Financial Performance - The company's revenue for the fiscal year 2024 was approximately RMB 96.36 million, an increase of 23.95% compared to RMB 77.74 million in 2023[8]. - Gross profit rose to approximately RMB 3.01 million, representing a 107.02% increase from RMB 1.45 million in the previous year[7]. - The pre-tax loss decreased by 8.43% to RMB 19.26 million from RMB 21.03 million in 2023[7]. - The annual loss narrowed by 5.22% to RMB 18.82 million compared to RMB 19.85 million in 2023[7]. - The company reported a gross margin of approximately 3.12% for 2024, up from 1.87% in 2023[11]. - Revenue from the coal trading segment was approximately RMB 95.88 million, a significant increase from RMB 77.74 million in the previous year[9]. - Other income increased to approximately RMB 600,000, up from RMB 190,000 in 2023, primarily due to higher bank interest income[12]. - Loss attributable to owners of the company decreased by approximately 3.86% to RMB 18,850,000 for the current fiscal year[17]. - The gross profit margin for the year is 3.12%, an increase from 1.87% in 2023, primarily due to the recovery of coal trading operations and the sale of marble waste[116]. - The return on equity is -40.06%, improved from -59.86% in 2023[116]. - The total comprehensive loss for the year was RMB 18,288,000, compared to RMB 19,585,000 in 2023, indicating a reduction in overall losses[197]. Assets and Equity - The total assets of the company increased by 15.10% to RMB 158.66 million from RMB 137.85 million in 2023[7]. - The equity attributable to the owners of the company rose by 41.50% to RMB 46.97 million compared to RMB 33.19 million in the previous year[7]. - As of December 31, 2024, total equity attributable to the company's owners is RMB 46,969,000, an increase from RMB 33,193,000 as of December 31, 2023, representing a growth of 41.5%[200]. - The company's share premium is RMB 162,228,000, with accumulated losses of RMB (99,893,000)[125]. Operational Developments - The company is preparing for the expansion of the Yiduo Rock project, although no mining activities were conducted during the year[8]. - The group incurred development expenses of approximately RMB 13,310,000 for the expansion of the Yiduo Rock project in the current fiscal year, compared to RMB 60,160,000 in the 2023 fiscal year[27]. - The Yiduo Rock project has a renewed mining license valid for 20 years, allowing an annual production capacity of 540,000 tons (approximately 200,000 cubic meters), significantly up from the previous capacity of 20,000 cubic meters[29]. - The company is actively seeking to recruit more professionals with mining expertise to support the development of the Yiduo Rock project[37]. - The company plans to expand trade operations to other regions in China to mitigate potential impacts from local lockdowns[43]. - The company plans to diversify risks by developing coal trading business to offset the temporary impact on the marble block division[44]. Governance and Compliance - The company is committed to maintaining high standards of corporate governance to protect shareholder interests and enhance corporate value, accountability, and transparency[65]. - The board of directors is responsible for formulating and approving the overall development and business strategies, major operational plans, and significant investment projects[68]. - The company has adopted the standard code of conduct for directors regarding the trading of company securities, ensuring compliance with regulations[66]. - The board has confirmed compliance with the corporate governance code, including the appointment of at least three independent non-executive directors, constituting at least one-third of the board[74]. - The company has established a framework for monitoring compliance with legal and regulatory requirements, including training for directors and senior management[72]. - The company has implemented a shareholder communication policy to ensure effective information dissemination[102]. - The company has a policy for handling and disclosing inside information to comply with relevant regulations[99]. Risk Management - The group faces significant operational risks, including reliance on a single mining project, which may impact financial performance if development delays occur[35]. - The ongoing debt crisis in China's real estate sector has led to clients requesting order delays and reducing marble block orders, increasing the risk of defaults[42]. - The company has implemented a robust internal control and risk management system, which is regularly reviewed by the board[97]. - The company is committed to stricter internal control and risk management procedures in the upcoming fiscal year[97]. Financial Reporting and Audit - The independent auditor's report confirms that the consolidated financial statements fairly reflect the group's financial position as of December 31, 2024, in accordance with international financial reporting standards[172]. - The group has implemented internal controls related to revenue recognition, which were evaluated for effectiveness during the audit[176]. - The company has been proactive in ensuring compliance with accounting standards and regulations, as evidenced by the auditor's adherence to Hong Kong auditing standards[173]. - The independent non-executive directors bring diverse expertise, including accounting, finance, and safety management, to the board[169][170]. Future Outlook - The group expects to resume production around the third quarter of 2025 after obtaining all necessary permits[50]. - The company aims to explore commodity trading to diversify income sources and improve financial performance[51]. - The company may consider raising funds in the future to maintain a higher level of cash security[47].
高鹏矿业(02212) - 2024 - 年度财报