Financial Performance - For the fiscal year ending December 31, 2024, the company's revenue was approximately RMB 1,498,562,000, a decrease of about 32.44% compared to RMB 2,218,204,000 for the fiscal year ending December 31, 2023[14]. - The net loss attributable to the parent company for the fiscal year ending December 31, 2024, was approximately RMB 39,536,000, compared to a net loss of RMB 7,358,000 for the fiscal year ending December 31, 2023[14]. - Basic and diluted loss per share for the year was approximately RMB 0.08, compared to a loss of RMB 0.01 for the fiscal year ending December 31, 2023[14]. - Trade revenue decreased by 18.48% from approximately RMB 615,256,000 to approximately RMB 501,560,000, while engineering revenue fell by 44.64% from approximately RMB 1,044,235,000 to approximately RMB 578,052,000[19]. - Gross profit decreased from approximately RMB 102,420,000 (gross margin of 4.62%) to approximately RMB 50,433,000 (gross margin of 3.37%) due to reduced income from certain engineering projects[20]. - Operating costs for the year ended December 31, 2024, were approximately RMB 1,448,129,000, down about 31.56% from RMB 2,115,783,000 for the previous year[21]. - Net loss for the year ended December 31, 2024, was approximately RMB 44,799,000, compared to a net loss of approximately RMB 6,266,000 for the same period last year[26]. - The company's revenue for the year ended December 31, 2024, was approximately RMB 1,498,562,000, a decrease of about 32.44% compared to RMB 2,218,204,000 for the year ended December 31, 2023[19]. - The company reported a net loss of RMB 147,078,350.04, an improvement from a loss of RMB 160,843,946.80 in the previous year[180]. - The total comprehensive income for the fiscal year 2024 was 13,765,596.76 RMB, a recovery from a loss of -19,255,086.52 RMB in the previous year, suggesting some improvement in overall financial health[188]. Strategic Initiatives - The company aims to enhance its product structure and adjust its business strategy while ensuring existing sales volume, focusing on technological innovation and project implementation in 2025[15]. - The company plans to actively expand its market channels and innovate marketing models while adhering to a path of technological innovation and product structure adjustment[15]. - The company will leverage national water network projects and high-standard farmland construction opportunities to develop various water conservancy projects, including reservoir construction and land improvement[15]. - The company is committed to becoming a comprehensive service provider for modern water-saving agriculture, focusing on five major business sectors: plastic product R&D and production, water conservancy engineering, plastic product sales, land transfer, and smart agricultural information networks[16]. - The company will continue to deepen its focus on the "modern agriculture" sector as part of its strategic development plan[16]. Governance and Compliance - The board consists of seven directors, including three executive directors and four independent non-executive directors, ensuring a balanced governance structure[46]. - The group has established three committees (Remuneration, Audit, and Nomination) to oversee various aspects of corporate governance[49]. - The group has maintained compliance with the corporate governance code as per the Hong Kong Stock Exchange listing rules for the year ending December 31, 2024[44]. - The board confirms its responsibility for preparing the group's accounts, ensuring accuracy and compliance with auditing standards[75]. - The company has maintained compliance with all relevant laws and regulations without any significant violations during the reporting period[131]. Human Resources - The group employed a total of 500 employees as of December 31, 2024, an increase from 407 employees in 2023[38]. - Approximately 75% of the group's employees are male, while about 25% are female, indicating a gender diversity challenge in the workforce[67]. Financial Position - The company's current ratio and quick ratio were approximately 1.43 and 1.07, respectively, as of December 31, 2024[30]. - The company's capital expenditure related to the acquisition of properties, plants, and equipment was approximately RMB 574,000, consistent with the previous year[32]. - The debt-to-equity ratio as of December 31, 2024, was 15.83%, slightly up from 15.55% in the previous year[33]. - Total current assets amounted to RMB 1,021,449,372.56, a slight decrease of 0.45% from RMB 1,025,913,660.44 at the end of the previous year[164]. - Total assets reached RMB 1,232,947,050.30, a decrease of 1.30% from RMB 1,249,254,163.22 at the end of the previous year[172]. - Total liabilities increased to RMB 822,938,882.22, up 6.38% from RMB 773,547,489.16 year-over-year[172]. - Total equity decreased to RMB 410,008,168.08, down 13.83% from RMB 475,706,674.06 at the end of the previous year[173]. Audit and Internal Control - The audit report issued by Lixin Certified Public Accountants confirmed that the financial statements fairly reflect the company's financial position as of December 31, 2024, and its operating results for the fiscal year 2024[145]. - The company has established a comprehensive internal control system that meets national regulations and effectively manages key operational areas[144]. - The auditors assess the appropriateness of accounting policies selected by management and the reasonableness of estimates and disclosures made[160]. - The audit procedures include testing the accuracy of management's calculations related to inventory impairment and evaluating the reasonableness of cost estimates associated with inventory[155]. Shareholder Relations - The board of directors encourages continuous dialogue with shareholders and ensures that all directors make efforts to attend shareholder meetings[76]. - The company aims to provide stable and sustainable returns to shareholders through its dividend policy, which is subject to various factors including compliance with Chinese company law[81]. - The company reported no dividends for the fiscal year ending December 31, 2024, consistent with the previous year[97]. - Shareholders holding 10% or more of the issued shares can request the board to convene an extraordinary general meeting within two months[79].
天业节水(00840) - 2024 - 年度财报