Financial Performance - The company's revenue for the year 2024 increased by 6.9% to approximately RMB 1,802.6 million compared to RMB 1,686.2 million in 2023[16] - Operating profit (EBIT) decreased by 11.1% to approximately RMB 106.0 million, with an EBIT margin of 5.9% compared to 7.1% in 2023[29] - Profit attributable to the company's owners was approximately RMB 54.5 million, a decrease of 14.8% from RMB 63.9 million in the previous year[16] - The company's EBITDA for the year was approximately RMB 203.1 million, reflecting a decrease of 2.9% from RMB 209.1 million in 2023[16] - The gross profit margin for 2024 was 28.5%, down from 29.8% in 2023, representing a decline of 1.3 percentage points[16] - The company achieved a historical revenue high of approximately RMB 1.826 billion in 2024, representing a year-on-year increase of about RMB 116.4 million or 6.9%[45] - The gross profit increased by approximately RMB 10.3 million to about RMB 513.2 million, with a gross margin of 28.5%, down 1.3 percentage points from 29.8% in 2023 due to rising raw material costs[45] - The net profit after tax decreased by 21.0% to approximately RMB 48.3 million, with a net profit margin of 2.7%, down from 3.6% in 2023[48] Cash Flow and Investments - The net cash flow from operating activities reached approximately RMB 289.8 million, up from RMB 176.4 million in the previous year[29] - The company plans to continue investing in infrastructure and production networks to create long-term value for stakeholders[27] - The company plans to continue investing in talent and operational flexibility to capture growth opportunities in the market, particularly in light of China's economic recovery and increased consumer spending expected to drive sales in 2025[43] - The company is actively seeking acquisition opportunities to accelerate its strategic goals and expand its product portfolio into new growth areas[43] Product and Market Development - Consumer behavior is shifting towards quality products, presenting opportunities for the company as a premium cookie manufacturer[27] - The product portfolio includes sweet and savory biscuits, cream-filled cookies, and wafers, accounting for approximately 63.3% of total revenue in 2024, down from 67.7% in 2023[30] - The company continues to focus on product innovation and market expansion to capture new snacking occasions amid increasing competition[33] - Revenue from sweet biscuits increased by 1.8% to approximately RMB 523.0 million due to effective promotional strategies[56] - Revenue from salty biscuits decreased by approximately RMB 7.1 million, a decline of 14.6%, attributed to intense competition and changing consumer preferences[57] - Revenue from pasta increased by 26.7% to approximately RMB 162.3 million, reflecting strong market demand[54] - Revenue from flour surged by 117.0% to approximately RMB 176.2 million, indicating significant growth in this segment[54] Corporate Governance - The board consists of 12 members, including 8 executive directors and 4 independent non-executive directors[82] - The company emphasizes the importance of diversity and inclusion within the board, currently having one female member, representing 8.3%[81] - The company has deviated from the corporate governance code by having the same individual, Mr. Huang, serve as both Chairman and CEO, which is deemed appropriate for maintaining policy continuity and operational stability[86] - The board held four meetings during the fiscal year ending December 31, 2024, with all directors attending all meetings[89] - The company encourages continuous professional development for directors to enhance their knowledge and skills, which is considered a valuable asset[94] Risk Management and Compliance - The company has a structured risk management approach to mitigate risks and seize opportunities as they arise[151] - The board of directors is responsible for assessing the nature and extent of risks the group is willing to accept to achieve strategic objectives[145] - The company has established policies and processes to monitor the provision of non-audit services by external auditors, ensuring cost efficiency and compliance with regulations[112] - The company complies with relevant laws and regulations in both China and Hong Kong, with no significant compliance issues reported[184] Community Engagement and Sustainability - Community engagement efforts included donations of approximately RMB 5.0 million to local non-profit organizations, a year-on-year increase of 147.6%[39] - The company aims to reduce plastic usage by 15% through a new eco-friendly packaging series[39] - The company plans to expand its sustainable product line and deepen community impact as part of its 2025 roadmap[40] - The company is committed to addressing legal and environmental responsibilities through updated policies and employee training programs[158] Shareholder Returns - The proposed final dividend per share remains unchanged at HKD 0.1[16] - The board proposed a final dividend of HKD 0.10 per share for the year, subject to shareholder approval[38] - The company aims for sustainable revenue growth, increased profit margins, strong cash flow, and enhanced shareholder returns in the coming years[43]
嘉士利集团(01285) - 2024 - 年度财报