Financial Performance - For the year ended December 31, 2024, the Group reported a turnover of RMB 2,600,933, a decrease of 24.6% compared to RMB 3,449,182 in 2023[15]. - The gross profit for 2024 was RMB 514,543, down 41.5% from RMB 878,020 in 2023[15]. - Operating profit increased to RMB 750,418 in 2024, compared to RMB 523,859 in 2023, marking a growth of 43.3%[15]. - The profit for the year attributable to equity shareholders was RMB 501,944, significantly up from RMB 200,346 in 2023, representing a 150.5% increase[15]. - The coal business revenue for the year ended 31 December 2024 was RMB2,600,933,000, a decrease of 24.6% compared to RMB3,449,182,000 in 2023[60]. - The average coal selling price decreased to RMB504 per tonne in 2024 from RMB665 per tonne in 2023, representing a decline of approximately 24.2%[67]. - The cost of sales in 2024 was RMB2,086,400,000, an 18.9% decrease from RMB2,571,200,000 in 2023[68]. - The gross profit margin for 2024 was 19.8%, down from 25.5% in 2023, primarily due to the decrease in average selling price of thermal coal[75]. - Other income, gains, and losses for 2024 amounted to a net gain of RMB547.3 million, a significant increase from a net gain of RMB2.0 million in 2023[76]. - Net profit margin improved significantly to 21.4% in 2024 from 5.6% in 2023, influenced by an increase in net gain on substantial/non-substantial modification of borrowings[160]. Assets and Liabilities - Total assets as of December 31, 2024, reached RMB 8,629,329, an increase of 9.8% from RMB 7,857,573 in 2023[17]. - Total liabilities decreased to RMB 5,143,084 in 2024, down 31.8% from RMB 7,538,655 in 2023[17]. - Net current liabilities decreased to RMB2,094.9 million in 2024 from RMB3,324.8 million in 2023, with the current ratio improving to 0.5 from 0.36[86]. - The gearing ratio improved to 59.6% in 2024 from 95.9% in 2023, reflecting the repayment of loans during the year[102]. - The Group's debt-to-asset ratio improved to 59.6% as of December 31, 2024, down from 95.9% in the previous year, primarily due to loan repayments[105]. - As of December 31, 2024, the Group's total banking and other borrowings amounted to RMB1,184.5 million, a decrease of 66.8% from RMB3,566.0 million as of December 31, 2023[107]. Coal Production and Operations - The coal handling and trading volume for 2024 was 5,161,000 tonnes, slightly down from 5,187,000 tonnes in 2023[15]. - Total raw coal production for 2024 reached 9,294,000 tonnes, an increase of 21.4% from 7,651,000 tonnes in 2023[58]. - Commercial coal production volume for 2024 was 4,680,000 tonnes, slightly down from 4,882,000 tonnes in 2023[58]. - As of December 31, 2024, total coal reserves were 342.14 million tonnes, down from 348.11 million tonnes as of January 1, 2024[56]. - Proven reserves as of December 31, 2024, were 9.25 million tonnes, while probable reserves were 332.89 million tonnes[56]. - The total coal reserve depleted from mining operations in 2024 was 9.29 million tonnes[56]. - The total coal reserves of the SDE Coal Mine reached 305,380,000 tonnes, significantly higher than the domestic coal mines' total reserves of 36,760,000 tonnes, indicating substantial development potential[128]. Strategic Initiatives and Acquisitions - The Group successfully realized RMB 2.95 billion in cash from the disposal of a 30% indirect equity interest in the SDE Coal Project in Indonesia[20]. - The Group acquired 70% equity interests in several high-quality coal mines in Indonesia, expanding its overseas resource footprint and enhancing its competitive advantage in the Southeast Asian market[24]. - The Group successfully acquired three mining business licenses in June 2024, increasing its total holdings to nine coal mines, with five located in China and four in Indonesia[35]. - The Group successfully acquired a 70% equity interest in PT Suprema Marulabo Energi, PT Inisiasi Merdeka Jaya, and PT Venerasi Sejahtera Energi in 2024[115]. - The Group plans to continue seeking high-quality coal mines and mining rights in Indonesia at reasonable prices to expand resource reserves and maintain rapid development over the next decade[130]. Environmental and Social Responsibility - The Group aims to remove the stigma of environmental destruction associated with coal mining through innovative practices and technologies[44]. - The Group is committed to enhancing quality and efficiency through the development of new technologies such as green intelligent mining and clean low-carbon utilization[41]. - The Group aims to minimize environmental impact by improving resource efficiency and reducing pollutant emissions[166]. - The Group is committed to responsible procurement and ensuring suppliers meet sustainability standards[168]. - The Environmental, Social and Governance Committee was established to monitor sustainability performance and stakeholder engagement[176]. Human Resources and Corporate Governance - The Group employed 3,612 employees as of December 31, 2024, and has implemented a performance-based reward system[121]. - The Group was awarded the "2024 Outstanding Human Resources Research Achievement," reflecting its commitment to talent development and corporate culture[47]. - The Directors will retire by rotation at the upcoming annual general meeting, with eligibility for re-election[197]. - The board of directors includes Mr. Xu Da (Chairman), Mr. Bai Tao (CEO), Mr. Zhai Yifeng, and Ms. Deng Bingjing (appointed on April 19, 2024)[198]. Dividends and Shareholder Value - A final dividend of HKD0.02 per ordinary share has been recommended for the year ended December 31, 2024, compared to no dividend in 2023[120]. - The Group has recommended a final dividend of HKD0.02 per share for the year ended December 31, 2024, compared to nil in 2023[184]. - As of 31 December 2024, the total reserves available for distribution amount to approximately RMB1,150,969,000, a significant increase from nil in 2023[186]. - The retained earnings as of December 31, 2024 stand at RMB173,366,000, recovering from accumulated losses of RMB1,005,484,000 in 2023[188].
中国秦发(00866) - 2024 - 年度财报