Financial Performance - Revenue for the year ended December 31, 2024, was RMB 4,832.0 million, a decrease of 6.4% compared to RMB 5,163.3 million in the previous year[2]. - Gross profit for the same period was RMB 983.5 million, down 14.0% from RMB 1,143.4 million[2]. - Net profit attributable to equity holders was RMB 358.8 million, a decline of 3.1% from RMB 370.2 million[2]. - Basic earnings per share decreased by 1.5% to RMB 0.131 from RMB 0.133[2]. - Gross profit margin decreased to 20.4%, down 1.7 percentage points from 22.1%[2]. - Operating profit before tax was RMB 408.1 million, down from RMB 465.5 million in the previous year[3]. - The net profit for the year ended December 31, 2024, was RMB 400,163,000, a decrease of 4.2% compared to RMB 419,928,000 in 2023[4]. - Total comprehensive income for the year was RMB 312,487,000, down from RMB 399,638,000 in the previous year, representing a decline of 21.8%[4]. Assets and Liabilities - Total assets increased to RMB 7,452.7 million, reflecting a growth of 0.9% from RMB 7,384.6 million[2]. - The company's total assets amounted to RMB 8,986,903,000, an increase from RMB 8,160,497,000 in 2023, reflecting a growth of 10.1%[5]. - The total liabilities decreased to RMB 4,298,946,000 from RMB 5,400,578,000, indicating a reduction of 20.5%[6]. - The company's cash and cash equivalents increased to RMB 1,068,922,000 from RMB 749,087,000, showing a growth of 42.7%[5]. - The total equity attributable to the company's shareholders was RMB 7,093,077,000, slightly up from RMB 7,064,555,000 in 2023, indicating a marginal increase of 0.4%[6]. - The company's current liabilities decreased to RMB 3,638,644,000 from RMB 2,817,173,000, representing an increase of 29.1%[6]. - Net debt increased to RMB 2,459.7 million, a rise of 7.4% from RMB 2,289.9 million[2]. - Net asset liability ratio improved to 33.0%, up 2.0 percentage points from 31.0%[2]. Revenue Breakdown - The revenue breakdown by product for 2023 shows that mold steel generated RMB 2,273,870,000, high-speed steel RMB 821,478,000, cutting tools RMB 879,342,000, titanium alloy RMB 756,370,000, and others RMB 100,976,000[13]. - For the fiscal year ending December 31, 2024, the reported segment revenue from external customers is CNY 4,832,036,000, with the highest contribution from the Mould Steel segment at CNY 2,273,870,000[21]. - The Adjusted EBIT for the Mould Steel segment is CNY 24,867,000, while the total Adjusted EBIT across all segments is CNY 523,244,000 for the fiscal year 2024[21]. - The total reported segment assets amount to CNY 10,873,305,000, with the Mould Steel segment holding CNY 5,505,231,000 in assets[21]. - The total reported segment liabilities are CNY 1,459,538,000, with the Mould Steel segment accounting for CNY 668,962,000[21]. Expenses and Costs - Employee costs, including salaries and other benefits, reached RMB 421,605,000 in 2024, compared to RMB 397,116,000 in 2023, representing an increase of about 6.1%[29]. - The net financial cost was RMB 156,963,000 in 2024, up from RMB 138,121,000 in 2023, reflecting an increase of about 13.5%[27]. - Distribution costs for 2024 were RMB 144,072,000, representing approximately 3.0% of revenue, up from 2.3% in 2023[82]. - Administrative expenses increased to RMB 172,675,000 in 2024 from RMB 160,122,000 in 2023, accounting for about 3.6% of revenue[83]. - Research and development expenses decreased to RMB 301,548,000 in 2024 from RMB 312,361,000 in 2023[84]. Dividends and Share Repurchases - The proposed final dividend per share is RMB 0.0263, down from RMB 0.0400 in the previous year, reflecting a decrease of 34.3%[51]. - The interim dividend announced was RMB 0.0203 per share, with no interim dividend declared in the previous year[53]. - A total of 50,000,000 ordinary shares were repurchased at a total cost of HKD 86,829,400 (approximately RMB 78,830,000) as of December 31, 2024[173]. - The repurchased shares were cancelled on July 2, 2024, and November 1, 2024[173]. Market Trends and Outlook - The demand for high-performance special steel has significantly increased due to the rapid development of high-end manufacturing industries such as automotive and aerospace[97]. - The market for high-end materials is experiencing a "volume increase and price decrease" trend, with increased competition leading to price adjustments[95]. - The titanium alloy market is experiencing significant changes, driven by increased demand in high-end manufacturing and technological advancements[106]. - The competition in China's titanium alloy market is intensifying, with state-owned enterprises maintaining advantages in high-end titanium materials[108]. - The global high-speed steel cutting tools market size reached RMB 21.749 billion in 2023, with the Chinese market accounting for RMB 6.794 billion[116]. Corporate Governance and Compliance - The financial statements are prepared in accordance with International Financial Reporting Standards and comply with the relevant regulations of the Hong Kong Stock Exchange[8]. - The group has not adopted any new standards or interpretations that have not yet come into effect during the current accounting period, ensuring consistency in financial reporting[10]. - The audit committee reviewed the annual report and financial statements for the year ending December 31, 2024, confirming compliance with applicable accounting standards[175]. - The company has adhered to the corporate governance principles and rules as per the Hong Kong Stock Exchange regulations[174].
天工国际(00826) - 2024 - 年度业绩