Financial Performance - For the fiscal year ending December 31, 2024, the company reported total revenue of RMB 182,200,000, a decrease of 2.3% compared to RMB 186,071,000 in 2023[4] - Gross profit for the year was RMB 41,254,000, down 15.3% from RMB 48,696,000 in the previous year[4] - The operating profit decreased to RMB 17,471,000, representing a decline of 30.7% from RMB 25,205,000 in 2023[4] - Net profit for the year was RMB 13,982,000, a decrease of 33.6% compared to RMB 21,121,000 in the prior year[4] - Basic and diluted earnings per share were RMB 2.91, down from RMB 4.40 in 2023, reflecting a decline of 33.9%[4] - The company reported a total comprehensive income of RMB 14,915,000, down from RMB 21,958,000 in 2023, indicating a decline of 32.0%[5] - Pre-tax profit for 2024 was RMB 17,466,000, a decrease from RMB 25,192,000 in 2023, representing a decline of about 30.8%[25] - The group recorded total revenue of approximately RMB 182.2 million in 2024, a decrease of about 2.1% compared to the previous year, and net profit of approximately RMB 14.0 million, down about 33.8% year-on-year[46] Assets and Liabilities - Total assets increased to RMB 235,107,000 from RMB 216,749,000, marking an increase of 8.4%[6] - Trade and other receivables rose significantly to RMB 104,626,000, up 26.2% from RMB 82,907,000 in the previous year[6] - The company’s net asset value increased to RMB 231,957,000 from RMB 225,753,000, reflecting a growth of 2.0%[6] - Trade receivables (net of impairment) increased to RMB 95,973,000 in 2024 from RMB 62,313,000 in 2023, representing a growth of 54%[31] - The company reported a total asset value of RMB 96,262,000 as of December 31, 2024, up from RMB 91,599,000 as of January 1, 2024, indicating an increase of 5.5%[30] - The company’s total liabilities increased, with trade and other payables reaching RMB 37,356,000 in 2024, compared to RMB 24,469,000 in 2023, an increase of 52.7%[34] Revenue Breakdown - Revenue from sales of refining additives for 2024 was RMB 123,319,000, an increase from RMB 111,571,000 in 2023, representing a growth of approximately 10.7%[13] - Revenue from sales of oil additives decreased to RMB 58,881,000 in 2024 from RMB 74,500,000 in 2023, a decline of about 21%[13] - The majority of non-current assets are located in mainland China, with revenue from this region amounting to RMB 180,827,000 in 2024, down from RMB 185,959,000 in 2023, a decrease of about 2.3%[16] Expenses and Costs - Research and development expenses were RMB 7,416,000, a decrease of 13.2% from RMB 8,545,000 in the previous year[4] - Other income for 2024 totaled RMB 6,002,000, down from RMB 9,312,000 in 2023, indicating a decline of approximately 35.5%[20] - Sales cost rose from RMB 137.4 million to RMB 140.9 million, with refining additives' cost increasing significantly due to higher raw material prices[60] - Operating profit decreased from RMB 25.2 million to RMB 17.5 million, primarily due to a decline in average selling prices[61] - Gross profit fell from RMB 48.7 million to RMB 41.3 million, with gross margin decreasing from 26.2% to 22.6%[62] Corporate Actions and Future Outlook - The company plans to pay a final dividend of RMB 0.01 per share for 2024, down from RMB 0.02 per share in 2023[36] - The company expects to benefit from a reduced corporate tax rate of 15% for Jiangsu Innovation Petrochemical Co., Ltd. for the period from 2023 to 2025 due to its high-tech enterprise status[26] - The company is focused on developing and marketing refining additives and oil products that comply with evolving regulatory requirements, particularly in light of the new China National VI emission standards implemented in July 2023[41] - The company aims to promote advanced clean production technologies and explore green low-carbon development paths to ensure long-term sustainability[57] - The company plans to explore the production of additives and agents for non-refining industries, leveraging its high-purity oleic acid production facilities and technology[98] Regulatory and Market Environment - The rapid development of new energy vehicles in China is expected to impact the demand growth for the company's main products, such as refining additives and oil products[94] - The trend of "reducing oil and increasing chemical production" in the domestic refining industry may adversely affect the demand for the company's key products[95] - The company has faced challenges in expanding production facilities due to stricter regulatory approvals following a major chemical explosion in Jiangsu Province, which resulted in 78 fatalities and over 600 injuries[98] Employee and Governance - The company has 64 employees as of December 31, 2024, an increase from 58 employees in 2023, all located in China[103] - The audit committee has reviewed and confirmed the company's accounting principles and financial reporting for the year ending December 31, 2024[113] - The auditor, KPMG, confirmed that there are no discrepancies between the audited financial statements and the preliminary results announcement for the year ending December 31, 2024[114]
江苏创新(02116) - 2024 - 年度业绩