Financial Performance - The group's revenue for the year ended December 31, 2024, was approximately RMB 645.7 million, a decrease of about RMB 21.7 million or 3.3% compared to the previous year[3]. - The cost of sales for the same period was approximately RMB 568.7 million, an increase of about RMB 0.5 million compared to the previous year[3]. - The gross profit for the year was approximately RMB 76.9 million, a decrease of about RMB 22.3 million or 22.4% year-on-year[3]. - The group recorded a loss of approximately RMB 289.6 million for the year, compared to a loss of RMB 549.1 million in the previous year[3]. - Basic loss per share attributable to equity holders was RMB 0.18, compared to RMB 0.34 in the previous year[4]. - The company reported a net loss of approximately RMB 289,621,000 for the year ending December 31, 2024, with current liabilities exceeding current assets by approximately RMB 534,867,000[15]. - The company reported a loss from continuing operations of RMB 289,621,000 for the year ending December 31, 2024, compared to a loss of RMB 549,139,000 in 2023, indicating a significant improvement[28]. - The group recorded a post-tax loss of approximately RMB 289.6 million for the reporting period, a decrease from a post-tax loss of RMB 549.1 million in the same period last year[72]. Assets and Liabilities - Non-current assets decreased to RMB 1,492.0 million from RMB 1,783.9 million in the previous year[5]. - Current assets decreased to RMB 365.8 million from RMB 417.1 million in the previous year[5]. - Total liabilities increased to RMB 900.6 million from RMB 757.9 million in the previous year[6]. - The net asset value decreased to RMB 687.6 million from RMB 965.6 million in the previous year[6]. - The company faced significant uncertainties regarding its ability to continue as a going concern due to its financial position as of December 31, 2024[37]. - The group's total liabilities ratio as of December 31, 2024, was approximately 46.9%, an increase of about 5.5% compared to the same period last year[79]. - The group had bank loans amounting to RMB 872.0 million as of December 31, 2024, a decrease of RMB 40 million or 4.4% compared to the end of the previous year[78]. Revenue Breakdown - Revenue from iron concentrate for 2024 was RMB 589,799,000, compared to RMB 584,027,000 in 2023, showing a slight increase[18]. - Revenue from sand and gravel aggregates for 2024 was RMB 55,860,000, down from RMB 83,340,000 in 2023, indicating a significant decline[18]. - Total revenue for 2024 was RMB 645,659,000, compared to RMB 667,367,000 in 2023, reflecting a decrease of approximately 3.2%[18]. - The company recorded revenue of approximately RMB 589.8 million from iron ore business in 2024, an increase of about 1.0% compared to the previous year[41]. Operational Efficiency - The total employee costs for the year were RMB 74,504,000, down from RMB 78,908,000 in the previous year, reflecting a reduction of approximately 5.1%[26]. - The average cash operating cost for iron concentrate at Wang'er Gou and Shuanma Zhuang mines decreased by 5.3% to RMB 662.2 per ton compared to RMB 699.0 in 2023[47]. - The average cash operating cost for mechanism sand increased due to rising raw material and electricity costs[51]. - The company plans to deepen cost reduction and efficiency enhancement mechanisms to improve profitability in the iron ore and aggregate business[86]. Investments and Financing - The company successfully obtained new borrowings of RMB 230,000,000 from a Chinese bank to settle existing loans, with an annual interest rate of 7.5% and repayment due in mid-February 2026[17]. - The group’s total capital expenditure was approximately RMB 19.1 million, which includes the acquisition of property, plant, and equipment, construction in progress, and intangible assets[80]. Compliance and Governance - The company confirmed compliance with the corporate governance code during the reporting period[91]. - The audit committee reviewed the group's annual performance and financial statements for the year ending December 31, 2024[92]. - The company has adopted a standard code for securities trading by directors, confirming compliance throughout the year[90]. Production and Sales - Iron concentrate production was approximately 721.8 thousand tons in 2024, a decrease of about 0.6% compared to 726.2 thousand tons in 2023[42]. - The sales volume of iron concentrate increased by approximately 2.8% to 739.1 thousand tons in 2024 from 719.1 thousand tons in 2023[42]. - The group recorded a 49.3% decrease in sand and gravel production to approximately 1,402.0 thousand tons, and a 24.7% decrease in sales volume to approximately 1,758.2 thousand tons compared to the previous year[49]. Impairment and Valuation - The group recorded an impairment loss of approximately RMB 201.1 million during the reporting period, with significant losses attributed to property, plant, equipment, and intangible assets[59]. - The independent valuation of the group's assets indicated an impairment loss of approximately RMB 177.0 million for property, plant, and equipment, and construction in progress as of December 31, 2024[59]. - The expected credit loss provision under the group's model was approximately RMB 24.1 million, contributing to the overall impairment loss recorded during the reporting period[59]. Future Outlook - The company expects to record a net operating cash inflow for the year ending December 31, 2025[17]. - The company aims to expand its green building materials aggregate production scale through new construction or acquisition of production lines[87]. - The company will actively explore sales opportunities beyond the Xiong'an New Area to increase aggregate sales and improve cash collection[87].
奥威控股(01370) - 2024 - 年度业绩