Financial Performance - For the fiscal year ending December 31, 2024, the company's revenue was RMB 21,492 million, representing a slight increase of 0.2% compared to RMB 21,446 million in 2023[4] - The gross profit margin improved to 37.8%, up by 2.6 percentage points from 35.2% in the previous year[4] - Adjusted EBIT for the year was RMB 1,865.9 million, reflecting a growth of 6.2% from RMB 1,757.4 million in 2023[4] - Adjusted EBITDA increased by 4.4% to RMB 2,722.4 million, compared to RMB 2,607.1 million in the prior year[4] - The net profit for the year was RMB 1,422.6 million, an increase from RMB 1,385.6 million in 2023[7] - Basic and diluted earnings per share rose to RMB 30.76, compared to RMB 29.76 in the previous year[7] - Total revenue for 2024 reached RMB 21,491,811 thousand, a slight increase from RMB 21,446,436 thousand in 2023, reflecting a growth of approximately 0.21%[24] - The net profit for the year 2024 reached RMB 860,535,000, an increase from RMB 832,577,000 in 2023, representing a growth of approximately 3.1%[33] - The basic earnings per share for 2024 was RMB 30.76, up from RMB 29.76 in 2023, indicating an increase of about 3.4%[33] Dividends and Shareholder Returns - The company proposed a final dividend of RMB 0.153 per share, up from RMB 0.148 per share in 2023[4] - The company proposed a final dividend of RMB 0.153 per ordinary share for the year ending December 31, 2024, compared to RMB 0.133 per share for the previous year, reflecting an increase of approximately 15%[43] - The company is obligated to withhold a 10% corporate income tax when distributing the final dividend to non-resident corporate shareholders[85] Assets and Liabilities - Cash and cash equivalents increased significantly to RMB 4,014.4 million, up from RMB 2,293.0 million in 2023[11] - Total assets less current liabilities amounted to RMB 10,561.4 million, compared to RMB 10,266.0 million in the previous year[12] - The company reported a net asset value of RMB 10,198.2 million, an increase from RMB 9,686.9 million in 2023[12] - Trade receivables decreased to RMB 361,976,000 in 2024 from RMB 404,506,000 in 2023, a reduction of about 10.5%[39] - The company reported a decrease in trade payables to RMB 802,896,000 in 2024 from RMB 751,893,000 in 2023, an increase of approximately 6.8%[42] Revenue Sources and Trends - Revenue from carbonated beverages was RMB 16,372,978 thousand in 2024, up from RMB 15,973,126 thousand in 2023, indicating a growth of about 2.51%[24] - Other income decreased to RMB 185,207 thousand in 2024 from RMB 264,358 thousand in 2023, representing a decline of approximately 30%[29] - The company reported a net loss of RMB 23,292 thousand from other gains and losses in 2024, compared to a gain of RMB 64,056 thousand in 2023[29] - The overall sales volume decreased by 9.7% year-on-year, while the gross profit margin increased by 2.6 percentage points[55] - Revenue for 2024 remained stable year-on-year despite a decline in sales volume, attributed to an increase in average product prices[69] Operational Developments - The company completed a restructuring involving the acquisition of five subsidiaries for a fair value of RMB 554,179,000, which included cash payment of RMB 124,843,000[45] - The revenue contribution from the five acquired subsidiaries for the year is RMB 32,000 million, with a net profit of RMB 15,290 million[49] - The company aims to enhance product quality and profitability through brand restructuring and supply chain optimization, focusing on high-margin products[52] - The juice category has seen improvements in average price, gross margin, and profit margin, with a unified brand strategy for "Mei Zhi Yuan" launched[58] - The new "LIE SHOU" energy drink brand was introduced, and "Mo Zhua" brand achieved its highest revenue and sales since launch, with double-digit growth in key channels[62] - The company plans to expand its high-end water product offerings, focusing on the health advantages of soda water to improve profitability in the water category[60] Market and Economic Environment - The overall economic environment in China shows a GDP growth of 5.0% year-on-year, with stable sales in the non-alcoholic beverage industry[54] - The company anticipates adverse impacts from external environmental changes in 2025, but expects long-term economic stability and growth potential in China[68] Employee and Governance - The company employed 17,533 employees as of December 31, 2024, a decrease from 18,889 employees in the previous year[79] - The company has established a comprehensive set of policies regarding employee rights and development, ensuring non-discrimination and the prohibition of child labor[80] - The company has committed to providing a robust training system to enhance employees' skills and knowledge for mutual growth[80] - The board of directors includes a mix of executive and non-executive members, ensuring diverse governance[96] Compliance and Reporting - The company has adopted the principles of the Corporate Governance Code as per the Hong Kong Stock Exchange, with a recent adjustment to comply with the separation of roles between the chairman and the CEO[90] - The audit committee reviewed the consolidated financial statements for the year ending December 31, 2024, discussing matters related to audit, internal controls, and financial reporting[94] - The company confirmed compliance with the standards set forth in the Listing Rules regarding directors' securities transactions throughout the year[91] - The annual performance announcement will be published on the Hong Kong Stock Exchange and the company's website[96] - The 2024 annual report will be released at an appropriate time on the aforementioned websites and sent to shareholders[96]
中国食品(00506) - 2024 - 年度业绩