Financial Performance - The Group recorded revenue of approximately RMB 242.9 million in 2024, down by 1.2% compared to RMB 245.8 million in 2023[15] - Gross profit for 2024 was RMB 43.9 million, with a gross profit margin of 18.1%, compared to 19.2% in 2023[10] - Profit attributable to shareholders of the Company was approximately RMB 2.0 million in 2024, down from RMB 3.7 million in 2023[15] - Total revenue decreased by about 1.2%, from approximately RMB245.8 million in 2023 to about RMB242.9 million in 2024[36] - Gross profit decreased by approximately 6.8%, from about RMB47.1 million in 2023 to about RMB43.9 million in 2024[37] - Gross profit margin decreased from about 19.2% in 2023 to about 18.1% in 2024[37] - Other income decreased from approximately RMB 4.1 million for the year ended 31 December 2023 to approximately RMB 4.0 million for the year ended 31 December 2024, a decline of about 3.1%[43] - Financial costs decreased from approximately RMB 9.4 million for the year ended 31 December 2023 to approximately RMB 7.5 million for the year ended 31 December 2024, a decrease of about 20.1%[46] - Profit for the year decreased from approximately RMB 3.7 million for the year ended 31 December 2023 to approximately RMB 2.0 million for the year ended 31 December 2024[48] Assets and Liabilities - Total assets increased to RMB 623.6 million in 2024, up from RMB 528.9 million in 2023[12] - Total liabilities rose to RMB 376.0 million in 2024, compared to RMB 283.5 million in 2023[12] - Cash and cash equivalents increased from approximately RMB 67.5 million as at 31 December 2023 to approximately RMB 95.5 million as at 31 December 2024[49] - Bank and other loans increased from approximately RMB 102.1 million as at 31 December 2023 to approximately RMB 163.7 million as at 31 December 2024[56] - Inventory decreased from approximately RMB 60.6 million as at 31 December 2023 to approximately RMB 53.1 million as at 31 December 2024, a decrease of about 12.3%[58] Sales and Market Outlook - The heavy truck sales volume for 2024 was 902,000 units, a decrease of 1% compared to 2023[15] - The heavy truck industry is expected to scale between 900,000 and 1 million vehicles in 2025[19] - The passenger vehicle market is anticipated to grow, particularly for self-owned brand vehicles, supported by relevant policies[19] - The heavy truck business sector is expected to generate sales of around RMB150-180 million in 2025, accounting for about 40% of total sales[25] - The passenger car business sector is projected to generate sales of about RMB200-250 million in 2025, accounting for about 60% of total sales[25] Operational Efficiency and Strategy - The Company is focusing on factory-based operations and independent research to enhance product specialization and efficiency[16] - The company aims to enhance competitiveness through the implementation of the TES management system[20] - The Group plans to promote the "TES" (Tianrui Excellence Management System) to standardize group management and complete the digitalization of the Company's system[89] - The Group will maintain its market share and expand into external markets by promoting parallel operations in passenger cars and commercial vehicles[88] Employee and Management Information - As of December 31, 2024, the Group had 321 full-time employees, a decrease from 361 in 2023, with total staff costs approximately RMB 42.0 million, reflecting a 5.6% increase compared to RMB 39.8 million in 2023[77] - The Group emphasizes employee training and offers competitive remuneration packages to retain elite employees, reviewing these packages annually[83] - The Group's leadership includes individuals with extensive experience in their respective fields, ensuring informed decision-making and strategic direction[110] Corporate Governance - The company has complied with the Corporate Governance Code for the year ended December 31, 2024, with a noted deviation regarding the roles of chairman and CEO being held by the same individual[130] - The Board of Directors consists of three committees: Audit Committee, Remuneration Committee, and Nomination Committee, overseeing various aspects of the company's affairs[132] - The Company has appointed three Independent Non-executive Directors, representing more than one-third of the Board, ensuring compliance with Listing Rules[152] - The Company has established a formal procedure for formulating remuneration policies for Directors and senior management[170] - The Company ensures that none of the Directors determine their own remuneration, maintaining transparency in the remuneration process[163] - The Company has adopted a Board Diversity Policy to enhance performance quality by considering diversity in age, cultural background, ethnicity, and professional experience[183] Board Meetings and Attendance - The Board is responsible for developing and monitoring corporate governance policies and ensuring compliance with legal and regulatory requirements[140] - The Board of Directors is required to hold at least four meetings each year to ensure effective governance[197] - Attendance records indicate that all current Directors participated in the Annual General Meeting, with varying attendance in committee meetings[196] - The attendance record of Directors at Board and committee meetings is documented, ensuring accountability and governance[189]
天瑞汽车内饰(06162) - 2024 - 年度财报