Financial Performance - For the fiscal year ending December 31, 2024, the company reported revenue of RMB 4,030,742, an increase of 41.3% compared to RMB 2,850,951 in 2023[3] - The gross profit for the same period was RMB 222,744, reflecting a slight increase of 4.1% from RMB 213,015 in the previous year[3] - Operating profit decreased to RMB 173,793, down 13.2% from RMB 200,244 in 2023[4] - Profit before tax was RMB 169,274, a decrease of 17.6% compared to RMB 205,705 in the prior year[4] - Net profit attributable to equity holders was RMB 160,295, down 4.8% from RMB 167,609 in 2023[4] - Basic earnings per share from continuing operations was RMB 7.2, down from RMB 10.5 in the previous year[5] - The company reported a total comprehensive income of RMB 160,250, a decrease of 5.8% from RMB 170,377 in 2023[5] Assets and Liabilities - Total assets increased to RMB 2,673,717 thousand in 2024, up from RMB 1,577,790 thousand in 2023, representing a growth of 69.5%[7] - Current assets rose to RMB 2,273,518 thousand in 2024, compared to RMB 1,278,258 thousand in 2023, marking an increase of 78.0%[7] - Non-current assets totaled RMB 400,199 thousand in 2024, up from RMB 299,532 thousand in 2023, reflecting a growth of 33.6%[7] - Total liabilities increased to RMB 1,609,654 thousand in 2024, compared to RMB 785,714 thousand in 2023, indicating a rise of 104.0%[8] - Current liabilities reached RMB 1,448,620 thousand in 2024, up from RMB 742,163 thousand in 2023, which is an increase of 95.4%[8] - The company's equity attributable to shareholders rose to RMB 1,064,063 thousand in 2024, compared to RMB 792,076 thousand in 2023, showing a growth of 34.3%[8] Revenue Sources - The coal business segment generated revenue of RMB 4,030,742 thousand for the year ended December 31, 2024, compared to RMB 2,850,951 thousand for the previous year, representing an increase of approximately 41.3%[21] - The primary revenue source from the coal business in China was from coal trading and processing services, which accounted for RMB 3,922,032 thousand, while coal supply chain management services contributed RMB 108,710 thousand[21] - The company recognized all revenue at a single point in time, with total revenue from external customers in China increasing from RMB 2,850,951 thousand in 2023 to RMB 4,030,742 thousand in 2024[23] Expenses and Costs - Administrative expenses increased to RMB 60,380, up from RMB 40,396 in the previous year, indicating a rise of 49.6%[3] - The sales cost for the current year was approximately RMB 3.81 billion, up 44.3% from RMB 2.64 billion in the previous year, primarily due to increased coal sales[64] - Other income for the current year was approximately RMB 96 million, down from RMB 316 million in the previous year, mainly due to government subsidies and foreign exchange gains[70] - Employee costs rose to RMB 89,514,000 in 2024 from RMB 85,433,000 in 2023, reflecting an increase of approximately 4.4%[31] Acquisitions and Strategic Changes - The company completed the sale of 95% of its equity in Hamit Jin Hua Mining Resources Development Co., Ltd. in September 2024, marking the termination of its mining operations[40] - The company acquired 100% of the issued share capital of CC Bong Logistics Limited and Mouton Investment Limited to enhance its coal supply chain platform[45] - The company has consolidated its operations into a single business segment, the coal business, as per the review by the board of directors[18] - The company decided to focus resources on the coal business and reduce mining segment activities, selling the mining business on September 29, 2024[19] Market and Industry Trends - China's GDP is projected to grow approximately 5% this year, with increased support for the coal industry from the National Energy Administration[49] - In December 2024, China's raw coal production reached about 440 million tons, a year-on-year increase of approximately 4.2%[50] - Coal demand primarily comes from electricity, steel, chemicals, and construction, with electricity generation increasing by about 6.7% this year[51] - The national cement production decreased to 1.825 billion tons, a year-on-year decline of 9.5%, the lowest level since 2010[52] Financial Management and Governance - The company has adopted the corporate governance code as per the Hong Kong Stock Exchange listing rules, ensuring high standards of corporate governance[125] - The audit committee, consisting of three independent non-executive directors, has been established to review and monitor the group's financial reporting procedures and risk management[128] - The consolidated financial statements for the year ending December 31, 2024, have been agreed upon by the auditor, Zhonghui Anda CPA Limited[129] Future Outlook - The company plans to actively seek opportunities to develop its coal business, including strategic acquisitions and resource reallocation, to expand existing operations[58] - The group anticipates continued growth in coal imports, supported by favorable pricing and policy directions encouraging quality coal imports[113] - The group aims to strengthen its coal trading and supply chain services in response to stable demand for thermal and coking coal in China[117]
汇力资源(01303) - 2024 - 年度业绩