Financial Performance - Total revenue for the year ended December 31, 2024, was RMB 82,778,000, a decrease of 17.8% compared to RMB 100,685,000 in 2023[4] - Gross profit for the year was RMB 2,309,000, down 84.0% from RMB 14,456,000 in the previous year[4] - The company reported a loss before tax of RMB 16,336,000, compared to a loss of RMB 10,638,000 in 2023, indicating a deterioration in financial performance[4] - Total comprehensive loss for the year was RMB 16,896,000, compared to RMB 12,107,000 in 2023, reflecting a 39.0% increase in losses[4] - The company reported a pre-tax loss of RMB 16,336,000 for the year ended December 31, 2024, compared to a pre-tax loss of RMB 10,638,000 in 2023[17] - The group reported a pre-tax loss of RMB 67,626,000 for 2024, a decrease from RMB 71,874,000 in 2023, showing an improvement of about 5.5%[26] - The group reported a loss attributable to owners of the company of approximately RMB 16.9 million for the year ended December 31, 2024, compared to a loss of RMB 12.1 million in the previous year[57] Revenue Breakdown - Revenue from the food supply business was RMB 61,845,000, down 21.2% from RMB 78,543,000 in 2023[17] - Supply chain management revenue decreased to RMB 20,933,000 from RMB 22,142,000, a decline of 5.4%[17] - The supply chain management business generated revenue of RMB 20.9 million (25.3% of total revenue) in 2024, while the food supply business accounted for RMB 61.8 million (74.7% of total revenue)[48] Assets and Liabilities - Cash and cash equivalents increased to RMB 79,934,000 from RMB 65,349,000 in 2023, representing a growth of 22.5%[5] - Non-current assets decreased to RMB 172,569,000 from RMB 185,038,000, a decline of 6.7%[5] - Current liabilities decreased significantly to RMB 16,069,000 from RMB 39,473,000, a reduction of 59.3%[5] - The company's net asset value decreased to RMB 260,698,000 from RMB 277,594,000, a decline of 6.1%[6] - Trade receivables decreased significantly to RMB 32,447,000 in 2024 from RMB 64,626,000 in 2023, a reduction of approximately 49.8%[36] - As of December 31, 2024, the group's net current assets decreased from approximately RMB 936 million to approximately RMB 897 million[58] - As of December 31, 2024, cash and cash equivalents amounted to approximately RMB 882 million, an increase from RMB 712 million as of December 31, 2023[59] Customer Concentration - The company had two major customers contributing over 10% of total revenue in 2024, compared to four in 2023[20] - Customer A generated revenue of RMB 30,077,000 in 2024, an increase from RMB 19,970,000 in 2023[21] - Customer B contributed RMB 19,582,000 in 2024, while Customer C and D contributed RMB 19,274,000 and RMB 15,258,000 respectively in 2023[21] Operational Focus - The company continues to focus on supply chain management and high-end agricultural products, aiming to enhance quality development in agriculture and livelihood[7] - The company is focusing on providing integrated supply chain solutions, emphasizing a "from farm to table" approach to ensure the freshness of agricultural products[41] - The company aims to enhance business profitability and expand its supply chain services in response to geopolitical uncertainties and market conditions[43] - The company has established partnerships with several well-known retailers to build a national sales and distribution network[41] - The management is committed to exploring new development opportunities in innovative technology and green energy sectors to diversify the group's business[45] Compliance and Governance - The company has adopted all provisions of the corporate governance code as per the listing rules, with no known non-compliance during the year, except for the role distinction between the Chairman and CEO[75][76] - The audit committee held four meetings during the year to review the company's reports and accounts, ensuring compliance with applicable accounting standards[79] - The company's auditor confirmed that the figures in the preliminary announcement for the year ending December 31, 2024, are consistent with the audited consolidated financial statements[80] Future Outlook - The company is currently evaluating the impact of new and revised Hong Kong Financial Reporting Standards, which may affect accounting policies and financial statements[12] - The group aims to enhance profitability by reallocating resources to products and services with better profit potential and improving supply chain service quality through detailed management and cost control[44] - The group plans to continue expanding domestic and international sourcing resources in the food supply business to enhance product quality and service efficiency[44] Miscellaneous - The company did not issue any potential dilutive ordinary shares during the reporting periods, maintaining a consistent share count of 650,000,000 shares[32] - The company did not recommend the payment of a final dividend for the year ending December 31, 2024, as was the case for the year ending December 31, 2023[73] - There were no significant investments, acquisitions, or disposals of subsidiaries or joint ventures for the year ended December 31, 2024[68] - There were no significant events requiring disclosure after the reporting period[74]