Financial Performance - Revenue for the year ended December 31, 2024, was approximately RMB 4,668.3 million, an increase of about 9.8% compared to 2023[4] - Gross profit for the same period was approximately RMB 1,121.8 million, representing a 22.5% increase year-over-year, with a gross margin of 24.0%[4] - Annual profit was approximately RMB 30.1 million, a decrease of 82.4% from RMB 171.5 million in 2023, with profit attributable to owners of the company at RMB 28.3 million, down 81.0% from RMB 148.7 million[4] - Operating profit for the year was RMB 371.8 million, down from RMB 434.5 million in the previous year[5] - Basic and diluted earnings per share from continuing and discontinued operations were RMB 0.0167, compared to RMB 0.0876 in the previous year[6] - The group reported a total segment profit of RMB 476,599,000 for the year ending December 31, 2024, compared to RMB 519,582,000 in 2023[28] - The group’s operating profit for the year was RMB 371,771,000, reflecting a decrease from RMB 434,509,000 in 2023[28] - The company reported a net loss of RMB 68.1 million in 2024, compared to a net profit of RMB 62.2 million in 2023, mainly due to exchange losses from the depreciation of the Nigerian Naira[61] Revenue Breakdown - The oilfield equipment manufacturing and services segment generated revenue of RMB 2,124,700,000, down 18.7% from RMB 2,614,421,000 in 2023[26] - The oilfield services segment saw a revenue increase of 34.9%, reaching RMB 1,579,862,000 compared to RMB 1,168,928,000 in 2023[26] - The marine engineering services segment reported revenue of RMB 963,770,000, a significant increase from RMB 468,182,000 in 2023[26] - Revenue from the oilfield equipment manufacturing and services segment decreased by RMB 489.7 million or 18.7% from RMB 2,614.4 million in 2023 to RMB 2,124.7 million in 2024, primarily reflecting a decline in drill pipe sales[54] - Revenue from the oilfield services segment increased by RMB 411.0 million or 35.2% to RMB 1,579.9 million in 2024, reflecting increased income from oil casing trading and improved drilling rig utilization[56] - Revenue from the marine engineering services segment surged by RMB 495.6 million or 105.9% to RMB 963.8 million in 2024, driven by increased income from seabed pipeline laying and offshore drilling platform construction projects[56] Expenses and Costs - Research and development expenses increased to RMB 24.8 million from RMB 18.4 million in 2023[5] - Selling and marketing costs rose by RMB 18.6 million or 25.0% to RMB 92.9 million in 2024, accounting for 2.0% of revenue, up from 1.7% in 2023[59] - Administrative expenses increased by RMB 99.9 million or 22.1% to RMB 551.1 million in 2024, primarily reflecting higher employee costs and headquarters expenses[60] - Financial costs increased by RMB 98.2 million or 62.3% to RMB 255.9 million in 2024, primarily due to a decrease in repurchase note income[62] Assets and Liabilities - Total assets increased to RMB 8,077,721 thousand in 2024, up from RMB 7,957,923 thousand in 2023, representing a growth of 1.5%[7] - Total liabilities rose to RMB 4,818,597 thousand in 2024, compared to RMB 4,628,918 thousand in 2023, marking an increase of 4.1%[8] - Current assets amounted to RMB 5,166,030 thousand in 2024, slightly up from RMB 5,140,557 thousand in 2023, indicating a growth of 0.5%[7] - Cash and cash equivalents decreased to RMB 721,631 thousand in 2024, down from RMB 840,384 thousand in 2023, a decline of 14.1%[7] - The company's equity attributable to owners was RMB 3,263,918 thousand in 2024, compared to RMB 3,335,539 thousand in 2023, showing a decrease of 2.1%[7] - Trade and other payables increased significantly to RMB 1,737,743 thousand in 2024, from RMB 1,395,278 thousand in 2023, reflecting a rise of 24.5%[8] - The company has a net debt of RMB 1,947,454 thousand as of December 31, 2024, compared to RMB 1,960,319 thousand in 2023[78] Cash Flow and Liquidity - The group had cash and cash equivalents of RMB 721,631,000 as of December 31, 2024, indicating significant uncertainty regarding the ability to continue as a going concern[20] - The company is taking measures to improve its liquidity and financial position, including restructuring its RMB 2,261,082,000 notes due on November 18, 2024[51] - The current ratio as of December 31, 2024, is 110.2%, down from 117.0% in 2023, calculated based on current assets of RMB 5,166.0 million and current liabilities of RMB 4,686.9 million[73] Corporate Governance and Future Plans - The company did not recommend any dividend for the year ended December 31, 2024[3] - The board has resolved not to recommend any dividend for the year ending December 31, 2024[109] - The company plans to continue seeking alternative financing and loans to meet existing financial obligations and future operational and capital expenditures[22] - The company aims to expand its integrated service capabilities and strengthen its market position through a transformation towards "light assets and technology-driven" operations[87] - The company plans to increase its exploration investment to RMB 5 billion annually until 2025, aiming to double exploration workload and proven reserves by that year[90] Market and Operational Developments - The company has expanded its market presence in North America, the Middle East, and Southeast Asia, securing important orders from high-end clients[85] - The company is focusing on technological innovation and digital transformation to enhance product quality and service performance[85] - The company is actively developing high-end markets and clients while emphasizing the construction of a research talent team[85] - The company has achieved certification for its drilling tools from major clients in the Middle East, laying a foundation for entering high-end markets[85] - The company is enhancing its production efficiency and reducing costs through automation and intelligent upgrades in its manufacturing processes[88] Audit and Compliance - The independent auditor issued a disclaimer of opinion on the consolidated financial statements due to significant uncertainties regarding the company's ability to continue as a going concern[49] - The company has engaged Ernst & Young (China) to conduct an independent investigation regarding transactions related to MTC, with significant progress reported[101] - The company has appointed Kai Jin Consulting Limited for an independent review of internal control procedures, with major findings and recommendations to be announced in due course[101]
海隆控股(01623) - 2024 - 年度业绩