ZPEC(SH:603619)2025-04-24 14:00Financial Performance - The net profit attributable to the parent company's shareholders for 2024 is RMB 725,821,754.31, with a cumulative distributable profit of RMB 300,796,769.25 as of December 31, 2024[7]. - The proposed cash dividend is RMB 3.00 per 10 shares (including tax), amounting to a total distribution of RMB 137,503,248.30 based on 458,344,161 shares[7]. - The company's operating revenue for 2024 reached CNY 4,134,772,515.73, representing a year-on-year increase of 10.79% compared to CNY 3,731,947,652.17 in 2023[25]. - Net profit attributable to shareholders for 2024 was CNY 725,821,754.31, a decrease of 10.58% from CNY 811,695,406.68 in 2023[25]. - The net cash flow from operating activities for 2024 was CNY 1,542,126,453.23, down 2.48% from CNY 1,581,367,202.46 in 2023[25]. - The total assets as of the end of 2024 amounted to CNY 11,955,240,261.50, an increase of 28.66% from CNY 9,291,814,892.43 at the end of 2023[25]. - The basic earnings per share for 2024 was CNY 1.76, a decrease of 14.56% from CNY 2.06 in 2023[26]. - The net profit after deducting non-recurring gains and losses for 2024 was CNY 691,643,386.66, a decrease of 18.44% from CNY 848,055,594.04 in 2023[25]. - The weighted average return on equity for 2024 was 24.06%, down from 28.82% in 2023, reflecting a decrease of 4.76 percentage points[26]. Operational Highlights - In 2024, the company achieved a record oil production of 854,600 tons, an increase of 25.42% year-on-year, with total oil and gas equivalent production reaching 1,001,700 tons[38]. - The company successfully reduced the barrel oil cost from 133.42 RMB/barrel in 2023 to 119.69 RMB/barrel in 2024, enhancing its core competitive advantage[38]. - The company made substantial progress in oil and gas exploration, with newly declared proven oil geological reserves of 13,234,200 tons and natural gas reserves of 1.402 billion cubic meters[39]. - The company’s 温宿 project produced 654,600 tons of oil and 57.22 million cubic meters of associated gas in 2024, contributing to a total oil and gas equivalent production of 700,200 tons[40]. - The company’s 坚戈 project achieved an oil production of 200,000 tons and associated gas production of 12.74 million cubic meters in 2024, totaling 301,500 tons of oil and gas equivalent[41]. - The company operated 52 drilling rigs with a utilization rate exceeding 90%, completing a total footage of 777,500 meters across 20 projects globally[42]. - The equipment segment signed 166 external contracts worth 530 million RMB, achieving the best performance in history[43]. Strategic Initiatives - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[28]. - The company aims to strengthen its upstream resource control and maintain its integrated service advantages in the engineering service sector[36]. - The company plans to continue its international expansion and innovation-driven development strategy to achieve sustainable growth[37]. - The company is actively exploring AI technology applications in the oil and gas sector, positioning itself to adapt to the evolving market environment and policy directions[62]. - The company is focusing on high-quality development and digital upgrades in the petrochemical sector, emphasizing green and low-carbon transitions[106]. - The company aims to deepen its "resource + technology" dual-engine strategy, focusing on oil and gas exploration and development to enhance resource control[122]. Risk Management - The report includes a risk statement detailing potential risks the company may face, which can be found in the management discussion and analysis section[9]. - The company faces risks from industry cyclicality, with oil prices being influenced by economic fluctuations and geopolitical factors, which could impact profitability[137]. - The company is exposed to international oil price volatility, which can significantly affect cash flow and profitability if prices remain low[138]. - Geopolitical and policy changes may introduce uncertainties that could negatively impact project progress and returns in overseas operations[139]. - The company is addressing the challenges posed by energy transition policies, which may increase costs and require adaptation to sustainable energy practices[144]. Governance and Compliance - The company held 4 shareholder meetings during the reporting period, ensuring compliance with legal requirements and protecting shareholder rights[147]. - The board of directors consists of 8 members, including 4 independent directors, enhancing governance structure and decision-making efficiency[148]. - The supervisory board has 3 members, including 1 employee representative, fulfilling its oversight responsibilities effectively[150]. - The company has established internal control systems that are effectively executed, with no significant deficiencies reported during the evaluation period[151]. - The company has improved its information disclosure practices, ensuring transparency and compliance with legal obligations[150]. - The independent directors represent 50% of the board after the recent board election, further strengthening corporate governance[149]. Employee and Training Initiatives - The company employed a total of 2,799 staff, with 190 in the parent company and 2,609 in major subsidiaries[176]. - The company has a diverse workforce with 1,919 production staff, 49 sales personnel, 182 technical staff, and 77 financial staff[176]. - The company emphasizes a performance-based compensation system, linking employee salaries to job responsibilities and performance metrics[178]. - In 2024, the company plans to conduct 20 group-level training sessions, 80 segment-level training sessions, and 456 training sessions at the subsidiary and project levels, achieving a training execution rate of over 80%[180]. - The online learning system participation rate reached over 90%, with an average of 9.8 courses and 213.5 hours of learning per employee annually[180]. Market Outlook - In 2024, global oil demand is expected to increase by 900,000 barrels per day, with China's demand growth only at 10,000 barrels per day, while other emerging economies show faster growth[58]. - The global oil industry is expected to undergo multi-dimensional changes in 2024, influenced by energy transition and geopolitical factors[117]. - The overall market trend indicates a stable yet changing environment for the oil and gas industry, with OPEC+ influencing global oil supply[117]. Investment and Acquisitions - The company successfully acquired 87% of TOGHI's equity, gaining control over the coastal block, which enhances its resource reserves and market position[107]. - The acquisition of TOGHI is part of the company's strategy to integrate domestic and international resources, further expanding its influence in the global market[107]. - The total investment amount for the acquisition was approximately 133,461,100 RMB, with a reported impact on the company's financials[109]. - The company continues to focus on strategic investments and acquisitions to bolster its resource base and market competitiveness[107].