Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 6,007 million, a decrease from RMB 6,176 million in the same period of 2023, representing a decline of approximately 2.7%[2] - Gross profit for the same period was RMB 1,003 million, down from RMB 1,064 million in 2023, indicating a decrease of about 5.7%[3] - Net profit attributable to the company's owners was RMB 687 million, significantly lower than RMB 1,715 million in the previous year, reflecting a decline of approximately 60%[3] - Basic earnings per share decreased to RMB 0.15 from RMB 0.37, a drop of about 59.5% year-on-year[3] - The company reported a total comprehensive income of RMB 739 million for the period, compared to RMB 1,725 million in the same period last year, a decrease of approximately 57.2%[4] - The group's pre-tax profit for the six months ended June 30, 2024, was RMB 686,827,000, a decrease from RMB 1,715,398,000 for the same period in 2023, representing a decline of approximately 60%[22] - The total income tax expense for the six months ended June 30, 2024, was RMB 155,345,000, compared to RMB 114,885,000 for the same period in 2023, indicating an increase of about 35%[20] - The company's net profit for the reporting period was RMB 743.4 million, a decrease of RMB 982.1 million or 56.9% compared to RMB 1,725.5 million in the same period of 2023[60] Assets and Liabilities - Total assets as of June 30, 2024, were RMB 24,120 million, slightly down from RMB 24,317 million at the end of 2023[6] - Current assets amounted to RMB 15,547 million, compared to RMB 15,577 million at the end of 2023, showing a marginal decrease[6] - The company's total equity attributable to owners was RMB 18,029 million, down from RMB 18,301 million at the end of 2023[6] - The company’s liabilities totaled RMB 5,016 million, up from RMB 4,910 million at the end of 2023, indicating an increase of approximately 2.2%[7] - As of June 30, 2024, the total interest-bearing debt was RMB 2.262 billion, all at floating interest rates, with a capital debt ratio of 10.6%[63] Revenue Breakdown - Total revenue for the six months ended June 30, 2024, was RMB 6,006,640 thousand, a decrease of 2.74% compared to RMB 6,175,701 thousand for the same period in 2023[17] - Sales revenue from product sales was RMB 5,840,931 thousand, down from RMB 5,986,489 thousand year-on-year, reflecting a decline of 2.43%[17] - The urea segment generated revenue of RMB 2,102,435 thousand with a pre-tax profit of RMB 372,632 thousand[13] - The methanol segment reported revenue of RMB 1,478,553 thousand and a pre-tax profit of RMB 314,302 thousand[13] - The phosphatic fertilizer and compound fertilizer segment achieved revenue of RMB 1,336,512 thousand with a pre-tax profit of RMB 81,232 thousand[13] - Urea revenue decreased by RMB 417.6 million or 16.6% to RMB 2,102.4 million due to a price drop of RMB 315.9 per ton and a sales volume decrease of 41,731 tons[50] - Phosphate and compound fertilizer revenue increased by RMB 142.9 million or 12.0% to RMB 1,336.5 million, driven by a sales volume increase of 49,033 tons[50] - Methanol revenue rose by RMB 78.6 million or 5.6% to RMB 1,478.6 million, attributed to a price increase of RMB 73.5 per ton and a sales volume increase of 13,770 tons[50] Expenses and Costs - The cost of goods sold for the six months ended June 30, 2024, was RMB 5,003,497,000, down from RMB 5,112,084,000 in the same period of 2023, reflecting a decrease of approximately 2%[19] - The depreciation and amortization expenses for the six months ended June 30, 2024, totaled RMB 362,856,000, compared to RMB 267,824,000 for the same period in 2023, marking an increase of around 36%[19] - Other income for the six months ended June 30, 2024, was RMB 32,550 thousand, a decrease from RMB 57,476 thousand in the same period of 2023[17] - Other income decreased by RMB 24.9 million or 43.3% to RMB 32.6 million, primarily due to a reduction in government subsidies[52] - Financing income increased by RMB 11.1 million to RMB 172.6 million, while financing costs rose by RMB 17.0 million to RMB 27.0 million due to increased interest expenses[56] - Income tax expenses increased by RMB 40.4 million or 35.2% to RMB 155.3 million, mainly due to a decrease in pre-tax operating profit[59] Operational Highlights - The company produced 973,476 tons of urea and sold 1,003,262 tons in the first half of the year, with an operating rate of 105.8%[49] - The production of compound fertilizers was 445,081 tons, with sales of 401,005 tons in the first half of the year[49] - The group produced 8,300 tons of BB fertilizer and sold 9,242 tons in the first half of 2024[50] - The company achieved a 54% year-on-year increase in e-commerce direct sales[47] - The company maintained a 100% compliance rate for online pollutant emissions for two consecutive years[48] - The company successfully completed major repairs on its urea and methanol production facilities ahead of schedule, ensuring stable operations[47] Market Trends - The fertilizer market in China showed a recovery trend in the first half of 2024, influenced by domestic supply and demand changes and related policies[41] - The average price of urea in the first half of 2024 was RMB 2,395 per ton, a decrease of RMB 264 per ton or approximately 10% year-on-year[42] - The average domestic price of monoammonium phosphate in the first half of the year was RMB 3,053 per ton, a year-on-year decrease of 0.72%[43] - The average domestic price of diammonium phosphate was RMB 3,651 per ton, a year-on-year decrease of 0.49%[44] - Domestic methanol production in the first half of the year was approximately 39.36 million tons, an increase of 12.4% year-on-year[45] - The average market price of methanol was RMB 2,520 to RMB 2,760 per ton in the second quarter, reflecting a strong market trend[45] - Domestic acrylonitrile production was approximately 1.689 million tons, a year-on-year increase of 6.83%[46] Corporate Governance - The company appointed Mr. Hou Xiaofeng as acting chairman and president following the resignation of Mr. Wang Weimin on March 30, 2022[74] - The board confirmed that all members and supervisors complied with the securities trading standards as of June 30, 2024[75] - There were no purchases, sales, or redemptions of the company's listed securities by the company or its subsidiaries during the six months ending June 30, 2024[76] - The company has no significant contingent liabilities or major litigation matters during the reporting period[69][70] Future Outlook - The company anticipates a weaker domestic urea price in July-August 2024 due to increased supply, while the phosphate fertilizer market is expected to remain in a tight balance with relatively strong demand[70] - Key focus areas for the second half of 2024 include ensuring stable production operations, optimizing resource allocation, and enhancing brand building for green agriculture[71] - The company maintains a strong liquidity position to meet operational and future development funding needs[64]
中海石油化学(03983) - 2024 - 中期业绩