Geo-Jade Petroleum(SH:600759)2025-04-24 14:45Financial Performance - The company achieved a net profit attributable to shareholders of RMB 487,601,568.81 in 2024, a decrease of 61.61% compared to RMB 1,270,029,305.07 in 2023[6]. - Total operating revenue for 2024 was RMB 2,547,555,792.73, down 6.56% from RMB 2,726,399,499.39 in 2023[24]. - The net profit after deducting non-recurring gains and losses was RMB 311,471,339.47, an increase of 42.38% from RMB 218,754,771.73 in 2023[25]. - Basic earnings per share decreased by 64.73% to CNY 0.1235 compared to CNY 0.3502 in the previous year[26]. - Diluted earnings per share also decreased by 64.73% to CNY 0.1235 from CNY 0.3502 year-on-year[27]. - The company reported a significant decrease in investment income, down 99.96% to CNY 1,062,453.30, attributed to restructuring gains recognized in the previous year[56]. - The total profit for the current year is CNY 31,931,354.15, compared to CNY 3,148,634,474.10 in the previous year, reflecting a decrease of about 99%[200]. - The net profit for the current year is CNY 331,265,840.70, down from CNY 2,298,159,907.70 in the previous year, representing a decline of approximately 86%[200]. Assets and Liabilities - The company's total assets decreased by 5.54% to RMB 12,135,838,352.96 in 2024 from RMB 12,847,619,598.62 in 2023[25]. - The net assets attributable to shareholders increased by 8.58% to RMB 8,632,172,833.28 in 2024 from RMB 7,949,695,053.38 in 2023[25]. - The company's total financial assets decreased from 2.33 billion RMB to 495.30 million RMB, with a significant impact of -1.84 billion RMB on current profits[33]. - The company’s long-term borrowings were fully converted to current liabilities, resulting in a 184.04% increase in current liabilities to 665.65 million RMB[69]. - Total liabilities decreased to CNY 3,374,378,017.98 in 2024 from CNY 4,774,943,752.73 in 2023, a reduction of 29.3%[190]. - Non-current liabilities decreased to CNY 2,335,814,474.63 in 2024 from CNY 3,421,891,773.15 in 2023, a decline of 31.8%[190]. Cash Flow - The cash flow from operating activities for 2024 was RMB 454,548,716.34, a decrease from RMB 688,779,922.41 in 2023[25]. - Operating cash flow decreased primarily due to the delivery of previously received oil sales payments[28]. - The net cash flow from operating activities decreased by 34.01% to CNY 454,548.72 million, mainly due to the delivery of previously received oil sales payments[58]. - The company’s cash and cash equivalents decreased significantly to CNY 235,861,916.09 in 2024 from CNY 953,277,367.08 in 2023, a drop of 75.3%[192]. Production and Operations - In 2024, the company achieved a total crude oil production of 43.74 million tons from the Keshan project, successfully meeting its annual production targets[35]. - The Mating project produced 247,300 tons of crude oil in 2024, also meeting its annual production goals[37]. - The company produced 684,681 tons of crude oil, a decrease of 9.28%, while sales volume decreased by 10.12% to 676,651.14 tons[61]. - The gross profit margin for oil and gas sales was 56.15%, reflecting a decrease of 5.47% year-on-year[59]. Market Conditions - The Brent crude oil price fluctuated, reaching a high of $91.17 per barrel in April before dropping below $70 per barrel by September[41]. - Global oil demand growth is projected to be below 1 million barrels per day in 2024, significantly lower than the over 2 million barrels per day growth in 2023[41]. - The international oil price is anticipated to experience a "wide fluctuation" pattern in 2024, with Brent crude prices surpassing $90 per barrel and WTI exceeding $85 per barrel in early 2024[48]. - China's crude oil import volume is projected to decline by 1.9% to 553 million tons, resulting in a dependency rate of 71.9%[50]. Strategic Initiatives - The company is focusing on optimizing its internal sales structure to maximize resource value, particularly in refining operations[39]. - The company aims to leverage the significant oil and gas supply gap in China to pursue overseas resource acquisition opportunities, enhancing national energy security[51]. - The company plans to expand its LNG business while moderately scaling back its renewable energy initiatives in response to the global geopolitical landscape[44]. - The company adheres to a "project value enhancement + project acquisition" dual-driven development strategy, focusing on optimizing business layout and asset structure[46]. Governance and Management - The company is committed to enhancing its corporate governance structure in compliance with relevant laws and regulations, ensuring effective internal management and control[92]. - The company held multiple shareholder meetings in 2024, including discussions on amendments to the company charter and the election of independent directors[93]. - The company has a diverse executive team with extensive experience in the oil and gas industry, including international operations[96]. - The total compensation for key executives amounted to 1,449.05 million CNY for the reporting period[96]. Environmental and Social Responsibility - The company invested 5.2 million RMB in environmental protection during the reporting period[122]. - The company aims for net-zero carbon emissions and has implemented measures to reduce carbon emissions during oil extraction and transportation[126]. - The company has established a comprehensive environmental management system covering the entire project lifecycle to ensure compliance with environmental regulations[124]. - The company has disclosed its ESG report alongside its annual report, highlighting its commitment to environmental, social, and governance responsibilities[128].