Financial Performance - For the fiscal year ending December 31, 2024, the company's revenue decreased to RMB 45,801,000 from RMB 106,584,000 in 2023, representing a decline of approximately 57.0%[4] - Gross profit for the same period was RMB 11,060,000, down from RMB 30,581,000, indicating a decrease of about 63.8%[4] - The company reported a net loss of RMB 7,042,000 for the year, compared to a profit of RMB 2,870,000 in the previous year, marking a significant turnaround[4] - The company's basic and diluted loss per share was RMB 0.23, compared to earnings of RMB 0.96 per share in the previous year[4] - Total revenue for the reportable segments decreased to RMB 45,801 thousand in 2024 from RMB 106,584 thousand in 2023, representing a decline of approximately 57.0%[19] - The total loss for the reportable segments was RMB 11,060 thousand in 2024, down from a profit of RMB 30,581 thousand in 2023[19] - Revenue from equipment sales dropped to RMB 14,325 thousand in 2024, a decrease of 72.2% compared to RMB 51,704 thousand in 2023[21] - Construction services revenue fell to RMB 6,596 thousand in 2024, down 82.7% from RMB 38,105 thousand in 2023[21] - Other services revenue increased to RMB 24,880 thousand in 2024, up 48.2% from RMB 16,775 thousand in 2023[21] - Revenue from mainland China accounted for RMB 42,501 thousand in 2024, down from RMB 106,544 thousand in 2023, a decrease of approximately 60.1%[19] - The company recorded a loss attributable to owners of approximately RMB 7,042,000 for the year ended December 31, 2024, compared to a profit of RMB 2,870,000 for the year ended December 31, 2023[41] Assets and Liabilities - Total assets decreased to RMB 166,280,000 in 2024 from RMB 194,239,000 in 2023, reflecting a decline of approximately 14.4%[5] - Current liabilities also decreased to RMB 137,902,000 from RMB 183,711,000, a reduction of about 25.0%[5] - The company's cash and cash equivalents increased to RMB 72,333,000 in 2024 from RMB 53,360,000 in 2023, showing an increase of approximately 35.5%[5] - The total equity attributable to owners decreased slightly to RMB 73,536,000 from RMB 75,006,000, a decline of about 1.9%[6] - Total assets decreased to RMB 225,890 thousand in 2024 from RMB 264,291 thousand in 2023, a reduction of approximately 14.5%[19] - Total liabilities decreased to RMB 152,354 thousand in 2024 from RMB 189,285 thousand in 2023, a decline of about 19.5%[19] Segment Performance - For the fiscal year ending December 31, 2024, total revenue from external customers reached RMB 45,801 thousand, with the breakdown as follows: EPC projects RMB 5,384 thousand, construction projects RMB 1,431 thousand, equipment projects RMB 14,106 thousand, service concession arrangements RMB 13,370 thousand, and others RMB 11,510 thousand[18] - The adjusted profit before tax for the segments totaled RMB 11,060 thousand, with contributions from EPC projects RMB 1,147 thousand, construction projects RMB 1,098 thousand, equipment projects RMB 7,343 thousand, service concession arrangements RMB 1,012 thousand, and others RMB 460 thousand[18] - As of December 31, 2024, total segment assets amounted to RMB 112,772 thousand, with the largest contribution from equipment projects at RMB 32,881 thousand and service concession arrangements at RMB 43,508 thousand[18] - Total segment liabilities as of December 31, 2024, were RMB 110,361 thousand, with the highest liabilities in EPC projects at RMB 40,832 thousand and equipment projects at RMB 38,256 thousand[18] Employee and Operational Costs - Employee costs decreased to RMB 8,616,000 in 2024 from RMB 15,868,000 in 2023, reflecting a significant reduction in wages and benefits[32] - The company employed 39 employees as of December 31, 2024, down from 52 employees in 2023[93] - The company has adopted a stock option plan to reward outstanding employee performance and contributions[93] Corporate Governance and Compliance - The company has adopted the corporate governance code as per GEM Listing Rules Appendix 15, effective for the year ending December 31, 2024, with the exception of the separation of roles between the Chairman and CEO[100] - The audit committee, consisting of three independent non-executive directors, has reviewed the group's annual performance for the year ending December 31, 2024, ensuring compliance with applicable accounting standards and GEM Listing Rules[103] - The board comprises five executive directors and three independent non-executive directors, ensuring sufficient independence in its composition[100] - The company has not identified any violations of the trading rules regarding securities transactions by directors for the year ending December 31, 2024[101] Future Outlook and Strategy - The company plans to increase investment in the Vietnamese market, leveraging its successful operational experience to attract long-term and new clients[42] - The company aims to maintain a cautious approach towards new projects with local clients due to extended payment terms and declining customer payment capabilities[43] - The company believes that traditional business remains its cornerstone and should receive increased investment, while new business types like data services should also be developed cautiously[45] - The company anticipates that the economic recovery in China will positively impact its performance in familiar markets like the Greater Bay Area[43] Stock Options and Shareholder Information - The stock option plan adopted on June 17, 2022, allows for the issuance of a total of 18,000,000 shares, representing 6% of the total shares issued as of the plan's adoption date[81] - The vesting period for the stock options is set at 3 years, with specific percentages vesting in each subsequent fiscal year[85] - The maximum number of shares that can be issued due to the exercise of stock options granted under the plan is capped at 1% of the company's issued share capital within any 12-month period[82] - The stock option plan is valid for a period of 10 years from the date of adoption, with approximately 7 years remaining as of the report date[90] - The company has granted 18,000,000 stock options to certain directors and employees under the stock option plan[77] - As of December 31, 2024, the company has 1,200,000 unexercised stock options, which could lead to the issuance of an additional 1,200,000 ordinary shares and an increase in capital of HKD 14,280,000 if fully exercised[92] Miscellaneous - The company did not recommend any dividend payments for 2024, consistent with 2023[31] - The company has not provided any financial assistance or guarantees to its subsidiaries as of December 31, 2024[76] - No significant events occurred after the reporting period that could materially impact the company's operations and financial performance[98] - The company will publish this announcement on the Stock Exchange's website and its own website for at least seven days from the date of publication[105]
中国天亿福(08196) - 2024 - 年度业绩