Financial Performance - The company reported revenue of RMB 6,007 million for the six months ended June 30, 2024, a decrease of 2.7% compared to RMB 6,176 million in the same period of 2023[4]. - The net profit attributable to equity holders of the company was RMB 687 million, down 60% from RMB 1,715 million in the previous year[4]. - The gross profit margin for the period was approximately 16.7%, compared to 17.2% in the same period last year[4]. - The company's revenue for the reporting period was RMB 6,006.6 million, a decrease of RMB 169.1 million or 2.7% compared to RMB 6,175.7 million in the same period of 2023[20]. - The net profit for the period was RMB 743,374,000, a significant decrease of 56.96% compared to RMB 1,725,473,000 in the previous year[51]. - The pre-tax profit for the group was RMB 898,719, compared to RMB 1,840,358 for the same period in 2023, reflecting a decline of 51.1%[64]. - The group recorded a net loss from foreign exchange of RMB 5.9 million, a reduction of RMB 7.3 million from a loss of RMB 13.2 million in the same period of 2023[28]. - The group’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[31]. Assets and Liabilities - Total assets as of June 30, 2024, were RMB 24,120 million, a slight decrease from RMB 24,317 million at the end of 2023[5]. - The company maintained a total equity of RMB 19,105 million, down from RMB 19,407 million at the end of 2023[5]. - The company's total liabilities rose to RMB 5,015,557 thousand as of June 30, 2024, compared to RMB 4,910,188 thousand at the end of 2023, marking an increase of about 2.1%[55]. - The company's total equity as of June 30, 2024, was RMB 19,104,774,000, compared to RMB 19,407,158,000 at the end of the previous period, reflecting a decrease of approximately 1.6%[58]. - As of June 30, 2024, the group had total interest-bearing liabilities of RMB 2.262 billion, with a capital debt ratio of 10.6%[34]. Production and Sales - Production volume for the fertilizer segment decreased by 6.7% to 973,476 tons compared to 1,043,916 tons in the same period last year[6]. - The sales volume of the fertilizer segment was 1,003,262 tons, a decrease of 4.0% from 1,044,993 tons in the previous year[7]. - The company achieved a production rate of 105.8% for the fertilizer segment, compared to 113.5% in the same period last year[6]. - In the first half of the year, the company produced 973,000 tons of urea, 707,000 tons of methanol, 445,000 tons of phosphate and compound fertilizers, and 97,000 tons of acrylonitrile series products, with all products except urea showing year-on-year increases[9]. - The company's online direct sales increased by 54% year-on-year, with total sales of 1,003,000 tons of urea, 668,000 tons of methanol, 401,000 tons of phosphate and compound fertilizers, and 88,000 tons of acrylonitrile series products[9]. Pricing and Market Conditions - The average price of urea in the first half was RMB 2,395 per ton, a year-on-year decrease of RMB 264 per ton, representing a decline of approximately 10%[13]. - The average price of domestic phosphate monoammonium in the first half was RMB 3,053 per ton, with a year-on-year decline of 0.72%[14]. - The average price of domestic acrylonitrile was RMB 9,828 per ton, with a year-on-year increase of 2.11%[17]. - The overall supply of urea is expected to exceed demand in the third quarter, leading to weaker domestic prices, while the phosphate market is anticipated to remain relatively strong due to robust demand[10]. - Methanol supply is expected to be relatively ample in the second half of 2024, with a potential increase in imports and downstream demand[37]. Environmental and Sustainability Efforts - The CEO highlighted the company's commitment to green and sustainable development, receiving multiple industry accolades for energy efficiency and water management[8]. - The company achieved 100% compliance in online pollutant emissions data for two consecutive years, with zero environmental pollution incidents reported[9]. - The company plans to enhance production safety and stability, optimize resource allocation, and strengthen brand building in the second half of the year[10]. Expenses and Financial Management - Administrative expenses increased to RMB 281.5 million, up RMB 8.8 million or 3.2% from RMB 272.7 million in the same period of 2023, driven by higher labor and travel costs[25]. - Financing income rose to RMB 172.6 million, an increase of RMB 11.1 million from RMB 161.5 million in the same period of 2023, while financing costs increased significantly to RMB 27.0 million, up RMB 17.0 million from RMB 10.0 million[27]. - The group's other income for the reporting period was RMB 32.6 million, a decrease of RMB 24.9 million or 43.3% compared to RMB 57.5 million in the same period of 2023, primarily due to a reduction in government subsidies received[22]. - The group’s capital commitments as of June 30, 2024, included RMB 224,316,000 for the purchase of machinery and RMB 2,028,000 for land and buildings[121]. Employee and Training Information - As of June 30, 2024, the group had a total of 3,676 employees, with total wages and allowances amounting to approximately RMB 239.6 million in the first half of 2024[36]. - The group conducted training for 43,359 participants, totaling 128,384 training hours, with safety training sessions amounting to 3,377 times and 72,391 participants[36]. Dividends and Shareholder Information - The group did not recommend the payment of an interim dividend for the six months ended June 30, 2024, having distributed RMB 954.3 million in cash dividends for 2023[32]. - The company declared no dividends for the current period, compared to RMB 954,270 thousand declared in the previous year[54]. - The company declared a dividend of RMB 0.207 per share for the fiscal year 2023, an increase from RMB 0.178 per share in the previous year, resulting in total dividends paid of RMB 954,270,000 for the six months ended June 30, 2024, compared to RMB 820,580,000 for the same period last year[110].
中海石油化学(03983) - 2024 - 中期财报