Financial Performance - Revenue for the year ended December 31, 2024, was RMB 409,620,000, representing a 37.6% increase from RMB 297,530,000 in 2023[11] - Gross profit increased to RMB 49,722,000 in 2024, up from RMB 20,178,000 in 2023, marking a significant improvement in profitability[11] - The company reported a profit of RMB 2,983,000 for the year from continuing operations, compared to a loss of RMB 2,364,000 in 2023[11] - Other revenue rose to RMB 30,177,000 in 2024, compared to RMB 24,775,000 in 2023, indicating growth in additional income streams[11] - Revenue from wooden products rose by 38.1% to RMB407.4 million in 2024, accounting for 99.5% of total revenue[20] - Revenue from renewable energy products decreased by 8.5% to RMB2.2 million in 2024, with a profit of approximately RMB0.2 million[21] - Gross profit increased to approximately RMB49.7 million in 2024, with a gross margin of 12.1%, up from 6.8% in 2023[25] - Other income for the year was RMB30.2 million, an increase from RMB24.8 million in 2023[26] Expenses and Costs - Selling and distribution expenses were RMB 15,257,000, slightly increasing from RMB 14,650,000 in 2023, reflecting ongoing investment in market presence[11] - Administrative expenses increased to RMB 37,558,000 from RMB 31,836,000 in 2023, suggesting higher operational costs[11] - The company experienced a finance cost of RMB 3,860,000, up from RMB 1,359,000 in 2023, indicating increased borrowing costs[11] - Selling and distribution expenses rose to RMB15.3 million in 2024, compared to RMB14.7 million in 2023[32] - Administrative expenses increased to RMB 37.6 million in 2024, primarily due to higher research and development costs[33] - Finance costs were approximately RMB3.9 million in 2024, up from RMB1.4 million in 2023[34] Tax and Financial Ratios - The Group recorded an income tax credit of RMB7.2 million in 2024, compared to an expense of RMB0.5 million in 2023[35] - As of December 31, 2024, the current ratio improved to 3.7:1, up from 3.1:1 in 2023[38] Capital Expenditure and Assets - Total assets increased to RMB1,210.8 million in 2024, up from RMB1,054.7 million in 2023, representing a growth of 14.8%[15] - As of December 31, 2024, the Group had current assets of RMB 765.7 million, up from RMB 515.1 million in 2023, with cash and cash equivalents at RMB 27.2 million[43] - Total capital expenditure for property, plant, and equipment was RMB 11.1 million, significantly higher than RMB 4.1 million in 2023[45] Employee and Governance - The Group employed 252 full-time employees as of December 31, 2024, an increase from 144 in 2023, focusing on enhancing production automation and staff training[48] - The Board consists of two executive Directors and three non-executive Directors, ensuring compliance with the Listing Rules[76] - Independent non-executive Directors represent at least one-third of the Board at all times during the Year[67] - The Board held only two regular meetings during the Year, approving the interim results of 2024 and annual results of 2023[72] - Each executive Director has a service contract for a term of three years commencing from June 15, 2023[84] Corporate Governance - The Company has adopted the corporate governance code as per the Listing Rules and has complied with all applicable provisions during the Year[66] - Independent non-executive Directors provide strong independent views and ensure compliance with financial reporting requirements[82] - The Company has implemented effective internal control procedures to manage risks and enhance transparency[66] - The Board is responsible for major policy decisions, business plans, and risk management systems[67] - The Company has adopted a Nomination Policy for the Nomination Committee to consider and recommend candidates for election as Directors at general meetings[89] Risk Management - The Risk Management Committee comprises all independent non-executive Directors, focusing on evaluating the Group's risk management framework[140] - The Risk Management Committee reviews material risk exposures, including market, credit, and operational risks[142] - The Company has maintained effective risk management and internal control systems, which are reviewed annually[163] Environmental and Social Responsibility - The Group is committed to reducing its carbon footprint and has implemented practices such as duplex printing and efficient paper usage to minimize environmental impact[174][178] - The Group recognizes the importance of employee welfare, providing comprehensive benefits and a safe workplace, with no strikes or workplace fatalities reported during the Year[186] - The Group values customer feedback and conducts market research to understand trends and needs, ensuring quality products and services are offered[188] Dividend Policy - The Group does not recommend the payment of a final dividend for the Year, consistent with the previous year (2023: Nil)[189][192] - The Board's discretion governs the declaration of dividends, considering financial results, operational conditions, and other relevant factors[193][194] - The Company has adopted a Dividend Policy allowing for the declaration and distribution of dividends to shareholders based on financial performance and other factors[197]
中科生物(01237) - 2024 - 年度财报