Revenue and Profitability - Revenue for the year ended December 31, 2024, was approximately RMB 326.0 million, a decrease of about 42.4% compared to RMB 565.6 million for the year ended December 31, 2023[2]. - Gross profit decreased by approximately 45.7% to RMB 162.6 million for the year ended December 31, 2024, down from RMB 299.5 million for the year ended December 31, 2023[2]. - The gross profit margin for the year ended December 31, 2024, was approximately 49.9%, a decrease of about 3.1% from approximately 53.0% for the year ended December 31, 2023[2]. - The loss attributable to equity holders for the year ended December 31, 2024, was approximately RMB 188.8 million, compared to a loss of RMB 36.3 million for the year ended December 31, 2023[2]. - Basic loss per share for the year ended December 31, 2024, was approximately RMB 0.26, compared to RMB 0.05 for the year ended December 31, 2023[2]. - The company reported a significant operating loss of RMB 188.8 million for 2024, attributed to a substantial decline in revenue due to market demand and intense competition[11]. - The group reported a net loss of approximately RMB 188.8 million for the year ending December 31, 2024, representing a significant increase in losses of about 420.2% compared to the previous year[38]. - The group's pre-tax loss was RMB 190,446,000 for 2024, compared to a loss of RMB 29,448,000 for 2023, reflecting a significant increase in losses[27]. Financial Position - The company's total assets amounted to RMB 778.5 million as of December 31, 2024, slightly up from RMB 776.9 million in 2023[6]. - The company's current liabilities increased to RMB 772.4 million in 2024 from RMB 664.5 million in 2023, indicating a rise in short-term financial obligations[6]. - The company’s total liabilities reached RMB 465.7 million in 2024, down from RMB 679.2 million in 2023, suggesting a reduction in overall debt levels[6]. - The company's total equity attributable to shareholders was RMB 465.7 million in 2024, a decrease from RMB 679.2 million in 2023, indicating a decline in shareholder value[6]. - The group's total liabilities amounted to approximately RMB 869.8 million as of December 31, 2024, an increase of 11.3% from RMB 781.5 million in 2023[60]. - The group's equity attributable to shareholders was approximately RMB 369.7 million as of December 31, 2024, down from RMB 563.5 million in 2023[53]. Cash Flow and Liquidity - The company’s cash and cash equivalents decreased to RMB 21.1 million in 2024 from RMB 34.8 million in 2023, showing a decline in liquidity[6]. - As of December 31, 2024, the company's net current liabilities amounted to RMB 312.83 million, with a commitment to repay bank loans and other borrowings totaling RMB 303.54 million within one year[11]. - The group’s current liabilities amounted to RMB 312.8 million, with a commitment to repay bank and other loans of RMB 303.5 million within one year[37]. - The company continues to adhere to a prudent cash management policy to maintain strong liquidity for future growth opportunities[59]. Expenses and Cost Management - Employee costs for the year ending December 31, 2024, were RMB 78,257,000, down from RMB 103,881,000 in 2023, reflecting a reduction of approximately 25%[21]. - The cost of goods sold for the year ending December 31, 2024, was RMB 164,227,000, compared to RMB 269,244,000 in 2023, showing a decrease of about 39%[23]. - Selling and distribution expenses decreased by approximately RMB 58.5 million or 42.0% to approximately RMB 81.0 million for the year ended December 31, 2024, in line with reduced revenue[46]. - Research and development expenses for 2024 were approximately RMB 106.3 million, an increase of RMB 41.1 million compared to 2023[39]. - The group experienced an operating loss of approximately RMB 67.5 million in 2024, compared to an operating profit of approximately RMB 20.0 million in 2023[39]. Taxation - The group reported a tax provision of RMB 9,194,000 for 2024, compared to RMB 12,725,000 for 2023, indicating a decrease of approximately 27.5%[24]. - The effective tax rate for the group's Chinese subsidiaries is 25% for both 2024 and 2023, while the Hong Kong profits tax rate remains at 16.5%[25]. - The group has no taxable profits in Hong Kong for 2024, consistent with 2023, and is not required to pay any Hong Kong profits tax[25]. - The group’s subsidiaries are set to maintain their high-tech enterprise status until October 28, 2027, and December 28, 2026, respectively, which will continue to provide tax benefits[25]. Shareholder Information - The board of directors does not recommend the payment of any final dividend for the year ended December 31, 2024 (no dividend for the year ended December 31, 2023)[2]. - The company has issued 739,301,000 ordinary shares as of December 31, 2024, down from 749,596,000 shares in 2023[34]. - The company repurchased a total of 5,734,000 shares at a total cost of approximately HKD 7.1 million, which were all cancelled by December 31, 2024[70]. - The repurchase was authorized by shareholders to enhance net asset value and earnings per share, benefiting shareholders overall[71]. Future Outlook and Strategy - The company plans to enhance sales efforts, including accelerating the sale of existing inventory and implementing stricter cost control measures to improve operational cash flow[15]. - The group anticipates that participation in national centralized procurement will drive significant sales growth in 2025[41]. - The group plans to optimize its R&D project plans and control R&D expenses within reasonable limits for future sustainability[41]. Corporate Governance - The company has adopted corporate governance practices in compliance with the listing rules, with a focus on maintaining effective oversight and management[66]. - The independent auditor's report confirms that the consolidated financial statements reflect the group's financial position as of December 31, 2024, in accordance with international financial reporting standards[36].
福森药业(01652) - 2024 - 年度业绩