Financial Performance - The company achieved a total revenue of 64.198 billion CNY and a net profit of 2.474 billion CNY for the year, successfully completing all production and operational tasks and QHSE goals[14]. - Revenue for 2024 reached RMB 64,198,210, an increase of 13.9% compared to RMB 56,353,293 in 2023[27]. - The profit attributable to shareholders was RMB 2.466 billion, an increase of 5.5% compared to the previous year[46]. - The total revenue for the reporting period was RMB 64.198 billion, representing a year-on-year growth of 13.9%[46]. - The net profit for the year was RMB 2.474 billion, reflecting a year-on-year growth of 5.5%[92]. - The gross profit decreased to RMB 5,336,500, down 5.4% from RMB 5,640,699 in 2023, resulting in a gross margin of 8.3%[27][28]. - Operating profit for 2024 was RMB 1,715,213, a slight decrease of 1.6% from RMB 1,742,527 in 2023[27]. - Basic earnings per share rose to RMB 0.56, up 5.7% from RMB 0.53 in 2023[27]. - The net profit margin decreased to 3.9% in 2024 from 4.2% in 2023[159]. Dividends and Shareholder Returns - The board proposed a final dividend of 0.208 CNY per share, resulting in a total annual dividend of 0.358 CNY per share, with a payout ratio of 65%, marking the highest dividend amount since the company's listing[14]. - The company maintained a dividend payout ratio of 65% for four consecutive years, with continuous growth in dividend amounts[15]. - The proposed final cash dividend for the year ending December 31, 2024, is RMB 0.208 per share[167]. Business Expansion and Strategy - The company aims to enhance its service levels across the entire energy and chemical engineering industry chain, focusing on safety, efficiency, green, and low-carbon services[6]. - The company is committed to expanding its business areas and extending its value chain to create a world-leading technology-driven engineering company[6]. - The company aims to enhance its international operations and technological capabilities to drive future growth[20]. - The company aims to enhance its international operations by integrating "international rules + Chinese efficiency" in its overseas operational model[16]. - The company is focusing on high-end carbon materials, low-cost oil conversion, and green low-carbon development in its R&D investments[18]. Contracts and Orders - The total new signed orders reached 100.613 billion yuan, marking a continuous double-digit growth for three consecutive years[15]. - The company has successfully entered the "thousand billion club" with new signed orders exceeding 100 billion yuan[15]. - The new contract volume signed during the reporting period was RMB 100.613 billion, reflecting a year-on-year growth of 25.4%[51]. - In the domestic market, new contracts signed amounted to approximately RMB 621.02 billion, up 5.6% year-on-year, while overseas contracts reached about USD 5.35 billion, a significant increase of 79.6%[56]. Research and Development - The company is actively promoting the integration of artificial intelligence in engineering design and construction, aiming to optimize the entire lifecycle of projects[18]. - The company has established a joint research center with Guangdong University of Technology focused on biomass utilization, accelerating the industrial application of related technologies[18]. - The company filed 762 new patent applications, with 76.6% being invention patents, and granted 384 new patents, with 52.3% being invention patents[66]. - Research and development expenses rose to RMB 25.151 billion, reflecting a 13.7% increase as the company intensified investment in key technology projects[85]. Financial Stability and Assets - The debt-to-asset ratio improved to 61.3% from 61.9% in 2023, indicating better financial stability[28]. - Total assets as of December 31, 2024, are RMB 81.51 billion, a slight increase of RMB 0.42 billion from RMB 81.09 billion in 2023[147]. - Total liabilities decreased to RMB 49.93 billion from RMB 50.17 billion, a reduction of RMB 0.24 billion[149]. - The net assets attributable to shareholders increased to RMB 31.51 billion, up RMB 0.65 billion from RMB 30.86 billion in 2023[150]. Operational Efficiency - The company executed 1,596 projects with an average daily workforce exceeding 100,000, achieving a cumulative safety record of 380 million hours without reported safety incidents[54]. - The company has enhanced project execution capabilities, completing 148 design optimization tasks and improving efficiency in design and construction integration[60]. - The company has integrated a unified information application framework 2.0 to maximize the value of the entire lifecycle of engineering projects[67]. Related Party Transactions - The total related party transactions amounted to RMB 27.763 billion, with purchases of RMB 2.827 billion and sales of RMB 24.936 billion[176]. - The company confirmed compliance with the Hong Kong Listing Rules regarding related party transactions[183]. Share Repurchase and Equity - The company repurchased a total of 17,295,500 H-shares during the reporting period, utilizing funds amounting to HKD 86,510,422.80[189]. - The company plans to cancel 13,397,000 H-shares on May 13, 2024, representing approximately 0.30% of the total issued share capital and 0.92% of the total issued H-shares[189]. - After the cancellation of 20,662,500 H-shares, the total number of issued shares will be 4,397,881,000, including 1,430,681,000 H-shares and 2,967,200,000 domestic shares[190].
中石化炼化工程(02386) - 2024 - 年度财报