Jovo Energy(605090)2025-04-17 10:40Financial Performance - The net profit attributable to shareholders for 2024 is expected to increase by 28.93% compared to the previous year, meeting the conditions for a special cash dividend[6]. - The company's operating revenue for 2024 was CNY 22,047,173,202.54, a decrease of 17.01% compared to 2023[40]. - Net profit attributable to shareholders for 2024 reached CNY 1,683,682,319.88, an increase of 28.93% year-over-year[40]. - The net cash flow from operating activities was CNY 2,046,829,524.58, down 5.16% from the previous year[42]. - The company's net assets attributable to shareholders increased by 19.06% to CNY 9,256,824,559.44 at the end of 2024[42]. - Basic earnings per share for 2024 were CNY 2.71, reflecting a growth of 28.44% compared to 2023[43]. - The weighted average return on equity rose to 19.79%, an increase of 1.94 percentage points from the previous year[43]. - The company reported a significant increase in non-recurring gains, totaling CNY 334,018,714.21 for 2024[51]. Dividend Distribution - The company plans to distribute a total cash dividend of 750,000,000.00 CNY for the year 2024, which includes a fixed cash dividend of 500,202,698.80 CNY and a special cash dividend of 30,000,000.00 CNY[6]. - The proposed cash dividend per share for 2024 is 0.8317 CNY, based on the total share capital after deducting repurchased shares[6]. - The board of directors has approved the profit distribution plan, which is subject to the approval of the 2024 annual general meeting[7]. - The company plans to implement fixed cash dividends of CNY 750 million, CNY 850 million, and CNY 1 billion for the years 2024, 2025, and 2026 respectively[79]. Audit and Compliance - The company has received a standard unqualified audit report from Deloitte Huayong Certified Public Accountants[5]. - There are no non-operating fund occupations by controlling shareholders or related parties reported[9]. - The company has not violated decision-making procedures for external guarantees[9]. Market and Industry Insights - The global natural gas market saw a structural growth in demand, driven by rapid growth in China, India, and emerging markets[57]. - Domestic natural gas consumption growth was primarily driven by structural increases in transportation fuel and natural gas power generation[57]. - The company experienced a trend of increasing volume but decreasing prices in the domestic natural gas market throughout 2024[57]. - The company is actively expanding its market presence in Southeast Asia, focusing on Thailand and Malaysia, while maintaining strong partnerships with major international energy service providers[70]. Operational Developments - The company has successfully upgraded its LPG cross-regional supply chain system, significantly enhancing operational efficiency and cost control capabilities[78]. - The company has initiated the construction of a 50,000-ton liquefied hydrocarbon terminal project and related LPG storage facilities, aiming for completion in 2025[73]. - The company operates the first private LNG receiving station in South China, with a capacity of 50,000 tons, which is a key asset for its clean energy business[142]. Research and Development - Research and development expenses increased significantly by 133.08% to approximately ¥9.82 million, reflecting the company's commitment to innovation and new product development[147]. - Total R&D investment amounted to RMB 9,818,659.59, representing 0.04% of operating revenue[164]. Environmental and Energy Transition - The transition towards cleaner energy sources is critical for China to achieve its "dual carbon" goals[195]. - The development of LNG refueling stations is supported by national policies and the rapid growth of clean energy[200]. Customer and Supplier Dynamics - The top five customers contributed sales of RMB 394,845.93 million, accounting for 17.91% of the total annual sales[157]. - The top five suppliers accounted for RMB 896,677.35 million in purchases, representing 47.64% of the total annual procurement[158].