Financial Performance - In 2024, the company reported a gross profit of RMB 254,989,000, a decrease from RMB 185,066,000 in 2023 and RMB 208,234,000 in 2022[9]. - The company recorded a revenue of approximately RMB 2,079,022,000 in 2024, a decrease of about 19.78% or approximately RMB 512,751,000 compared to 2023[23]. - The company's gross profit for 2024 was approximately RMB 567,158,000, a decrease of about 13.46% or approximately RMB 88,232,000 compared to 2023, with an overall gross margin increase from 25.29% to approximately 27.28%[27]. - Administrative and other operating expenses increased by approximately 34.78% or about RMB 94,159,000, totaling approximately RMB 364,903,000 in 2024[31]. - The company reported a profit attributable to owners of approximately RMB 185,066,000 in 2024, down from RMB 254,989,000 in 2023, with basic and diluted earnings per share of approximately RMB 9.04 and RMB 8.96 respectively[33]. - The company reported a significant goodwill allocation of RMB 52,444,000 related to its offshore oil and gas equipment manufacturing business[165]. - The company’s total equity as of December 31, 2024, was RMB 2,175,401 thousand, an increase from RMB 2,011,739 thousand in 2023, representing a growth of approximately 8.1%[188]. Dividends and Share Capital - The board of directors did not recommend a final dividend for the year ending December 31, 2024[11]. - The company does not have a preset dividend payout ratio, and the board will consider various factors, including financial performance and cash flow, when recommending dividends[67]. - The company's authorized share capital is HKD 40,000,000, comprising 4,000,000,000 ordinary shares[71]. - As of December 31, 2024, the company's share capital consists of 2,131,598,389 ordinary shares, an increase from 1,981,598,389 ordinary shares in 2023[72]. Market and Strategic Developments - The company faced challenges due to geopolitical conflicts and was listed on the OFAC's Specially Designated Nationals list, impacting client relationships and potential orders[15]. - In the second half of 2024, the company established a detailed design department to enhance its module business capabilities and drive strategic transformation[17]. - The company plans to construct a new terminal in Zhuhai to meet the capacity demands for future large projects and wind power construction projects[20]. - The company has established a dedicated market business team to strategically deploy business opportunities in various regional markets, focusing on offshore wind power equipment manufacturing as a key development direction[23]. - The company anticipates significant market opportunities in the offshore wind power sector in the coming years, driven by technological innovation and policy support[19]. Operational Efficiency and Safety - The company emphasized cost reduction and efficiency improvements, promoting domestic material substitution and optimizing operational processes[18]. - The company achieved a zero incident rate for work-related injuries over the past ten years, accumulating 133 million safe working hours[18]. - The company maintained a strong focus on safety management, integrating safety with production management, and achieved high customer satisfaction[18]. Financial Position and Liquidity - As of December 31, 2024, the company had cash and cash equivalents of approximately RMB 785,161,000, an increase from RMB 752,805,000 in 2023[34]. - The company has approximately RMB 200,000,000 in available bank credit as of December 31, 2024, compared to RMB 104,290,000 in 2023[34]. - The company's capital debt ratio decreased to 4.87% in 2024 from 16.56% in 2023, primarily due to a reduction in bank loans and lease liabilities, along with an increase in total equity[43]. - Current liabilities decreased to RMB 858,794 thousand in 2024 from RMB 1,781,239 thousand in 2023, indicating improved liquidity[184]. - Non-current liabilities decreased significantly to RMB 92,921 thousand in 2024 from RMB 292,021 thousand in 2023[186]. Employee and Corporate Governance - The total number of employees as of December 31, 2024, was 2,181, down from 2,281 in 2023, indicating a reduction of approximately 4.39%[44]. - The company emphasizes the importance of employee welfare, offering reasonable compensation and benefits, and has established various training programs to enhance employee skills[56]. - The company has established a Diversity Policy for the Board, focusing on various criteria including gender, age, and professional experience to ensure a balanced composition[153]. - The company has adopted the Corporate Governance Code to enhance transparency and protect shareholder rights[131]. - The board confirmed that all independent non-executive directors are independent according to Listing Rule 3.13[134]. Environmental and Social Responsibility - The company has implemented a consistent environmental policy and waste management regulations to control its operational environmental impact[60]. - The company has achieved OHSAS18001:2007 certification for its occupational health and safety management system, ensuring a safe working environment[61]. - The board of directors is responsible for overseeing the company's policies and performance related to environmental, social, and governance issues[60]. Audit and Compliance - The auditor, Deloitte (Hong Kong) Limited, was reappointed at the last annual general meeting[128]. - The Audit Committee held three meetings during the reporting year to review financial data, discuss risk management, and evaluate the effectiveness of internal controls[148]. - The company has established a comprehensive internal management system to manage risks and ensure compliance, with financial departments monitoring financial risks[143]. Share Options and Rewards - The company adopted a share reward plan on March 18, 2024, which will be effective for ten years and will not involve the issuance of new shares[97]. - A total of 66,000,000 shares were granted as rewards on May 21, 2024, representing 3.10% of the company's total issued shares as of December 31, 2024[101]. - The 2024 Share Option Scheme aims to reward and retain participants, aligning their interests with those of shareholders[83].
巨涛海洋石油服务(03303) - 2024 - 年度财报