Financial Performance - Revenue for the year ended December 31, 2023, was approximately RMB 4,251.5 million, an increase of about 38.4% compared to 2022[1] - Gross profit was approximately RMB 915.5 million, up 33.6% year-on-year, with a gross margin of 21.5%, a decrease of about 0.8% from 2022[1] - Annual profit was approximately RMB 171.5 million, a 55.3% increase from RMB 110.4 million in 2022, with profit attributable to owners of the company at RMB 148.7 million, up 40.8% from RMB 105.6 million[1] - Operating profit for the year was RMB 434.5 million, compared to RMB 465.4 million in 2022[2] - Basic earnings per share from continuing operations was RMB 0.1079, compared to a loss of RMB 0.0235 in 2022[3] - The company did not recommend any dividend payment for the year ended December 31, 2023[1] - Financial income increased to RMB 15.8 million from RMB 4.4 million in 2022[2] - The company reported a net loss from discontinued operations of RMB 24.2 million for the year[2] - The company reported a significant increase in trade and other payables, which rose from RMB 981,740 thousand in 2022 to RMB 1,395,278 thousand in 2023, an increase of approximately 42.1%[5] - The company reported a profit attributable to owners of RMB 148,665,000 for the year, a significant increase from a loss of RMB 39,792,000 in the previous year[35] Assets and Liabilities - Total assets as of December 31, 2023, were RMB 7,957.9 million, slightly up from RMB 7,892.1 million in 2022[4] - Total equity attributable to owners of the company was RMB 3,329.0 million, compared to RMB 3,317.9 million in 2022[4] - Non-current liabilities decreased from RMB 2,706,052 thousand in 2022 to RMB 234,063 thousand in 2023, a reduction of approximately 91.4%[5] - Current liabilities increased significantly from RMB 1,868,106 thousand in 2022 to RMB 4,394,855 thousand in 2023, representing an increase of about 135.4%[5] - Total liabilities slightly increased from RMB 4,574,158 thousand in 2022 to RMB 4,628,918 thousand in 2023, a growth of approximately 1.2%[5] - Total equity and liabilities rose from RMB 7,892,060 thousand in 2022 to RMB 7,957,923 thousand in 2023, indicating an increase of around 0.8%[5] - As of December 31, 2023, the group has current liabilities totaling RMB 2,744,476,000, including RMB 2,234,333,000 in notes payable due within 12 months[12] - The group's cash and cash equivalents amount to RMB 840,384,000 as of December 31, 2023, indicating significant liquidity concerns[12] - The net debt as of December 31, 2023, was RMB 2,023.5 million, down from RMB 2,514.5 million in 2022[61] - The current ratio decreased to 117.0% as of December 31, 2023, compared to 246.9% in 2022[61] Operational Highlights - The company is primarily engaged in the manufacturing and distribution of oil and gas equipment, oilfield services, and marine engineering services[7] - The oilfield equipment manufacturing and services segment generated revenue of RMB 2,614,421,000, up 37.5% from RMB 1,901,759,000 in the previous year[21] - The oilfield services segment reported revenue of RMB 1,168,928,000, an increase of 10.5% compared to RMB 1,057,479,000 in 2022[21] - The offshore engineering services segment saw significant growth, with revenue rising to RMB 468,182,000 from RMB 113,677,000, marking a 312.5% increase[21] - The company plans to continue expanding its market presence and investing in new technologies to enhance service offerings[21] - The company has successfully expanded its market presence in North America and the Middle East, securing high-end customer orders[75] - The company is actively expanding into high-tech integrated drilling package projects, showcasing its enhanced capabilities in integrated drilling services[76] Financial Management and Strategy - The board has developed plans to alleviate liquidity pressure and improve cash flow, including restructuring discussions with noteholders[12] - The group aims to accelerate the collection of trade and other receivables to enhance operational cash flow[12] - The company is actively seeking alternative financing and loans to meet its financial obligations and future capital expenditures[12] - The management has taken measures to control costs and expenses effectively to improve the cash flow situation[12] - The company is implementing various plans to improve liquidity and financial condition, including restructuring borrowings and obtaining new financing[44] Corporate Governance - The company has adhered to all applicable corporate governance codes as of December 31, 2023[93] - The company has adopted the standard code for securities transactions by directors and confirmed compliance by all directors for the year ending December 31, 2023[94] - The annual performance for the year ending December 31, 2023, has been reviewed and agreed upon by the audit committee and the auditor[95] - The independent auditor issued a disclaimer of opinion on the consolidated financial statements for the year ended December 31, 2023, due to uncertainties related to going concern[43] Market and Industry Outlook - The global oil supply is expected to remain tight, supporting oil prices at mid to high levels in the medium to long term[80] - The company aims to expand its high-end customer base in the US, Canada, and the Middle East, focusing on maintaining existing advantages and achieving breakthroughs in new markets[81] - The company plans to enhance its market reputation for drill products in the Middle East and North America, while also increasing investment in high-strength and corrosion-resistant drill tools[82]
海隆控股(01623) - 2024 - 年度业绩