Financial Performance - For the year ended December 31, 2024, the Group's revenue was RMB 241.6 million, a decrease of 4.7% compared to RMB 253.5 million for the year ended December 31, 2023[3]. - The Group's gross profit for the year ended December 31, 2024, was RMB 58.0 million, with a stable gross profit margin of 24.0% compared to the previous year[3]. - The Group recorded a net loss of RMB 55.3 million for the year ended December 31, 2024, resulting in a net loss margin of 22.9%, compared to a net loss of RMB 1.3 million and a margin of 0.5% in 2023[4]. - Loss attributable to owners of the Company was RMB 48.6 million for the year ended December 31, 2024, compared to a profit of RMB 1.8 million in 2023[5]. - Basic loss per share attributable to owners of the Company was RMB 0.036 for the year ended December 31, 2024, compared to basic earnings per share of RMB 0.001 for the year ended December 31, 2023[6]. - The Group's total comprehensive loss for the year was RMB 55.27 million, compared to a total comprehensive loss of RMB 1.27 million in 2023[13]. - The total loss for the year amounted to RMB 55,269,000 in 2024, compared to a loss of RMB 1,274,000 in 2023, indicating a substantial increase in losses[41]. Revenue Breakdown - The solid waste treatment segment reported external sales of RMB 85,207,000 in 2024, down from RMB 127,676,000 in 2023, representing a decrease of approximately 33.2%[41]. - The oilfield auxiliary services segment achieved external sales of RMB 156,411,000 in 2024, an increase from RMB 125,774,000 in 2023, reflecting a growth of about 24.4%[41]. - Revenue from hazardous waste incineration solutions decreased from RMB 102,693,000 in 2023 to RMB 38,426,000 in 2024, a decline of approximately 62.58%[53]. - Revenue from oilfield auxiliary services increased from RMB 125,774,000 in 2023 to RMB 156,411,000 in 2024, representing a growth of approximately 24.39%[53]. - Revenue from cement plant parallel kiln co-treatment services rose by 115.4% to RMB 30.8 million in 2024, compared to RMB 14.3 million in 2023, mainly due to the operations of the Yunfu and Maoming projects[114]. Expenses and Costs - Administrative expenses increased to RMB 58.97 million in 2024 from RMB 55.44 million in 2023[12]. - Research and development costs rose to RMB 12.51 million in 2024 from RMB 11.23 million in 2023[12]. - Total staff costs decreased to RMB 60,223,000 in 2024 from RMB 62,810,000 in 2023, a reduction of approximately 4%[1]. - The total depreciation and amortization expenses rose to RMB 23,702,000 in 2024 from RMB 16,440,000 in 2023, an increase of approximately 44%[1]. - Finance costs increased from RMB 2,574,000 in 2023 to RMB 2,839,000 in 2024, an increase of approximately 10.3%[58]. Assets and Liabilities - Current assets decreased to RMB 463.79 million as of December 31, 2024, from RMB 535.51 million in 2023[15]. - Non-current assets increased to RMB 309.89 million as of December 31, 2024, compared to RMB 307.65 million in 2023[15]. - Net current assets decreased to RMB 187,022,000 in 2024 from RMB 227,898,000 in 2023, representing a decline of approximately 18%[16]. - Total assets decreased from RMB 843,157,000 in 2023 to RMB 773,673,000 in 2024, a decline of approximately 8.25%[46]. - Total liabilities decreased from RMB 315,337,000 in 2023 to RMB 301,640,000 in 2024, a decline of approximately 4.34%[46]. Impairments and Provisions - Impairment losses recognized on trade receivables amounted to RMB 12,317,000 in 2024, compared to a reversal of RMB 1,937,000 in 2023[1]. - Impairment losses on property, plant, and equipment amounted to RMB 28.8 million for the year ended December 31, 2024, compared to RMB 3.9 million in the previous year, primarily due to assessments of specific projects[137]. - The allowance for credit losses on trade receivables rose to RMB 30,758,000 in 2024 from RMB 18,441,000 in 2023, an increase of about 67%[69]. Corporate Governance and Compliance - The company has complied with the Corporate Governance Code during the reporting period, ensuring high standards of corporate governance[197][198]. - No shares of the company were purchased, sold, or redeemed during the reporting period[196]. Future Plans and Strategies - The Group plans to capitalize on national policies supporting the solid waste treatment industry, which is expected to see continued growth due to urbanization and improved living standards[174]. - The Group aims to enhance its market position in hazardous waste incineration by improving treatment techniques and expanding customer relationships both domestically and internationally[178]. - The Group will explore new business opportunities in solid waste treatment through the industrialization of pyrolysis technology, targeting waste plastics and waste paper residues[179]. - The Group intends to adopt various project models to enhance competitiveness and risk management in solid waste treatment projects, including oil sludge treatment facilities[180]. - The Group will actively explore innovative applications of artificial intelligence in environmental technology to drive business upgrades and improve operational efficiency[184].
维港环保科技(01845) - 2024 - 年度业绩