Financial Performance - Total revenue for the year ended December 31, 2024, was approximately RMB 442.4 million, a decrease of about 36.9% year-on-year[4] - Gross profit for the same period was approximately RMB 40.0 million, representing a year-on-year decrease of approximately 77.2%[4] - The loss attributable to the owners of the company was approximately RMB 407.2 million, compared to a loss of RMB 404.4 million in the previous year[4] - Basic loss per share for the year was approximately RMB 0.79, compared to RMB 0.95 in the previous year[4] - Revenue from hydrogen fuel cell systems was RMB 350,379 thousand, down 48.6% from RMB 681,259 thousand in the previous year[20] - The total cost of sales for the year was RMB 809,380 thousand, down from RMB 985,002 thousand in 2023, reflecting a decrease of 17.8%[22] - Employee benefit expenses decreased to RMB 185,293 thousand in 2024 from RMB 235,300 thousand in 2023, a reduction of 21.3%[22] - The company reported a pre-tax loss of RMB 416,096,000 for the year ended December 31, 2024, compared to a loss of RMB 436,417,000 in 2023, indicating a reduction in losses of approximately 4.5%[25] - Gross profit fell by 77.2% from approximately RMB 175.8 million in 2023 to about RMB 40.0 million in 2024, with the gross margin decreasing by 16.1 percentage points to approximately 9.0%[65] Assets and Liabilities - Non-current assets totaled RMB 1,244.8 million, a decrease from RMB 1,356.5 million in the previous year[8] - Current assets amounted to RMB 3,419.4 million, down from RMB 3,507.0 million in the previous year[8] - Total liabilities increased to RMB 1,675.7 million from RMB 1,472.7 million in the previous year[9] - Trade receivables from third parties increased to RMB 2,174,726,000 in 2024 from RMB 1,927,473,000 in 2023, representing a growth of approximately 12.8%[37] - As of December 31, 2024, trade payables amounted to RMB 702,510,000, an increase from RMB 635,442,000 in 2023, indicating a growth of approximately 10.8%[46] - The total contract liabilities increased significantly to RMB 19,776,000 in 2024 from RMB 1,659,000 in 2023, reflecting a substantial growth in service contracts[48] Research and Development - Research and development expenses for the year were approximately RMB 130.5 million, down from RMB 151.1 million in the previous year[5] - The company launched the new generation of high-power Hongxin GIII series stacks with a single stack power exceeding 200kW, enhancing its competitive edge in the market[51] - The new generation GIII fuel cell stack achieved a rated performance of 1.3 W/cm², representing an improvement of over 20% compared to the previous generation[54] - The R&D team is developing breakthrough technologies for megawatt-level proton exchange membrane (PEM) electrolyzers, significantly improving hydrogen production efficiency and purity[56] - The proportion of R&D personnel reached approximately 34% of the total workforce by the end of the reporting period, enhancing the company's ability to meet strategic goals[57] Market and Product Development - The company has expanded its hydrogen energy applications into new areas such as hydrogen-powered ships and drones, contributing to a broader market presence[52] - The company successfully exported hydrogen-powered buses equipped with 170kW fuel cell systems to Israel, marking a significant step in international market expansion[52] - The company launched the largest marine hydrogen fuel cell system in China, the Honghan C240, achieving 240 kW power output and receiving certification from the China Classification Society (CCS)[58] - The company successfully developed a high-power fuel cell system for mining applications, receiving support from the Inner Mongolia Autonomous Region for major technological projects[55] Financial Management - The company received government subsidies totaling RMB 10,763 thousand in 2024, slightly down from RMB 11,090 thousand in 2023[21] - The net fair value gain on financial assets measured at fair value through profit or loss was RMB 51,117 thousand, significantly up from RMB 2,245 thousand in 2023[21] - Financing costs for the year were RMB (22,594) thousand, compared to RMB (10,125) thousand in 2023, indicating an increase in financing expenses[23] - The company reported a net financing income of RMB (14,715) thousand for 2024, a decline from RMB 2,542 thousand in the previous year[23] - The company's cash and cash equivalents decreased by 51.6% from approximately RMB 808.0 million to about RMB 391.2 million as of December 31, 2024[75] Corporate Governance and Future Plans - The company has adopted the corporate governance code as per the Hong Kong Stock Exchange rules and has complied with all applicable code provisions during the reporting period[98] - A new senior management team has been appointed, with Mr. Chen Xiaomin as the General Manager, effective February 28, 2025[96] - The company plans to enhance its research and development investments, focusing on high-efficiency fuel cell stacks and systems[82] - The company aims to expand the application of fuel cells in diverse fields such as transportation, power generation, and energy storage[83] - The group intends to strengthen talent acquisition and training, enhancing overall professional skills and innovation capabilities[84] Shareholder Information - The company did not declare any dividends for the year and does not plan to declare any after December 31, 2024[97] - The company raised a total of RMB 1,422,910,650 from the issuance of 79,520,000 shares at a price of HKD 19.66 per share on December 5, 2023[43] - 40% of the net proceeds, approximately HKD 582.6 million, will be used to expand the production capacity of hydrogen fuel cell stacks and systems, expected to be fully utilized by the end of 2026[93] - The company repurchased a total of 695,000 H-shares during the year, with a total cost of approximately HKD 7,128.93 thousand, reflecting confidence in its business prospects[99]
国鸿氢能(09663) - 2024 - 年度业绩