Financial Performance - For the year ended December 31, 2024, the total revenue was RMB 3,666,591,000, a decrease of 10.1% compared to RMB 4,076,596,000 in 2023[2] - Gross profit for the same period was RMB 1,309,096,000, down 5.6% from RMB 1,386,769,000 in 2023[2] - The net profit for the year was RMB 270,570,000, representing an increase of 4.6% from RMB 258,389,000 in 2023[3] - Basic and diluted earnings per share decreased to RMB 1.64 from RMB 2.00 in the previous year, a decline of 18%[3] - Total comprehensive income for the year was RMB 266,758,000, compared to RMB 243,258,000 in 2023, reflecting an increase of 9.7%[5] - The group's profit before tax for 2024 was RMB 234,123,000, down from RMB 285,380,000 in 2023, indicating a decrease of about 17.9%[37] - The company reported a net profit margin of approximately 0.6% for 2024, down from 0.8% in 2023, reflecting a decline in profitability[37] - The net profit attributable to shareholders reached RMB 234 million, with waste incineration and related collection businesses contributing RMB 457 million to the profit[68] Revenue Breakdown - Customer contract revenue for 2024 was RMB 3,147,996,000, down 11.5% from RMB 3,559,460,000 in 2023[17] - Revenue from construction services under service concession arrangements decreased to RMB 339,823,000 in 2024 from RMB 535,159,000 in 2023, a decline of 36.5%[17] - Revenue from operation services under service concession arrangements increased to RMB 2,054,663,000 in 2024, up 6.7% from RMB 1,925,332,000 in 2023[17] - The group's revenue from waste treatment and energy conversion for the year was approximately RMB 3,666,591,000, a decrease of about 10.06% compared to RMB 4,076,596,000 in the same period of 2023[86] Assets and Liabilities - Non-current assets totaled RMB 13,669,128,000, a decrease from RMB 13,956,791,000 in 2023[7] - Current assets increased to RMB 7,211,409,000 from RMB 6,330,375,000, marking a growth of 13.9%[7] - Current liabilities rose significantly to RMB 5,247,010,000 from RMB 3,528,069,000, an increase of 48.7%[9] - The total equity attributable to equity holders of the parent company was RMB 6,661,471,000, up from RMB 6,429,390,000 in 2023[9] - The total amount of bank and other borrowings was RMB 10,647,211,000 in 2024, a slight increase from RMB 10,472,044,000 in 2023[56] - The debt-to-asset ratio decreased to 66.52% from 66.99% in 2023, while the current ratio fell from approximately 1.79 to 1.37[87] Operational Efficiency - The company continues to engage in waste management and waste-to-energy conversion business, indicating ongoing commitment to market expansion and innovation[11] - The group is focusing on optimizing asset structure and enhancing operational quality of core projects, leading to significant improvements in operational efficiency[70] - The group achieved operating revenue of RMB 3.667 billion, with over 90% contributed by core businesses such as waste incineration power generation and urban sanitation[68] - The group completed 17 engineering projects and successfully transitioned 4 pilot projects to commercial operations, achieving a 6.8% year-on-year increase in electricity generation from waste incineration projects[71] Research and Development - Research and development costs increased to RMB 53,218,000 in 2024 from RMB 42,740,000 in 2023, reflecting a rise of approximately 24.5%[28] - The group submitted 48 patent applications in the field of technological innovation, receiving 35 authorized patents, including 12 invention patents[73] Market and Business Expansion - The group is actively expanding its business scale and exploring optimization potential in operational management, guided by key performance indicators such as return on equity (ROE)[68] - The group entered the Guangxi Zhuang Autonomous Region market for high-standard farmland construction projects, expanding its market presence[73] - The environmental protection market transaction value reached RMB 783.5 billion, with service projects accounting for 84% and asset projects for 16%[64] Financial Management - The total financial expenses for 2024 were RMB 425,156,000, slightly decreased from RMB 440,919,000 in 2023, showing a reduction of about 3.6%[30] - The company did not declare any dividends for the year ending December 31, 2024, compared to a declared dividend of RMB 130,694,000 in 2023[34] - The group has capital commitments of approximately RMB 169,460,000 related to construction projects under service concession arrangements as of December 31, 2024[95] Compliance and Governance - The company adheres to high standards of corporate governance and has complied with all applicable codes during the year ending December 31, 2024[108] - The audit committee reviewed the accounting principles and practices adopted by the group for the year ending December 31, 2024, and found them compliant with relevant standards[110] - The preliminary financial results for the year ending December 31, 2024, have been agreed upon by the auditor, Ernst & Young, and are consistent with the group's consolidated financial statements[111]
首创环境(03989) - 2024 - 年度业绩