Sales Performance - Liquefied petroleum gas sales increased by approximately 24.8% to about 313.0 thousand tons (2023: approximately 250.9 thousand tons) [2] - Compressed natural gas sales decreased by approximately 25.8% to about 46.3 million cubic meters (2023: approximately 62.4 million cubic meters) [2] - Liquefied natural gas sales increased by approximately 233.3% to about 3.0 thousand tons (2023: approximately 0.9 thousand tons) [2] - The revenue from liquefied petroleum gas for 2024 was RMB 1,445,692,000, compared to RMB 1,147,077,000 in 2023, indicating an increase of about 26% [41] - The revenue from compressed natural gas for 2024 was RMB 159,217,000, compared to RMB 244,002,000 in 2023, showing a decrease of approximately 34.7% [41] - The liquefied natural gas business generated sales revenue of approximately RMB 15.1 million for the year ending December 31, 2024, an increase of approximately RMB 10.8 million compared to RMB 4.3 million in 2023 [72] Financial Performance - Revenue increased by approximately 16.2% to about RMB 1,634.1 million (2023: approximately RMB 1,406.1 million) [2] - Gross profit decreased by approximately 37.1% to about RMB 53.2 million (2023: approximately RMB 84.6 million) [3] - Net loss recorded was approximately RMB 17.8 million (2023: profit of approximately RMB 6.7 million) [3] - Net loss attributable to equity holders was approximately RMB 12.4 million (2023: profit of approximately RMB 8.8 million) [3] - The total comprehensive loss for the year ended December 31, 2024, amounted to RMB (18,755) thousand, compared to a gain of RMB 8,262 thousand in 2023 [5] - The basic and diluted loss per share for the year was RMB (5.72), a decrease from RMB 4.07 in the previous year [5] Assets and Liabilities - Non-current assets totaled RMB 162,982 thousand in 2024, down from RMB 186,791 thousand in 2023 [6] - Current assets increased to RMB 976,629 thousand in 2024, compared to RMB 769,101 thousand in 2023 [6] - The total liabilities increased to RMB 748,258 thousand in 2024, compared to RMB 544,728 thousand in 2023 [6] - The company's equity attributable to owners decreased to RMB (13,334) thousand in 2024 from RMB 10,345 thousand in 2023 [5] - The company's retained earnings were reported at 370,982,000 RMB, down from 384,316,000 RMB in 2023, which is a decrease of about 3.4% [7] Operational Overview - The company is primarily engaged in the retail and wholesale of liquefied petroleum gas, compressed natural gas, and liquefied natural gas in China [9] - The company operates through two reportable segments: Retail and Wholesale, focusing on the sale of liquefied petroleum gas, compressed natural gas, and liquefied natural gas [33][34] - The company operates a total of 19 gas stations and 3 fuel stations as of December 31, 2024, maintaining the same number as in 2023 [74] - The company has significant operational assets primarily located in China, with no segment analysis provided based on customer and asset location [39] Government and Regulatory Compliance - The company has been applying revised International Financial Reporting Standards, which did not have a significant impact on the consolidated financial statements [12] - The company’s financial statements are prepared in accordance with International Financial Reporting Standards and relevant local regulations [10] - The company adheres to corporate governance principles as outlined in the listing rules, ensuring transparency and accountability to shareholders [119] Risk Management - Major risks identified include reliance on government policies, supply chain stability, and competition from alternative fuels, particularly electric vehicles [115] - The group has implemented various policies and procedures to ensure effective risk management across its operations, including financial reporting and compliance with environmental laws [114] Future Outlook - The company anticipates continued growth in domestic demand for liquefied petroleum gas and natural gas, with GDP growth expected to maintain around 5% in 2025 [80] - The company plans to enhance its logistics and supply chain capabilities while expanding procurement and sales channels to drive new growth points and business diversification [81] - The domestic production and import of liquefied petroleum gas are expected to maintain slow growth in 2025, supported by government policies aimed at stabilizing economic growth [81] Employee and Operational Costs - The total employee costs, including salaries and other benefits, amounted to RMB 31,123,000 in 2023, a decrease from RMB 29,954,000 in 2024 [6] - Employee costs decreased to approximately RMB 30.0 million in 2024 from RMB 31.1 million in 2023, attributed to lower performance-related compensation due to declining operational performance in compressed natural gas stations [87] Legal and Compliance Matters - The group faced a maximum potential liability of approximately RMB 69,350,000 in a legal claim, which was ultimately resolved in its favor by June 2023 [109] - A new legal claim with a maximum potential liability of approximately RMB 14,053,937 was filed in 2023, but the group was ruled not liable in July 2024 [110] Shareholder Information - The annual general meeting of shareholders is scheduled for June 25, 2025, with relevant documents to be published in due course [116] - The board of directors has resolved not to declare a final dividend for the year ending December 31, 2024, compared to zero in 2023 [100]
中油洁能控股(01759) - 2024 - 年度业绩