Financial Performance - The total revenue for the fiscal year ending December 31, 2024, was RMB 23,128,292, a decrease of 1.5% compared to RMB 23,475,338 in the previous fiscal year[3] - Gross profit for the same period was RMB 3,931,083, down 6.1% from RMB 4,187,020 in the previous year[3] - Net profit for the year was RMB 2,013,620, representing an increase of 23% from RMB 1,637,294 in the previous year[3] - Basic earnings per share increased to RMB 120.05, up from RMB 96.95, reflecting a growth of 23.8%[3] - The company reported an increase in other income and gains to RMB 1,061,152, significantly up from RMB 298,931 in the previous year[3] - The company reported a pre-tax profit of RMB 2,376,436,000 and a net profit of RMB 2,013,620,000 for the year[15] - The company’s net profit attributable to shareholders increased by 23% year-on-year to RMB 1,459,000,000 in 2024, driven by significant investment income from the sale of its subsidiary[36] - Net profit rose by approximately RMB 377 million or about 23% from RMB 1,637 million in FY2023 to RMB 2,014 million in FY2024[52] Assets and Liabilities - Non-current assets totaled RMB 26,217,520, an increase of 11.3% from RMB 23,550,108 in the previous year[4] - Total assets reached RMB 32,518,244, up 11.5% from RMB 29,133,496 in the previous year[4] - Total liabilities increased to RMB 19,996,456, a rise of 7.4% from RMB 18,622,498 in the previous year[6] - The company’s bank loans and other borrowings totaled RMB 12,855,312,000 in 2024, compared to RMB 11,633,132,000 in 2023[33] - Approximately 40.97% of the group's debt, amounting to RMB 5,267 million, is due within one year as of December 31, 2024[63] - The debt-to-equity ratio improved from 70.59% in FY2023 to 69.66% in FY2024, with a net debt of RMB 18,042 million[54] Revenue Breakdown - Total revenue for the year ended December 31, 2024, was RMB 23,128,292,000, with external customer sales contributing RMB 23,128,292,000[15] - The segment profit for the automotive urea division was RMB 1,803,927,000, while the pharmaceutical segment contributed RMB 895,955,000[15] - The sales revenue from finished urea increased by approximately RMB 432,000,000 or 6.3% to about RMB 7,306,000,000 in 2024, supported by a 29% increase in sales volume[37] - The sales revenue of compound fertilizer was approximately RMB 5,994,000,000, a decrease of about RMB 136,000,000 or 2% compared to the fiscal year 2023[38] - Methanol sales revenue rose by approximately RMB 339,000,000 or 14.5% to about RMB 2,678,000,000 in fiscal year 2024, with a 16% increase in sales volume attributed to recovering domestic manufacturing demand[40] - The sales revenue of automotive urea solution decreased by approximately RMB 57,000,000 or 13% to about RMB 377,000,000 in fiscal year 2024, with a 10.3% decline in average selling price[41] - The sales revenue of melamine decreased by approximately RMB 44,000,000 or 5.6% to about RMB 740,000,000 in fiscal year 2024, with a 11.3% decline in average selling price[42] - DMF sales revenue increased by approximately RMB 145,000,000 or 14% to about RMB 1,192,000,000 in fiscal year 2024, driven by a 36% increase in sales volume[43] Expenses and Costs - The cost of goods sold for inventory was RMB 19,197,209 in 2024, slightly down from RMB 19,288,318 in 2023[18] - Depreciation of property, plant, and equipment increased to RMB 1,605,043 in 2024 from RMB 1,492,772 in 2023, reflecting higher capital expenditures[18] - Selling and distribution expenses increased by approximately RMB 90,000,000 or 15% to about RMB 708,000,000 in fiscal year 2024, driven by incentives for sales personnel and increased marketing activities[48] - Financial costs decreased by approximately RMB 85 million or about 15% from RMB 580 million in FY2023 to RMB 495 million in FY2024, primarily due to refinancing high-cost loans and strategic bank partnerships[50] - Income tax expenses increased by approximately RMB 61 million or about 20% from RMB 302 million in FY2023 to RMB 363 million in FY2024[51] Future Plans and Strategies - The company plans to continue expanding its product offerings, focusing on differentiated products such as urea and methanol[8] - The company expects to implement the new accounting standards starting from January 1, 2027, with early application permitted[13] - The group aims to expand production capacity, targeting a total output exceeding 10 million tons, while introducing advanced industry technologies[57] - The group is focusing on differentiated products and enhancing R&D efforts to meet increasing market demand for high-efficiency fertilizers[56] Shareholder Returns - The company plans to distribute a final dividend of RMB 0.26 per share for the year ending December 31, 2024, up from RMB 0.24 in 2023[21] - The company proposed a dividend policy for the years 2025 to 2027, with a payout ratio of no less than 25% of audited net profit attributable to shareholders and a minimum dividend of RMB 0.24 per share[24] - The company repurchased a total of 6,312,000 shares at a total cost of HKD 24,609,000, representing approximately 0.5% of the issued shares as of December 31, 2024[71] Employee and Operational Metrics - The group employed 11,787 employees as of December 31, 2024, an increase from 10,390 employees in 2023, indicating growth in workforce[74]
中国心连心化肥(01866) - 2024 - 年度业绩