Financial Performance - Total revenue for the year ended December 31, 2024, was RMB 14,181 million, a decrease of 2.15% from RMB 14,493 million in 2023[4] - Gross profit increased to RMB 3,067 million, representing a gross margin of 21.62%, up from 16.81% in the previous year[4] - Profit before tax rose significantly to RMB 1,423 million, compared to RMB 653 million in 2023, marking a substantial increase[5] - Net profit attributable to equity holders was RMB 811 million, an increase from RMB 708 million in the prior year[4] - Basic earnings per share improved to RMB 0.46, up from RMB 0.32 in 2023[4] - The company reported a total comprehensive income of RMB 1,008 million, up from RMB 596 million in 2023[5] - The company recorded revenue of approximately RMB 14,181,087,000 for the year ending December 31, 2024, a decrease of 2.15% compared to RMB 14,493,323,000 in 2023[58] - The company achieved a net profit of approximately RMB 987,497,000 in 2024, compared to RMB 611,085,000 in 2023, representing a significant increase[58] Equity and Assets - Total equity as of December 31, 2024, reached RMB 17,472 million, compared to RMB 16,938 million in 2023[4] - The company's equity attributable to owners increased from RMB 12,107,060 thousand in 2023 to RMB 14,794,221 thousand in 2024, an increase of about 22.2%[7] - The company's total equity increased from RMB 16,938,409 thousand in 2023 to RMB 17,471,837 thousand in 2024, representing an increase of approximately 3.1%[7] - The net asset value per share increased to RMB 10.00, compared to RMB 7.71 in the previous year[4] - Total assets decreased from RMB 17,388,956 thousand in 2023 to RMB 17,997,192 thousand in 2024, representing a decline of approximately 3.5%[6] Liabilities - Total liabilities decreased from RMB 4,559,789 thousand in 2023 to RMB 2,939,678 thousand in 2024, a reduction of about 35.5%[7] - Current liabilities decreased significantly from RMB 4,500,284 thousand in 2023 to RMB 2,822,668 thousand in 2024, a decline of approximately 37.2%[7] Revenue by Segment - Revenue from high polymer materials was RMB 3,824,967 in 2024, down from RMB 4,552,407 in 2023, representing a decline of 16%[13] - Revenue from refrigerants increased to RMB 3,247,702 in 2024, compared to RMB 2,871,580 in 2023, marking an increase of 13.1%[13] - Revenue from organic silicon products was RMB 5,212,703 in 2024, a slight increase from RMB 4,862,426 in 2023, reflecting a growth of 7.2%[13] - The high polymer materials segment reported external sales of RMB 3,824,967,000, a decrease of 15.98% from RMB 4,552,407,000 in 2023, but the segment's profit increased by 50.87% to RMB 508,088,000[61] - The refrigerant segment's external sales increased by 13.10% to RMB 3,247,702,000, with profits soaring by 159.63% to RMB 806,356,000[63] - The organic silicon division's external sales increased by 7.20% to RMB 5,212,703,000, accounting for 36.76% of the group's total external sales[65] Research and Development - Research and development expenses decreased to RMB 707 million from RMB 935 million, indicating a focus on cost management[5] - Research and development costs amounted to approximately RMB 707 million, with over 40 new projects contributing to revenue and profit growth[50] - The group obtained 121 patent grants during the year, bringing the total number of patents to over 600 by year-end[50] Dividends - The company declared a final dividend of HKD 0.10 per share, consistent with the previous year[4] - The proposed final dividend for 2024 is RMB 160,456,029, maintaining the same dividend per share of HKD 0.10 as in 2023[31] - The board of directors proposed a final dividend of HKD 0.10 per share for shareholders listed on June 16, 2025[58] Cost Management - Distribution and selling expenses decreased by 13.09% to RMB 437,188,000 due to reduced operational costs[70] - Administrative expenses increased by 13.53% to RMB 734,857,000, primarily due to increased asset impairment provisions[71] - Cost control measures have led to a reduction in procurement, engineering, maintenance, and transportation costs, enhancing market competitiveness[51] - The group has strengthened management practices to ensure ongoing cost reduction and efficiency improvements[56] Investments - The group has made an additional investment of RMB 15,648,000 in Zibo Runxin during the year ending December 31, 2023[39] - The group's total investment in Taihe is RMB 600,000,000, representing 6% of Taihe's registered capital of RMB 10,000,000,000[34] Employee Information - As of December 31, 2024, the group employed 6,922 employees, a slight decrease from 6,977 in 2023[82] - The total employee costs for 2024 amounted to RMB 1,054,873,000, a decrease from RMB 1,345,678,000 in 2023, representing a reduction of approximately 21.5%[28] Market Conditions - The market for refrigerants, including key products like R22 and R32, saw significant price increases due to quota restrictions, positively impacting the company's performance[48] - The company’s management noted that the fluorosilicone industry faced significant changes due to external economic factors, affecting product pricing and market conditions[47] Miscellaneous - The company has not identified any significant impact from the newly issued international financial reporting standards on its operational performance and financial position[11] - The company will not buy, sell, or redeem any listed securities for the fiscal year ending December 31, 2024[90] - The audit committee will review the financial reporting and internal controls for the fiscal year ending December 31, 2024, on March 24, 2025[93]
东岳集团(00189) - 2024 - 年度业绩