Financial Performance - For the year ending December 31, 2024, the revenue from continuing operations decreased by approximately 1.6% or RMB 1.9 million to about RMB 117.7 million[2]. - The gross profit from continuing operations for the same period decreased by approximately 20.3% or RMB 4.6 million to about RMB 18.1 million[2]. - The profit attributable to equity holders from continuing operations was approximately RMB 3.1 million, down from RMB 14.6 million for the year ending December 31, 2023, representing a decline of about 78.8%[3]. - Basic earnings per share from continuing operations for the year ending December 31, 2024, were approximately RMB 0.57, compared to RMB 2.68 for the previous year, a decrease of about 78.7%[4]. - The Group's adjusted profit before tax for continuing and discontinued operations was RMB 1,060 thousand in 2024, down from RMB 25,139 thousand in 2023[20]. - The group's profit before tax for the year 2024 was RMB 78,124,000, a decrease from RMB 93,241,000 in 2023, reflecting a decline of approximately 16.1%[28]. - The income tax expense for 2024 was RMB 722,000, significantly lower than RMB 12,955,000 in 2023, indicating a reduction of about 94.4%[29]. - The profit attributable to the owners of the company for the year ending December 31, 2024, is approximately RMB 3.1 million, a decrease from RMB 14.6 million for the same period in 2023[52]. Assets and Liabilities - Total non-current assets decreased from RMB 216.0 million in 2023 to RMB 198.3 million in 2024, a decline of approximately 8.1%[5]. - Current assets increased from RMB 211.7 million in 2023 to RMB 223.9 million in 2024, an increase of approximately 5.7%[5]. - The net current assets increased from RMB 154.3 million in 2023 to RMB 160.1 million in 2024, an increase of approximately 3.8%[5]. - Total assets less current liabilities decreased from RMB 370.3 million in 2023 to RMB 358.4 million in 2024, a decline of approximately 3.2%[5]. - Non-current liabilities decreased from RMB 36,073 thousand in 2023 to RMB 24,271 thousand in 2024, representing a reduction of approximately 32.5%[6]. - Total equity remained stable at RMB 334,172 thousand in 2024 compared to RMB 334,243 thousand in 2023, showing a negligible change of 0.02%[6]. - The company's reserves increased from RMB 246,380 thousand in 2023 to RMB 249,065 thousand in 2024, reflecting a growth of about 1.1%[6]. - Other payables significantly decreased from RMB 13,553 thousand in 2023 to RMB 1,988 thousand in 2024, indicating a decline of approximately 85.3%[6]. - Total debt as of December 31, 2024, is approximately RMB 21.9 million, down from RMB 32.2 million as of December 31, 2023, resulting in a decrease in the debt-to-equity ratio from 9.6% to 6.6%[54]. Revenue Segments - The Group's revenue for the year 2024 was RMB 117,713 thousand, a decrease of 1.0% from RMB 119,652 thousand in 2023[26]. - Rental income from the property leasing segment increased significantly to RMB 12,865 thousand in 2024, compared to RMB 1,947 thousand in 2023, representing a growth of 560.4%[26]. - Sales of goods in the household paper and hygiene products segment decreased to RMB 104,848 thousand in 2024 from RMB 117,705 thousand in 2023, a decline of 10.9%[26]. - Revenue from the property leasing segment increased significantly by 560.8%, from RMB 1,947 thousand in 2023 to RMB 12,865 thousand in 2024[45]. - Revenue from the life paper and hygiene products segment decreased by 10.9%, from RMB 117,705 thousand in 2023 to RMB 104,848 thousand in 2024[42]. Expenses and Costs - The Group's financial costs for the year 2024 were RMB 772 thousand, an increase from RMB 663 thousand in 2023[27]. - The depreciation of property, plant, and equipment for 2024 was RMB 18,334,000, a significant increase from RMB 3,227,000 in 2023[28]. - The group’s employee benefits expenses, including director remuneration, increased to RMB 4,633,000 in 2024 from RMB 2,814,000 in 2023, marking a rise of approximately 64.5%[28]. - Selling and distribution expenses rose by 44.2% from approximately RMB 1.7 million in 2023 to about RMB 2.5 million in 2024, mainly due to increased transportation costs[48]. - Administrative expenses increased from approximately RMB 6.4 million in 2023 to about RMB 7.2 million in 2024, primarily due to rising employee costs[49]. Dividends and Shareholder Returns - The board of directors recommended not to declare any final dividend for the year ending December 31, 2024[2]. - The group did not recommend any dividend payment for the year ending December 31, 2024, consistent with the previous year[35]. - The company does not propose any final dividend for the year ending December 31, 2024, consistent with the previous year[61]. Operational Changes - The company has ceased operations in the manufacturing and sales of steam, heating, and electricity for industrial purposes in mainland China as of December 31, 2023[8]. - The company plans to adopt revised Hong Kong Financial Reporting Standards effective from January 1, 2024, which may impact future financial reporting[13]. - The company has not adopted any new or revised Hong Kong Financial Reporting Standards that would have a significant impact on its financial performance or position during the current accounting period[14]. - The Group is currently evaluating the impact of the new Hong Kong Financial Reporting Standard No. 18 on its consolidated financial statements[18]. Market Outlook and Strategy - The Chinese government's GDP growth target for this year is set at around 5%, focusing on stabilizing the economy and promoting employment[68]. - The demand for high-quality consumer products is expected to increase due to urbanization and the expansion of the middle class in China[68]. - The company aims to enhance its market share by providing a diverse range of sanitary and household paper products, emphasizing quality, hygiene, and environmental responsibility[69]. - The ongoing global health events have heightened consumer awareness of hygiene, leading to sustained demand for household hygiene products[70]. - The company plans to strengthen regional penetration, particularly in rapidly developing cities and suburbs in China[70]. - The focus on innovation, regional expansion, and supply chain optimization is expected to drive continued growth and success in the coming years[71]. Governance and Management - The board expresses gratitude for the efforts and dedication of the management team and all employees, as well as the support from shareholders and business associates throughout the year[79]. - The announcement is made by the chairman and executive director, Mr. Chen Chen, on March 28, 2025[80]. - The board includes executive directors Mr. Chen Chen, Mr. Chen Xiaolong, Mr. Hu Enfeng, Mr. Li Aiguo, and Ms. Luo Yanhong, along with independent non-executive directors Mr. Chen Hua, Mr. Zhao Zhendong, and Mr. Qian Zhihao[81].
冠均国际控股(01629) - 2024 - 年度业绩