Financial Performance - For the fiscal year ending December 31, 2024, the company recorded revenue of approximately RMB 44,300,000, a decrease of about 35.2% or RMB 24,000,000 compared to RMB 68,300,000 in 2023[17]. - The gross profit for the year was approximately RMB 500,000, compared to RMB 100,000 in 2023[17]. - The revenue from the pig slaughtering and meat trading business decreased by approximately RMB 21,000,000 or 32.1% to about RMB 44,300,000 in 2024[17]. - The company reported a loss attributable to owners of approximately RMB 24,500,000 for 2024, a significant decrease from a loss of RMB 144,400,000 in 2023[20]. - The company faced challenges in the pipeline system products business, resulting in zero revenue for the year, compared to RMB 3,100,000 in 2023[17]. - Total revenue for the year ended December 31, 2024, was RMB 44,279,000, a decrease of 35.2% compared to RMB 68,297,000 in 2023[189]. - Gross profit for 2024 was RMB 542,000, representing a significant increase from RMB 138,000 in 2023[189]. - The company reported a pre-tax loss of RMB 24,214,000 for 2024, an improvement from a loss of RMB 146,935,000 in 2023[189]. - The net loss attributable to the owners of the company for 2024 was RMB 24,520,000, compared to RMB 144,372,000 in 2023, indicating a reduction in losses[190]. - Basic and diluted loss per share for 2024 was RMB 2.71, improving from RMB 16.39 in 2023[190]. Expenses and Cost Management - The company experienced a reduction in administrative expenses by approximately RMB 2,200,000 or 14.9% to about RMB 12,500,000 in 2024[19]. - The company’s sales and distribution expenses decreased from approximately RMB 53,000 to about RMB 46,000[18]. - The company’s pig purchasing prices increased due to difficulties in procurement caused by heavy rains in June 2024, impacting overall sales costs[10]. - The group aims to optimize resource allocation and implement cost control measures in its slaughtering and pipeline system product businesses[36]. Assets and Liabilities - As of December 31, 2024, the group maintained cash and bank balances of approximately RMB 397.8 million, an increase from RMB 389.8 million in 2023[21]. - The current ratio as of December 31, 2024, was 5.7, slightly down from 5.9 in 2023[21]. - Total equity as of December 31, 2024, was approximately RMB 393.7 million, a decrease from RMB 416.7 million in 2023[21]. - The group had no outstanding borrowings as of December 31, 2024, consistent with 2023[22]. - The debt-to-equity ratio was zero as of December 31, 2024, unchanged from 2023[25]. - Non-current assets decreased to RMB 50,070,000 in 2024 from RMB 73,675,000 in 2023, reflecting a decline of 32.2%[192]. - Current assets increased slightly to RMB 417,636,000 in 2024 from RMB 413,802,000 in 2023[192]. - Total liabilities increased to RMB 3,336,000 as of December 31, 2024, compared to RMB 2,606,000 at the beginning of the year, reflecting increased borrowing[197]. Corporate Governance - The board of directors includes both executive and independent non-executive members, with specific terms for re-election at the annual general meeting[69]. - The company has confirmed the independence of all independent non-executive directors in accordance with listing rules[72]. - The board is committed to enhancing corporate governance and has implemented a diversity policy to improve performance quality, considering factors such as gender, age, and professional experience[115]. - The company has adopted all the code provisions of the Corporate Governance Code as set out in Appendix C1 of the Listing Rules[102]. - The company established a remuneration committee on February 11, 2014, to review the remuneration policies for all directors and senior management, ensuring transparency and alignment with corporate goals[122]. - The audit committee was established on February 11, 2014, to oversee the integrity of financial statements and monitor the company's financial controls and risk management systems[136]. - The company has arranged appropriate liability insurance for its directors and senior officers during the year[152]. Shareholder Relations and Dividends - The board did not recommend the declaration of a final dividend for the year ending December 31, 2024, consistent with 2023[30]. - The company adopted a dividend policy on December 31, 2018, considering factors such as profitability and financial condition when declaring dividends[168]. - The board will consider the group's profitability and future operational plans when deciding on dividend payments[169]. Environmental and Social Responsibility - The company is actively involved in environmental sustainability initiatives, including waste management facilities at its farms and production bases[60]. - The company is currently engaged in a key national research and development project focused on dynamic nutritional needs and precision nutrition supply technology for pigs and poultry[41]. Employee Relations - The company has not experienced any significant disputes with employees, suppliers, or customers during the year ending December 31, 2024[67]. - The company is committed to providing clear career development paths and opportunities for skill enhancement to motivate its employees[64]. - Each employee holds no more than 1% of the company's shares[83]. Audit and Compliance - The independent auditor confirmed that the consolidated financial statements reflect a true and fair view of the group's financial position as of December 31, 2024[173]. - The auditor's report does not cover other information included in the annual report, which is the responsibility of the board[179]. - The audit committee met with external auditors to discuss compliance and financial reporting matters, with no disagreements noted[139]. - The company confirmed that all directors complied with the securities trading code of conduct during the year ending December 31, 2024[120].
惠生国际(01340) - 2024 - 年度财报