Financial Performance - For the fiscal year ending December 31, 2024, the total revenue decreased to RMB 198,145,000 from RMB 407,104,000 in 2023, representing a decline of approximately 51.3%[3] - The gross profit for the same period was RMB 39,504,000, down from RMB 115,014,000, indicating a decrease of about 65.6%[3] - The operating loss for the year was RMB 16,645,000 compared to an operating profit of RMB 40,730,000 in 2023, marking a significant shift in performance[3] - The net loss attributable to equity holders of the company for 2024 was RMB 8,514,000, compared to a profit of RMB 329,432,000 in 2023, reflecting a substantial decline[4] - The total comprehensive loss for the year was RMB 11,878,000, down from a comprehensive income of RMB 359,331,000 in the previous year[5] - The company reported a basic loss per share of RMB 2.06 for continuing operations, compared to earnings of RMB 1.05 per share in 2023[4] - Adjusted EBITDA for the continuing operations was RMB 50,076 thousand, down 55.8% from RMB 113,024 thousand in the previous year[29] - The company reported a pre-tax loss of RMB 9,221 thousand for 2024, compared to a profit of RMB 39,092 thousand in 2023[29] - The company recorded a net loss of RMB 1,596 thousand from other income for continuing operations, compared to a loss of RMB 4,337 thousand in 2023[30] - The company incurred an annual loss of approximately RMB 13.3 million for the year ended December 31, 2024, compared to a profit of approximately RMB 359.3 million for the year ended December 31, 2023[53] Revenue Breakdown - Revenue from toll fees decreased to RMB 69,530 thousand in 2024 from RMB 77,918 thousand in 2023, reflecting a decrease of about 17.4%[21] - The group's liquor sales revenue dropped significantly from RMB 329,186 thousand in 2023 to RMB 128,615 thousand in 2024, a decline of approximately 60.9%[21] - The group had a major customer contributing over 10% of total revenue, with Customer A generating RMB 52,823 thousand in 2024, down from RMB 180,213 thousand in 2023, a decrease of about 70.7%[22] - Reported segment revenue for the year ended December 31, 2024, was RMB 198,145 thousand, a decrease of 58.5% from RMB 476,773 thousand in 2023[29] - The toll revenue from the Qingping Expressway for the year ended December 31, 2024, was approximately RMB 69.5 million, down about 10.8% from RMB 77.9 million in the previous year[47] - The liquor trading business recorded revenue of approximately RMB 128,600,000, a significant decrease of about 60.9% from RMB 329,200,000 in the previous year[62] Assets and Liabilities - Non-current assets increased to RMB 699,164,000 in 2024 from RMB 529,217,000 in 2023, showing a growth of approximately 32.2%[7] - Current assets slightly decreased to RMB 713,645,000 in 2024 from RMB 720,013,000 in 2023, a decline of about 0.5%[8] - The total liabilities increased to RMB 234,371,000 in 2024 from RMB 124,648,000 in 2023, indicating a rise of approximately 88%[8] - The company's equity decreased to RMB 1,078,429,000 in 2024 from RMB 1,124,022,000 in 2023, a reduction of about 4.1%[10] - Total reported segment assets increased to RMB 1,408,014 thousand in 2024, compared to RMB 1,127,620 thousand in 2023, reflecting a growth of 24.8%[29] - Total reported segment liabilities rose significantly to RMB 371,448 thousand in 2024, compared to RMB 107,476 thousand in 2023, marking an increase of 245.5%[29] Operational Changes - The group’s primary business operations are now focused on liquor trading and the construction, operation, and management of the Qingping Expressway[19] - The group has reassessed the classification of liabilities as current or non-current under the revised accounting standards and found no need for reclassification[15] - The group has not engaged in any sale-and-leaseback transactions, so the related accounting revisions did not have a significant impact on the financial statements[16] - The group has not entered into any supplier financing arrangements, thus the recent accounting standard revisions had no significant impact on the financial statements[17] Future Outlook - The group anticipates steady growth in traffic volume and toll revenue from the Qingping Expressway due to the recovery of economic activities in Shenzhen, which is expected to become a major source of stable cash flow[70] - The liquor trading business is expected to improve in the near term following the digestion of accumulated inventory in distribution channels, with the group confident in the performance of this segment[70] - The group plans to invest in upstream operations of the liquor business, including distilleries, brewing, warehousing logistics, and packaging, with Guizhou Renhuai set to become the main production and logistics base, expected to be completed by 2025[70] - The group aims to continue seeking investment opportunities in infrastructure projects in China, leveraging its established relationships and reputation[71] Corporate Governance - The company maintained a public float of at least 25% of its total issued share capital as required by the Hong Kong Stock Exchange[72] - The board does not recommend declaring any final dividend for the fiscal year ending December 31, 2024[77] - The annual general meeting is scheduled for June 4, 2025, with a suspension of share registration from May 30 to June 4, 2025[78] - The company has adopted the corporate governance code as per the listing rules and believes it has complied with all relevant provisions during the fiscal year[74]
华昱高速(01823) - 2024 - 年度业绩