Financial Performance - The group's audited consolidated revenue for the year ended December 31, 2024, was RMB 181,301 million, a decrease of 13.8% compared to RMB 210,216 million in 2023[3]. - Profit attributable to equity holders for the year was RMB 2,387 million, down 38.2% from RMB 3,863 million in 2023, with basic earnings per share at RMB 0.283, a decline of 38.2% from RMB 0.458[4]. - The group's gross profit for the year was RMB 32,709 million, compared to RMB 37,446 million in 2023, reflecting a decrease in gross margin[4]. - Total comprehensive income for the year was RMB 7,255 million, down from RMB 10,337 million in 2023[5]. - Total revenue for the year ending December 31, 2024, reached RMB 181,300,701 thousand, with external sales contributing RMB 144,687,212 thousand[18]. - The operating profit before interest, tax, depreciation, and amortization (EBITDA) was RMB 28,882,776 thousand, with the cement segment generating RMB 14,860,604 thousand[18]. - The company reported a net profit of RMB 7,413,586 thousand for the year, after tax expenses of RMB 2,079,766 thousand[18]. - The profit before tax for 2024 was RMB 9,493,352,000, a decrease of 24.2% from RMB 12,519,922,000 in 2023[35]. - The net profit margin decreased from 1.8% in 2023 to 1.3% in 2024[93]. - The company reported a net loss of RMB 629 million under expected credit loss model adjustments, contrasting with a gain of RMB 69 million in 2023[4]. Dividends and Shareholder Returns - The board proposed a final dividend of RMB 1,199,697,374.56 (including tax) for the year, translating to a dividend of RMB 0.158 per share, down from RMB 0.229 per share in 2023[3]. - The total amount of proposed final dividends for the year 2024 is RMB 1,199,697,374.56, translating to a dividend of RMB 0.158 per share, compared to RMB 0.229 per share in 2023[127]. - A withholding tax of 10% will be applied to non-resident corporate shareholders receiving the final dividend[129]. - Individual H-share shareholders will have a withholding tax of 20% deducted from their dividends[130]. - The final dividend is expected to be distributed to shareholders listed on the register as of May 12, 2025[135]. - The final dividend is anticipated to be paid on or before June 30, 2025[135]. Assets and Liabilities - Non-current assets increased to RMB 349,967 million from RMB 340,394 million in 2023, driven by growth in property, plant, and equipment[6]. - Current liabilities totaled RMB 181,463 million, slightly up from RMB 176,795 million in 2023, with short-term borrowings increasing to RMB 82,129 million[7]. - The net asset value of the company was RMB 194,528 million, compared to RMB 193,514 million in 2023, indicating a stable financial position[7]. - Total assets amounted to RMB 494,007,276 thousand, with segment assets for cement at RMB 229,610,948 thousand[21]. - The company's total assets reached RMB 488.9 billion, with total liabilities amounting to RMB 295.4 billion, resulting in a debt-to-asset ratio of approximately 60.4%[26]. - Total borrowings increased from RMB 184,905.7 million in 2023 to RMB 191,910.5 million in 2024, with a debt-to-asset ratio of 38.8%[108]. Market and Sales Performance - Total sales for the year 2024 amounted to RMB 181,300,701 thousand, a decrease of 13.8% compared to RMB 210,216,434 thousand in 2023[15]. - Sales of cement products were RMB 154,047,628 thousand in 2024, down from RMB 172,646,629 thousand in 2023, reflecting a decline of 10.8%[15]. - Revenue from engineering services decreased to RMB 24,320,519 thousand in 2024 from RMB 35,026,156 thousand in 2023, representing a decline of 30.5%[15]. - Cement sales volume decreased by 22.4% to 216,523 thousand tons in 2024, while the average selling price dropped by 7.2% to RMB 254.7 per ton[43]. - Revenue from the European market increased significantly to RMB 4.15 billion in 2024, up from RMB 2.14 billion in 2023, marking a growth of 93.5%[28]. Operational and Strategic Initiatives - The company continues to focus on market expansion and new product development strategies to enhance future growth prospects[3]. - The company plans to expand its market presence and enhance product offerings, focusing on new materials and technology services[22]. - The company aims to enhance core competitiveness and maintain a balance between short-term stability and long-term benefits in 2025[48]. - The company is focused on international expansion and accelerating overseas investments and localized operations[47]. - The company is committed to achieving high-quality development and aims to become a world-class materials enterprise[49]. - The company is advancing its "dual carbon" initiatives, with the world's first full oxygen combustion coupled carbon capture production line reaching production capacity[53]. - The company has implemented new disclosure requirements regarding supplier financing arrangements to enhance transparency in financial reporting[10]. Research and Development - The company has filed 1,891 new patents, including 742 invention patents, bringing the total to 16,600 effective patents[77]. - The company published its "2023 Technology Innovation White Paper" and "Green Low-Carbon Technology Achievement Promotion Catalog (2024 Edition)"[81]. - The company emphasizes the importance of technological innovation and green development to empower its growth strategy[119]. Employee and Governance - As of December 31, 2024, the group had unused bank credit and registered but unissued bond quotas totaling approximately RMB 393,067.55 million[106]. - The company emphasizes a performance-based compensation policy linked to overall economic performance, ensuring compliance with national and local labor laws[144]. - The board of directors includes both executive and independent non-executive members, ensuring diverse governance[150]. - The company is committed to improving gender diversity in the workforce, aiming for a better balance in gender representation[145]. Acquisitions and Mergers - The acquisition of Societe Les Ciments de Jbel Oust in Tunisia involves a total consideration of approximately 145 million[136]. - The acquisition aligns with the company's strategic goals and is expected to accelerate international expansion in the cement market along the Belt and Road Initiative[137]. - The company has decided to terminate the proposed merger with Ningxia Building Materials due to prolonged negotiations and changes in the macro and industry environment[139]. - The company continues to advance the proposed transactions that align with its strategic development direction despite the termination of the merger[139].
中国建材(03323) - 2024 - 年度业绩