Financial Performance - Revenue decreased by approximately 21% to RMB 5,885,495,000 (2023: RMB 7,427,010,000) [3] - The loss attributable to the company's owners was RMB 263,682,000 (2023: profit of RMB 106,088,000) [3] - Basic loss per share was RMB 0.168 (2023: basic earnings of RMB 0.068) [3] - The company reported a gross profit of RMB 592,563,000 (2023: RMB 1,070,287,000) [4] - Total revenue for the group in 2024 was RMB 5,885,495,000, down from RMB 7,427,010,000 in 2023, indicating a decrease of approximately 20.7% [16] - Cement sales accounted for 83% of total revenue in 2024, down from 86% in 2023, with sales amounting to RMB 4,875,970,000 [58] - Gross profit for 2024 was RMB 592,563,000, resulting in a gross margin of 10%, down from 14% in 2023 [59] - The company reported a loss of RMB 262,565,000 in 2024, a decrease of RMB 373,800,000 compared to a profit of RMB 111,235,000 in 2023 [67] Dividends - The board recommended no final dividend for the year ending December 31, 2024 [3] - The company did not declare a final dividend for the year ending December 31, 2024, compared to a final dividend of RMB 0.041 per share in 2023, totaling approximately RMB 64,241,000 [27] - The company will not declare a final dividend for the year ending December 31, 2024 [95] Assets and Liabilities - Total non-current assets decreased to RMB 8,891,959,000 (2023: RMB 9,363,152,000) [5] - Current assets decreased to RMB 10,785,591,000 (2023: RMB 10,919,747,000) [5] - Current liabilities increased to RMB 2,263,184,000 (2023: RMB 2,217,566,000) [5] - Total assets less current liabilities decreased to RMB 17,414,366,000 (2023: RMB 18,065,333,000) [5] - Total assets decreased by approximately 3% to RMB 19,677,550,000 as of December 31, 2024, from RMB 20,282,899,000 in 2023 [68] - Total borrowings as of December 31, 2024, were RMB 1,144,000,000, a decrease from RMB 1,773,000,000 in 2023 [75] - The debt ratio as of December 31, 2024, was approximately 14%, down from 15% in 2023 [76] Income and Expenses - Other income increased slightly to RMB 240,228,000 in 2024 from RMB 237,211,000 in 2023, showing a growth of about 0.9% [20] - The company recognized a total tax expense of RMB 317,004,000 for 2024, down from RMB 360,396,000 in 2023, representing a decrease of approximately 12% [6] - Total depreciation and amortization expenses decreased to RMB 758,255,000 in 2024 from RMB 834,780,000 in 2023, reflecting a reduction of approximately 9.1% [24] - Employee costs, including director remuneration, decreased to RMB 455,486,000 in 2024 from RMB 569,578,000 in 2023, a decline of about 20% [24] - Financing costs decreased to RMB 54,730,000 (2023: RMB 78,056,000) [4] - The company’s administrative expenses decreased by approximately 11% to RMB 302,081,000 in 2024 from RMB 337,779,000 in 2023, mainly due to lower salary and tax expenses [62] Sales and Production - Revenue from cement products and related products decreased to RMB 5,735,672,000 in 2024 from RMB 7,241,675,000 in 2023, representing a decline of approximately 20.8% [16] - Revenue from concrete sales also decreased to RMB 149,823,000 in 2024 from RMB 185,335,000 in 2023, a decline of about 19.1% [16] - The group’s cement sales volume in 2024 was 21,561 thousand tons, a decrease of 10.4% from 24,054 thousand tons in 2023 [53] - The group’s clinker sales volume increased by 17.3% to 2,391 thousand tons compared to 2,039 thousand tons in 2023 [53] - In the Southeast region, cement sales volume was 12,397 thousand tons, down 8.9% from 13,604 thousand tons in 2023 [53] - In the Southwest region, cement sales volume decreased by 10.9% to 5,910 thousand tons from 6,630 thousand tons in 2023 [53] Market Conditions - The group faced significant competition leading to price reductions, with cement prices fluctuating throughout the year [52] - The company anticipates that the supply-demand imbalance in the cement market will intensify, making price increases more difficult [86] - The cement industry is expected to face challenges in 2025, with insufficient demand and limited infrastructure investment growth [85] - It is anticipated that cement prices will show a trend of being low at the beginning of 2025 and gradually increasing, with the industry expected to recover profitability [91] Corporate Governance - The company has complied with all applicable corporate governance codes, except for certain deviations noted [97] - The appointment of a new independent non-executive director, effective January 1, 2025, ensures compliance with relevant listing rules [100] - The company will continue to regularly review and monitor its corporate governance practices to maintain high standards [100] - The Audit Committee was established on April 27, 2008, in accordance with the corporate governance code, with responsibilities including reviewing financial reports and risk management [101] Employee Information - The company had 2,822 employees as of December 31, 2024, and provides various employee benefits according to applicable laws [80] Cash Flow - Operating cash inflow decreased from RMB 1,531,770,000 in 2023 to RMB 459,738,000 in 2024 [71] - Investment cash outflow increased to RMB 4,124,058,000 in 2024 from RMB 2,814,690,000 in 2023 [73] - Capital expenditure for the year ended December 31, 2024, was approximately RMB 481,400,000, up from RMB 310,078,000 in 2023 [73] Other Information - There are no significant events following the reporting period [94] - The company will suspend share transfer registration from May 21, 2025, to May 26, 2025, to determine the eligibility of shareholders for the annual general meeting [96] - The annual performance announcement will be published on the Hong Kong Stock Exchange and the company's website at the appropriate time for the fiscal year ending December 31, 2024 [105] - The company expressed gratitude to management, employees, shareholders, business partners, banks, and auditors for their support during the reporting period [106]
亚洲水泥(中国)(00743) - 2024 - 年度业绩