Financial Performance - The company's revenue for the fiscal year ending December 31, 2024, reached RMB 19,586,052 thousand, representing a 49.2% increase compared to RMB 13,128,400 thousand in 2023[3]. - Gross profit surged to RMB 1,110,563 thousand, a significant increase of 471.5% from RMB 194,336 thousand in the previous year[3]. - Net profit attributable to shareholders was approximately RMB 532,550 thousand, marking a 482.2% increase from RMB 91,477 thousand in 2023[3]. - Basic earnings per share rose to RMB 45.99, up 486.6% from RMB 7.84 in 2023[3]. - The overall gross margin improved to 5.7%, up from 1.5% in the previous year, reflecting enhanced operational efficiency[3]. - The operating profit before tax for 2024 was RMB 547,147 thousand, compared to RMB 20,207 thousand in 2023, showing a significant improvement[15]. - The group's profit before tax for 2024 was RMB 532,550,000, a significant increase from RMB 91,477,000 in 2023, representing a growth of approximately 482%[54]. - The total tax expense for the year was RMB 13,207,000, compared to a tax credit of RMB 23,927,000 in 2023, indicating a shift from a tax benefit to a tax expense[51]. Revenue Breakdown - Revenue from industrial product sales was RMB 19,488,826 thousand in 2024, up from RMB 13,024,230 thousand in 2023, reflecting a growth of 49.8%[41]. - Revenue from external customers in mainland China amounted to RMB 19,256,801 thousand in 2024, compared to RMB 13,048,224 thousand in 2023, indicating a growth of 47.7%[42]. - Ethylene glycol revenue increased by approximately 102.7% to RMB 3,463,776 thousand, with sales volume rising by 84.6% to 868,951 tons[76]. - The sales revenue of butadiene surged by approximately 210.0%, with an average selling price increase of 51.0%[78]. - The average selling price of butadiene increased by 51.0% to RMB 10,267 per ton[73]. - The average selling price of ethylene glycol rose by approximately 9.7% to RMB 3,986 per ton[76]. - The average selling price of ethylene oxide rose by approximately 5.6% to RMB 5,993 per ton, indicating a recovery in demand[6]. Cost and Expenses - The cost of sold inventory increased to RMB 18,447,808,000 in 2024 from RMB 12,897,701,000 in 2023, reflecting a rise of about 43%[49]. - Financing costs totaled RMB 414,656 thousand in 2024, a substantial increase from RMB 214,904 thousand in 2023, primarily due to higher interest expenses on bank and other borrowings[48]. - Other income decreased to RMB 284,832 thousand in 2024 from RMB 550,104 thousand in 2023, largely due to the absence of gains from the acquisition of a subsidiary in the current year[47]. - The company reported a net foreign exchange loss of RMB 77,221 thousand in 2024, compared to a loss of RMB 26,733 thousand in 2023[47]. Assets and Liabilities - The company's debt-to-asset ratio for 2024 is approximately 49.5%, compared to 48.5% in 2023, aligning with internal guidelines[8]. - Current liabilities total RMB 13,694,427,000, an increase of 10.3% from RMB 12,419,637,000 in the previous year[18]. - Non-current liabilities decreased to RMB 3,517,656,000 from RMB 4,220,793,000, a reduction of 16.7%[18]. - The company's equity increased to RMB 4,893,788,000, up from RMB 4,361,342,000, reflecting a growth of 12.2%[18]. - The total issued share capital remains at RMB 102,662,000, unchanged from the previous year[18]. - The group’s deferred tax expense for the year was RMB 9,931,000, down from RMB 16,710,000 in 2023, showing a decrease of about 40%[51]. - The total number of full-time employees as of December 31, 2024, is 1,430, an increase from 1,307 employees in 2023[86]. Strategic Initiatives - The company has focused on high-value chemicals and downstream integration to enhance resilience against market volatility[10]. - The company has implemented strategic measures to improve cost efficiency and process optimization to ensure profitability amid market fluctuations[11]. - The company continues to invest in operational efficiency and diversification to adapt to changing market conditions[12]. - The successful ramp-up of the new production facilities is expected to significantly improve overall production efficiency and resource allocation flexibility[7]. - The company plans to maintain operational flexibility and production efficiency to adapt to market volatility and enhance profitability[7]. Accounting Standards and Compliance - The group plans to apply new and revised Hong Kong Financial Reporting Standards upon their effective date, including HKFRS 18 and HKFRS 19[30]. - The amendments clarify the classification of liabilities as current or non-current, emphasizing that the classification is not influenced by the entity's ability to exercise repayment rights[29]. - The group is currently analyzing the impact of HKFRS 18 on its financial statement presentation and disclosures[33]. - The amendments to HKFRS 9 and HKAS 7 clarify the derecognition of financial assets or liabilities and introduce accounting policy choices for certain financial liabilities settled before the settlement date[36]. - The group anticipates that the recent accounting standard amendments will not have a significant impact on its financial statements[39]. Shareholder Information - The board does not recommend the distribution of a final dividend for the year ended December 31, 2024[87]. - The annual general meeting will be held on May 30, 2025, in Hong Kong[100]. - Share transfer registration will be suspended from May 26 to May 30, 2025, to determine the eligibility of shareholders[101]. - The financial information provided does not constitute audited accounts for the year ending December 31, 2024, but is extracted from the consolidated financial statements[102]. - The annual report for the year ending December 31, 2024, will be sent to shareholders and published on the stock exchange and company websites[103].
中国三江化工(02198) - 2024 - 年度业绩