Financial Performance - For the fiscal year ending December 31, 2024, the total revenue was RMB 444,188,000, a decrease from RMB 544,129,000 in the previous year, representing a decline of approximately 18.4%[4] - Gross profit for the year was RMB 142,974,000, with a gross margin of 32.2%, compared to RMB 191,548,000 and a gross margin of 35.2% in the previous year, indicating a decrease in profitability[4] - The net profit for the year was RMB 10,329,000, significantly lower than RMB 55,211,000 in the previous year, reflecting a decline of approximately 81.3%[6] - Adjusted net profit (non-HKFRS measure) was RMB 25,238,000, down from RMB 67,843,000 in the previous year, a decrease of about 62.9%[6] - Earnings per share for the year were RMB 2.38, compared to RMB 14.72 in the previous year, indicating a substantial drop in earnings per share[4] - Total comprehensive income for 2024 was CNY 13,018,000, compared to CNY 54,665,000 in 2023, reflecting a decline of approximately 76.2%[8] - The company reported a decrease in inventory from RMB 66,742,000 in 2023 to RMB 52,040,000 in 2024, a decline of approximately 22.1%[9] - The company’s cash and bank balances increased significantly from RMB 45,670,000 in 2023 to RMB 129,910,000 in 2024, an increase of approximately 184.5%[9] - The company’s total liabilities decreased from RMB 331,200,000 in 2023 to RMB 359,078,000 in 2024, indicating a reduction of about 8.3%[10] Revenue Breakdown - The sales of sulfur recovery equipment and volatile organic compound incineration equipment amounted to RMB 158,060,000 and RMB 77,218,000 respectively, while catalytic cracking equipment sales reached RMB 194,446,000 and RMB 319,266,000[15] - Revenue from sulfur recovery equipment and volatile organic compound incineration equipment increased by 104.7% from RMB 77.2 million to RMB 158.1 million due to an increase in sales orders[53] - Revenue from catalytic cracking equipment decreased from RMB 319.3 million to RMB 194.4 million, primarily due to customer requests to delay and postpone certain sales orders[54] - Revenue from artisanal burners decreased by 43.5% from RMB 114.3 million to RMB 64.6 million, as there were no large-scale orders in 2024 following significant orders completed in 2023[55] - Revenue from heat exchangers decreased by 18.8% from RMB 33.4 million to RMB 27.1 million, influenced by reduced overall sales orders due to market demand[56] Expenses and Costs - The company reported a significant increase in listing expenses, which were RMB 14,909,000 for the current year, compared to RMB 12,632,000 in the previous year[6] - Selling expenses increased to CNY 27,408,000 in 2024 from CNY 24,803,000 in 2023, marking an increase of approximately 10.4%[7] - Administrative expenses increased from RMB 41.3 million for the year ending December 31, 2023, to RMB 50.4 million for the year ending December 31, 2024, primarily due to an increase in the number of management and administrative personnel[63] - R&D expenses decreased from RMB 38.0 million for the year ending December 31, 2023, to RMB 31.6 million for the year ending December 31, 2024, mainly due to some engineers being reassigned to overseas sales contract roles[64] - Financial costs for the year ended December 31, 2024, totaled RMB 6,187,000, compared to RMB 5,921,000 for the previous year, reflecting an increase of approximately 4.5%[23] Strategic Initiatives - The company aims to enhance its market presence and explore new product development strategies in the upcoming fiscal year[2] - Future outlook includes a focus on operational efficiency and cost management to improve profitability[2] - The company is considering potential market expansion opportunities to drive revenue growth in the next fiscal year[2] - The management emphasizes the importance of strategic adjustments to navigate the current market challenges effectively[2] - The company plans to establish a joint venture in Huangshan, China, with a total capital commitment of RMB 120 million, representing 80% ownership[38] Corporate Governance - The company has adhered to all applicable corporate governance codes since its listing date, with minor deviations noted[84] - The audit committee has reviewed the accounting principles and policies adopted by the group, discussing internal controls and financial reporting matters[92] - The audit committee currently consists of three independent non-executive directors, ensuring compliance with listing rules[91] - The board will continue to assess the effectiveness of the corporate governance structure, including the separation of the roles of chairman and CEO[86] Market Outlook - The International Monetary Fund (IMF) projects global economic growth of 3.2% in 2024, down from 3.3% in 2023[39] - China's GDP is expected to grow by 5.0% in 2024, contributing approximately 30% to global economic growth[39] - The Chinese petrochemical industry achieved operating revenue of 16.3 trillion yuan in 2024, a year-on-year increase of 2.1%, while total profit decreased by 8.8% to 789.7 billion yuan[41] - The investment growth rate in the petrochemical industry in China has slowed, with investment in chemical raw materials and chemical manufacturing increasing by 8.6% in 2024, down from 13.0% in 2023[42] Shareholder Information - The company declared a dividend of RMB 20,000,000, with a proposed final dividend of RMB 0.04 per share, pending shareholder approval[31] - The annual general meeting for shareholders is scheduled for May 16, 2025[95] - The record date for shareholders to receive the proposed final dividend is May 27, 2025, with a suspension of share registration from May 23 to May 27, 2025[97]
瑞昌国际控股(01334) - 2024 - 年度业绩