Sino Prima Gas(300483)2025-04-24 15:20Financial Performance - The company reported a net profit attributable to shareholders of -710,954,148.56 yuan in 2024, a decrease of 188.99% compared to the previous year[3]. - Revenue for 2024 was 1,545,946,823.25 yuan, representing a 14.19% increase from 1,353,859,872.55 yuan in 2023[16]. - Basic earnings per share for 2024 were -2.687 yuan, a decline of 193.34% from -0.916 yuan in 2023[16]. - The company's net assets attributable to shareholders decreased by 25.96% to 1,987,847,906.99 yuan compared to 2,684,959,025.64 yuan in 2023[16]. - The company reported a net profit attributable to shareholders of -710.95 million RMB in 2024, a decline of 188.99% year-over-year, primarily due to lower sales prices and increased financial costs[57]. Cash Flow and Investments - Operating cash flow net amount increased by 25.73% to 499,732,584.70 yuan from 397,459,366.53 yuan in 2023[16]. - The net cash flow from operating activities was approximately CNY 196 million, an increase from CNY 187 million in the previous year, reflecting improved cash generation capabilities[20]. - The net cash flow from investment activities showed a significant decline of 87.11%, resulting in a net outflow of ¥936,577,187.46 in 2024[87]. - The net cash flow from financing activities decreased by 48.82%, totaling ¥168,414,584.66 in 2024[87]. Natural Gas Operations - The natural gas consumption in 2024 is projected to reach 426.05 billion cubic meters, representing a year-on-year growth of 8%[29]. - The natural gas production for 2024 is expected to be 246.4 billion cubic meters, with an average annual growth of over 13 billion cubic meters over the past six years[29]. - The company achieved a natural gas production of 11.7 billion cubic meters in 2023, representing a growth rate of 20.5% compared to the previous year[33]. - The company's natural gas sales volume for 2024 was 738 million cubic meters, reflecting a 32% year-over-year growth[56]. - The average selling price of natural gas in 2024 was 2.37 RMB per cubic meter, a decrease of 6.34% compared to the previous year[56]. Impairments and Losses - The company incurred an impairment loss of 822 million yuan on goodwill and contract rights due to declining natural gas sales prices[3]. - The company reported an asset impairment of ¥871,814,463.31, which accounted for 83.53% of total profit[89]. - The company reported a government subsidy of approximately CNY 3.77 million in 2024, down from CNY 13.38 million in 2023[23]. Strategic Plans and Developments - The company plans to seize industry development opportunities and deepen its main business layout to ensure stable performance[3]. - The company is focused on enhancing its natural gas supply and storage system, with significant infrastructure investments ongoing to improve efficiency and resilience[32]. - The company is actively participating in the market-oriented reform of the natural gas sector, aiming to encourage various entities to engage in exploration and production[31]. - The company plans to continue its investment in the Shilou West Block's natural gas exploration and development, focusing on deep coal and tight gas resources[58]. Research and Development - The company has established a new energy research institute to focus on the research and development of natural gas exploration and production technologies[51]. - R&D investment amounted to ¥37,709,882.13 in 2024, a decrease from ¥61,579,635.54 in 2023, representing a decline of 38.73%[84]. - The number of R&D personnel increased to 62 in 2024, up 14.81% from 54 in 2023[84]. Corporate Governance - The company has a governance structure that complies with relevant laws and regulations, ensuring independent operation and decision-making without interference from controlling shareholders[141]. - The board of directors consists of 7 members, including 3 independent directors with expertise in accounting, finance, and energy[143]. - The company ensures equal voting rights for all shareholders, particularly minority shareholders, during general meetings[142]. Management Changes - The company appointed Wang Zhihong as Chairman and General Manager on August 26, 2024, following the board's term expiration[156]. - The company reported a change in senior management, with the departure of former Chairman and General Manager Xue Yun and former Director and Deputy General Manager Wu Junliang on August 26, 2024[155]. - The new management team includes professionals with extensive backgrounds in finance, geology, and energy sectors, aiming to strengthen the company's strategic direction[159][160]. Employee Engagement and Incentives - The company implemented its first restricted stock incentive plan to align business and employee goals, enhancing core team motivation and talent retention[127]. - The company has established a fair and just salary system, combining fixed monthly salaries with bonuses and stock incentives[183]. - Total remuneration for directors, supervisors, and senior management during the reporting period amounted to CNY 7.26 million[169]. Market Expansion and Sales Strategy - The company aims to expand its natural gas sales channels, leveraging the integration with the national gas pipeline network to enhance market reach[123]. - The company plans to explore opportunities in the natural gas industry chain and consider mergers and acquisitions of quality assets and projects[124]. - The company is actively expanding its downstream natural gas business by deepening cooperation with the National Pipeline Company and exploring out-of-province markets[67].