Financial Performance - The total revenue for the year ended December 31, 2024, was RMB 2,939,876,000, representing an increase of 10.9% compared to RMB 2,650,852,000 in 2023[2]. - Gross profit for the same period was RMB 517,414,000, down 6.6% from RMB 554,210,000 in the previous year[2]. - The net profit attributable to the owners of the company was RMB 212,671,000, an increase of 15.7% from RMB 183,778,000 in 2023[3]. - Basic and diluted earnings per share rose to RMB 0.21 from RMB 0.18, reflecting a growth of 16.7%[3]. - Adjusted profit before tax for the group was RMB 166,509,000, compared to RMB 39,079,000 in the previous year, reflecting a significant increase[25][31]. - The company reported a profit of approximately RMB 212.7 million in 2024, an increase from RMB 183.8 million in 2023[82]. Revenue Breakdown - The steel pipe division generated revenue of RMB 2,787,554,000, up 16.5% from RMB 2,390,855,000 in the previous year[27][31]. - The property development and investment division reported a revenue of RMB 152,322,000, a decrease of 41.3% from RMB 259,997,000 in 2023[25][31]. - Steel pipe sales accounted for 94.8% of total revenue in 2024, up from 90.2% in 2023, while property development and investment revenue decreased by 41.4% to RMB 152,322,000[67][71]. - The sales revenue from straight seam submerged arc welded pipes was approximately RMB 2,195,400,000, accounting for about 80.5% of the total steel pipe revenue for the year ending December 31, 2024[58]. - The revenue from spiral submerged arc welded pipes was approximately RMB 366,900,000, representing about 15.4% of the total steel pipe revenue, a significant decrease compared to the previous year due to reduced deliveries to infrastructure projects[59]. Assets and Liabilities - Total assets decreased slightly to RMB 4,075,599,000 in 2024 from RMB 4,374,358,000 in 2023[6]. - The total assets of the group as of December 31, 2024, were RMB 6,505,939,000, a slight decrease from RMB 6,421,421,000 in 2023[25][26]. - The total liabilities of the group were RMB 5,266,808,000, compared to RMB 5,345,346,000 in the previous year, indicating a reduction in liabilities[25][26]. - Current liabilities decreased to RMB 4,112,922,000 from RMB 4,374,358,000, indicating improved liquidity management[6]. - The company maintained a net current liability of RMB 427,360,000, an improvement from RMB 845,744,000 in the previous year[10]. Cash Flow and Financing - Cash and cash equivalents increased to RMB 53,323,000 from RMB 32,191,000, showing a positive cash flow trend[10]. - The group recorded a net exchange gain of approximately RMB 15.6 million in 2024, compared to RMB 15.1 million in 2023, mainly due to the appreciation of the US dollar against the RMB when collecting trade receivables[80]. - Net cash flow from operating activities decreased from approximately RMB 431.1 million in 2023 to RMB 205.9 million in 2024, influenced by increased inventory and trade receivables[84]. - Net cash flow used in investing activities increased from an outflow of approximately RMB 8.7 million in 2023 to RMB 55.8 million in 2024, primarily due to the acquisition of property, plant, and equipment[85]. - The group's total borrowings amounted to approximately RMB 1.865 billion as of December 31, 2024, with about 45% being long-term borrowings and 55% short-term borrowings[92]. Operational Highlights - The company delivered a total of 414,000 tons of steel pipes and received orders for 272,000 tons, further solidifying its leading position in the industry[46]. - The company successfully secured a contract for the construction of offshore platform structural modules, providing approximately 30,000 tons of specialized welded pipes for the Crux LNG facility[47]. - The company won a bid for the Middle East terminal project, which will become the largest port in the region, providing approximately 68,000 tons of spiral steel pipes for the project[48]. - The company participated in the TotalEnergies Supplier Day 2024, showcasing its experience in supplying a 1,500 km heated crude oil pipeline for the East African Crude Oil Pipeline (EACOP) project[49]. - The company supplied 90% of the pile foundation steel pipes for the Shenzhen-Zhongshan Channel, a key national infrastructure project, enhancing the durability of the structure[50]. Challenges and Market Conditions - The company is facing challenges in international trade due to global economic uncertainties, including the ongoing Russia-Ukraine conflict and a strong US dollar impacting the RMB[45]. - The company anticipates that 2025 will remain challenging for the oil and gas industry due to ongoing geopolitical tensions and economic slowdowns, but sees long-term support from China's focus on energy security and clean energy initiatives[98]. Corporate Governance - The company has adhered to all corporate governance codes as of December 31, 2024, ensuring compliance with the Hong Kong Stock Exchange regulations[105]. - The independent non-executive directors confirm that the controlling shareholder has fully complied with the non-competition commitments, with no new competitive businesses reported for the year ending December 31, 2024[107]. - The audit committee, consisting of three independent non-executive directors, has reviewed the audited consolidated financial statements for the year ending December 31, 2024[108]. Future Outlook - The company plans to expand its insulation pipe business to meet the demand for green and low-carbon products, aligning with China's dual carbon goals[102]. - The company aims to diversify its steel pipe applications by participating in various global oil and gas engineering projects, targeting infrastructure and high-end construction sectors[104].
珠江钢管(01938) - 2024 - 年度业绩