Financial Performance - Total revenue for the year ended December 31, 2024, was RMB 5,896.67 million, a decrease of 10.5% compared to RMB 6,589.90 million in 2023[4] - Gross profit for 2024 was RMB 31.67 million, significantly down from RMB 296.55 million in 2023, indicating a gross margin drop[4] - The company reported a net loss of RMB 91.22 million for 2024, compared to a profit of RMB 85.48 million in 2023, reflecting a substantial decline in profitability[4] - The basic and diluted loss per share for 2024 was RMB 15.17, compared to a profit of RMB 14.28 per share in 2023[6] - The net loss attributable to the company's owners in 2024 was approximately RMB 91.0 million, compared to a profit of approximately RMB 85.7 million in 2023[70] - The company reported a pre-tax loss of RMB (116,253,000) for 2024, compared to a profit of RMB 101,161,000 in 2023[34] Expenses and Costs - Administrative expenses increased to RMB 73.50 million in 2024 from RMB 58.63 million in 2023, representing a rise of 25.3%[4] - Financial costs net amount rose to RMB 96.52 million in 2024 from RMB 76.77 million in 2023, indicating a 25.8% increase[4] - Employee benefits expenses totaled RMB 143,242 thousand in 2024, an increase from RMB 123,007 thousand in 2023, reflecting a growth of approximately 16.4%[36] - Selling expenses decreased to approximately RMB 42.2 million in 2024, down by RMB 26.8 million or 38.8% from RMB 69.0 million in 2023, attributed to reduced product sales[93] - Financial costs increased to approximately RMB 101.3 million in 2024, up by RMB 20.7 million or 25.7% from RMB 80.6 million in 2023, primarily due to higher borrowing levels[96] Assets and Liabilities - Non-current assets increased to RMB 2,228.04 million in 2024 from RMB 1,810.40 million in 2023, showing a growth of 23.0%[7] - Current liabilities decreased slightly to RMB 2,243.12 million in 2024 from RMB 2,244.02 million in 2023, indicating a marginal improvement[7] - Non-current liabilities increased to RMB 1,049,768,000 in 2024 from RMB 1,028,911,000 in 2023, representing a growth of approximately 2%[8] - Net asset value decreased to RMB 423,762,000 in 2024 from RMB 514,749,000 in 2023, a decline of about 18%[8] - Total equity fell to RMB 423,762,000 in 2024 compared to RMB 514,749,000 in 2023, indicating a decrease of approximately 18%[8] Cash Flow and Financing - The company reported a net cash outflow of RMB 63,073,000 and a net operating cash inflow of RMB 914,760,000 for the year ending December 31, 2024[13] - The total amount of bank borrowings and payables was approximately RMB 2,931,440,000, with RMB 1,604,759,000 utilized and RMB 1,326,681,000 unutilized as of December 31, 2024[14] - The total borrowings as of December 31, 2024, amounted to approximately RMB 2,510.4 million, an increase from RMB 2,277.9 million in 2023, resulting in a debt-to-asset ratio of approximately 67.5% compared to 60.1% in the previous year[101] - The company's borrowings had fixed interest rates ranging from 2.90% to 9.46% in 2024, compared to 3.10% to 16.90% in 2023[62] Revenue Sources and Sales - Revenue from customers in China (including Hong Kong) was RMB 5,843,772,000 in 2024, down from RMB 6,557,538,000 in 2023, representing a decrease of 10.9%[28] - Sales of cold-rolled and galvanized steel products are recognized upon transfer of control, either when goods are delivered to the customer's designated location or when the customer opts to collect from the company's production facility[26] - Sales of cold-rolled steel products decreased from RMB 3,573,976,000 in 2023 to RMB 2,932,691,000 in 2024, a decline of 18.0%[27] - The total sales volume of cold-rolled steel products and galvanized steel products in 2024 was approximately 1,283,074 tons, a decrease of about 187,313 tons or 12.7% from approximately 1,470,387 tons in 2023[71] Corporate Governance and Compliance - The company has adopted corporate governance principles in compliance with the applicable rules throughout the year ending December 31, 2024[111] - The company has committed to high standards of corporate governance to ensure transparency and protect shareholder interests[110] - The audit committee has reviewed the accounting principles and practices adopted by the group for the year ending December 31, 2024[121] Investments and Future Plans - The company invested approximately RMB 7.148 billion in the construction of Huajin Terminal, which began operations for three 30,000-ton berths after the Spring Festival in 2025[68] - The company has invested in the Huajin Metal Industrial Park, aiming to establish it as a steel trading hub in the Greater Bay Area, with an annual processing capacity of 3.5 million tons[69] - The company signed a letter of intent for potential investment in Jiangmen Huajin Metal Trading Market Co., Ltd., which is responsible for the operation and management of Huajin Terminal[70] Other Significant Information - The company has not applied the newly issued but not yet effective Hong Kong Financial Reporting Standards, which are expected to have no significant impact on the consolidated financial statements[19] - The company has not engaged in any significant acquisitions or disposals of subsidiaries or joint ventures in 2024, aside from the aforementioned sale[105] - No dividends were declared for the fiscal years ending December 31, 2024, and 2023[39]
华津国际控股(02738) - 2024 - 年度业绩