Financial Performance - In 2024, the company's liquefied petroleum gas (LPG) sales volume reached approximately 313,000 tons, representing a year-on-year increase of 24.8%[8] - The sales revenue from LPG was approximately 1.45 billion yuan, reflecting a year-on-year growth of 26.0%[8] - The company's liquefied petroleum gas (LPG) sales revenue for the year ending December 31, 2024, is approximately RMB 1,445.7 million, an increase of about RMB 298.6 million compared to RMB 1,147.1 million in 2023[18] - The revenue from compressed natural gas (CNG) sales for the year ending December 31, 2024, is approximately RMB 159.2 million, a decrease of about RMB 84.8 million from RMB 244.0 million in 2023[19] - The liquefied natural gas (LNG) sales revenue for the year ending December 31, 2024, is approximately RMB 15.1 million, an increase of about RMB 10.8 million compared to RMB 4.3 million in 2023[21] - Total revenue for the company for the year ending December 31, 2024, is approximately RMB 1,634.1 million, an increase of about RMB 228.0 million from RMB 1,406.1 million in 2023[22] - The sales volume of compressed natural gas (CNG) was 28.4 million cubic meters, generating revenue of RMB 111.4 million, which accounted for 6.8% of total revenue in 2024, down from 53.1 million cubic meters and RMB 214.3 million (15.2%) in 2023[29] - The company’s gross profit for the fiscal year was approximately RMB 53.2 million, a decrease of about RMB 31.4 million from RMB 84.6 million in 2023, attributed to a decline in sales volume of higher-margin CNG[36] - The company’s total sales cost increased to approximately RMB 1,580.9 million in 2024, up by about RMB 259.4 million from RMB 1,321.5 million in 2023, mainly due to increased procurement volumes of LPG and LNG[36] - Other income for the fiscal year was approximately RMB 18.4 million, a decrease of about RMB 5.4 million from RMB 23.8 million in 2023, primarily due to a reduction in interest income[37] - The company recorded a net loss of approximately RMB 17.8 million for the fiscal year, a decrease of about RMB 24.5 million compared to a net profit of RMB 6.7 million in 2023[46] - As of December 31, 2024, the company’s total assets were approximately RMB 1,139.6 million, an increase of about RMB 183.7 million from RMB 955.9 million in 2023[48] Business Strategy and Development - The company's overall strategy focused on "seeking progress while maintaining stability," emphasizing high-quality development and transformation[8] - The company aims to strengthen its LPG and natural gas businesses while exploring new business developments in 2025[9] - The company plans to implement a digital management platform to enhance internal and external risk control[9] - The company aims to enhance natural gas utilization and expand its business areas in response to structural adjustments in transportation energy policies[15] - The company is committed to providing high-quality gas sources and exploring customer value in the natural gas sector[15] - The company plans to continue enhancing its logistics and supply capabilities while expanding procurement and sales channels to drive new growth points and business diversification[31] - The company aims to optimize its natural gas supply chain and enhance safety management in response to industry regulations and to improve operational efficiency[32] Market Trends and Consumption - The domestic GDP grew by 5% compared to the previous year, indicating a recovering economic environment[7] - The LPG supply in China is expected to increase by over 7% year-on-year in 2024, driven by new refining capacity and increased imports[14] - The apparent consumption of LPG in China is projected to increase by over 6% year-on-year in 2024, with chemical usage dominating over 60% of consumption[14] - In 2024, the company's natural gas production is projected to reach approximately 246.37 billion cubic meters, representing a year-on-year increase of 6.2%[15] - The apparent consumption of natural gas in China for 2024 is expected to be around 426.05 billion cubic meters, reflecting a year-on-year growth of 8%[15] Environmental, Social, and Governance (ESG) - The company is committed to enhancing its ESG performance to reduce environmental risks and improve governance standards[9] - The company is committed to environmental sustainability and aims to become an environmentally friendly enterprise, with detailed policies and performance disclosed in the annual report[94] - The group’s environmental, social, and governance policies and performance details are disclosed in the annual report[94] - The group emphasizes long-term operations while balancing the interests of stakeholders, including customers, suppliers, and employees[91] - The group has enhanced cooperation with suppliers and provided quality products and services to customers to ensure sustainable development[91] Risk Management - The company has implemented multiple policies and procedures to ensure effective risk management across operations, including daily operational management and financial reporting[67] - Major risks identified include reliance on key suppliers for liquefied petroleum gas and liquefied natural gas, which could significantly impact business if supply is unstable[69] - The company's gross margin and profit growth may fluctuate due to sensitivity to external factors affecting the purchase and sale prices of gas products[69] - Increased competition from alternative fuels, particularly electric vehicles, may reduce demand for the company's gas refueling services[69] - The company conducts at least one annual assessment of its risk management framework's effectiveness, with regular management meetings held by the audit committee and board[67] Corporate Governance - The board of directors resolved not to declare a final dividend for the year ended December 31, 2024, consistent with 2023[53] - The company has maintained a prudent financial management strategy, ensuring a sound liquidity position as of December 31, 2024[58] - The company has established a governance framework based on the corporate governance code, enhancing oversight of business conduct[155] - The board of directors includes 7 members, with 3 independent non-executive directors, ensuring compliance with listing rules[169] - The independent non-executive directors have been reappointed for a three-year term starting from December 1, 2024[172] - The board has established an independence assessment mechanism, with satisfactory results reported for the year ending December 31, 2024[170] - The company organized internal training sessions for all directors covering duties, corporate governance, and regulatory updates during the year ending December 31, 2024[177] - The company has established three committees: Audit Committee, Remuneration Committee, and Nomination Committee, each with clear written terms of reference[180] Employee and Shareholder Information - The group employed a total of 429 employees as of December 31, 2024, compared to 427 in 2023[105] - The total compensation cost for the group for the year ended December 31, 2024, was approximately RMB 300 million[105] - The overall employee gender ratio was 47.1% female and 52.9% male, indicating a commitment to gender diversity across all levels[193] - The company aims to maintain a diverse board composition, considering skills, experience, and gender diversity in its appointments[189] - As of December 31, 2024, Mr. Ji holds 162,000,000 shares, representing 75% of the company's equity[132] - The beneficial owner, Yang Ling, holds 162,000,000 shares, which is 75% of the total shares[137] - The company has not entered into any significant contracts with its controlling shareholders or their subsidiaries during the fiscal year ending December 31, 2024[126] Share Option Plan - The stock option plan was conditionally adopted on November 22, 2018[141] - The stock option plan aims to reward selected participants for their contributions to the group[142] - Participants can accept stock options within 21 days from the offer date[143] - The stock options can be exercised at any time within a period determined by the board, not exceeding ten years from the offer date[143] - The plan allows for a wide range of eligible participants, including employees, directors, suppliers, and customers[142] - The company has a maximum limit of 21,600,000 shares available for subscription under the share option plan, which represents 10% of the issued shares as of the listing date[146] - As of December 31, 2024, there are no unexercised share options or warrants outstanding, indicating no current liabilities related to share options[146]
中油洁能控股(01759) - 2024 - 年度财报