increased to RMB 1,479,449 thousand from RMB 1,305,850 thousand in 2023[7] - Trade receivables increased to RMB 224,079,000 in 2024 from RMB 215,877,000 in 2023, reflecting a growth of 3.9%[28] - Trade payables rose to RMB 114,035,000 in 2024, up from RMB 97,346,000 in 2023, marking a 17.0% increase[30] - Cash and unrestricted bank deposits increased by approximately 18.0% to RMB 1,111.6 million as of December 31, 2024, from RMB 942.0 million as of December 31, 2023[59] - The net cash flow from operating activities for 2024 was RMB 271.5 million, compared to RMB 185.9 million for 2023[62] - The group had no interest-bearing borrowings as of December 31, 2024, consistent with the previous year[60] Expenses - Research and development expenses for the year amounted to RMB 19,119 thousand, a significant increase of 60.5% from RMB 11,918 thousand in 2023[19] - The cost of goods sold for 2024 was RMB 704,080 thousand, compared to RMB 663,791 thousand in 2023, reflecting an increase of 6.1%[19] - Sales and distribution expenses rose from approximately RMB 897.1 million for the year ended December 31, 2023, to approximately RMB 1,043.4 million for the year ending December 31, 2024, attributed to increased promotional expenses corresponding to sales growth[48] - Administrative expenses increased from approximately RMB 100.4 million for the year ended December 31, 2023, to approximately RMB 106.1 million for the year ending December 31, 2024, due to higher office and R&D expenses[50] - The group’s employee costs (excluding directors' remuneration and R&D costs) totaled RMB 147.2 million for the year ending December 31, 2024, up approximately 5.0% from RMB 140.2 million in 2023[68] Taxation - The income tax expense for the year ending December 31, 2024, is RMB 31,703,000, a decrease of 5.5% from RMB 33,559,000 in 2023[23] - The effective tax rate for 2024 is 14.4%, compared to 18.0% in 2023, reflecting a reduction in taxable income[25] Business Operations - The company operates primarily in the processing and sales of natural health foods in mainland China[9] - The company focused on product upgrades and development around core categories, achieving significant sales growth in the "Ancient Formula" series, with sales increasing several times compared to the same period in 2023[34] - The company implemented a strategy of "differentiated products" for gift boxes, leading to improved brand recognition and sales performance in the gift segment[33] - The offline direct sales channel generated RMB 782.1 million in revenue, accounting for 38.0% of total revenue, while new channel business contributed RMB 357.4 million, representing 17.3%[43] - Offline channel sales accounted for 55.3% of total revenue in 2024, up from 54.2% in 2023, while online channel sales decreased slightly to 44.7% from 45.8%[45] - The company is leveraging big data to develop customized products for members, enhancing the consumer experience and meeting individual health needs[34] - The company actively expanded its e-commerce presence, participating in major marketing events and optimizing content to enhance brand awareness and product value perception[38] Governance and Compliance - The company has not purchased, sold, or redeemed any of its listed securities during 2024[78] - The company confirmed compliance with the corporate governance code throughout the year ending December 31, 2024[75] - The audit committee, consisting of three independent non-executive directors, reviewed the company's financial statements for the year ending December 31, 2024[84] - The board of directors includes both executive and non-executive members, ensuring a diverse governance structure[89] Environmental Responsibility - The company has a dedicated team for environmental compliance and has implemented strict waste management procedures at its manufacturing facilities[76] Future Outlook - The company plans to continue building brand assets and enhancing product value, focusing on efficiency and consumer experience to achieve sustainable long-term growth[41] - As of December 31, 2024, the company has utilized a total of HKD 563.5 million from the net proceeds of the global offering, with remaining unutilized funds of HKD 50.3 million expected to be used by the end of 2028[81] - The company maintained sufficient public float throughout the year 2024[79] - The annual performance announcement will be published on the Hong Kong Stock Exchange's website and the company's website, covering all information required by listing rules for the year ending December 31, 2024[87] Miscellaneous - The company has not reported any significant events related to its business or financial performance since December 31, 2024[80]
五谷磨房(01837) - 2024 - 年度业绩