Financial Performance - The company reported revenue of RMB 3,162,415,000 for the year ended December 31, 2024, representing a growth of 2.4% compared to RMB 3,088,387,000 in 2023[6] - Gross profit increased by 11.8% to RMB 751,173,000 from RMB 671,701,000 year-on-year[5] - Net profit for the year rose by 12.2% to RMB 266,034,000, up from RMB 237,126,000 in the previous year[6] - Adjusted net profit attributable to the owners of the parent company was RMB 274,246,000, a 4.2% increase from RMB 263,161,000[5] - Total revenue for the year ended December 31, 2024, was RMB 3,162,415 thousand, an increase from RMB 3,088,387 thousand in 2023, representing a growth of approximately 2.4%[22] - Revenue from mainland China accounted for RMB 3,154,904 thousand, up from RMB 3,075,304 thousand in the previous year, indicating a growth of about 2.6%[22] - Revenue from other regions decreased to RMB 7,511 thousand in 2024 from RMB 13,083 thousand in 2023, reflecting a decline of approximately 42.5%[22] - Revenue from sales of trade goods was RMB 2,946,782 thousand, up from RMB 2,898,390 thousand, reflecting a growth of 1.7%[25] - The pre-tax profit for 2024 was RMB 260,420 thousand, an increase from RMB 238,163 thousand in 2023[36] - Total tax expenses for 2024 amounted to RMB 135,743 thousand, up from RMB 102,203 thousand in 2023, representing a 33.0% increase[29] - Adjusted profit under non-GAAP for the year was RMB 280,413,000, an increase of RMB 18,289,000 or 7.0% compared to the same period in 2023[55] - EBITDA was RMB 475,956,000, up 19.6% from RMB 397,928,000[65] - The gross margin improved to 23.8%, up 2.1 percentage points from 21.7%[65] - The net profit margin increased to 8.4%, up 0.7 percentage points from 7.7%[65] Assets and Liabilities - The total assets less current liabilities amounted to RMB 3,977,215,000, compared to RMB 3,585,930,000 in 2023[10] - Cash and cash equivalents increased to RMB 1,774,358,000 from RMB 1,224,786,000, indicating improved liquidity[10] - Inventory levels rose to RMB 1,236,751,000, up from RMB 1,109,554,000, reflecting increased stock[10] - The company’s total equity increased to RMB 3,761,186,000 from RMB 3,385,889,000 year-on-year[11] - The company’s financing costs rose to RMB 35,979,000 from RMB 21,040,000, indicating higher borrowing costs[8] - Non-current assets totaled RMB 1,776,170 thousand as of December 31, 2024, slightly increasing from RMB 1,770,653 thousand in 2023[23] - The group's net current assets increased to RMB 2,169,969,000 as of December 31, 2024, compared to RMB 386,878,000 as of December 31, 2023[90] - The group's debt-to-asset ratio as of December 31, 2024, was 13.3%, compared to 6.7% as of December 31, 2023[100] Dividends and Shareholder Information - The company did not recommend the distribution of a final dividend for the fiscal year 2024[7] - The company did not propose any dividends for the year ending December 31, 2024[31] - The board has resolved not to recommend a final dividend for the reporting period, compared to a previous dividend of HKD 0.06209 per share[102] Operational Highlights - The company installed 6,763 Hemostasis analyzers in hospitals and medical institutions across China as of December 31, 2024[43] - The company has a distribution network covering 31 provinces, municipalities, and autonomous regions in China, with 351 direct customers and 1,253 distributors[45] - The company aims to expand its product portfolio and distribution network to capture high growth potential in the IVD market[50] - Plans to enhance hospital solution services through data-driven operational models and automation tools to improve efficiency[51] - The company will increase R&D investment focusing on mass spectrometry, molecular diagnostics, and microbiology[52] Research and Development - Research and development costs for 2024 were RMB 7,402 thousand, a decrease from RMB 8,665 thousand in 2023, indicating a reduction of 14.6%[27] - The company received government subsidies totaling RMB 15,524 thousand in 2024, slightly down from RMB 15,996 thousand in 2023[25] Corporate Governance - Ernst & Young resigned as the company's auditor on October 28, 2024, and Daxin Ma Shi Yun Certified Public Accountants was appointed as the new auditor from the same date[107] - The board composition changed during the reporting period, with several new appointments and resignations of directors, effective from various dates in 2024[109] - The company has complied with the public float requirement, maintaining at least 25% of its issued share capital held by the public throughout the reporting period[118] - The company has adopted the standard code of conduct for securities transactions by directors as per the listing rules[115] - The company confirmed that all directors complied with the standard code of conduct throughout the reporting period[116] Market Outlook - The Chinese IVD market is expected to reach RMB 278.7 billion by 2027, with a compound annual growth rate of 15.7% from 2021 to 2027[48] - The company is closely monitoring AI technology advancements and their potential impact on the industry landscape[49] - The establishment of Goheal Technology Limited in Hong Kong marks the company's entry into the AI sector, aiming for scalable deployment of AI technologies[53] - The company is actively exploring cross-industry technology synergies to develop forward-looking technological capabilities[54] Miscellaneous - The company completed a placement of 270,918,016 shares at HKD 0.7 per share, raising approximately RMB 173,142,000[41] - The total capital expenditure during the reporting period was RMB 67,103,000, primarily for the procurement of properties, plants, and equipment[96] - The total employee compensation expenses amounted to RMB 221,693,000 during the reporting period, an increase from RMB 183,869,000 in the previous year[103] - The company has not engaged in any significant acquisitions or disposals of subsidiaries, associates, or joint ventures during the reporting period[114] - The company announced that its shares were suspended from trading on April 1, 2025, and it has applied to resume trading on April 14, 2025[121] - The company will publish its annual report and notice of the annual general meeting in accordance with the listing rules[120]
华检医疗(01931) - 2024 - 年度业绩