Financial Performance - Total revenue for the year ended December 31, 2024, was RMB 3,292.3 million, a decrease of 14.5% compared to RMB 3,850.0 million in 2023[3]. - Gross profit fell to RMB 263.4 million, down 50.1% from RMB 528.2 million, resulting in a gross margin of 8.0% compared to 13.7% in the previous year[3]. - Operating profit plummeted to RMB 0.5 million, a decline of 99.8% from RMB 241.4 million in 2023[3]. - The company reported a net loss of RMB 77.1 million for the year, a significant drop from a profit of RMB 134.5 million in 2023, representing a 157.3% change[3][4]. - Adjusted net loss (non-IFRS measure) was RMB 56.8 million, compared to a profit of RMB 141.9 million in the previous year, marking a 140.0% decrease[3]. - Basic and diluted loss per share was RMB (0.05), compared to earnings of RMB 0.09 per share in 2023, reflecting a 155.6% decline[3]. - The company reported a pre-tax loss of RMB 86,319,000 for 2024, compared to a profit of RMB 152,368,000 in 2023, indicating a significant decline in performance[31]. - The group recorded a net loss of RMB 77.1 million for the year, a decrease of RMB 211.6 million compared to a profit of RMB 134.5 million in 2023[74]. Revenue Breakdown - Revenue from the sale of oil and gas pipes was RMB 2,196,399,000, down 10.7% from RMB 2,459,943,000 in 2023[16]. - Revenue from the sale of new energy pipes and special seamless steel pipes was RMB 1,095,865,000, a decrease of 17.7% from RMB 1,331,897,000 in 2023[16]. - The total external customer revenue for 2024 was RMB 3,292,264, down 14.5% from RMB 3,850,020 in 2023[22]. - The total revenue from the Middle East region decreased significantly to RMB 236,750 in 2024 from RMB 560,066 in 2023[22]. - Domestic sales increased by 1.8% to RMB 2,913.9 million, while overseas sales plummeted by 61.7% to RMB 378.4 million due to global economic downturns and political instability[66]. Assets and Liabilities - Total assets decreased from RMB 2,541.4 million in 2023 to RMB 2,348.7 million in 2024[6]. - Current liabilities reduced from RMB 2,481.9 million in 2023 to RMB 2,046.5 million in 2024[6]. - The company's equity increased from RMB 1,315.0 million in 2023 to RMB 1,461.1 million in 2024[6]. - Trade receivables decreased to RMB 466,922,000 in 2024 from RMB 584,533,000 in 2023, reflecting a reduction of approximately 20%[36]. - The company’s total trade payables increased to RMB 837,921,000 in 2024, up from RMB 724,571,000 in 2023, representing a growth of about 15.6%[41]. - The debt-to-equity ratio increased to 136.9% as of December 31, 2024, up 45.5 percentage points from 91.4% as of December 31, 2023, primarily due to increased borrowing and reduced equity[80]. Operational Highlights - The company has been expanding its customer base and markets while maintaining strong relationships with existing major customers to generate more operating cash flow[13]. - The company is actively developing high-end, specialized products to meet the growing demand in the energy sector, particularly in oil and gas applications[51][52]. - The company aims to enhance its core competitiveness by focusing on "structural adjustment, efficiency improvement, and cost reduction" strategies[53]. - The company has successfully developed and mass-produced high-strength, corrosion-resistant casing products, which are widely used in domestic high-sulfur hydrogen gas fields[54]. - The company has implemented a comprehensive intelligent manufacturing system, enhancing production efficiency and product quality through real-time tracking and automation[54]. Strategic Initiatives - The company has obtained an industrial investment license from the Saudi Arabian Ministry of Investment, marking a significant step in expanding its international market operations[57]. - The company has signed a letter of intent with a wholly-owned subsidiary of Saudi Aramco, SPARK, to establish production facilities in Saudi Arabia[57]. - The company is committed to sustainable development through technological innovation and green production practices[60]. - The company has established a strategic cooperation to build a green supply chain, integrating environmental management into supplier evaluation systems[55]. Employee and Cost Management - Employee costs increased to RMB 252,934 in 2024, up 11.1% from RMB 227,596 in 2023[25]. - Administrative expenses rose by 7.4% to RMB 187.9 million, mainly due to increased labor costs and impairment losses[71]. - Financing costs for 2024 were RMB 86,858, slightly down from RMB 88,994 in 2023[24]. Future Outlook - The management remains cautiously optimistic about the overall industry recovery and the company's strategic execution for 2025[63]. - The company plans to enhance its product strategy by focusing on high-end, corrosion-resistant products and expanding into new markets[61].
达力普控股(01921) - 2024 - 年度业绩