Financial Performance - Total revenue for the year ended December 31, 2024, was approximately RMB 648.8 million, a decrease of about 27.5% year-on-year[4] - Gross profit for the same period was approximately RMB 111.8 million, representing a year-on-year decrease of about 37.8%[4] - The net loss attributable to shareholders for the year was approximately RMB 737.3 million, compared to a loss of RMB 529.5 million in the previous year[4] - Adjusted net loss (non-IFRS measure) for the year was approximately RMB 417.0 million, a decrease of about 11.5% compared to RMB 471.4 million in the previous year[4] - Cash outflow from operating activities for the year was approximately RMB 393.2 million, a reduction of about 45.3% from RMB 718.4 million in the previous year[4] - Basic and diluted loss per share attributable to ordinary shareholders was RMB (9.03) compared to RMB (6.51) in the previous year[5] - The company reported a pre-tax loss of RMB 779,606,000 in 2024, compared to a loss of RMB 579,768,000 in 2023[34] - The company reported a loss attributable to ordinary equity holders of RMB 737,301,000 for 2024, compared to a loss of RMB 529,472,000 in 2023, resulting in a basic and diluted loss per share of RMB (9.03) for 2024, compared to RMB (6.51) for 2023[36] Revenue Sources - Revenue from overseas markets increased by approximately 151.7% year-on-year, while sales revenue from hydrogen fuel cell systems for non-automotive applications rose by approximately 132.6%[4] - Revenue from major customers accounted for 50.2% of total sales, with the largest customer contributing 22.4%[23] - Hydrogen fuel cell system revenue decreased to RMB 330,521,000 in 2024 from RMB 637,176,000 in 2023, a decline of 48%[24] - Revenue from overseas markets increased significantly to RMB 58,426,000 in 2024 from RMB 23,209,000 in 2023, representing a growth of 151%[24] Assets and Liabilities - As of December 31, 2024, total current assets amounted to RMB 3,560.6 million, compared to RMB 2,784.8 million in the previous year[7] - Total liabilities increased to RMB 2,133.6 million from RMB 1,317.3 million year-on-year[7] - Trade receivables decreased from RMB 2,018,113,000 in 2023 to RMB 2,399,694,000 in 2024, with a total impairment loss of RMB 530,150,000 at year-end 2024, up from RMB 461,093,000 in 2023[38][39] - Trade payables increased from RMB 650,741,000 in 2023 to RMB 873,823,000 in 2024, with a significant rise in payables due within one year[40] - The company’s non-current trade receivables amounted to RMB 275,040,000 in 2024, down from RMB 417,537,000 in 2023[38] Research and Development - Research and development costs decreased to RMB 33,429,000 in 2024 from RMB 65,028,000 in 2023, a reduction of 48.7%[26] - The company plans to continue promoting hydrogen fuel cell systems and equipment R&D to meet market demand and support business growth[57] - The company is focused on continuous product and technology development to meet market demands for cost and performance, with plans to expand hydrogen applications in various scenarios by 2025[54] Strategic Initiatives - The company successfully launched the Ningxia Taiyangshan green hydrogen integrated project in 2024, marking a significant step in the development of a hydrogen-electric ecosystem[50] - The company has established a strategic partnership with CATL to explore hydrogen-electric collaborative applications, enhancing its position in the hydrogen energy ecosystem[52] - The company maintained its leading position in the heavy-duty truck fuel cell market, achieving substantial growth in overseas business and completing product development for off-grid supercharging projects[47] - The company is committed to developing new applications for hydrogen energy, including off-grid supercharging and power generation[55] Market and Industry Trends - In 2024, the hydrogen energy industry in China is transitioning from policy-driven to market-driven development, with significant opportunities and challenges arising from this shift[47] - The company is focusing on expanding its overseas market presence and enhancing brand recognition in Europe, the Middle East, and Southeast Asia[58] Corporate Governance and Compliance - The company has adopted a corporate governance code and has complied with all applicable provisions during the reporting period[88] - The audit committee, consisting of three independent non-executive directors, has reviewed the financial statements for the year ending December 31, 2024, and found them compliant with relevant accounting standards[94] Initial Public Offering - The company went public on the Hong Kong Stock Exchange on December 6, 2024, improving its financing efficiency and enhancing its brand value[53] - The net proceeds from the IPO on December 6, 2024, amounted to approximately HKD 619.9 million after deducting underwriting fees and related expenses[83] - The company has submitted a filing to the China Securities Regulatory Commission for the implementation of full circulation of H-shares, converting a total of 16,369,877 domestic shares into H-shares for listing on the Stock Exchange[99]
重塑能源(02570) - 2024 - 年度业绩