Financial Performance - Total revenue for the year ended December 31, 2024, was RMB 3,102.0 million, an increase of 33% compared to RMB 2,330.2 million for the year ended December 31, 2023[4]. - Gross profit decreased to RMB 71.6 million, down 52% from RMB 148.8 million in the previous year[4]. - The company reported a net loss attributable to shareholders of RMB 16.0 million, compared to a profit of RMB 54.9 million in the previous year[4]. - Basic loss per share was RMB 0.02, compared to earnings of RMB 0.09 per share in the previous year[4]. - Total comprehensive income for the year was RMB 11.9 million, a decrease of 85% from RMB 82.4 million in the previous year[4]. - The company reported a pre-tax profit of RMB 12,008,000 for the year ended December 31, 2024, a significant decrease from RMB 98,889,000 in the previous year, representing an approximate 87.9% decline[12]. - Operating cash flow for the year was RMB 96,855,000, down from RMB 104,459,000 in the previous year, indicating a decrease of about 7.7%[12]. - The company experienced a net cash outflow from investing activities of RMB 268,856,000, compared to RMB 71,062,000 in the previous year, reflecting a substantial increase in investment expenditures[13]. - Financing activities generated a net cash inflow of RMB 2,490,000, a significant decrease from RMB 204,947,000 in the previous year, indicating reduced financing activities[13]. - The company’s cash and cash equivalents decreased to RMB 136,772,000 at year-end from RMB 300,710,000 at the beginning of the year, marking a decline of approximately 54.5%[13]. Assets and Liabilities - Non-current assets decreased to RMB 1,085.7 million from RMB 1,111.6 million, reflecting a decline of approximately 2.3%[5]. - Current assets increased to RMB 590.7 million, up from RMB 551.8 million, representing a growth of 7%[5]. - Total equity decreased to RMB 1,091.6 million from RMB 1,127.4 million, a decline of about 3.2%[6]. - The company’s total liabilities increased to RMB 456.8 million, up from RMB 382.6 million, indicating a rise of approximately 19.4%[5]. - The company’s total liabilities included a provision for inventory, which was assessed based on estimated net realizable value, reflecting current market conditions[76]. - The company’s total liabilities as of December 31, 2024, were RMB 349,772 thousand, compared to RMB 276,055 thousand as of December 31, 2023[111]. - The total liabilities to total assets ratio increased from approximately 25.7% in 2023 to 31.1% in 2024, indicating a higher leverage position[197]. Revenue Breakdown - The revenue breakdown for 2024 included RMB 2,377,194,000 from derivative chemicals, RMB 742,051,000 from energy products, RMB 190,794,000 from trade, and RMB 10,925,000 from other services[90]. - The company reported external sales of RMB 604,489,000 from energy products, which included RMB 444,008,000 from gas and RMB 292,367,000 from liquefied natural gas[78]. - The company confirmed revenue of approximately RMB 171,261,000 from retail sales of liquefied natural gas, refined oil, and hydrogen through its gas stations[78]. - Major customer A contributed RMB 883,116,000 in revenue for the year ended December 31, 2024, up from RMB 833,131,000 in 2023, representing a growth of approximately 6%[97]. - Other income increased significantly to RMB 21,619,000 in 2024 from RMB 8,553,000 in 2023, marking a growth of approximately 153%[97]. Expenses and Costs - The total expenses for the year ended December 31, 2024, were RMB 385,739,000, down from RMB 427,868,000 in 2023, indicating a decrease of approximately 9.8%[121]. - The company incurred financing costs of RMB 6,064,000 for the year ended December 31, 2023, compared to RMB 16,472,000 in 2024[99]. - Depreciation and amortization expenses for the year ended December 31, 2023, totaled RMB 58,521,000, with the chemical division accounting for RMB 21,778,000[95]. - The total remuneration for directors and senior management for the year ending December 31, 2024, was RMB 1,505 thousand, compared to RMB 932 thousand for the year ending December 31, 2023[105]. - The company recognized employee benefit contributions of RMB 3,258,000 in 2024, up from RMB 2,722,000 in 2023, representing a growth of approximately 19.7%[158]. Strategic Focus and Future Outlook - The company plans to focus on new product development and market expansion strategies in the upcoming year[3]. - The company plans to expand its energy business and incorporate hydrogen in response to China's commitment to developing a circular economy and achieving carbon neutrality[199]. - The company commenced operations of hydrogen stations starting from the fourth quarter of 2023[199]. - The operational performance of the company is influenced by various factors, which will be discussed in detail in future reports[200]. Compliance and Accounting Standards - The group has not early adopted the newly issued and revised International Financial Reporting Standards (IFRS), including IFRS 9 and IFRS 7 revisions, which are expected to impact financial statements starting from 2026[18]. - IFRS 18, effective from January 1, 2027, introduces new requirements for the presentation and disclosure in financial statements, including specific categories and definitions in the income statement[19]. - The consolidated financial statements are prepared based on the International Financial Reporting Standards, with the group being considered a going concern for the foreseeable future[20]. - The group expects the application of new IFRS standards to affect the presentation of the income statement and disclosures in future financial statements[19]. Credit Risk and Financial Assets - The expected credit loss for trade receivables as of December 31, 2024, is not significant, with a loss rate of 0.20% (2023: 0.14%) for low-risk internal credit ratings[188]. - The company only accepts trade receivables from customers with good credit ratings and maintains a low credit risk profile[184]. - The company’s management continuously monitors credit risk levels to ensure timely follow-up on overdue debts, significantly reducing credit risk[181]. - There are no debtors with credit impairment as of December 31, 2024, consistent with 2023[187]. Joint Ventures and Subsidiaries - The joint venture, Jinjiang Refining, reported revenue of RMB 165,649,000 for the year ended December 31, 2024, compared to RMB 111,692,000 in 2023, reflecting a growth of 48%[133]. - The cash and cash equivalents of the joint venture increased to RMB 62,601,000 in 2024 from RMB 61,034,000 in 2023[132]. - The company’s net assets in the joint venture decreased to RMB 81,497,000 in 2024 from RMB 90,911,000 in 2023, a decline of 10%[129]. Inventory and Provisions - Inventory increased to RMB 144,987,000 in 2024 from RMB 117,484,000 in 2023, reflecting a growth of approximately 23.4%[136]. - Inventory provisions recognized for the year ended December 31, 2024, were RMB 1,089,000, compared to zero in 2023, with the carrying amount of inventory at RMB 144,987,000, up from RMB 117,484,000 in 2023[76].
金源氢化(02502) - 2024 - 年度业绩