Financial Performance - For the fiscal year 2024, the revenue was approximately RMB 218.8 million, a significant increase of about 66.5% compared to RMB 131.4 million in fiscal year 2023[2] - The gross profit margin for fiscal year 2024 was approximately 8.4%, down by about 3.0% from 11.4% in fiscal year 2023[2] - The loss for fiscal year 2024 was approximately RMB 61.1 million, a reduction of about 37.8% from a loss of RMB 98.3 million in fiscal year 2023[2] - The basic and diluted loss per share for fiscal year 2024 was approximately RMB 9.8 cents, a decrease of about 41.7% from RMB 16.8 cents in fiscal year 2023[2] - Total revenue for 2024 reached RMB 218,773 thousand, compared to RMB 131,409 thousand in 2023, marking a significant increase of 66.3%[16] - Revenue from sales of car models increased to RMB 215,410 thousand in 2024, up from RMB 126,340 thousand in 2023, representing a growth of 70.5%[15] - The company's gross profit increased from approximately RMB 150 million in FY2023 to approximately RMB 183 million in FY2024, representing a growth of about 22.0%[42] - The net loss decreased from approximately RMB 983 million in FY2023 to approximately RMB 611 million in FY2024, primarily due to increased sales revenue and reduced financing costs[43] Assets and Liabilities - As of December 31, 2024, the total assets less current liabilities amounted to RMB 303.7 million, down from RMB 336.9 million in 2023[4] - The cash and bank balance as of December 31, 2024, was approximately RMB 10.7 million, compared to RMB 48.9 million in 2023[7] - The company has a current liability of approximately RMB 288.6 million as of December 31, 2024, compared to RMB 303.4 million in 2023[4] - The net asset value as of December 31, 2024, was RMB 285.9 million, down from RMB 336.9 million in 2023[5] - Trade receivables increased to RMB 356.8 million in 2024 from RMB 316.5 million in 2023, with a net amount of RMB 301.3 million after impairment provisions[27] - The company’s bank and other borrowings decreased to RMB 125.8 million in 2024 from RMB 143.7 million in 2023[29] - The company's trade payables increased to RMB 54.4 million in 2024 from RMB 49.9 million in 2023[28] - The company's capital debt ratio as of December 31, 2024, was approximately 44.0%, compared to 42.7% as of December 31, 2023[47] Operational Strategy - The company is focusing on business development and effective cost control measures to achieve profitability and positive cash flow[7] - The company plans to cease low-margin sales of raw materials and electronic components starting in 2025 to focus on long-term growth[35] - The group plans to prioritize overseas markets and expand its customer base, focusing on Hong Kong and China wholesale and retail sectors[65] - The company aims to diversify its product offerings through the development of new products and global licensing strategies[65] - The group intends to enhance production capacity and efficiency by outsourcing part of its production processes to suppliers and subcontractors[65] - The company is exploring strategic partnerships in high-end, artificial intelligence, and green technology sectors to broaden its product and service offerings[65] Financial Governance - The audit committee has reviewed and approved the audited financial statements for the fiscal year 2024[70] - The independent auditor has confirmed that the financial figures in the announcement are consistent with the group's audited financial statements[71] - The company is committed to maintaining high standards of corporate governance to protect shareholder interests and enhance corporate value[66] Future Outlook - The company is currently evaluating the impact of new accounting standards on its financial statements, which are expected to be adopted in the upcoming years[13] - The company has not recognized any significant impact from the new accounting standards on its consolidated financial statements as of the reporting date[12] - There are significant uncertainties regarding the company's ability to continue as a going concern, which may raise substantial doubts about its operational viability[73] - The financial statements are prepared on a going concern basis, contingent upon the company achieving profitability and positive cash flows from operations[73] - The company is seeking to negotiate extended repayment terms with banks and creditors[73] - The company is also looking for financial support from an independent third party[73] Employee and Dividend Information - The group has 32 full-time employees as of December 31, 2024, an increase from 27 in 2023, indicating stable workforce levels[60] - The company did not recommend a final dividend for the fiscal year ending December 31, 2024, consistent with the previous year[24] - The board does not recommend a final dividend for the fiscal year 2024, consistent with the previous fiscal year[63] - The company has not purchased, sold, or redeemed any shares during the fiscal year 2024[64] Miscellaneous - The company reported a loss of approximately RMB 61,083,000 for the fiscal year ending December 31, 2024[73] - As of December 31, 2024, the company had cash and bank balances of approximately RMB 10,705,000, while its current bank and other borrowings amounted to approximately RMB 125,762,000[73] - There were no significant investments, acquisitions, or disposals of subsidiaries during FY2024[51] - The company has no major contingent liabilities as of December 31, 2024[55] - Administrative expenses decreased by approximately 4.3% from RMB 351 million in FY2023 to RMB 336 million in FY2024, mainly due to a further decline in employee expenses[45] - The company's trade and other payables increased by approximately RMB 33 million or about 2.4%, from RMB 1,367 million as of December 31, 2023, to RMB 1,400 million as of December 31, 2024[49] - Interest expenses on bank loans decreased to RMB 4,862 thousand in 2024 from RMB 6,327 thousand in 2023, a reduction of 23.1%[22] - The company reported a loss before tax, with total financing costs amounting to RMB 11,606 thousand in 2024, down from RMB 19,621 thousand in 2023, indicating a decrease of 40.9%[22] - Non-current assets in Hong Kong decreased to RMB 2,632 thousand in 2024 from RMB 3,287 thousand in 2023, a decline of 19.9%[19] - The cost of sold inventory rose to RMB 198,728 thousand in 2024, compared to RMB 107,814 thousand in 2023, reflecting an increase of 84.3%[20] - The average inventory turnover days improved from approximately 55.5 days in FY2023 to approximately 40.0 days in FY2024[48] - Trade receivables increased from approximately RMB 2,474 million as of December 31, 2023, to approximately RMB 3,013 million as of December 31, 2024, due to increased sales during the period[48]
奇士达(06918) - 2024 - 年度业绩