Financial Performance - The Group recorded sales of approximately RMB2,939.9 million for the year ended 31 December 2024, representing an increase of approximately 10.9% compared to RMB2,651 million in 2023[25]. - The profit for the year was approximately RMB212.7 million, up from RMB183.8 million in 2023[25]. - Earnings per share attributable to ordinary equity holders was approximately RMB0.21, compared to RMB0.18 in 2023[25]. - The Group recorded sales of approximately RMB 2,939,900,000, an increase of about 10.9% compared to RMB 2,651,000,000 in the previous year[27]. - The Group's profit was approximately RMB 212,700,000, up from RMB 183,800,000 in the previous year[27]. - Earnings per share for ordinary shareholders was approximately RMB 0.21, compared to RMB 0.18 in the previous year[27]. - The Group's revenue increased from RMB 2,651 million in 2023 to approximately RMB 2,939 million in 2024, primarily due to an increase in overseas sales of steel pipes[100]. - Overseas sales for 2024 were approximately RMB 2,218.7 million, representing a 61.9% increase compared to approximately RMB 1,370.5 million in 2023, accounting for 79.6% of total steel pipe revenue[107]. - Gross profit from steel pipe sales for 2024 was approximately RMB 494.6 million, a decrease of about 3.7% from RMB 513.4 million in 2023, with a gross profit margin of 17.7%[106]. - Revenue from property development and investment decreased by approximately 41.4% to RMB152.3 million in 2024 from RMB260.0 million in 2023, a decline of RMB107.7 million[112]. Production and Capacity - The Group's production capacity as of 31 December 2024 was 1,800,000 tonnes[9]. - The Group delivered a total of 414,000 tonnes of steel pipes and received orders for 272,000 tonnes, consolidating its leading position in the industry[26]. - The Group has successfully produced and developed deep sea welded pipes for use at depths of 3,500 meters underwater, making it the first and only manufacturer in China to achieve this[81]. - The Group's steel pipe products are widely used in major oil and gas pipeline projects, both onshore and offshore, as well as in infrastructure projects domestically and internationally[81]. Market and Industry Trends - The ongoing Russia-Ukraine conflict and tensions in the Middle East have created uncertainties in the global energy market, impacting international trade[24]. - The construction of natural gas pipelines in China continues to present development opportunities for the Group amid the adjustment of its energy structure[24]. - The global economic recovery remains uncertain in 2025, influenced by various geopolitical factors and market dynamics[40]. - The Group anticipates that 2025 will remain a challenging year for the oil and natural gas industry due to ongoing geopolitical tensions and economic factors[168]. Innovation and Technology - The Group holds 114 patents, including 51 invention patents, and has 19 international quality certificates[10]. - The Group is the first and only steel pipe manufacturer in the PRC to develop deep sea welded steel pipes for use at a water depth of 3,500 meters[10]. - The Group's deep-sea development strategy focuses on oil and gas resources, with significant advancements in deep-sea pipeline technology since 2012[38]. - The Group's commitment to independent innovation and marine engineering aligns with national strategies to support China's maritime power ambitions[41]. Awards and Recognition - The Group was awarded the "Specialized and New Annual Masterpiece" case award by China Media Group in January 2024, outperforming among 12,000 specialized enterprises nationwide[37]. - The Group has been accredited with 14 international quality certifications, including those from Det Norske Veritas and the American Petroleum Institute[81]. - The Group is classified as a member of the Offshore Engineering Equipment Industry, capable of manufacturing subsea pipes and drilling platform structure pipes for offshore projects[82]. Financial Management - The Group has fully repaid its bonds from December 31, 2024, aiming to lighten its financial load and achieve better results[43]. - As of December 31, 2024, the Group's total borrowings amounted to approximately RMB1,865 million, with 45% being long-term borrowings and 55% short-term borrowings[154]. - The Group's gearing ratio remained stable at approximately 28.7% in 2024 compared to 28.5% in 2023, indicating no major change in capital structure[150][152]. - Net cash flows from operating activities decreased to approximately RMB205.9 million in 2024 from RMB431.1 million in 2023[138]. Leadership and Management - Ms. Chen Zhao Nian, aged 48, is responsible for the daily management and operations of the Group, having joined in October 2002[191]. - The Company has a strong leadership team with Ms. Chen serving in significant roles within various local and provincial organizations[194]. - The leadership team emphasizes social responsibility and community engagement, as evidenced by Ms. Chen's recognition as a socially responsible entrepreneur[190]. - The Company aims to leverage its leadership's extensive network and experience to drive growth and development in the industry[196].
珠江钢管(01938) - 2024 - 年度财报