Financial Performance - In 2024, the company's revenue increased by approximately 58.2% compared to 2023, driven by a 7.8% rise in average product prices despite a 11.6% increase in raw material costs[29]. - The gross profit margin for the company decreased from 6.4% in 2023 to 2.3% in 2024, resulting in a loss of approximately RMB 16.0 million for the year[30]. - The average sales price of LNG fell by about 5.5%, but the gross profit margin for the LNG segment improved from approximately 13.4% in 2023 to about 16.1% in 2024 due to a 5.2% reduction in production costs[29]. - The average selling price of hydrogenated benzene chemicals increased from RMB 6,250.10 per ton in 2023 to RMB 6,734.73 per ton in 2024, representing an increase of approximately 7.7%[42]. - The average selling price of LNG decreased from RMB 4,439.95 per cubic meter in 2023 to RMB 4,197.57 per cubic meter in 2024, a decline of about 5.5%[42]. - The average procurement price of crude benzene rose from RMB 5,600.31 per ton in 2023 to RMB 6,249.04 per ton in 2024, an increase of approximately 11.6%[43]. - The company's pre-tax profit decreased from RMB 98.9 million in 2023 to RMB 12.0 million in 2024, reflecting the overall decline in profitability[57]. - Total comprehensive income fell from RMB 82.4 million in 2023 to RMB 11.9 million in 2024, with a significant drop in comprehensive income attributable to the company's owners[59]. - Cash flow from operating activities was RMB 96.9 million in 2024, down from RMB 104.5 million in 2023[63]. - The company reported a net cash outflow from investing activities of RMB 268.9 million in 2024, compared to RMB 71.1 million in 2023[63]. - The cash and cash equivalents at the end of 2024 were RMB 136.8 million, a decrease from RMB 300.7 million at the end of 2023[63]. Operational Developments - The company has established four hydrogen refueling stations and plans to build two more, continuing its strategy to fully enter the hydrogen energy industry chain[30]. - The hydrogen production base in Jiyuan, Henan Province, was officially approved to join the Zhengzhou fuel cell vehicle demonstration application city cluster[30]. - The company aims to enhance production efficiency and safety while investing in environmental protection to reduce production costs[30]. - The company has diversified its customer base across various sectors, including nylon, fertilizer, and LNG retail customers[35]. - The company completed the construction and commissioning of a 200,000-ton capacity expansion for hydrogenated phenolic chemicals in Q4 2023, with an expected production of approximately 353,683 tons in 2024[94]. - The company achieved a 5.2% improvement in production costs for LNG in 2024[95]. - The company operates two hydrogen refueling stations as of early 2024, with sales of 206.78 tons and 390.43 tons respectively, serving various heavy-duty vehicles[96]. Financial Management - The company's interest-bearing borrowings were approximately RMB 334.0 million and RMB 258.8 million as of December 31, 2024, and 2023, respectively[47]. - The financing costs for the company were approximately RMB 16.5 million in 2024, accounting for about 0.53% of total revenue[47]. - The company plans to adjust procurement and sales strategies in response to economic fluctuations, including reducing raw material purchases during downturns[37]. - The company acquired a coking gas facility from Jinma Group in August 2023 to diversify raw material sources and reduce dependency[45]. - Financing costs increased from RMB 6.1 million in 2023 to RMB 16.5 million in 2024, primarily due to increased interest on loans for production capacity expansion[55]. - As of December 31, 2024, total bank borrowings amounted to RMB 334.0 million, an increase of RMB 75.3 million compared to RMB 258.8 million in 2023[68]. - The debt-to-equity ratio increased to 30.6% in 2024 from 23.0% in 2023, primarily due to the increase in interest-bearing bank borrowings[72][74]. - The return on equity decreased to -1.6% in 2024 from 6.8% in 2023, attributed to a decline in profit[72][76]. - The return on assets decreased to 0.7% in 2024 from 6.0% in 2023, mainly due to a decrease in profit[72][78]. Governance and Compliance - The company is committed to enhancing its corporate governance and social responsibility, focusing on economic and social benefits[102]. - The