凌云B股(900957) - 2024 Q4 - 年度财报

Financial Performance - The company reported a net profit attributable to shareholders of -4.02 million RMB for 2024, compared to a profit of 40.28 million RMB in 2023, indicating a significant decline[5]. - Total revenue for 2024 was 88.15 million RMB, down 28.20% from 122.77 million RMB in 2023[20]. - The basic earnings per share for 2024 was -0.0115 RMB, a decrease from 0.1154 RMB in 2023[21]. - The weighted average return on equity for 2024 was -0.67%, a decline from 6.87% in 2023[21]. - The net profit attributable to shareholders was CNY 107,477.31 in Q1 2024, but turned negative at CNY -17,452,100.91 by Q4 2024, indicating significant losses[23]. - The net profit for the company was CNY -4.02 million, a significant decline of 95.21% from CNY 40.28 million in the previous year[35]. - The investment income from the joint venture Guangzhou Weicheng was CNY -7.27 million, a decrease of CNY 1.62 million compared to CNY 8.93 million in the previous year[36]. - The company reported a net profit of -6,585,978.47 CNY for 2024, compared to a net profit of 7,649,334.16 CNY in 2023, indicating a significant decline in profitability[167]. - Operating income for 2024 was -10,205,579.62 CNY, while in 2023 it was 7,649,334.16 CNY, reflecting a substantial decrease in operational performance[167]. Cash Flow and Assets - The company's cash flow from operating activities decreased by 28.67% to 36.46 million RMB in 2024, compared to 51.11 million RMB in 2023[20]. - The company’s cash flow from operating activities was negative in Q1 2024 at CNY -5,600,304.96, but improved to CNY 20,634,809.15 by Q4 2024[23]. - The company’s cash flow management appears to be under pressure, as evidenced by the increase in current liabilities, particularly in other payables which rose to CNY 105,345,064.89 in 2024 from CNY 93,571,540.55 in 2023[160]. - The total assets of the company at the end of 2024 were 1.02 billion RMB, down 3.89% from 1.06 billion RMB at the end of 2023[20]. - The company’s cash and cash equivalents decreased from CNY 48,601,972.36 in 2023 to CNY 35,332,665.17 in 2024, a drop of approximately 27.3%[155]. - The accounts receivable balance as of December 31, 2024, is 364,483,258.65 RMB, with a bad debt provision of 23,767,627.54 RMB[146]. - The total liabilities decreased from CNY 457,538,007.38 in 2023 to CNY 425,074,844.27 in 2024, a reduction of approximately 7.1%[156]. - The company reported a significant increase in accounts payable from CNY 1,111,944.75 in 2023 to CNY 3,142,974.06 in 2024, an increase of about 182.3%[156]. Operational Performance - The company experienced a 20.76% decrease in electricity settlement volume, dropping from 15,778.56 million kWh in the previous year to 12,502.57 million kWh in 2024[28]. - The average benchmark electricity price fell by 34%, from CNY 0.234 per kWh in the previous year to CNY 0.1545 per kWh in 2024, impacting revenue[30]. - The total electricity generation from the subsidiary Jingyuan Deyou was 125.03 million kWh, down 20.76% from the previous year[35]. - The company’s solar power generation utilization rate was 92.97%, a decrease of 5.34% compared to the previous year, due to increased local power sources and curtailment issues[29]. - The photovoltaic power generation volume for 2024 was 834.1 billion kilowatt-hours, reflecting a 44% year-on-year growth[55]. Corporate Governance and Management - The company has not distributed profits or implemented capital reserve transfers to increase share capital due to cumulative undistributed profits remaining negative[75]. - The board of directors has established a performance evaluation and incentive mechanism, including a salary and allowance system for directors and a performance assessment system[75]. - The company has appointed an independent director with a term starting from September 11, 2024, to enhance governance[78]. - The audit committee is chaired by an independent director with accounting expertise, ensuring effective oversight[74]. - The company has established a system for the registration and management of insider information to ensure compliance with disclosure regulations[75]. - The company has maintained good communication with stakeholders, including creditors, employees, and customers, to promote sustainable development[74]. - The company has a designated board secretary office responsible for information disclosure and shareholder communication[75]. Future Outlook and Strategic Plans - The company aims to enhance its power station operation and maintenance system to ensure asset safety and stability[64]. - The company plans to expand electricity sales channels and maximize output indicators by collaborating with major electricity consumers[64]. - The company is focusing on improving its internal control system to enhance management levels and ensure sustainable development[64]. - The company plans to implement a "quality improvement and efficiency recovery" action plan for 2024[85]. - The company’s management emphasized ongoing investment in new technologies and market expansion strategies to drive future growth[179]. Risks and Challenges - The company faced delisting risks due to negative net profit and revenue below 300 million yuan in 2024, triggering new regulatory scrutiny[68]. - The company faces a delisting risk due to negative total profit, net profit, and operating income below 300 million RMB for the fiscal year 2024[116]. - The company has not experienced significant changes in competition or business operations that would affect its independence[75]. - The company has no major litigation or arbitration matters during the reporting period[118]. Shareholder Information - The total number of ordinary shareholders as of the end of the reporting period is 20,502, an increase from 20,293 at the end of the previous month[127]. - The largest shareholder, Guangzhou Jiaye Investment Group Co., Ltd., holds 103,370,000 shares, representing 29.62% of the total shares[129]. - The second-largest shareholder, Guangzhou Noping Investment Co., Ltd., holds 41,080,000 shares, representing 11.77% of the total shares[129]. - The company has a total of 3,578,206 shares held in the repurchase special account, accounting for 1.0253% of the total share capital[129]. - The company plans to repurchase between 1.76 million and 3.52 million shares, representing 0.50% to 1.01% of the total share capital[139]. Compliance and Reporting - The financial report is prepared in accordance with the accounting standards issued by the Ministry of Finance, ensuring a true and complete reflection of the company's financial status as of December 31, 2024[196]. - The company has not reported any changes in accounting policies or prior period errors during the current reporting period[194]. - The audit report confirms that the financial statements fairly reflect the company's financial position as of December 31, 2024[144].