Financial Performance - The company recorded revenue of RMB 3.867 billion for the fiscal year ending December 31, 2024, a decrease of 2.5% year-on-year[3]. - Shareholders' profit was RMB 657 million, down 14.2% compared to RMB 765 million in 2023[3]. - The decline in revenue was primarily due to adverse weather conditions in central and eastern China and an increase in toll-free holiday days for vehicles with 7 seats or fewer[3]. - The operating profit for 2024 was RMB 1,641.7 million, down 9.0% from RMB 1,804.4 million in 2023[17]. - The annual profit attributable to shareholders was RMB 656.8 million, a decline of 13.2% from RMB 765.3 million in 2023[17]. - The gross profit margin for 2024 was approximately 47.5%, compared to 54.5% in 2023, indicating a decrease in profitability[17]. - The total comprehensive income for the year was RMB 964,625,000, down from RMB 1,122,004,000 in the previous year, reflecting a decline of approximately 14%[19]. - The company's profit before tax for 2024 is RMB 1,297,605,000, a decrease of 16.2% from RMB 1,548,906,000 in 2023[54]. - Basic earnings per share for 2024 is RMB 0.392, compared to RMB 0.456 in 2023, reflecting a decline of 14.1%[56]. - The company's net profit attributable to shareholders decreased by 14.2% to RMB 656,781 thousand in the reporting year, compared to RMB 765,309 thousand in the previous year[165]. Dividends and Shareholder Returns - The company proposed a final dividend of HKD 0.13 per share, totaling a dividend of HKD 0.25 per share for the year, representing a payout ratio of 58.5%[3]. - The proposed final dividend for 2024 is HKD 0.13 per share, equivalent to approximately RMB 0.12, down from HKD 0.15 (approximately RMB 0.1362) in 2023[171]. - The total dividend for the year, including an interim dividend of HKD 0.12 per share, amounts to HKD 0.25 per share, equivalent to approximately RMB 0.2297, compared to HKD 0.30 (approximately RMB 0.2734) in 2023, with a payout ratio of 58.5%[171]. Investments and Acquisitions - The company plans to complete transportation fixed asset investments exceeding RMB 3.8 trillion in 2024, with road passenger volume increasing by 7.4% year-on-year[4]. - The company has commenced full construction on the Guangzhou North Second Ring Expressway expansion project, which is expected to enhance traffic conditions and extend the toll operation period by up to 25 years[5]. - The company acquired a 55% stake in Henan Yuexiu Pinglin Expressway Co., Ltd. for RMB 758.45 million, enhancing its regional expansion strategy[6]. - The company sold a 60% stake in Tianjin Jinxiong Expressway Project for RMB 190.8 million, optimizing its asset portfolio[7]. - The company completed the acquisition of 55% equity in Henan Pinglin Expressway on November 26, 2024[67]. - The company completed the sale of 60% equity in Tianjin Jinxiong Expressway in December 2024, with the reported gross profit for the period from January 1, 2024, to December 18, 2024[154]. Financial Health and Management - The company maintains a healthy financial status with investment-grade ratings of Baa2 and BBB from Moody's and Fitch, respectively[9]. - The company reported a financial expense of RMB 481.2 million in 2024, down from RMB 562.4 million in 2023, reflecting improved cost management[17]. - The company has not recognized deferred tax assets for unutilized tax losses amounting to RMB 757,971,000 as of 2024[54]. - The company reported a significant increase in non-current liabilities, which rose to RMB 16,837,687,000 in 2024 from RMB 13,817,972,000 in 2023, marking an increase of about 22%[23]. - The company maintained a strong confidence in its ability to meet liabilities as they come due, despite current liabilities exceeding current assets by RMB 3,011,954,000[26]. - The company has implemented lean management practices to enhance operational efficiency and reduce costs, achieving significant improvements in management quality[84]. Operational Challenges - The decline in revenue was primarily due to adverse weather conditions in central and eastern China and an increase in toll-free holiday days for vehicles with 7 seats or fewer[3]. - The average rainfall in 2024 is projected to be 697.7 mm, which is 9% higher than the historical average, leading to potential disruptions in road operations and revenue[100]. - Severe weather events, including extreme rainfall and cold weather, have caused significant impacts on toll revenue from several highways in Henan and Hubei provinces[100]. - The company anticipates that adverse weather conditions may lead to increased operational costs due to road maintenance and repair needs[102]. - The company is enhancing its emergency response capabilities through drills and improved communication mechanisms to ensure rapid response during emergencies[102]. Revenue Sources and Performance - Total revenue from toll operations reached RMB 3,786,234,000, with additional income from service areas and gas stations amounting to RMB 38,171,000[37]. - Toll revenue totaled RMB 3.79 billion, down 1.4% from RMB 3.84 billion in the previous year, primarily due to adverse weather conditions and increased holiday days[144]. - The average daily toll revenue for Guangzhou North Ring Expressway was RMB 193.2 million, with an average daily traffic volume of 359,708 vehicles[131]. - The average daily toll revenue for Hubei Han-E Expressway was RMB 707,000, an increase of 58.1% compared to 2023[124]. - The average daily toll revenue for Hunan Chang-Zhu Expressway was RMB 709,000, an increase of 0.7% compared to 2023[116]. Future Outlook and Strategy - The company aims to enhance its core capabilities in investment, operation, and capital management as part of its "3331" development strategy[14]. - The company plans to focus on investment opportunities in the Guangdong-Hong Kong-Macao Greater Bay Area and other rapidly urbanizing regions[14]. - The company is actively expanding revenue sources through various initiatives, including enhancing toll revenue and developing roadside assets[85]. - The company is committed to improving safety measures on highways to reduce the risk of accidents caused by adverse weather conditions[102]. - The company anticipates extending the toll operation period for Guangzhou North Second Ring Expressway by up to 25 years following its expansion project[67].
越秀交通基建(01052) - 2024 - 年度业绩