Business Operations - The Group has been engaged in the design, research, development, manufacture, and sale of image transmission fiber optic products since its listing on GEM in 2004[20]. - The Group produces five main products, including fiber optic inverters and fiber optic face plates, primarily used in military low-light night vision devices[21]. - The Group's products consist of over 10 million optical fibers, indicating a high level of technological sophistication[20]. - The Group's customers are mainly located in China, Russia, and other European countries, highlighting its international market presence[21]. - The Group's core business development efforts are intended to fully realize its potential for optimal performance[15]. - The Company continued to engage in the design, research, development, manufacture, and sale of image transmission fibre optic products[108]. Financial Performance - For the year ended 31 December 2024, the Group's revenue was approximately RMB17,143,000, representing a decrease of approximately 36% compared to RMB26,717,000 in 2023[34][37]. - The cost of sales for the Group was approximately RMB10,715,000, a decrease of approximately 25% from RMB14,333,000 in the previous year[39]. - The gross profit margin decreased to 37.5% in 2024 from 46.35% in 2023 due to hindered exports and decreased sales[40]. - The Group recorded other income, gains, and losses amounting to approximately RMB9,883,000, an increase of approximately RMB1,482,000 compared to RMB8,401,000 in 2023[41]. - Administrative and other operating expenses increased to approximately RMB29,207,000, representing an increase of approximately RMB5,405,000 from RMB23,802,000 in 2023[42]. - Finance costs rose to approximately RMB9,967,000, an increase of approximately RMB1,035,000 compared to RMB8,932,000 in the previous year[43]. - The Group's loss after tax for the year was approximately RMB33,620,000, compared to a loss of RMB10,375,000 in 2023[43]. - Total assets decreased by approximately RMB8,796,000 to approximately RMB162,874,000 as at 31 December 2024, representing a decrease of approximately 5.12%[51]. - Total liabilities increased by approximately RMB24,824,000 to approximately RMB304,795,000 as at 31 December 2024, representing an increase of approximately 8.87%[52]. - The gearing ratio as at 31 December 2024 was approximately 200%, up from 173% in 2023[58]. - The Group's reserves available for dividend distribution to shareholders were RMB0 as of December 31, 2024, unchanged from 2023[120]. Strategic Initiatives - The Group received a subsidy of RMB20,000,000 from the Taiyuan City government to support its technological transformation project[23]. - The Group plans to introduce new strategic investors and negotiate capital operation proposals to improve its financial position[29][30]. - The Board aims to improve operations, production, and market development capabilities to enhance corporate value and financial performance[15]. - The Board is focused on reducing operating costs and improving product quality to restore profit growth[15]. - The Group's operational measures are aimed at enhancing business capabilities amid a difficult operating environment[22]. - Management is preparing fundraising plans, such as equity financing and debt restructuring, to ensure rapid recovery of operations[75]. Shareholder Information - As of December 31, 2024, the Group's largest customer accounted for approximately 65% of total turnover, up from 44% in 2023[127]. - The five largest customers accounted for approximately 91% of total turnover, slightly down from 92% in 2023[127]. - The Group's largest supplier accounted for approximately 40% of total purchases, an increase from 25% in 2023[127]. - The five largest suppliers accounted for approximately 70% of total purchases, up from 51% in 2023[127]. - As of December 31, 2024, Yuan Guoliang holds 3,895,000 shares, representing approximately 3.54% of domestic shares and 1.26% of H shares[155]. - Zhang Shao Hui has an interest in a controlled corporation with 82,200,000 domestic shares, accounting for approximately 41.34% of domestic shares and 26.61% of total share capital[159]. - Beijing Gensir Venture Capital Management Limited is the registered and beneficial owner of 82,200,000 domestic shares, which is approximately 41.34% of domestic shares[159]. - Taiyuan Changcheng Optics Electronics Industrial Company Limited holds 80,160,000 domestic shares, representing approximately 40.31% of domestic shares and 25.95% of total share capital[159]. - Beijing Yuankang Technology Co., Ltd. owns 34,000,000 domestic shares, which is approximately 17.10% of domestic shares and 11.01% of total share capital[161]. Governance and Compliance - The Company has established an audit committee to oversee financial reporting, risk management, and internal control systems, comprising two independent non-executive directors and one non-executive director[185]. - The company has appointed Beijing Xinghua Caplegend CPA Limited as its auditor effective from October 23, 2024, following the resignation of ZHONGHUI ANDA CPA Limited[186]. - The board of directors currently comprises eight members, including three executive directors, two non-executive directors, and three independent non-executive directors[197]. - The company has complied with the Corporate Governance Code, except for the lack of insurance coverage for directors against legal actions due to insufficient budget[194]. - The company has adopted the Required Standard of Dealings for securities transactions by directors, with no reported non-compliance for the year ended December 31, 2024[195]. - The audit committee has reviewed the audited annual results for the year ending December 31, 2024[189].
长城微光(08286) - 2024 - 年度财报