Financial Performance - The company's revenue for the year ended December 31, 2024, was RMB 2,132,395 thousand, representing a 6.5% increase compared to RMB 2,002,406 thousand in 2023[3] - The gross profit for the same period decreased by 5.1% to RMB 324,104 thousand from RMB 341,418 thousand in 2023[3] - The company reported a net loss of RMB 19,374 thousand for 2024, a significant decline of 186.4% compared to a profit of RMB 22,414 thousand in 2023[3] - Basic loss per share for 2024 was RMB (6) cents, down 185.7% from earnings of RMB 7 cents per share in 2023[3] - The total comprehensive loss for the year was RMB 20,417 thousand, compared to a total comprehensive income of RMB 22,314 thousand in 2023[5] - The group reported a net profit before tax of RMB 324,000,000 for 2024, compared to RMB 200,000,000 in 2023, representing a growth of 62%[41] - Basic earnings per share for 2024 were reported at a loss of RMB 0.06, compared to a profit of RMB 0.07 in 2023, reflecting a significant decline in profitability[44] Assets and Liabilities - Non-current assets increased to RMB 894,863 thousand in 2024 from RMB 787,112 thousand in 2023, primarily due to an increase in property, plant, and equipment[6] - Current assets rose to RMB 957,350 thousand in 2024, up from RMB 874,715 thousand in 2023, driven by higher accounts receivable[6] - The company's total liabilities increased to RMB 1,326,150 thousand in 2024 from RMB 1,076,445 thousand in 2023, reflecting higher bank borrowings[6] - Total accounts receivable increased to RMB 620,655,000 in 2024 from RMB 547,435,000 in 2023, marking a growth of approximately 13.3%[47] - The company reported a total of RMB 440,653,000 in bank and other borrowings for 2024, up from RMB 335,577,000 in 2023, indicating an increase of about 31.3%[52] - The company’s total liabilities under lease arrangements amounted to RMB 417,295,000 in 2024, an increase from RMB 329,352,000 in 2023, representing a growth of approximately 26.7%[57] Revenue Sources - The group's operating revenue for 2024 reached RMB 2,132,395,000, an increase of 6.5% from RMB 2,002,406,000 in 2023[38] - The revenue from corrugated paper packaging products was RMB 1,918,428,000 in 2024, up from RMB 1,812,728,000 in 2023, reflecting a growth of 5.8%[38] - The company’s sales revenue from corrugated board was approximately RMB 214.0 million, an increase of about 12.8% from RMB 189.7 million in the previous year, making up about 10.0% of total revenue[68] Expenses - The cost of goods sold for the year was RMB 1,808,291,000, compared to RMB 1,660,988,000 in 2023, indicating an increase of 8.9%[41] - The group’s employee benefits expenses, including salaries and wages, amounted to RMB 230,212,000 in 2024, an increase from RMB 215,262,000 in 2023[41] - The company’s selling and distribution expenses increased by approximately 13.2% to about RMB 144.6 million, primarily due to increased sales volume[71] - Administrative expenses rose by approximately 8.3% to about RMB 167.0 million, mainly due to the launch of new factories and a new internet platform[72] - Financing costs increased by approximately 27.2% to about RMB 38.4 million, primarily due to increased financing leases[73] Cash Flow - The net cash inflow from operating activities for the year was approximately RMB 28.2 million, a decrease of about RMB 139.4 million or approximately 83.2% compared to RMB 167.6 million in 2023[79] - The net cash used in investment activities for the year was approximately RMB 65.0 million, significantly higher than RMB 22.3 million in 2023, mainly due to equipment purchases for new production facilities[80] - The net cash used in financing activities for the year was approximately RMB 9.1 million, down from RMB 98.8 million in 2023, primarily due to repayments of financing leases and bank loans[81] Dividends - The board has decided not to declare any final dividend for the year, but a special dividend of HKD 0.08 per share is expected to be paid on or around July 18, 2025[4] - The company announced a special dividend of HKD 0.08 per share, expected to be paid on or around July 18, 2025[61] Corporate Governance - The company has maintained high standards of corporate governance to protect shareholder interests and enhance corporate value[93] - The audit committee consists of three directors, with responsibilities including recommendations on the appointment and dismissal of external auditors and oversight of financial reporting procedures[95] - The company has adopted the standards for securities trading as outlined in the listing rules, confirming compliance by all directors for the year[96] Future Plans - The company plans to build seven new production facilities over the next three years to expand its market coverage in central and western China[86] - Existing production facilities will undergo technological upgrades and process optimizations to enhance profitability and increase the proportion of high-value-added products[87] - The company aims to enhance its market coverage in Central and Western China while focusing on cost control to improve profitability[64] Accounting Standards - The company has not applied any new or revised International Financial Reporting Standards that would significantly impact its financial position or performance[10] - The group is currently assessing the impact of newly issued accounting standards and amendments, which are expected to be adopted on their effective dates[16] - The amendments to IFRS 10 and IAS 28 regarding asset sales or contributions between investors and their associates or joint ventures will not affect the group's consolidated financial statements as the group does not have investments in associates or joint ventures[26]
济丰包装(01820) - 2024 - 年度业绩