Financial Performance - For the year ended 31 December 2024, the Group achieved total revenue of approximately RMB 4,484 million, representing a year-on-year increase of approximately 2.8%[19] - The total profit before income tax amounted to approximately RMB 34 million, reflecting a year-on-year increase of approximately 21.0%[19] - The Group's gross profit for 2024 was approximately RMB 751 million, down from RMB 994 million in 2023[14] - The profit attributable to owners of the Company for 2024 was a loss of RMB 55 million, compared to a loss of RMB 22 million in 2023[14] - The Group achieved total revenue of approximately RMB 4.484 billion for the year ended December 31, 2024, representing a year-on-year increase of about 2.8%[24] - Gross profit decreased by approximately RMB243.7 million or approximately 24.5%, from approximately RMB994.9 million in 2023 to approximately RMB751.2 million in 2024[151] - Revenue from Solar EPC business increased by approximately 192.0%, while gross profit margin decreased from approximately 7.7% to approximately 5.7%[155] - Revenue from Wind Power EPC business amounted to approximately RMB801.3 million with a gross profit margin of approximately 2.8%[156] - Sale of electricity decreased by approximately 10.8% in 2024, with a gross profit margin of approximately 56.0% compared to 59.2% in 2023[157] - Distribution expenses increased by approximately RMB1.7 million or approximately 3.8%, in line with the increase in revenue[159] - Administrative expenses decreased by approximately RMB10.4 million or approximately 3.4% compared to 2023[164] Asset and Liability Management - Non-current assets increased to approximately RMB 8,803 million in 2024, up from RMB 8,528 million in 2023[14] - Current liabilities rose to approximately RMB 12,428 million in 2024, compared to RMB 10,796 million in 2023[14] - As of December 31, 2024, the Group had outstanding bank and other loans and bonds payable of approximately RMB7,622 million with effective interest rates ranging from 3.3% to 6.8%[165] - Capital expenditures for the year amounted to approximately RMB567.1 million, down from approximately RMB1,097.6 million in 2023[167] Operational Developments - The scale of the Group's self-owned power stations reached approximately 1.1GW by the end of 2024, with accelerated construction of implemented projects[21] - The Group signed several large-scale clean energy EPC contracts in Shandong, Hebei, and Guangdong, continuing to expand the revenue of the EPC general contracting business[22] - Key development projects in Gansu, Guangxi, and Hainan were progressing steadily, supporting the overall layout of clean energy projects[20] - The Group's self-owned power station capacity is approximately 1.1 GW, with ongoing projects in Gansu, Guangxi, and Hainan[25] Innovation and Recognition - The New Materials Company was recognized as a state-level specialized and innovative "little giant" enterprise and awarded the title "Guangdong Green Factory" during the year[23] - The Group completed acceptance reviews for 31 scientific research projects and initiated 20 new projects during the year, with 41 projects currently under research[27] - As of the end of 2024, the Group held 375 valid patents and software copyrights, with 52 new patents granted during the year[28] Corporate Governance - The Board held a total of 7 meetings during the reporting period[59] - At least one-third of the Board members are independent non-executive directors, in compliance with Listing Rules[50] - The Company will assess the independence of independent non-executive directors at least annually[50] - Directors are encouraged to express their views openly during Board meetings[50] - The Company provides sufficient resources for Directors to fulfill their duties and seek independent professional advice when necessary[53] - The Board meetings are held regularly at least four times a year, approximately quarterly[51] - Notice of board meetings is sent to all Directors at least 14 days prior to regular meetings[51] - Independent non-executive directors are required to confirm their independence annually[50] - The Company maintains an updated list of Directors, identifying independent non-executive directors and their roles[56] - The Board's composition reflects a balance of experience and diversity in nationality, ethnicity, and professional expertise[49] Board Composition and Diversity - The Board consists of 7 male directors and 1 female director, resulting in a male to female ratio of approximately 7:3 in the workforce, including senior management[100] - The Board has not set any measurable objectives for implementing the diversity policy during the year[100] - The current composition of the Board is considered sufficiently diversified in terms of gender for a company in the renewable energy sector[101] - The Nomination Committee will periodically discuss and agree on further measurable objectives for achieving diversity on the Board[101] Committees and Meetings - The Audit Committee held 3 meetings during the year ended December 31, 2024[84] - The Remuneration Committee held 1 meeting to assess individual performance of the Directors and review remuneration packages during the year ended December 31, 2024[91] - The Remuneration Committee did not recommend any bonuses or share options for the year ended December 31, 2024[93] - The Nomination Committee conducted five meetings in the year ended December 31, 2024, with two meetings focused on reviewing policies for senior management appointments and promotions[105] Internal Control and Risk Management - The Group's internal control systems are considered effective and adequate, with no material internal control weaknesses identified[119] - The Group is in the process of improving and establishing an internal control manual to enhance its internal control and risk management system[123] - The Board conducts periodic reviews of internal control and risk management systems at least annually[118] Shareholder Engagement - The Company maintains a transparent and timely disclosure policy to keep shareholders informed of business performance and strategies[125] - The annual general meeting provides a forum for direct dialogue between the Board and shareholders, with all relevant documents sent at least 20 business days prior[126] - The Company held its annual general meeting on June 27, 2024, where shareholders approved amendments to the existing bye-laws to align with Core Shareholder Protection Standards and applicable laws of Bermuda[140] Management Team - The Group has a strong management team with diverse backgrounds in finance, energy, and corporate governance[186] - The company is focused on expanding its operational capabilities and enhancing management efficiency through experienced leadership[179] - The Group's strategic direction includes leveraging expertise in energy management and financial operations to drive growth[178] - Continuous development of new strategies and technologies is a priority for the Group to maintain competitive advantage in the market[176]
水发兴业能源(00750) - 2024 - 年度财报