Financial Performance - For the fiscal year ending December 31, 2024, the group's revenue was approximately RMB 243,568,000, an increase of about 1.73% compared to RMB 239,421,000 for the fiscal year ending December 31, 2023[5]. - The group reported a loss of approximately RMB 34,646,000 for the fiscal year ending December 31, 2024, compared to a profit of approximately RMB 2,155,000 for the fiscal year ending December 31, 2023[5]. - The loss per share for the fiscal year ending December 31, 2024, was RMB 8.87, while the earnings per share for the fiscal year ending December 31, 2023, was RMB 0.69[5]. - The gross profit for the fiscal year ending December 31, 2024, was RMB 26,338,000, compared to RMB 26,375,000 for the fiscal year ending December 31, 2023[6]. - The total comprehensive loss for the fiscal year ending December 31, 2024, was RMB 37,749,000, compared to a total comprehensive income of RMB 10,352,000 for the fiscal year ending December 31, 2023[7]. - The company reported a total comprehensive income of RMB 10,352 thousand for the year, compared to a loss of RMB 34,645 thousand in the previous year[10]. - The company reported a loss attributable to equity shareholders of RMB 34,645,000 for 2024, compared to a profit of RMB 2,530,000 in 2023[52]. Dividends and Shareholder Returns - The board of directors has resolved not to recommend the payment of a final dividend for the fiscal year ending December 31, 2024[5]. - The company did not recommend the payment or declaration of dividends for the fiscal year ending December 31, 2024, consistent with the previous year[45]. - The basic loss per share for the fiscal year ending December 31, 2023, was calculated based on the weighted average number of ordinary shares of 367,723,000, adjusted for the share consolidation completed on January 5, 2023[38]. Assets and Liabilities - Total assets decreased from RMB 338,338 thousand in 2023 to RMB 327,749 thousand in 2024, a decline of approximately 3.5%[8]. - Non-current assets decreased from RMB 251,580 thousand in 2023 to RMB 237,193 thousand in 2024, a reduction of about 5.7%[8]. - Current liabilities increased from RMB 171,193 thousand in 2023 to RMB 201,725 thousand in 2024, an increase of approximately 17.8%[9]. - Net asset value decreased from RMB 160,801 thousand in 2023 to RMB 123,052 thousand in 2024, a decline of about 23.5%[9]. - The company’s total liabilities increased from RMB 171,193 thousand in 2023 to RMB 201,725 thousand in 2024, reflecting a rise of approximately 17.8%[9]. - The company's current liabilities exceeded its current assets by approximately RMB 111,169,000 as of December 31, 2024, raising significant doubts about its ability to continue as a going concern[15]. Cash Flow and Financing - The company’s cash and cash equivalents increased from RMB 45,444 thousand in 2023 to RMB 48,484 thousand in 2024, an increase of approximately 5.4%[8]. - The group anticipates generating positive cash flow from operations in the foreseeable future[17]. - The total amount owed to construction and material suppliers is approximately RMB 63,700,000, with suppliers agreeing not to demand repayment before May 31, 2026[17]. - An unsecured loan of approximately RMB 10,400,000 has had its repayment period extended to May 31, 2026[17]. - The group is in discussions with several banks to obtain additional financing as needed[17]. Operational Highlights - The company did not report any significant new product developments or market expansions during the fiscal year[5]. - There were no acquisitions or major strategic changes announced in the latest earnings report[5]. - Sales of liquefied coalbed gas amounted to RMB 207,873,000, up 19.7% from RMB 173,613,000 in the previous year[23]. - The total employee cost for 2024 was RMB 26,001,000, slightly up from RMB 25,612,000 in 2023[32]. - The company wrote off construction costs of approximately RMB 22,427,000 in 2024 due to the termination of a drilling development project[52]. - The group completed the surface construction and drilling of 229 coalbed methane wells, with 170 of them being productive wells, which have been in stable production since coming online[59]. Technology and Development - The group has initiated the development of a new technology for natural gas production, which is expected to provide raw gas for the liquefied natural gas project and generate additional revenue through technology usage fees[66]. - The group is also developing a thermal extraction technology that is anticipated to positively impact upstream well output, with plans to offer related services and equipment sales to coalbed methane extraction companies[67]. - The development of thermal extraction technology is expected to stabilize gas supply for the liquefied natural gas plant, reducing operational risks and enhancing commercial value[68]. Governance and Compliance - The company has established an audit committee in compliance with GEM Listing Rules, which held four meetings during the year[89]. - The company has complied with all applicable provisions of the Corporate Governance Code as of December 31, 2024[92]. - The roles of the Chairman and CEO are separated, ensuring a balance of power and authority within the board[93]. - All independent non-executive directors have confirmed their independence according to GEM Listing Rules[96]. - The board of directors is responsible for ensuring the accuracy and completeness of the information disclosed in the announcement[99]. Share Options and Equity - The previous share option plan allowed for the issuance of 32,119,074 options, all of which have expired without being exercised[75]. - The new share option plan, effective for 10 years, has no options available for grant as of December 31, 2024[76]. - The total number of unexercised share options as of January 1, 2024, is 10,865,003 shares, with a weighted average exercise price of HKD 0.456[81]. - The total number of share options granted during the year is 24,100,003, all of which are immediately vested for a contract term of 10 years[81].
中国煤层气(08270) - 2024 - 年度业绩