Financial Performance - Total revenue for the fiscal year 2024 was approximately RMB 458.6 million, a decrease of about 12.2% year-on-year[4]. - Gross profit for the fiscal year 2024 was approximately RMB 45.9 million, down approximately 50.8% year-on-year[4]. - Loss attributable to owners of the company for the fiscal year 2024 was approximately RMB 210.3 million, compared to a loss of RMB 73.3 million in the fiscal year 2023[4]. - Basic loss per share for the fiscal year 2024 was approximately RMB 2.12, compared to RMB 0.81 in the fiscal year 2023[4]. - No dividends were declared for the fiscal year 2024[4]. - The company reported a pre-tax loss of RMB 252.63 million for the fiscal year 2024, compared to RMB 88.81 million in the fiscal year 2023[5]. - Total comprehensive loss for the fiscal year 2024 was RMB 206.53 million, compared to RMB 75.3 million in the fiscal year 2023[6]. - Revenue for the year ended December 31, 2024, was RMB 458,609,000, a decrease of 12.2% from RMB 522,442,000 in 2023[17]. - The loss for the fiscal year 2024 increased by approximately 178.0% to about RMB 208.6 million[40]. - The gross profit decreased by approximately 50.8% to about RMB 45.9 million, with the gross profit margin dropping from approximately 17.9% in 2023 to about 10.0% in 2024[46]. Expenses and Costs - Research and development expenses for the fiscal year 2024 were RMB 43.76 million, compared to RMB 39.06 million in the fiscal year 2023[5]. - Administrative expenses for the fiscal year 2024 were RMB 140.6 million, an increase from RMB 90.88 million in the fiscal year 2023[5]. - The total employee costs for the year reached RMB 163,276,000, an increase of 69.3% compared to RMB 96,431,000 in 2023[25]. - Sales expenses increased by approximately 7.7% to about RMB 46.9 million in 2024, mainly due to an increase in share-based payment expenses[50]. - R&D expenses increased by approximately 12.0% from RMB 391 million in FY2023 to RMB 438 million in FY2024, primarily due to increased depreciation and higher personnel costs[51]. - Administrative expenses rose by approximately 54.7% from RMB 909 million in FY2023 to RMB 1,406 million in FY2024, driven by increased share-based payment expenses and consulting service fees[52]. - Listing expenses surged by approximately 711.8% from RMB 32 million in FY2023 to RMB 262 million in FY2024, mainly due to professional fees related to the IPO and H-share listing[53]. - Financial costs increased by approximately 43.6% from RMB 228 million in FY2023 to RMB 328 million in FY2024, attributed to higher interest from increased loan amounts[55]. Assets and Liabilities - Total assets increased to RMB 1,433,003 thousand in 2024, up from RMB 1,001,598 thousand in 2023, representing a growth of approximately 42.9%[7]. - Non-current assets rose to RMB 1,298,249 thousand in 2024, compared to RMB 945,497 thousand in 2023, reflecting a year-over-year increase of about 37.4%[7]. - The company's equity attributable to owners increased significantly to RMB 991,025 thousand in 2024, up from RMB 565,391 thousand in 2023, marking a growth of approximately 75.3%[8]. - Current liabilities decreased to RMB 1,131,526 thousand in 2024 from RMB 1,095,937 thousand in 2023, indicating a reduction of about 3.2%[8]. - Total liabilities increased slightly to RMB 440,095 thousand in 2024 from RMB 435,976 thousand in 2023, reflecting a marginal growth of about 0.3%[8]. - The debt-to-asset ratio improved to approximately 61.3% as of December 31, 2024, down from 73.0% as of December 31, 2023, due to an increase in equity[60]. Market and Strategic Focus - The company has been focusing on the production and sales of hydrogen energy equipment, indicating a strategic emphasis on renewable energy solutions[10]. - The company plans to continue expanding its market presence and investing in new technologies related to hydrogen energy[10]. - The company is focusing on the hydrogen energy sector, which is seen as a key driver for global energy transition and sustainable economic growth, with increasing demand for hydrogen fuel cell vehicles and supporting infrastructure[38]. - The company has expanded its business into the upstream segments of the hydrogen energy value chain, including the development of core equipment for hydrogen production and storage[38]. - The company aims to enhance its competitive advantage in core hydrogen energy equipment for green energy transportation and plans to focus on R&D for hydrogen liquefaction and storage equipment[41]. - The company plans to implement strategies to achieve economies of scale, reduce manufacturing costs, and improve production efficiency[41]. Customer and Revenue Breakdown - Revenue from on-board high-pressure hydrogen systems and related products was RMB 279,089,000, down 7.3% from RMB 301,060,000 in 2023[17]. - Revenue from hydrogen station equipment and related products increased by 20.5% to RMB 147,945,000 from RMB 123,036,000 in 2023[17]. - Major customer A contributed RMB 105,930,000 to total revenue, significantly up from RMB 54,785,000 in 2023[24]. - Revenue from the on-board high-pressure hydrogen supply systems and related products accounted for approximately 60.9% of total revenue, while revenue from hydrogen refueling station equipment and related products accounted for about 32.3%[40]. Tax and Credit - The company recognized a tax credit of RMB 44,001,000 for the year ended December 31, 2024, compared to RMB 13,766,000 in 2023[26]. - The company’s tax expenses calculated at a 25% rate amounted to RMB 63,157,000 for the year ended December 31, 2024, compared to RMB 22,202,000 in the previous year, reflecting a significant increase in tax liabilities[28]. - The expected credit loss under the expected credit loss model increased by approximately 259.2% to about RMB 22.0 million in 2024[49]. Corporate Governance and Compliance - The company has complied with all applicable corporate governance codes since the listing date until December 31, 2024[70]. - No purchases, sales, or redemptions of the company's listed securities occurred from the listing date until December 31, 2024[71]. - The audit committee has reviewed the audited consolidated annual results for the fiscal year 2024 and confirmed compliance with applicable accounting principles[73]. - No significant events affecting the group occurred after December 31, 2024, up to the date of this announcement[76]. - The company plans to propose amendments to its articles of association at the annual general meeting scheduled for May 20, 2025, to reflect recent changes in Chinese laws and regulations[78]. - The Nomination Committee will undergo changes effective March 27, 2025, with Dr. Zou Jiaseng stepping down and Ms. Tang Shiyun appointed to enhance corporate governance and comply with new gender diversity regulations[79]. - The Nomination Committee will consist of Mr. Zhang Yongjun (Chairman), Mr. Shi Jian, and Ms. Tang Shiyun following the changes[79]. - Dr. Zou Jiaseng will remain an independent non-executive director and chairman of the Remuneration and Assessment Committee[79]. - The executive directors include Mr. Wu Pinfang, Mr. Wang Kai, and Mr. Shi Jian as of the announcement date[81]. - Non-executive directors include Mr. Gu Yanjun, Mr. Zhou Lin, and Ms. Liu Yilin[81]. - Independent non-executive directors consist of Ms. Tang Shiyun, Mr. Zhang Yongjun, and Dr. Zou Jiaseng[81].
国富氢能(02582) - 2024 - 年度业绩