Financial Performance - Total revenue for the year ended December 31, 2024, was RMB 2,575,397, a decrease of 11.8% compared to RMB 2,920,711 in 2023[4] - Gross profit for the same period was RMB 172,047, down 48.7% from RMB 332,961 in 2023[4] - Net profit for the year was RMB 86,413, representing a decline of 55.6% from RMB 194,107 in the previous year[4] - Basic and diluted earnings per share decreased to RMB 13.6 from RMB 30.6, a drop of 55.7%[4] - Urea sales contributed RMB 2,247,802,000, down from RMB 2,510,964,000, reflecting a decline of 10.5%[15] - The company's profit decreased significantly from approximately RMB 194.1 million for the year ended December 31, 2023, to about RMB 86.4 million, a reduction of RMB 107.7 million or 55.5%[57] - Total revenue fell from approximately RMB 2,920.7 million to about RMB 2,575.4 million, a decrease of RMB 345.3 million or 11.8%[45] - The average selling price of urea decreased by approximately RMB 347 per ton or 15.9%, from RMB 2,189 per ton to RMB 1,842 per ton[45] - Urea revenue declined by approximately RMB 263.2 million or 10.5%, from RMB 2,511.0 million to RMB 2,247.8 million[45] - The gross profit decreased from approximately RMB 333.0 million to about RMB 172.0 million, a reduction of RMB 160.9 million or 48.3%[50] - The company's gross margin decreased from approximately 11.4% to about 6.7%[50] Assets and Liabilities - Non-current assets totaled RMB 1,035,733, an increase from RMB 985,424 in 2023[6] - Current assets decreased to RMB 987,279 from RMB 1,115,787, a decline of 11.5%[6] - Current liabilities decreased significantly to RMB 174,646 from RMB 294,146, a reduction of 40.5%[7] - Total equity attributable to owners of the company increased to RMB 1,804,473 from RMB 1,758,498, reflecting a growth of 2.6%[7] - Inventory as of December 31, 2024, was RMB 85,869,000, down from RMB 114,774,000 in 2023, reflecting a decrease of approximately 25.2%[30] - Trade receivables increased to RMB 5,636,000 as of December 31, 2024, compared to RMB 4,130,000 in 2023, representing an increase of 36.5%[31] - Other receivables, net of impairment losses, totaled RMB 214,979,000 as of December 31, 2024, compared to RMB 194,396,000 in 2023, indicating an increase of 10.7%[34] - Trade payables decreased significantly to RMB 32,738,000 as of December 31, 2024, from RMB 68,674,000 in 2023, a reduction of approximately 52.4%[36] - The total amount of accrued expenses was RMB 26,553,000 for the year ended December 31, 2024, compared to RMB 22,381,000 in 2023, reflecting an increase of 18.8%[38] - As of December 31, 2024, the group reported net assets of approximately RMB 1,811.0 million, an increase from RMB 1,767.2 million as of December 31, 2023[58] - The group had cash and bank balances of approximately RMB 702.1 million as of December 31, 2024, down from RMB 797.8 million as of December 31, 2023[59] - The group has no interest-bearing bank borrowings, resulting in a debt-to-equity ratio of 0% as of December 31, 2024[59] Expenses - Administrative expenses rose to RMB 77,584, up from RMB 73,994 in the previous year, indicating a 6.5% increase[4] - Employee benefits expenses, including salaries and bonuses, rose to RMB 159,347,000 from RMB 134,906,000, an increase of 18.1%[21] - The total employee cost for the reporting period was approximately RMB 159.3 million, an increase from RMB 134.9 million for the year ended December 31, 2023[66] - The total remuneration for key management personnel was RMB 1,121,000 for the year ended December 31, 2024, down from RMB 1,356,000 in 2023, a decrease of 17.4%[40] Other Income and Expenses - The company reported a foreign exchange gain of RMB 6,552 from overseas operations, compared to RMB 3,515 in 2023[4] - The net loss from foreign exchange was RMB 7,604,000, increasing from RMB 5,117,000 in 2023[17] - The total income from bank interest increased to RMB 13,225,000, compared to RMB 7,141,000 in 2023, a growth of 85.5%[15] - Government grants recognized as other income amounted to RMB 1,949,000, compared to RMB 3,476,000 in 2023, a decrease of 44.0%[16] - Other income increased by approximately RMB 18.5 million or 104.3%, from RMB 17.8 million to RMB 36.3 million[51] - The income tax expense decreased by approximately RMB 37.9 million or 50.9%, from RMB 74.5 million to RMB 36.6 million[56] Dividends - The final dividend for the year ended December 31, 2023, was HKD 0.08 per share, totaling HKD 49,675,520, paid on June 7, 2024[26] - The proposed final dividend for the year ending December 31, 2024, is HKD 0.036 per share, totaling HKD 22,353,984, subject to shareholder approval[26] - The board proposed a final dividend of HKD 0.036 per ordinary share, totaling approximately HKD 22.4 million, down from HKD 49.7 million in 2023[71] Future Outlook and Plans - The group anticipates a gradual recovery in the Chinese urea market by 2025, influenced by global economic conditions and local policy changes[60] - The group plans to enhance production capacity and improve product quality while expanding its value chain into urea-related products[61] Corporate Governance - The audit committee, chaired by Mr. Wu Shiliang, consists of independent non-executive directors and has reviewed the accounting principles and standards adopted by the group[74] - The financial statements for the year ending December 31, 2024, have been verified by Hong Kong Lixin Dehao CPA Limited, confirming consistency with the audited financial statements[75] - The board has adopted the corporate governance code as per the listing rules and confirmed compliance throughout the reporting period[76] - The company has implemented a strict code of conduct for directors' securities trading, ensuring compliance with the standard code throughout the reporting period[77] - The final results announcement and annual report will be published on the Hong Kong Stock Exchange and the company's website[78] - The board expresses gratitude to the management, employees, shareholders, and clients for their support and hard work[79]
东光化工(01702) - 2024 - 年度业绩