Financial Performance - The total revenue for the fiscal year ending March 31, 2024, was RMB 3,119,674,000, a decrease of 23% compared to RMB 4,046,902,000 in the previous year[2] - Gross profit for the same period was RMB 895,539,000, down from RMB 1,036,121,000, reflecting a gross margin decline[2] - The net profit for the year was RMB 479,970,000, a decrease of 17% from RMB 579,188,000 in the previous year[2] - Basic and diluted earnings per share for the year were RMB 1.26, compared to RMB 1.52 in the previous year[2] - The group's profit before tax for the year ended March 31, 2024, was RMB 702,734,000, a decrease of 16.5% compared to RMB 841,019,000 in 2023[31] - The total income tax expense for the year was RMB 222,764,000, down 15% from RMB 261,831,000 in 2023[30] - The company’s other income and gains increased by approximately 24.7% to about RMB 85,268 thousand, mainly due to a significant increase in bank interest income[51] - The company reported a net foreign exchange gain of RMB 5,909,000, compared to a loss of RMB 1,703,000 in the previous year[6] Assets and Liabilities - Total assets as of March 31, 2024, amounted to RMB 3,495,244,000, an increase from RMB 3,275,365,000 in the previous year[3] - Current assets totaled RMB 2,963,018,000, up from RMB 2,870,410,000, indicating improved liquidity[3] - The company’s non-current liabilities increased to RMB 124,438,000 from RMB 108,063,000, indicating a rise in long-term obligations[4] - Non-current assets in mainland China increased to RMB 644,510 thousand as of March 31, 2024, from RMB 612,841 thousand in the previous year[19] Revenue Breakdown - Revenue from mainland China was RMB 2,632,420 thousand, down from RMB 3,105,711 thousand, indicating a decrease of about 15.2%[21] - Revenue from overseas markets decreased to RMB 487,254 thousand from RMB 941,191 thousand, reflecting a decline of approximately 48.3%[21] - The company recognized RMB 78,795 thousand in revenue from contract liabilities for the year ended March 31, 2024, compared to RMB 180,783 thousand in the previous year[22] Expenses and Costs - The cost of sales inventory decreased to RMB 2,221,681,000 from RMB 3,008,160,000, reflecting a reduction of 26.1%[6] - Research and development expenses increased to RMB 41,858,000, up 21.5% from RMB 34,427,000 in the previous year[6] - Selling and distribution expenses rose by approximately 5.1% to about RMB 155,851 thousand, accounting for about 5.0% of total revenue[52] - Administrative expenses increased by approximately 7.9% to about RMB 113,856 thousand, primarily due to higher development and administrative costs[53] Cash Flow and Liquidity - The company reported a net cash flow from operating activities of RMB 505,814,000, down from RMB 763,403,000 in the previous year[6] - The current ratio improved to approximately 3.7, compared to 3.3 in the previous fiscal year, due to a decrease in current liabilities by 7.6%[62] Shareholder Information - The company declared a final dividend of HKD 0.40 per share for the year ended March 31, 2024, totaling RMB 140,122 thousand, an increase of 6.3% from RMB 131,633 thousand in 2023[45] - The board has proposed a final dividend of HKD 0.40 per share for the fiscal year ending March 31, 2024, subject to shareholder approval[69] - The annual general meeting is scheduled for August 19, 2024, in Hong Kong, with a suspension of share transfer registration from August 14 to August 19, 2024[79] Corporate Governance - The company is committed to enhancing corporate governance and has adopted a standard code for securities trading by directors[73] - The company’s audit committee has reviewed the audited consolidated financial statements for the fiscal year, ensuring compliance with accounting standards[74] Future Outlook - The company expects its performance in 2024 to be significantly higher than in 2023 due to the robust growth potential of the CNC machine tool market in China[68] - The CNC machine tool demand in China has been sluggish throughout 2023 but is showing signs of recovery, indicating a potential new growth cycle starting in March and April 2024[67] - The company plans to optimize production processes and implement energy-saving measures to improve resource utilization and promote sustainable development[68] Investments and Expansion - The expansion of the Pinghu new factory is expected to be completed and operational by July 2024, positioning the company for future growth opportunities[47] - A new factory is under construction with an investment of approximately RMB 130 million, expected to increase production capacity by 3,000 to 4,000 CNC precision machine tools by July 2024[65] Share Repurchase - The company repurchased a total of 250,000 shares during the review year, which were canceled on June 18, 2024, aiming to enhance earnings per share[77] - In December 2023, the company repurchased 195,000 shares at a price range of HKD 8.99 to HKD 7.91, totaling HKD 1,684,720[78] - In January 2024, the company repurchased 55,000 shares at a price range of HKD 9.00 to HKD 8.84, totaling HKD 491,930[78]
津上机床中国(01651) - 2024 - 年度业绩