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 for the year ended December 31, 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, compared to a pre-tax loss of RMB 1,830.6 million for the year ended December 31, 2023[3]. - Net loss for the year ended December 31, 2024, was RMB 796.4 million, improving from a net loss of RMB 1,514.2 million for the year ended December 31, 2023[3]. - Basic and diluted loss per share for the year ended December 31, 2024, was RMB 1.09, compared to RMB 2.19 for the year ended December 31, 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]. - Total revenue for the year was RMB 7,673,051 thousand, a decrease of 12.1% from RMB 8,729,479 thousand in 2023[11]. - 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 group reported a segment loss of RMB 678,004 thousand from the LFP cathode materials business for the year ended December 31, 2024[18]. - The company recorded an annual loss of RMB 796.4 million in 2024, compared to a loss of RMB 1,514.2 million in 2023[70]. Assets and Liabilities - Non-current assets totaled RMB 8,643.2 million as of December 31, 2024, a decrease from RMB 8,839.5 million as of December 31, 2023[4]. - Current assets decreased to RMB 7,165.8 million as of December 31, 2024, from RMB 8,389.3 million as of December 31, 2023[4]. - Total liabilities decreased to RMB 11,875.5 million as of December 31, 2024, from RMB 13,047.8 million as of December 31, 2023[5]. - The company's equity totaled RMB 3,933.5 million as of December 31, 2024, down from RMB 4,181.1 million as of December 31, 2023[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]. - Total assets decreased from RMB 17,228.8 million as of December 31, 2023, to RMB 15,809.0 million as of December 31, 2024, while total liabilities decreased from RMB 13,047.8 million to RMB 11,875.5 million, resulting in a slight reduction in the debt-to-asset ratio from 75.7% to 75.1%[81]. - 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 for financing activities, mainly for repaying bank loans[82]. Revenue and Sales - 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 LFP cathode materials decreased by 16.8% from RMB 6,753.6 million in 2023 to RMB 5,618.9 million in 2024, attributed to a drop in average selling price from RMB 62,424 per ton to RMB 30,931 per ton[55]. - 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]. - Major customers contributing over 10% of total revenue included Customer A with RMB 2,751,703 thousand and Customer B with RMB 975,561 thousand[12]. 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]. - The company's 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]. - The company's financial costs decreased slightly to RMB 258,663,000 in 2024 from RMB 261,377,000 in 2023, a reduction of 1.0%[21]. Strategic Initiatives - The company plans to expand its global market presence, prioritizing overseas market development and engaging with over ten customers in Japan, South Korea, and the United States[46]. - The company is actively developing new products, including the M series LMFP cathode materials, which are currently being tested by customers[40]. - The company aims to strengthen its core competitiveness and enhance supply chain resilience through continuous optimization of production capacity[45]. - The company is expanding its production capacity with a new 90,000-ton LFP project in Indonesia, enhancing its overseas production footprint[48]. - The company has established a strategic procurement model to reduce costs and enhance supply chain resilience, utilizing hedging strategies to mitigate raw material price volatility[49]. Government and Grants - Government grants received increased to RMB 144,398,000 in 2024, up 67.0% from RMB 86,517,000 in 2023, attributed to incentives for technological innovation[20][23]. Acquisitions and Investments - The company completed the acquisition of 100% equity in Shandong Meiduo Technology Co., Ltd. for RMB 100,539,000, with the transaction expected to finalize on January 21, 2025[34]. - The company entered into a share subscription agreement for LBM New Energy, selling 45.35% equity for USD 225 million (approximately RMB 1,617.39 million), reducing its ownership from 100% to 54.65%[36]. - The company has not conducted any significant investments or acquisitions during the reporting period, aside from the aforementioned transactions[94]. Future Outlook - The group expects future revenue recognition of RMB 475,113 thousand, significantly up from RMB 240,857 thousand in 2023[15]. - The company is actively seeking new business development opportunities beyond the disclosed expansion plans[94]. Governance and Reporting - 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]. - The annual report containing all information required by the listing rules will be sent to shareholders upon request and will be available on the company's website[107]. - The board of directors includes several executive and independent members, indicating a diverse governance structure[109].
龙蟠科技(02465) - 2024 - 年度业绩