Financial Performance - For the fiscal year ending December 31, 2024, the group's revenue was RMB 2,151 million, an increase of 0.6% compared to RMB 2,138 million in the fiscal year 2023[3]. - The group's gross profit for the fiscal year was RMB 435 million, a slight decrease of 0.2% from RMB 436 million in the previous year, resulting in a gross margin of 20.2%[3]. - The net profit for the fiscal year was RMB 240 million, representing a 1.3% increase from RMB 237 million in fiscal year 2023, with a net profit margin of 11.2%[3]. - The group reported a total comprehensive income of RMB 240 million for the year, compared to RMB 237 million in the previous year, indicating stable performance[7]. - Total revenue for the environmental protection business segment reached RMB 2,150,937 thousand in 2024, slightly up from RMB 2,138,199 thousand in 2023, indicating a growth of approximately 0.08%[25]. - The total profit for the environmental protection business segment was RMB 434,725 thousand in 2024, slightly down from RMB 436,100 thousand in 2023[25]. - The company reported a pre-tax profit of RMB 269,232 thousand for the year, compared to RMB 274,587 thousand in the previous year, reflecting a decrease of approximately 1.3%[25]. - The company’s total revenue from project investment and operation maintenance services for major customer A was RMB 232,457,000 in 2024, slightly down from RMB 237,078,000 in 2023, showing a decrease of about 2.2%[28]. - The company’s EPC business revenue was RMB 670 million, up 4.5% from RMB 641 million in the fiscal year 2023, attributed to market expansion efforts[78]. - The operating and maintenance business revenue decreased by 11.1% to RMB 487 million from RMB 548 million in the fiscal year 2023, mainly due to changes in the operating model of certain projects[78]. Dividends and Shareholder Returns - The board has proposed a final dividend of HKD 0.046 per ordinary share for the fiscal year ending December 31, 2024, up from HKD 0.035 in the previous year[3]. - The proposed final dividend per ordinary share for 2024 is HKD 0.046, an increase from HKD 0.035 in 2023, which translates to a growth of approximately 31.4%[37]. - A voluntary cash offer was made to repurchase up to 150,858,120 shares at HKD 1.20 per share, representing approximately 15% of the issued share capital[112]. - The repurchase was completed on January 14, 2025, with a total payment of HKD 181,029,744, reducing the total issued shares from 1,005,720,799 to 854,862,679[113]. Research and Development - Research and development expenses increased to RMB 63.9 million from RMB 55.9 million, reflecting a focus on innovation and new technology development[6]. - The R&D expenditure for fiscal year 2024 was RMB 64 million, an increase of RMB 8 million from RMB 56 million in fiscal year 2023, with the R&D expenditure ratio rising from 2.6% to 3.0%[89]. - The company is focusing on technology innovation and R&D investment to drive sustainable development amid market challenges[48]. Assets and Liabilities - Total non-current assets rose to RMB 2,450 million in 2024 from RMB 2,207 million in 2023, indicating growth in long-term investments[8]. - Current assets increased to RMB 2,957 million in 2024, compared to RMB 2,812 million in 2023, driven by higher cash and cash equivalents[8]. - The total liabilities increased to RMB 2,123 million in 2024 from RMB 1,950 million in 2023, primarily due to an increase in current liabilities[9]. - The company's equity attributable to owners increased to RMB 3,252 million in 2024 from RMB 3,047 million in 2023, reflecting improved financial health[9]. - The cash and cash equivalents as of December 31, 2024, were RMB 629 million, an increase of RMB 280 million from RMB 349 million as of December 31, 2023, due to enhanced collection efforts[96]. Market and Strategic Focus - The company aims to become a leading "environmental dual-carbon management platform" in response to national policies promoting ecological civilization and carbon reduction[43]. - The company is focused on expanding its services in air pollution control, water treatment, and solid waste management, aligning with national environmental goals[43]. - The company plans to continue expanding its project investment and dual-carbon new energy+ services to enhance revenue growth in the future[24]. - The company aims to enhance core competitiveness and sustainable development through strategic layout optimization and capital value activation[107]. - The company is adapting to new industrial developments and enhancing management efficiency through the revised National Hazardous Waste Directory[47]. Operational Performance - The company operates 38 maintenance projects across the power and steel industries, providing stable revenue and cash flow[55]. - The company has ongoing maintenance contracts for 15 projects with a total capacity of 10,000 MW, including significant projects like the Yangxi Power Plant and Tianjin Ironworks[56]. - The company is actively involved in the procurement and operation of environmental facilities, which is expected to enhance its market position in the energy sector[57]. - The company maintains a stable operational performance across its projects, contributing to continuous revenue generation[68]. Corporate Governance - The audit committee has reviewed the draft consolidated financial statements for the fiscal year 2024, confirming they are prepared in accordance with accounting standards and fairly reflect the financial position and performance of the group[120]. - The company has complied with the corporate governance code throughout the reporting period, with no violations reported by employees regarding the trading of securities[119]. - The company will continue to enhance its corporate governance practices to ensure compliance with the corporate governance code[118]. Environmental Initiatives - The company is committed to deepening customer relationships and providing high-quality products and services to solidify its market position[48]. - The company has secured contracts for the operation and maintenance of various desulfurization and denitrification systems, indicating a strong focus on environmental sustainability[56]. - The company is focusing on a light asset model to optimize resource allocation and improve operational efficiency, aiming to broaden business scope and market space[62]. - The company has initiated a zero discharge wastewater project with Tianjin Ironworks, enhancing its environmental sustainability efforts[64].
博奇环保(02377) - 2024 - 年度业绩