TINGYI(00322)2025-03-24 08:30Financial Performance - Revenue for the year ended December 31, 2024, was RMB 80,650,914 thousand, representing a 0.3% increase from RMB 80,418,075 thousand in 2023[2] - Gross profit margin improved to 33.1%, up by 2.7 percentage points from 30.4% in the previous year[2] - Group gross profit increased by 9.1% to RMB 26,695,643 thousand, compared to RMB 24,467,089 thousand in 2023[2] - EBITDA rose by 17.3% to RMB 9,627,802 thousand, up from RMB 8,206,526 thousand in 2023[2] - Net profit for the year was RMB 4,322,135 thousand, a 22.9% increase from RMB 3,516,667 thousand in 2023[2] - Profit attributable to shareholders increased by 19.8% to RMB 3,734,429 thousand, compared to RMB 3,117,461 thousand in 2023[2] - Basic earnings per share rose to RMB 66.28, an increase of 10.95 cents from RMB 55.33 in 2023[2] Cash and Equity - Cash and cash equivalents, including long-term deposits, amounted to RMB 16,002,668 thousand, an increase of RMB 1,264,287 thousand from the previous year[2] - Total equity increased to RMB 17,615,351 thousand in 2024 from RMB 17,222,244 thousand in 2023, representing a growth of 2.3%[11] - The company's issued share capital increased marginally from RMB 196,681 thousand in 2023 to RMB 196,684 thousand in 2024[11] - The reserve increased to RMB 13,244,526 thousand in 2024 from RMB 12,910,832 thousand in 2023, reflecting a growth of approximately 2.6%[11] Liabilities and Assets - Non-current liabilities decreased significantly from RMB 6,734,396 thousand in 2023 to RMB 3,110,279 thousand in 2024, a reduction of approximately 53.8%[11] - Current liabilities rose to RMB 32,423,225 thousand in 2024, up from RMB 29,193,014 thousand in 2023, indicating an increase of about 7.6%[11] - The company's total liabilities slightly decreased from RMB 35,927,410 thousand in 2023 to RMB 35,533,504 thousand in 2024, a decrease of about 1.1%[11] - The total assets for 2024 amounted to RMB 53,148,855 thousand, slightly down from RMB 53,149,654 thousand in 2023, showing a negligible decrease[34][36] Revenue Breakdown - Revenue from customer contracts for 2024 reached RMB 80,582,017 thousand, a slight decrease from RMB 80,348,163 thousand in 2023, representing a decline of approximately 0.3%[30][32] - The instant noodle business generated revenue of RMB 28.414 billion in 2024, a year-on-year decline of 1.3%, accounting for 35.2% of total group revenue[56] - The beverage segment achieved revenue of RMB 51.621 billion in 2024, a year-on-year growth of 1.3%, representing 64.0% of total group revenue[62] Operational Efficiency - The group's total revenue for 2024 increased by 0.3% to RMB 80.65 billion, with instant noodles revenue declining by 1.3% and beverage revenue growing by 1.3%[54] - The overall gross profit for the group increased by 9.1% to RMB 26.696 billion, with a gross profit margin of 33.1%, up 2.7 percentage points from the previous year[57] - The group's inventory turnover period improved to 17.6 days from 19.5 days year-on-year, indicating better inventory management[75] Product Innovation and Market Strategy - The company aims to enhance product innovation, brand building, and channel expansion in 2025[4] - The company introduced new products such as "Fresh Q Noodles," which set a new benchmark in the non-fried noodle market, and received positive consumer feedback[59] - The company is focusing on health-oriented products, launching sugar-free options and expanding product categories to enhance operational efficiency[62] - The company is actively optimizing its product mix and marketing strategies to adapt to changing consumer preferences and shopping behaviors[56] Sustainability and Social Responsibility - The company emphasizes a commitment to food safety and green development while supporting consumer aspirations for a better life[4] - The group is actively promoting sustainable development concepts through various consumer engagement initiatives, including partnerships with social media platforms[68] - The company has been recognized for its achievements in sustainable development, becoming a founding member of the UN Food Systems Committee and being listed among the "Top 20 Cases of 20 Years" by the UN Global Compact[82] Governance and Risk Management - The company has established a risk management framework based on the COSO model, ensuring effective internal controls and compliance with regulations[94] - The company will continue to enhance its governance practices to improve accountability and transparency, adhering to the Hong Kong Stock Exchange's corporate governance code[87] Dividends and Share Options - The company plans to distribute a special final dividend of RMB 0.3314 per share, totaling RMB 1.87 billion, and a final dividend of the same amount[46] - The board proposed a final dividend of RMB 0.3314 per ordinary share and a special final dividend of RMB 0.3314 per ordinary share for the year ending December 31, 2024, pending approval at the annual general meeting[107]