Financial Performance - Total revenue for the year ended December 31, 2024, was RMB 42.96 billion, a decrease of 7.4% from RMB 46.26 billion in 2023[5] - Gross profit increased significantly to RMB 1.77 billion, up 147.1% from RMB 717.29 million in the previous year[5] - EBITDA for 2024 was RMB 1.50 billion, representing a 17.3% increase from RMB 1.28 billion in 2023[4] - The company reported a net profit of RMB 224.62 million, a turnaround from a net loss of RMB 196.21 million in 2023, marking a 214.5% improvement[7] - Basic earnings per share improved to RMB 0.04 from a loss of RMB 0.04 in 2023, reflecting a significant recovery in profitability[4] - The company achieved a revenue of approximately RMB 43 billion in 2024, a decrease of about 7.1% compared to the previous year, while gross profit increased by approximately 147.1% to about RMB 1.77 billion[79] - The net profit for the year 2024 was approximately RMB 225 million, marking a substantial increase of about 214.5% compared to a net loss of RMB 196 million in 2023[79] - The company’s EBITDA rose from approximately RMB 1.28 billion in 2023 to about RMB 1.50 billion in 2024, indicating improved operational efficiency[79] Revenue Breakdown - The sales volume of self-produced steel products decreased by 7.3% to 7.17 million tons, while trading of steel products fell by 45.0% to 110,000 tons[3] - Total sales for the year ended December 31, 2024, amounted to RMB 42,957,307 thousand, a decrease of 7.5% compared to RMB 46,259,738 thousand for the year ended December 31, 2023[20][26] - The sales of H-beam products decreased from RMB 12,946,577 thousand in 2023 to RMB 11,737,216 thousand in 2024, representing a decline of 9.3%[20] - The sales of iron ore decreased from RMB 11,361,275 thousand in 2023 to RMB 9,934,620 thousand in 2024, a decline of 11.8%[20] - The steel segment reported a revenue of RMB 42,860,478 thousand for the year ended December 31, 2024, compared to RMB 46,013,691 thousand in 2023, reflecting a decrease of 6.5%[23][26] - The real estate segment recorded a revenue of RMB 96,829 thousand for the year ended December 31, 2024, down from RMB 246,047 thousand in 2023, a decline of 60.7%[23][26] Asset and Liability Management - The company’s total assets as of December 31, 2024, were RMB 50.08 billion, a slight increase of 0.1% from RMB 50.03 billion in 2023[4] - Total assets increased slightly to RMB 50,076,936 thousand in 2024 from RMB 50,030,172 thousand in 2023, representing a growth of 0.09%[8] - Total liabilities increased to RMB 25,121,663 thousand in 2024 from RMB 25,052,387 thousand in 2023, reflecting a rise of 0.28%[9] - The debt-to-capital ratio increased to 65.8% from 63.0% in the previous year, indicating a higher leverage position[4] - The company's borrowings increased to RMB 13,593,786 thousand in 2024 from RMB 13,089,962 thousand in 2023, an increase of 3.85%[9] - The total borrowings as of December 31, 2024, amount to RMB 16,388,169 thousand, an increase from RMB 15,473,895 thousand in 2023, representing a growth of approximately 6%[69] Cash Flow and Investments - The company's cash and cash equivalents decreased to RMB 3,516,253 thousand in 2024 from RMB 3,618,030 thousand in 2023, a decline of 2.82%[8] - The company confirmed receivables from local government departments amounting to approximately RMB 1.528 billion related to lease land and land use rights[52] - The company has secured approximately RMB 10.15 billion in collateralized bank loans as of December 31, 2024, compared to RMB 5.17 billion in 2023, indicating a significant increase of about 96%[69] - The company has RMB 460,931 thousand in structured bank deposits as of December 31, 2024, compared to RMB 127,543 thousand in 2023, reflecting a growth of approximately 262%[68] Operational Efficiency and Cost Management - The average selling price of steel products decreased during the year due to continued low demand in downstream markets[79] - The cost of raw materials and sold goods decreased to RMB 36,891,701 thousand in 2024 from RMB 39,914,996 thousand in 2023, indicating a decline of about 7.58%[31] - Employee benefit expenses increased to RMB 1,464,443 thousand in 2024 from RMB 1,354,273 thousand in 2023, representing a rise of approximately 8.14%[31] - The company plans to enhance its operational strategies focusing on cost reduction, efficiency improvement, and procurement optimization to navigate macroeconomic challenges[79] Dividends and Shareholder Returns - The company declared a final dividend of HKD 0.01 per share and a special dividend of HKD 0.05 per share, with a total annual dividend of HKD 0.06, up 20.0% from HKD 0.05 in 2023[4] - The company plans to distribute a final dividend of approximately HKD 37 million (about RMB 34 million) and a special dividend of approximately HKD 186 million (about RMB 172 million) for the year ending December 31, 2024, pending shareholder approval[48] Environmental Initiatives - The company’s subsidiary, Jinxin Steel, achieved a reduction in carbon dioxide emissions by approximately 1.1 million tons in 2024, contributing to its green energy initiatives[78] - The company reduced carbon dioxide emissions by approximately 1.1 million tons and nitrogen oxides by 53 tons annually through various green initiatives[83] - The company plans to complete multiple projects to create green low-carbon factories by 2024 and initiate new energy soft magnetic materials projects by 2025[90] Future Outlook - The company expects a gradual improvement in the steel industry environment in 2025, driven by a recovery in downstream demand and stable infrastructure investment growth[89] - The company will focus on high-end, differentiated products and extend its industrial chain into new materials and high-end equipment manufacturing[93]
中国东方集团(00581) - 2024 - 年度业绩