Financial Performance - For the fiscal year ending December 31, 2024, the company reported a revenue of RMB 645.659 million, a decrease of 3.3% compared to RMB 667.367 million in 2023[13]. - The gross profit for 2024 was RMB 76.918 million, down 22.4% from RMB 99.176 million in the previous year[13]. - The company incurred a net loss of RMB 289.621 million for 2024, compared to a net loss of RMB 549.139 million in 2023, indicating an improvement[13]. - The group recorded revenue of approximately RMB 645.7 million for the year ended December 31, 2024, a decrease of about 3.3% compared to the previous year[20]. - Gross profit for the year was approximately RMB 76.9 million, down about 22.4%, resulting in a gross margin of approximately 11.9% (2023: 14.9%) [20]. - The loss attributable to equity holders for the year was approximately RMB 289.6 million, compared to a loss of RMB 549.1 million in 2023[20]. - The group's gross profit for the reporting period was approximately RMB 76.9 million, a decrease of about RMB 22.3 million or 22.4% compared to the same period last year, with the gross profit margin decreasing from 14.9% to 11.9%[46]. - The group recorded a post-tax loss of approximately RMB 289.6 million for the reporting period, a decrease from a post-tax loss of RMB 549.1 million in the same period last year[60]. Assets and Liabilities - Total assets decreased to RMB 1,857.798 million in 2024 from RMB 2,201.011 million in 2023, reflecting a decline of 15.6%[15]. - The company's total equity stood at RMB 687.614 million in 2024, down 28.9% from RMB 965.597 million in 2023[15]. - Non-current assets decreased to RMB 1,492.019 million in 2024 from RMB 1,783.902 million in 2023, a decline of 16.3%[15]. - Current liabilities increased to RMB 900.646 million in 2024 from RMB 757.886 million in 2023, an increase of 18.8%[15]. - The group's total liabilities ratio as of December 31, 2024, was approximately 46.9%, an increase of about 5.5% compared to the same period last year[67]. - Current liabilities exceeded current assets by approximately RMB 534,867,000 as of December 31, 2024[200]. - The group had borrowings due within one year amounting to approximately RMB 632,992,000 and capital commitments of approximately RMB 18,114,000[200]. - Cash and cash equivalents were only approximately RMB 34,646,000 as of the same date, indicating liquidity concerns[200]. Production and Sales - Iron ore production for the year was approximately 721.8 thousand tons, a decrease of about 0.6% year-on-year, while sales volume increased by approximately 2.8% to 739.1 thousand tons[29]. - The average selling price of iron concentrate was approximately RMB 798.1 per ton, a decrease of about 1.7% compared to the previous year[29]. - The group’s iron ore business recorded revenue of approximately RMB 589.8 million, an increase of about 1.0% year-on-year[30]. - The total production of aggregates for the group was approximately 1,402.0 thousand tons, a decrease of about 49.3% year-on-year, while sales volume decreased by approximately 24.7% to 1,758.2 thousand tons[40]. - The average selling price of aggregates during the reporting period was approximately RMB 28.9 per ton, reflecting a decrease of 15.2% compared to the previous year[40]. Strategic Plans and Market Outlook - The company plans to focus on expanding its iron ore exploration and sales operations in Hebei province, China, which is a key market for steel production[8]. - The company is also exploring opportunities for green building materials production through the recycling of tailings[8]. - Future outlook includes potential strategic acquisitions to enhance market position and operational capabilities[8]. - The company anticipates that the demand for steel in 2025 will remain weak, with supply and price trends expected to stabilize or narrow in decline[73]. - The company plans to deepen cost reduction and efficiency enhancement mechanisms to improve profitability in its iron ore and aggregate businesses[74]. - The company aims to expand its green building materials aggregate production scale through new construction or acquisition of production lines[75]. - The company will actively explore sales opportunities beyond the Xiong'an New Area to increase aggregate sales and improve cash collection[75]. - The company expects that the investment ratio in the real estate sector will decrease at a slower pace due to government policies promoting healthy market development[73]. - The company anticipates continued growth in infrastructure investment, positively impacting steel demand[73]. Risk Management and Governance - The company has a comprehensive approach to risk management and internal controls as outlined in the corporate governance report[91]. - The board consists of experienced independent non-executive directors providing independent advice and guidance[83]. - The company has established an independent internal audit department that reports directly to the audit committee, ensuring effective risk management and internal control systems[163]. - The company has implemented a risk management and internal control system to mitigate operational risks and ensure accurate financial reporting[181]. - The board is tasked with ensuring compliance with legal and regulatory requirements and monitoring the effectiveness of the company's governance policies[176]. Employee and Corporate Governance - Employee welfare expenses for the group amounted to approximately RMB 74.5 million, a decrease from RMB 78.9 million in the previous year, with a total of 759 full-time employees as of December 31, 2024[43]. - The board consists of five executive directors and three independent non-executive directors, meeting the requirements of the Listing Rules[150]. - The company has established a retirement and employee benefits plan, details of which are included in the financial statements[140]. - The company has adopted a standard code of conduct for securities trading, with all directors confirming compliance throughout the year[132]. - The company has maintained the required public float as per the Listing Rules throughout the reporting period[134]. Shareholder Communication and Transparency - The company is committed to maintaining high transparency and timely disclosure of business developments and financial performance to shareholders[194]. - The board of directors reviewed and assessed the effectiveness of the group's shareholder communication policy for the fiscal year ending December 31, 2024[194]. - The company will publish annual and interim reports in March and August respectively to update shareholders on business developments and market trends[192]. - The group encourages shareholders to access corporate communications through its website to promote environmental protection[193].
奥威控股(01370) - 2024 - 年度财报