Financial Performance - For the fiscal year ending December 31, 2024, the sales revenue was approximately RMB 2,600,000,000, a decrease of about 10.5% compared to 2023[2]. - The loss attributable to shareholders was approximately RMB 505,000,000, an increase in loss of about RMB 353,000,000 compared to a loss of RMB 152,000,000 in 2023[3]. - The basic loss per share was approximately RMB 0.084[3]. - The gross profit for the year was RMB 34,179,000, down from RMB 316,197,000 in 2023[6]. - The group reported a total comprehensive expense of approximately RMB 552,742,000 for the year ended December 31, 2024, indicating a significant loss[13]. - The group reported a net current liability of approximately RMB 3,253 million as of December 31, 2024, compared to RMB 2,860 million in 2023[101]. - The total revenue for the year ended December 31, 2024, was RMB 2,599,733 thousand, a decrease from RMB 2,904,857 thousand in 2023, representing a decline of approximately 10.5%[106]. - The revenue from urea decreased to RMB 742,182 thousand in 2024 from RMB 888,393 thousand in 2023, a decline of about 16.4%[106]. - The revenue from ammonia decreased to RMB 849,248 thousand in 2024 from RMB 1,058,030 thousand in 2023, a decline of approximately 19.7%[106]. - The company reported a pre-tax loss of RMB (534,294,000) in 2024, compared to RMB (107,652,000) in 2023[118]. Cash Flow and Liquidity - The net cash inflow from operating activities before changes in working capital and payment of income tax and interest was approximately RMB 15,000,000, a decrease of about 95% from RMB 306,000,000 in 2023[3]. - The net cash outflow from operating activities was approximately RMB 103,335,000 for the same period, highlighting cash flow challenges[13]. - The group maintains sufficient cash and cash equivalents to ensure operational liquidity, with financial liabilities totaling RMB 4,872,379 thousand in 2024 compared to RMB 5,149,578 thousand in 2023[103]. - The company has a plan to improve cash flow through successful refinancing and obtaining additional bank loans, which is critical for its sustainability[15]. - Cash and cash equivalents decreased from RMB 16,951,000 thousand in 2023 to RMB 6,444,000 thousand in 2024, a decline of approximately 62%[158]. Assets and Liabilities - The total assets decreased to RMB 5,413,807,000 in 2024 from RMB 6,266,330,000 in 2023[7]. - The total liabilities decreased to RMB 5,054,222,000 in 2024 from RMB 5,354,515,000 in 2023[8]. - The group’s total equity as of December 31, 2024, was reported at RMB (117,350,000)[166]. - The total equity decreased from RMB 911,815 thousand in 2023 to RMB 359,585 thousand in 2024, a decline of approximately 60%[162]. - The total borrowings increased slightly from RMB 2,793,478 thousand in 2023 to RMB 2,794,946 thousand in 2024[162]. Expenses and Costs - The company reported a significant increase in administrative expenses to RMB 214,182,000 from RMB 149,103,000 in 2023[6]. - Financial expenses for 2024 amounted to RMB 323,377,000, an increase from RMB 238,925,000 in 2023[115]. - The total cost of sold inventory, including employee costs and depreciation, was approximately RMB 185,939,000 in 2024, down from RMB 197,763,000 in 2023[120]. Financial Management and Risk - The group has been actively negotiating with banks and financial institutions for loan extensions and refinancing, indicating efforts to improve liquidity[13]. - The group faces various financial risks, including market risk (foreign exchange, cash flow, and fair value interest rate risks), credit risk, and liquidity risk[89]. - Credit risk is managed by depositing most cash in state-owned and other reputable banks, with low default risk due to a stable repayment record from counterparties[94]. Accounting Policies and Estimates - The consolidated financial statements are prepared in accordance with Hong Kong Financial Reporting Standards and applicable disclosure requirements[18]. - The financial statements are based on historical cost convention and involve key assumptions and estimates that significantly impact the financial results[19]. - Key judgments made by the directors in applying accounting policies significantly affect the amounts recognized in the consolidated financial statements[83]. - Significant estimates and uncertainties may lead to substantial adjustments in asset and liability values in the next fiscal year[85]. Shareholder Information - The company does not recommend the payment of any final dividend for the fiscal year ending December 31, 2024[4]. - The total compensation for the top five highest-paid individuals in the group for 2024 is RMB 3,562,000, a decrease of 25.5% from RMB 4,786,000 in 2023[123]. - The weighted average number of ordinary shares used to calculate basic and diluted loss per share remains constant at 6,028,043 shares for both 2024 and 2023[128]. Investments and Projects - The group is investing in a new production line and has secured significant financing through loans[101]. - The development of new projects is expected to further improve the group's liquidity and profitability, as stated in the chairman's report[17].
玖源集团(00827) - 2024 - 年度业绩