Financial Performance - Revenue for the fiscal year 2024 was RMB 140,164,000, representing a 19.3% increase from RMB 117,446,000 in 2023[14] - Gross profit increased to RMB 16,426,000 in 2024, up from RMB 5,862,000 in 2023, marking a significant improvement[14] - Operating loss decreased to RMB 5,399,000 in 2024 from RMB 17,328,000 in 2023, indicating better operational efficiency[14] - The net loss for the year 2024 was RMB 6,323,000, a reduction from RMB 16,918,000 in 2023, showing improved financial performance[14] - The company reported a significant increase in other income and losses net amounting to RMB 5,805,000 in 2024, compared to RMB 192,000 in 2023[14] - Sales and service costs increased from approximately RMB 111.58 million to RMB 123.74 million, a year-on-year growth of about 10.89% or RMB 12.15 million, primarily due to increased costs from one-stop value chain services and SaaS platform services[40] - Selling expenses decreased to approximately RMB 7.20 million from RMB 8.94 million, a year-on-year decline of about 19.44% or RMB 1.74 million[44] - Administrative expenses increased to approximately RMB 18.30 million from RMB 12.64 million, a year-on-year rise of about 44.83% or RMB 5.66 million[45] - Loss before income tax decreased to approximately RMB 6.58 million from RMB 17.91 million, a year-on-year reduction of about RMB 11.32 million, mainly due to increased revenue and gross profit[49] Assets and Liabilities - Total assets as of December 31, 2024, were RMB 131,116,000, compared to RMB 108,926,000 in 2023, reflecting growth in asset base[15] - Total liabilities increased to RMB 127,427,000 in 2024 from RMB 105,351,000 in 2023, indicating higher leverage[15] - Current assets totaled RMB 129,510,000 in 2024, up from RMB 105,348,000 in 2023, indicating better liquidity[15] - The total borrowings increased to approximately RMB 28.56 million from RMB 17.98 million, with a capital debt ratio of 774.27% compared to 502.83% in the previous year[55][58] - Cash and cash equivalents decreased to approximately RMB 6.21 million from RMB 12.44 million, reflecting a net decrease of RMB 6.23 million[54] Market and Industry Insights - The Chinese economy grew by 5% in 2024, with GDP reaching RMB 134,908.4 billion, highlighting the stability and resilience of the market[27] - The exhibition industry in China hosted a total of 3,844 trade and economic exhibitions, with a total exhibition area of 155 million square meters, representing a year-on-year growth of 10.1%[17] - The automotive market in China is projected to see production and sales volumes of 31.28 million and 31.43 million vehicles in 2024, reflecting growth rates of 3.7% and 4.5% respectively[28] - The number of industrial and technology exhibitions in China reached 1,064 in 2024, a significant increase of 63.4% year-on-year[29] - The service industry accounted for 56.7% of China's GDP, reflecting its critical role as an economic growth engine[27] Strategic Plans and Future Outlook - The company plans to focus on market expansion and new product development in the upcoming fiscal year[14] - The management expressed optimism about future growth prospects despite the challenges faced in the previous years[14] - The company aims to integrate advanced leasing SaaS platforms and blockchain technology to enhance operational efficiency and provide more value-added services[24] - The company aims to enhance its service offerings by expanding into non-automotive sectors and developing a comprehensive SaaS platform for supply chain management and customer relationship management[32] - The company recognizes the importance of risk reduction and business diversification, focusing on upgrading and strengthening its non-automotive sector[32] - The company is actively considering acquiring a digital services entity operating in mainland China, with plans to enhance operational capabilities and optimize technology integration[81] - The company plans to strengthen strategic partnerships in key markets to promote resource exchange and innovate its product supply and customer service models[80] Corporate Governance and Management - The company has established a remuneration committee to review the remuneration of directors and the five highest-paid individuals for the year, with details provided in the financial statements[150] - The company has maintained good working relationships with employees, with no labor disputes reported during the year[129] - The company is committed to sustainable development and environmental protection, adhering to relevant laws and regulations[127] - The company has established an audit committee in accordance with GEM Listing Rules, which is responsible for reviewing financial statements and monitoring internal control procedures[192] - The company has complied with all applicable corporate governance codes, with a noted deviation regarding the separation of roles for the Chairman and CEO[165] Shareholder Information - The company does not recommend the payment of any dividends for the year[19] - The company has no significant contingent liabilities as of December 31, 2024, consistent with the previous year[70] - The company has maintained at least 25% of its issued shares held by the public, complying with the minimum public float requirement[163] - The company has adopted a share option scheme to attract and retain top talent, providing additional incentives to employees and partners[175] - The total number of shares that can be issued due to the exercise of stock options under the plan is capped at 10% of the total issued shares at the grant date[177] Key Personnel - Mr. Huang serves as both the Chairman and CEO, a decision made for effective management given his over 13 years of industry experience[166] - Mr. Li holds a 7.87% equity interest in the company, amounting to 10,000,000 shares[97] - Mr. Lian has over 13 years of management experience in the banking and fund sectors, with a strong network in China and Southeast Asia[98] - Mr. Chen has over 19 years of experience in IT technology, product development, and digital transformation projects[92] - The company plans to expand its management team with experienced professionals from various sectors, enhancing its strategic capabilities[94] Risk Management - The company relies heavily on the automotive industry for its exhibition and event management services, which poses a risk to its customer base expansion[64] - The company faces significant credit risk primarily from trade receivables, with over 70% coming from major automotive clients[75] - The management team maintains regular contact with automotive clients to assess their business status and creditworthiness[76] - The company is focused on enhancing its risk management and credit assessment capabilities through experienced personnel like Mr. Shen[92]
天平道合(08403) - 2024 - 年度财报