Financial Performance - Revenue for the year ended December 31, 2024, was HKD 6,197,801, a decrease of 3% compared to HKD 6,406,681 in 2023[3] - Gross profit decreased by 24% to HKD 569,477 from HKD 748,979, resulting in a gross margin of 9.2%, down from 11.7%[3] - Net profit for the year was HKD 209,261, down 21% from HKD 263,422, with earnings attributable to shareholders decreasing by 22% to HKD 199,775[3] - Basic and diluted earnings per share were both HKD 14.6, representing a decline of 23% from HKD 19.0 and HKD 18.9 respectively[3] - The company reported a total comprehensive income of HKD 124,609, down from HKD 194,171 in the previous year[9] - The group reported a profit before tax of HKD 310.359 million for the year ended December 31, 2024[24] - The total dividend declared for the year was HKD 102,827,000, down from HKD 135,203,000 in 2023, a decrease of 24.0%[42] - Basic earnings per share decreased to HKD 14.6 in 2024 from HKD 19.0 in 2023, a decline of 23.7%[44] - The diluted earnings per share for 2024 is HKD 14.6, down from HKD 18.9 in 2023, reflecting a decrease of approximately 22.3%[46] Assets and Liabilities - Total assets decreased by 10% to HKD 7,749,788 from HKD 8,590,782, while total liabilities decreased by 13% to HKD 5,445,642[5] - Current assets fell by 40% to HKD 1,121,309 from HKD 1,875,411, primarily due to a significant reduction in cash and cash equivalents[5] - As of December 31, 2024, the group's current liabilities exceed current assets by approximately HKD 1.901 billion[16] - The group's current liabilities mainly consist of accounts payable and other payables, contract liabilities, and current borrowings amounting to approximately HKD 1.204 billion, HKD 680 million, and HKD 1.071 billion respectively[16] - Total borrowings decreased to HKD 3.33 billion in 2024 from HKD 3.91 billion in 2023, a decline of approximately 14.7%[54] - The group had a current ratio of approximately 0.37 as of December 31, 2024, indicating that current liabilities exceeded current assets by about HKD 1.90 billion[83] Revenue Sources - Total revenue from external customers for the year ended December 31, 2024, was HKD 6.198 billion, with contributions from pipeline natural gas sales, engineering construction, and natural gas pipeline transportation services[24] - The segment performance for pipeline natural gas sales, engineering construction, and natural gas pipeline transportation services was HKD 315.872 million, HKD 194.697 million, and HKD 58.908 million respectively, totaling HKD 569.477 million[24] - The pipeline natural gas sales revenue for the year was HKD 5,802,391,000, a decrease of approximately 1% compared to HKD 5,850,142,000 in the previous year[69] - Revenue from engineering construction and natural gas pipeline installation services was approximately HKD 327.02 million for the year ending December 31, 2024, a decrease of about 35% from HKD 504.87 million for the previous year[71] - The group transported approximately 800.86 million cubic meters of gas, with revenue from natural gas transportation services increasing by about 32% to approximately HKD 68.39 million compared to HKD 51.67 million in the previous year[73] Cost Management - The total cost of sales, administrative expenses, and R&D expenses amounted to HKD 5,943,835,000 in 2024, down from HKD 6,007,889,000 in 2023, a decrease of 1.1%[34] - Administrative expenses decreased by approximately 7% to about HKD 203 million for the year ending December 31, 2024, compared to HKD 219 million in the previous year[77] - The net financing cost decreased to HKD 120,697,000 in 2024 from HKD 156,400,000 in 2023, a reduction of 22.9%[36] - Research and development expenses were HKD 112,548, a decrease from HKD 131,580, indicating a focus on cost management[8] Market Expansion and Strategy - The company plans to explore market expansion opportunities and enhance product development strategies in the upcoming fiscal year[8] - The company aims to enhance its core gas supply business and improve main business revenue, supported by an integrated supply chain and optimized procurement strategies[92] - The company is committed to optimizing its upstream and downstream supply chain as a key development strategy during the 14th Five-Year Plan period[61] - The company launched a new value-added service brand "Taiyuejia" in August 2024, focusing on providing smart home solutions and enhancing product safety and quality[63] - The company signed multiple major gas supply contracts, including projects with Xintian Steel and Huaneng Power Plant, demonstrating its capability to expand its customer base and increase gas sales volume[62] Operational Efficiency - The company added approximately 70,000 new regular users in gas engineering construction and installation services, bringing the total user count to about 2.44 million[69] - The total gas sales volume for the year 2024 reached a record high of 2.51 billion cubic meters, with pipeline natural gas sales accounting for 1.71 billion cubic meters, representing a year-on-year growth of 6%[69] - The gas transmission service volume increased by 32% year-on-year, reaching 800 million cubic meters, with over 85% of total gas sales coming from industrial and commercial users[69] - The company has been recognized as an "Outstanding" enterprise in the local "Double Hundred Enterprises" assessment for 2023[58] Future Outlook - The OECD forecasts China's economic growth rate to be 4.5% by 2025, with a national growth target of around 5%[90] - CNPC predicts that China's natural gas demand will reach 448.5 billion cubic meters by 2025, representing a year-on-year growth of 6.2%[90] - The company will continue to promote technological innovation and respond to national clean energy development strategies and carbon neutrality goals[92] - The company plans to diversify its product categories and service offerings, expecting this segment to drive significant performance growth in the future[92] Compliance and Governance - The company fully complies with the corporate governance code as per the Hong Kong Stock Exchange listing rules[99] - The group has not early adopted any new or revised Hong Kong Financial Reporting Standards that have been issued but are not yet effective[20] Shareholder Actions - The company repurchased a total of 6,522,000 shares for approximately HKD 7,253,460 during the year ending December 31, 2024, to increase net asset value per share and/or earnings per share[104] - The company redeemed and canceled 1,020,000 redeemable preference shares for a total amount of HKD 51 million on July 19, 2024[104] - The board proposed a final dividend of HKD 0.076 per ordinary share for the year ending December 31, 2024, consistent with the final dividend for the year ending December 31, 2023[107] - The final dividend is subject to approval at the annual general meeting scheduled for May 9, 2025, with expected payment around June 10, 2025[107]
滨海投资(02886) - 2024 - 年度业绩