Financial Performance - The net profit attributable to the shareholders of the parent company for 2024 is RMB 316,500 thousand, a significant recovery from a loss of RMB 1,405,876 thousand in 2023[7]. - Total revenue for 2024 is RMB 87,132,820 thousand, representing a decrease of 6.32% compared to RMB 93,013,595 thousand in 2023[20]. - The company reported a total profit of RMB 428,835 thousand for 2024, a significant turnaround from a loss of RMB 1,715,136 thousand in 2023[20]. - Basic earnings per share for 2024 is RMB 0.030, a significant improvement from a loss of RMB 0.130 in 2023[22]. - The weighted average return on equity increased to 1.270% in 2024 from a loss of 5.504% in 2023, representing an increase of 6.77 percentage points[22]. - The company recorded a net profit attributable to shareholders of RMB 310.98 million in 2024, compared to a loss of RMB 1,346.15 million in 2023[30]. - The company reported a net profit of RMB 317.00 million for 2024, recovering from a loss of RMB 1,349.31 million in 2023[30]. - The company's total revenue for the year ended December 31, 2024, was RMB 87.13 billion, a decrease of 6.32% compared to RMB 93.01 billion in 2023[111]. Cash Flow and Assets - The operating cash flow for 2024 shows a substantial increase to RMB 7,740,447 thousand, up 859.17% from RMB 806,996 thousand in 2023[20]. - The total assets at the end of 2024 amount to RMB 41,769,339 thousand, reflecting a growth of 5.32% from RMB 39,658,244 thousand at the end of 2023[20]. - The net assets attributable to the shareholders of the parent company increased by 0.87% to RMB 25,040,254 thousand at the end of 2024, compared to RMB 24,824,929 thousand at the end of 2023[20]. - The total cash inflow from operating activities for 2024 was RMB 76.24 billion, an increase of RMB 69.6 billion compared to RMB 6.64 billion in the previous year[92]. - The company's total assets as of December 31, 2024, amounted to RMB 41,800,000 thousand, with cash and cash equivalents at RMB 12,096,477 thousand, representing 28.96% of total assets[135]. - The company reported a 115.74% increase in cash and cash equivalents compared to the previous year[135]. Dividends and Profit Distribution - The company plans to distribute a final dividend of RMB 0.02 per share for the 2024 fiscal year, pending approval at the annual general meeting[7]. - The profit distribution plan for 2024 includes a cash dividend of RMB 0.02 per share, pending approval at the annual shareholders' meeting[172]. - The company has a cash dividend policy that mandates a minimum of 30% of the annual net profit to be distributed as cash dividends if certain conditions are met[170]. - The total cash dividends distributed over the last three accounting years amount to RMB 211.58 million, with an average net profit attributable to shareholders of RMB -1.32 billion during the same period[176]. Operational Efficiency and Cost Management - The total cost of sales and expenses for 2024 was RMB 74.23 billion, a decrease of 9.28% from RMB 81.83 billion in 2023[74]. - The company has implemented cost reduction strategies across various operations, including crude oil procurement and logistics management, to improve profitability[52]. - The company's total operating costs for 2024 were RMB 72.05 billion, down 8.99% from RMB 79.16 billion in 2023, primarily due to a decline in the sales volume of petrochemical products[119]. - The company achieved significant breakthroughs in safety production, turning losses into profits, and high-quality development[47]. Market and Product Development - The company emphasizes its commitment to enhancing product quality and variety while focusing on new product development and market expansion[18]. - The company plans to continue focusing on market expansion and new product development to drive future growth[22]. - The company is actively adjusting its product structure to meet the growing demand for petrochemical products in China[18]. - The company anticipates a decline in gasoline and diesel consumption in 2025 due to increased competition and market saturation[146]. Environmental and Safety Initiatives - The company achieved a 100% compliance rate for wastewater discharge and hazardous waste disposal in 2024[180]. - The company reported a total environmental tax payment of RMB 11.066 million to the Jinshan District Tax Bureau in 2024[181]. - The company successfully repaired 8,707 out of 8,971 detected leakage points, resulting in a cumulative repair rate of 97.06%[180]. - The company reduced carbon emissions by 89,053 tons through various measures in 2024[190]. - The company purchased 17.789 million kWh of green electricity, reducing carbon emissions by 74,714 tons[191]. - The company generated 1.333 million kWh of solar power, leading to a reduction of 5,599 tons of carbon emissions[191]. - The company maintained a 100% compliance rate for air pollutant emissions across all major pollution facilities in 2024[180]. - The company completed environmental impact assessments for seven new projects in 2024[186]. Research and Development - Research and development expenses for 2024 amounted to RMB 1.74 billion, compared to RMB 1.87 billion in 2023 and RMB 1.31 billion in 2022[96]. - The company has 153 R&D personnel, accounting for 2.17% of the total workforce[126]. - The company is involved in the development of high-strength carbon fiber technology, with a total funding requirement of RMB 114.75 million for various research projects[200]. Related Party Transactions - The company has engaged in related party transactions with its controlling shareholder, Sinopec Corp, which may impact its business and economic benefits[164]. - Sinopec Corp holds approximately 54.59 billion shares, representing 51.14% of the total shares, indicating a controlling interest that may affect the company's operations[165]. - The company confirmed that all related party transactions were conducted at market prices or according to national pricing policies, ensuring no significant impact on its independence[198]. - The company's financial services transactions with Sinopec Group's contacts amounted to RMB 4.86 million, representing only 1.57% of the maximum limit[196]. - The maximum limit for comprehensive service framework agreements was RMB 1,542 million, with actual transactions for construction and engineering design services amounting to RMB 116.928 million, or 16.93% of the limit[196]. Future Outlook - For 2025, the company plans to process a total of 13.1 million tons of crude oil, producing 8.39 million tons of refined oil, 622,200 tons of ethylene, and 688,000 tons of paraxylene[149]. - The company will invest approximately RMB 2.85 billion in capital expenditures for 2025, funded through financing activities and some self-owned funds[158]. - The company aims to become a "domestically leading, world-class" energy chemical and new materials company, focusing on low-cost upstream and high-value downstream operations[147]. - The company plans to focus on innovation by transitioning from refining to chemicals, then to materials, and finally to high-end products, while also promoting ecological development[152].
上海石油化工股份(00338) - 2024 - 年度业绩