Financial Performance - Revenue for the year ended December 31, 2024, was RMB 11,946 million, a decrease of 8.03% from RMB 12,990 million in 2023[5] - Gross profit for 2024 was RMB 1,705 million, down 17.3% from RMB 2,061 million in 2023[5] - Net profit attributable to the owners of the company was RMB 1,071 million, a decline of 55.1% compared to RMB 2,382 million in 2023[7] - Basic earnings per share for 2024 were RMB 0.23, down from RMB 0.52 in 2023[7] - The company reported a pre-tax profit of RMB 1,467 million for 2024, down 44.8% from RMB 2,664 million in 2023[5] - The pre-tax profit for 2024 was RMB 1,071,273 thousand, a significant decline of 55.1% compared to RMB 2,381,681 thousand in 2023[36] - The group's net profit for the reporting period was RMB 1,151.1 million, a decrease of RMB 1,223.0 million compared to RMB 2,374.1 million in 2023[100] Dividends - Proposed final dividend per share is RMB 0.1208, compared to RMB 0.2072 in the previous year[4] - The proposed dividend for 2024 is RMB 0.1208 per share, down from RMB 0.207 per share in 2023, totaling RMB 556,888 thousand compared to RMB 954,270 thousand in 2023[35] - The group proposed a final dividend of RMB 556.9 million for the 2024 fiscal year, equating to a dividend of RMB 0.1208 per share, pending approval at the 2024 annual general meeting[102] - The final dividend is expected to be paid to shareholders around June 30, 2025[132] Assets and Liabilities - Total assets as of December 31, 2024, amounted to RMB 24,075 million, a slight decrease from RMB 24,317 million in 2023[10] - Total liabilities decreased to RMB 4,569 million in 2024 from RMB 4,910 million in 2023[10] - The total liabilities of the group as of December 31, 2023, were RMB 4,910,188,000, with the phosphate and compound fertilizer segment having liabilities of RMB 420,843,000[21] - The group's capital debt ratio increased to 9.8% as of December 31, 2024, up from 9.4% in the previous year, primarily due to an increase in lease liabilities and interest-bearing bank loans by RMB 97.7 million[105] Cash Flow and Financing - Cash and cash equivalents increased to RMB 679 million in 2024 from RMB 597 million in 2023[9] - Financing costs increased to RMB 52,759 thousand in 2024 from RMB 34,185 thousand in 2023, representing a rise of 54.5%[28] - The income tax expense for 2024 was RMB 316,092 thousand, compared to RMB 289,887 thousand in 2023, reflecting an increase of 9.0%[31] - Financing income decreased to RMB 351.1 million, down RMB 6.8 million or 1.9% from RMB 357.9 million in 2023, due to lower deposit rates[94] - Financing costs increased to RMB 52.8 million, up RMB 18.6 million or 54.3% from RMB 34.2 million in 2023, primarily due to increased long-term borrowing costs[94] Production and Sales - In 2024, the company produced 191,800 tons of urea, 85,500 tons of compound fertilizer, 143,800 tons of methanol, and 23,000 tons of acrylonitrile series products[66] - The total sales volume of urea reached 1,887,910 tons in 2024, down from 1,991,707 tons in 2023, resulting in a revenue of RMB 3,710.2 million, a decrease of 20.7% compared to RMB 4,676.9 million in 2023[72][78]. - The sales volume of phosphate and compound fertilizers was 803,838 tons in 2024, down from 826,695 tons in 2023, with a revenue of RMB 2,687.0 million, a slight decrease of 0.7% from RMB 2,707.0 million in 2023[73][78]. - The company achieved a production operation rate of 104.2% for urea in 2024, compared to 109.0% in 2023[67] - The domestic urea production in 2024 is approximately 66 million tons, a year-on-year increase of 5.8%, while the average market price is projected to be RMB 2,099 per ton, down 14% from 2023[57] Market Conditions - The global economic recovery is slower than expected, impacting the chemical industry, particularly traditional basic chemicals facing cost pressures and weak demand[60] - The domestic urea market is expected to see both supply and demand growth in 2025, although the market may remain under pressure due to supply-demand imbalances[122] Corporate Governance - The company has complied with the Corporate Governance Code as of March 18, 2025, following the appointment of a new CEO and President[129] - The board confirmed that all directors and supervisors adhered to the standard code of conduct for securities trading during the reporting period ending December 31, 2024[131] Employee and Training - The group trained 107,508 employees during the reporting period, with a total of 1,086,419 training hours, including safety training for contractors[108] Future Plans - The group plans to enhance safety management systems and innovate sales models to ensure price realization as part of its key initiatives for 2025[127] - The group aims to deepen research on carbon-rich natural gas and CO2 resource utilization technologies to drive key project advancements[127]
中海石油化学(03983) - 2024 - 年度业绩