Financial Performance - For the fiscal year 2024, the company's revenue was approximately RMB 542.5 million, a decrease of 30.9% compared to RMB 785.0 million in the fiscal year 2023[2]. - The company recorded a net loss of approximately RMB 20.7 million for the fiscal year 2024, compared to a net profit of RMB 9.7 million in the fiscal year 2023[2]. - Basic and diluted loss per share attributable to the owners of the company was RMB 0.92 for the fiscal year 2024, down from earnings of RMB 0.43 per share in the fiscal year 2023[4]. - The gross profit for the fiscal year 2024 was RMB 14.2 million, representing a gross margin of 2.6%, down from RMB 36.5 million and a gross margin of 4.7% in the fiscal year 2023[3]. - The company reported a total comprehensive loss of RMB 20.1 million for the fiscal year 2024, compared to a total comprehensive income of RMB 9.1 million in the fiscal year 2023[4]. - The pre-tax loss for 2024 was RMB 24,591,000 compared to a profit of RMB 14,112,000 in 2023, indicating a significant decline in performance[54]. - The company recorded a net cash outflow from investment activities of approximately RMB 27.8 million in the fiscal year 2024, compared to RMB 79.8 million in the fiscal year 2023, mainly due to capital expenditures for upgrading and expanding high-grade iron ore operations[124]. - The company recorded an income tax credit of approximately RMB 4.5 million in the fiscal year 2024, compared to an income tax expense of approximately RMB 5.0 million in the fiscal year 2023, primarily due to the recognition of deferred tax assets totaling RMB 5.4 million[119]. Assets and Liabilities - Total current assets decreased to RMB 219.0 million in 2024 from RMB 244.9 million in 2023, reflecting a decline of 10.5%[5]. - Total current liabilities decreased to RMB 216.8 million in 2024 from RMB 241.6 million in 2023, a reduction of 10.3%[5]. - Non-current liabilities increased to RMB 145.3 million in 2024 from RMB 125.4 million in 2023, an increase of 15.9%[6]. - The company's total assets less current liabilities remained relatively stable at RMB 1,065.5 million in 2024 compared to RMB 1,065.7 million in 2023[5]. - The total cost of property, plant, and equipment as of December 31, 2024, was RMB 335,766,000, up from RMB 330,439,000 in 2023, reflecting a growth of about 1.6%[55]. - The total deferred tax assets increased to RMB 12,631,000 in 2024 from RMB 7,219,000 in 2023, representing a growth of approximately 75%[76]. - The total borrowings of the company increased to approximately RMB 91.4 million as of December 31, 2024, up from RMB 82.6 million as of December 31, 2023, due to additional operational financing obtained during the fiscal year 2024[131]. Revenue Breakdown - The company reported total segment revenue of RMB 543,737 thousand, with external sales contributing RMB 542,490 thousand[37]. - Total revenue for the year ended December 31, 2023, was RMB 784,951,000, with a breakdown of RMB 115,280,000 from high-grade iron ore, RMB 650,175,000 from trading, and RMB 19,496,000 from facility management[40]. - Revenue from external customers in mainland China decreased to RMB 542,490,000 in 2024 from RMB 784,951,000 in 2023, indicating a decline of approximately 30.8%[42]. - The sales of high-grade iron ore accounted for 12.4% of total revenue in 2024, down from 14.7% in 2023, while steel trading represented 83.9% of total revenue in 2024, slightly up from 82.8% in 2023[44]. - Facility management revenue grew to RMB 20.5 million in the 2024 fiscal year, up from RMB 19.5 million in 2023[98]. Operational Insights - The group will continue to monitor and improve the collection cycle of outstanding receivables[15]. - The group is actively discussing and negotiating with banks for the renewal of expiring financing to meet operational funding needs for the year ending December 31, 2025[15]. - The group will focus on enhancing productivity in existing mining and facility management operations while evaluating other potential strategic plans and initiatives[15]. - The group believes it will have sufficient operating funds for at least the next 12 months from the date of the consolidated financial statements approval[12]. - The group has cash flow forecasts that indicate sufficient funding sources for operational needs without unforeseen circumstances for at least the next 12 months[13]. Market Conditions - The global crude steel production in 2024 was approximately 1.8826 billion tons, a year-on-year decrease of 0.8%[95]. - China's crude steel production in 2024 was 1.0051 billion tons, down 1.7% from the previous year[95]. - The GDP growth rate for China in 2024 was reported at 5.0%, consistent with the government target, with Q4 growth exceeding expectations at 5.4%[95]. - The company anticipates that China's steel consumption will decline by 4.4% to approximately 863 million tons in 2025[95]. - The China Steel Price Index (CSPI) decreased from 112.67 in January 2024 to 97.57 in November 2024, a decline of 13.4%[96]. Governance and Compliance - The company has adopted a corporate governance code and believes it has complied with applicable provisions during the 2024 fiscal year[160]. - The company's auditor has confirmed that the financial figures for the 2024 fiscal year align with the audited consolidated financial statements[162]. - The board of directors includes both executive and independent non-executive members, ensuring governance and oversight[172].
中国铁钛(00893) - 2024 - 年度业绩