company has adopted stricter internal control policies to ensure compliance with financial assistance regulations[107]. - The company has established a governance framework that includes various committees such as the Audit Committee and the Remuneration and Assessment Committee[110]. - The board is responsible for setting the overall strategy and monitoring management performance, while daily operations are managed by the executive team[112]. - The company has committed to regular training for management to clarify the correct classification of financial assistance transactions[107]. - The board of directors includes three independent non-executive directors, accounting for over one-third of the board[114]. - The audit committee held three meetings during the year ending December 31, 2024, with attendance rates of 100% for two members[121]. - The company's auditor has issued an unqualified opinion on the financial statements for the year 2024[123]. - The company has adopted a remuneration policy that considers the group's operating performance and market practices[124]. - The Nomination Committee evaluates candidates based on various factors, including gender, age, cultural background, and professional experience[133]. Environmental, Social, and Governance (ESG) - The company’s environmental, social, and governance (ESG) report covers the overall performance in these areas for the year 2024[168]. - The company has achieved ISO certifications including ISO9001:2015 for quality management, ISO14001:2015 for environmental management, ISO45001:2018 for occupational health and safety, and ISO50001:2018 for energy management[176]. - The company holds 33 utility model patents, demonstrating its commitment to innovation and technology development[176]. - The board of directors is responsible for ESG strategy formulation and report review, ensuring compliance with ESG governance[177]. - The company has established a comprehensive communication mechanism with stakeholders, including regular meetings and various channels to gather feedback on ESG issues[180]. - The company is committed to sustainable development and has integrated ESG principles into its major decision-making processes[175]. - The group maintained a "zero tolerance" attitude towards business ethics risks, with no lawsuits or penalties related to corruption, bribery, or fraud during the reporting period[186]. - The environmental management system is continuously improved, with no major environmental lawsuits or penalties reported during the period[190]. - The company has achieved a wastewater recovery rate of 100% and solid waste utilization rate of 100%, ensuring zero emissions[195]. - The company has maintained compliance with environmental standards, with ongoing collaboration with qualified environmental assessment agencies for regular compliance testing of wastewater and emissions[198].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 河南金源氫化化工股份有限公司 Henan Jinyuan Hydrogenated Chemicals Co., Ltd.* （於中華人民共和國註冊成立的股份有限公司） （股票代號：2502） 截至2024年12月31日止年度全年業績公告 財務摘要 收益 股東應佔虧損 每股基本虧損 ：人民幣3,102.0百萬元 ：人民幣16.0百萬元 ：人民幣0.02元 業績 河南金源氫化化工股份有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然公 佈本公司及其附屬公司（統稱（「本集團」）截至2024年12月31日止年度報告期（「報 告期」）的經審核綜合業績，連同截至2023年12月31日止年度的比較數字。 下文呈列本集團的綜合財務報表、管理層討論及分析、企業管治及相關事宜的報 告。 1 綜合損益及其他綜合收益表 截至2024年12月31日止年度 | | | 截至2024年 | 截至2023年 | | --- ...

河南金源氫化化工股份有限公司 河南金源氫化化工股份有限公司 Henan Jinyuan Hydrogenated Chemicals Co., Ltd.* 股份代號 : 2502 （於中華人民共和國成立的股份有限公司） 2024 中期報告 * 僅供識別 目錄 | --- | --- | |--------------------|----------------| | | | | 管理層討論及分析 | 第 2 至 20 頁 | | 企業管治及其他資料 | 第 21 至 27 頁 | | | | | 獨立核數師報告 | 第 28 頁 | | 中期業績 | 第 29 至 53 頁 | | 公司資料 | 第 54 至 56 頁 | | 釋義 | 第 57 至 60 頁 | 管理層討論及分析 概覽 本集團是河南省加氫苯基化學品及能源產品的供應商，主要從焦化行業上游取得原材料（粗苯及焦爐煤氣），專注於生產及加工(i)加氫 苯基化學品（主要包括純苯、甲苯及二甲苯）；(ii)生產及加工能源產品（包括液化天然氣及煤氣）；及(iii)氫氣提純及營運加氫站。我們 已建立多元化的客戶群，(i)就加氫苯基化學品而言，我們的主要客戶為 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 河南金源氫化化工股份有限公司 HENAN JINYUAN HYDROGENATED CHEMICALS CO., LTD.* （於中華人民共和國註冊成立的股份有限公司） 股票代號：2502 截至2024年6月30日止六個月中期業績公告 | --- | --- | |--------------------------|-------------------------| | 財務摘要 | | | 收益 | ：人民幣 1,602.1 百萬元 | | 本公司擁有人應佔期內溢利 | ：人民幣 30.2 百萬元 | | 每股基本盈利 | ：人民幣 0.03 元 | 業績 河南金源氫化化工股份有限公司（「本公司」）董事會（「董事會」）欣然公佈本公司 及其附屬公司（統稱（「本集團」）截至2024年6月30日止六個月的未經審核綜合業 績，連同截至2023年6月30日止六個月的比較數字。 下文呈列本集團的簡明綜合財務報 ...

