Financial Performance - For FY2024, the Group recorded total revenue of approximately RMB182.2 million, representing an increase of approximately 15.4% compared to RMB157.9 million for FY2023[12]. - Gross profit increased by approximately 12.8% from RMB68.5 million in FY2023 to RMB77.3 million in FY2024[12]. - Net profit rose by approximately 5.3% from RMB49.2 million in FY2023 to RMB51.8 million in FY2024[12]. - Revenue increased from approximately RMB157.9 million in FY2023 to approximately RMB182.2 million in FY2024, driven by a sales volume increase from approximately 10.5 million pots to approximately 12.1 million pots[30]. - The average selling price per pot remained stable at approximately RMB15.1 in both FY2023 and FY2024[30]. - Gross profit margin slightly decreased from approximately 43.4% in FY2023 to approximately 42.4% in FY2024 due to a significant increase in cost of sales[32]. - Net profit margin decreased from approximately 31.2% in FY2023 to approximately 28.4% in FY2024, attributed to a slight decrease in gross profit margin and an increase in ECL allowance[51]. - Other income rose from approximately RMB 1.2 million in FY2023 to approximately RMB 1.4 million in FY2024[37]. Sales and Production - Sales volume of potted vegetable produce increased from approximately 10.5 million pots in FY2023 to approximately 12.1 million pots in FY2024[12]. - The increase in sales volume was attributed to higher utilization rates of existing cultivation facilities and the deployment of 28 greenhouses in the new Beijing Facility[12]. - The Group aims to strengthen operational efficiency through upgrades to its information technology system[13]. - The Group plans to set up a designated organic substrates preparation facility as part of its growth strategy[13]. - The company plans to expand its cultivation capacity and establish new planting bases in new regional markets to sustain sales and profit growth[18]. Costs and Expenses - Cost of sales rose from approximately RMB89.3 million in FY2023 to approximately RMB104.9 million in FY2024, with raw materials and subcontracting labour costs accounting for approximately 51.3% and 38.7% of total cost of sales in FY2024, respectively[31]. - Administrative and other expenses remained stable at approximately RMB 130 million and RMB 146 million for FY2023 and FY2024 respectively[47]. - Listing expenses amounted to approximately RMB 96 million and RMB 84 million for FY2023 and FY2024 respectively[48]. - Selling and distribution expenses remained stable at approximately RMB 0.3 million and RMB 0.2 million for FY2023 and FY2024 respectively[43]. Assets and Liabilities - The net current assets improved from approximately RMB 138.2 million as of December 31, 2023, to approximately RMB 256.7 million as of December 31, 2024, with bank and cash balances increasing from approximately RMB 89.4 million to approximately RMB 226.1 million[56]. - Trade receivables decreased from approximately RMB 61.9 million as of December 31, 2023, to approximately RMB 49.6 million as of December 31, 2024, reflecting strict control over outstanding receivables[59]. - Trade payables increased from approximately RMB 7.2 million as of December 31, 2023, to approximately RMB 52.9 million as of December 31, 2024, primarily due to an extended payment cycle to suppliers[66]. - Total outstanding bank borrowings increased from approximately RMB 20.0 million as of December 31, 2023, to approximately RMB 40.0 million as of December 31, 2024[69]. Corporate Governance - The Company has adopted the Corporate Governance Code as the basis of its corporate governance practices since the Listing Date[183]. - The roles of chairman and chief executive officer are held by Mr. Zhang, with safeguards in place to ensure a balance of powers and authorities[184]. - The Company has complied with all applicable code provisions of the Corporate Governance Code for the reporting period since the Listing Date[183]. - The Board consists of eight Directors, including five executive Directors and three independent non-executive Directors, ensuring compliance with the Listing Rules[192]. - The Company has established a nomination committee to recommend independent non-executive Directors, ensuring compliance with independence guidelines[199]. Management and Personnel - The company has a strong focus on human resource strategies and effective communication channels as part of its operational management[150]. - The Group employed 37 employees as of December 31, 2024, an increase from 32 employees in 2023, with total staff costs of approximately RMB 43.6 million compared to RMB 40.8 million in FY2023[118]. - The company is expanding its management team with experienced professionals in agriculture and corporate administration[155]. Future Plans and Investments - The Company intends to expand cultivation capacity and establish a new facility in a new geographical market to achieve sustainable growth[13]. - The company plans to expand its cultivation capacity, establishing new facilities in new geographical markets, with an investment of RMB 9.5 million expected to be completed before December 2025[136]. - A dedicated organic substrates production facility is planned with an investment of RMB 6.2 million, now expected to be completed by December 2025 due to delays in obtaining necessary raw materials[131][139]. - The upgrade of the information technology system to enhance operational efficiency is budgeted at RMB 3.7 million, also postponed to December 2025 as the company seeks a suitable ERP system provider[132][139].
富景中国控股(02497) - 2024 - 年度财报