Financial Performance - Gross profit for the year ended December 31, 2024, was RMB 670.7 million, recovering from a gross loss of RMB 57.5 million for the year ended December 31, 2023[2] - Total revenue for the year ended December 31, 2024, was RMB 7,673.1 million, down from RMB 8,729.5 million in 2023, representing a decrease of 12.1%[3] - The company reported a pre-tax loss of RMB 720.5 million for the year ended December 31, 2024, an improvement from a pre-tax loss of RMB 1,830.6 million in 2023[3] - Net loss for the year ended December 31, 2024, was RMB 796.4 million, compared to a net loss of RMB 1,514.2 million in 2023, indicating a reduction of 47.4%[3] - Basic and diluted loss per share for the year ended December 31, 2024, was RMB 1.09, improved from RMB 2.19 in 2023[3] - The group recorded a net loss of approximately RMB 796 million for the year ended December 31, 2024, compared to a net loss of RMB 1,514 million in 2023[8] - Revenue for 2024 was recorded at RMB 7,673.1 million, a decrease of approximately 12.1% from RMB 8,729.5 million in 2023, primarily due to a reduction in LFP cathode material sales revenue by RMB 1,134.7 million[53] Sales and Production - The sales volume of lithium iron phosphate (LFP) cathode materials reached 178,287 tons, an increase of 64.9% compared to 108,120 tons for the year ended December 31, 2023[2] - Revenue from sales of LFP cathode materials was RMB 5,643,448 thousand, down from RMB 6,705,747 thousand in 2023, representing a decline of 15.8%[18] - The shipment of LFP cathode materials accounted for nearly 74% of the total cathode material shipment in China, which was 246,000 tons, representing a 49% year-on-year growth[39] - The company processed 14,831.5 tons of lithium carbonate in 2024, with revenue from this business increasing from RMB 42.7 million in the first half to RMB 66.0 million in the second half of 2024[44] - The company increased its internal production of LFP materials to over 50,000 tons for internal use in 2024[48] Assets and Liabilities - Non-current assets totaled RMB 8,643.2 million as of December 31, 2024, a slight decrease from RMB 8,839.5 million in 2023[4] - Current assets decreased to RMB 7,165.8 million as of December 31, 2024, from RMB 8,389.3 million in 2023, reflecting a decline of 14.6%[4] - Total liabilities decreased to RMB 11,875.5 million as of December 31, 2024, from RMB 13,047.8 million in 2023, indicating a reduction of 9%[5] - The company's equity totaled RMB 3,933.5 million as of December 31, 2024, down from RMB 4,181.1 million in 2023, representing a decrease of 5.9%[5] - As of December 31, 2024, the group's current liabilities exceeded its current assets by approximately RMB 1,392 million, an increase from RMB 1,255 million in 2023[8] Cash Flow and Financial Management - The group implemented measures to improve cash flow, including negotiating with banks for loan extensions and actively managing administrative costs[8] - The expected future revenue to be recognized includes RMB 250,107 thousand within one year and RMB 225,006 thousand beyond one year, totaling RMB 475,113 thousand[15] - The company plans to consider other financing arrangements to improve liquidity and financial condition[8] - Cash and cash equivalents decreased by 15.2% from RMB 2,958.6 million as of December 31, 2023, to RMB 2,507.5 million as of December 31, 2024, primarily due to increased cash used in financing activities for repaying bank loans[82] Cost Management - Sales costs decreased by approximately 20.3% from RMB 8,787.0 million in 2023 to RMB 7,002.4 million in 2024, primarily due to a drop in raw material prices, especially lithium carbonate[57] - Administrative expenses decreased by 28.4% from approximately RMB 869.0 million in 2023 to RMB 622.4 million in 2024, mainly due to reduced inventory impairment losses[64] Strategic Initiatives - The company plans to expand its global market presence, prioritizing overseas market development, particularly in Japan, South Korea, and the United States[46] - The company is actively developing new products, including the M series of lithium manganese iron phosphate (LMFP) cathode materials, to enhance market share[40] - The company aims to strengthen its core competitiveness through sustainable growth strategies, focusing on expanding its customer base and optimizing production capacity[46] - The company plans to develop a 90,000-ton LFP project in Indonesia as part of its strategy to enhance production capacity and expand its overseas footprint[48] Awards and Recognition - The company received multiple awards in 2024, including recognition as one of the "Top Ten Lubricant Brands in China" and being listed among the "Top 100 Automotive Supply Chain Companies in China"[43] Governance and Compliance - The company has adopted the principles and code provisions of the corporate governance code since the listing date and has complied with the code provisions, except for a specific deviation regarding the roles of the chairman and general manager[100] - The audit committee, composed of three independent non-executive directors, has reviewed the audited annual results for the reporting period[105] - The company's auditor, Deloitte, confirmed that the figures in the preliminary announcement align with the audited consolidated financial statements for the year ending December 31, 2024[106] Future Outlook - The company plans to utilize the remaining net proceeds for operational capital and other general corporate purposes, with a timeline expected to be completed by the end of 2025[96] - The company has no other significant investments or acquisitions planned beyond the disclosed expansion plans as of the announcement date[94]
龙蟠科技(02465) - 2024 - 年度业绩