Company Operations and Developments - The company successfully listed on the Hong Kong Stock Exchange on December 20, 2023, marking a new era for its operations[11]. - A new 200,000 tons/year hydrogenated benzene refining facility was completed and put into production in 2023, enhancing resource utilization and promoting a circular economy[13]. - The company has established a hydrogen refueling station in Jiyuan City, supporting various hydrogen-powered vehicles, including dump trucks and logistics vehicles[40]. - The company plans to expand its hydrogen station network in Henan province, including cities like Jiaozuo and Zhengzhou, to enhance hydrogen energy applications[40]. - The company aims to expand its energy business by incorporating hydrogen to align with China's commitment to a circular economy and carbon neutrality goals[46]. - The company’s hydrogen energy business is entering its third demonstration year, with increasing acceptance of hydrogen fuel cell vehicles, particularly in the heavy truck sector[9]. - The company operates hydrogen refueling stations, leveraging its own hydrogen sources to meet the high demand from heavy-duty trucks[9]. - The company plans to establish 15 hydrogen refueling stations in Zhengzhou High-tech Zone over the next three to five years, leveraging government support for hydrogen energy initiatives[118]. - By December 31, 2023, the Zhengzhou hydrogen refueling station had provided 15,300 kg of hydrogen, serving 930 vehicles[119]. - The company has signed a binding tripartite framework agreement to supply up to 1,000 fuel cell dump trucks, with 156 trucks already procured by the end of 2023[121]. Financial Performance - The company’s earnings report for 2023 indicates a significant decline in profit margins, reflecting the impact of global market conditions on local pricing[38]. - The gross profit margins for hydrogenated benzene and LNG fell by about 40.7% and 50.4%, respectively, due to the inability of local raw material prices to adjust in sync with international price changes[38]. - The company reported a distributable reserve of RMB 0.0 million as of December 31, 2023, down from RMB 191.0 million in 2022[116]. - The company’s financial statements for the year ending December 31, 2023, were audited by Deloitte and confirmed to present a true and fair view of the company's performance[169]. - The company confirmed no liquidity issues were encountered during 2023, with plans to maintain a certain level of cash reserves for contingencies[77]. - The company’s pre-tax profit fell by RMB 134.6 million or 57.7% from RMB 233.5 million in 2022 to RMB 98.9 million in 2023[71]. - The total comprehensive income decreased by RMB 112.0 million or 57.6% from RMB 194.4 million in 2022 to RMB 82.4 million in 2023[74]. - The company's revenue increased by RMB 75.7 million or 3.4% from RMB 2,254.5 million in 2022 to RMB 2,330.2 million in 2023, primarily due to the doubling of hydrogenated benzene chemical production capacity in Q4[64]. - The gross margin for LNG fell from approximately 35.1% in 2022 to about 17.5% in 2023, while the gross margin for gas products decreased from 16.1% to 11.3%[76]. - The financing cost decreased by RMB 1.9 million or 23.8% from RMB 8.0 million in 2022 to RMB 6.1 million in 2023, mainly due to reduced interest expenses on loans[69]. Market Conditions and Pricing - The average price of hydrogenated benzene decreased by 8.2% in 2023, while the average price of LNG dropped by approximately 27.6% compared to 2022[38]. - The average selling price of hydrogenated aromatic chemicals decreased from RMB 6,808.72 per ton in 2022 to RMB 6,250.10 per ton in 2023, a decline of approximately 8.1%[52]. - The average selling price of LNG dropped significantly from RMB 6,133.49 per ton in 2022 to RMB 4,439.95 per ton in 2023, representing a decrease of about 27.6%[52]. - The average procurement price of crude benzene decreased from RMB 5,976.43 per ton in 2022 to RMB 5,600.31 per ton in 2023, a reduction of approximately 6.3%[54]. - The average selling price of hydrogenated benzene chemicals recorded a decline of approximately 8.2% compared to the same period last year, despite a 24.4% increase in sales volume[75]. Corporate Governance and Management - The company emphasizes a strong commitment to corporate governance, aiming for a balance between economic and social benefits[31]. - The board of directors is responsible for corporate governance functions, including reviewing policies and monitoring compliance with legal and regulatory requirements[37]. - The first board of directors consists of eight members, including two executive directors and three independent non-executive directors, with terms lasting until July 28, 2026[139]. - The company has established a remuneration and assessment committee to recommend compensation for directors and senior management, considering factors such as individual performance and market comparisons[26]. - The company has established a policy for director nominations, which includes selection criteria and procedures to ensure transparency[165]. - The company has implemented a mechanism to ensure independent viewpoints and opinions are obtained in board discussions[145]. - The company has adopted a diversity policy for the board, aiming for at least one female director, which has been achieved[161]. - The company has established a Remuneration and Nomination Committee to review and recommend remuneration policies for directors and senior management[155]. - The company has implemented measures to promote gender diversity, including recruitment of diverse candidates and providing career development opportunities for female employees[162]. - The company has established a comprehensive risk management and internal control system that integrates risk management, internal control, and process management[187]. Employee and Social Responsibility - As of December 31, 2023, the group had 413 employees, an increase from 124 employees in 2022, with employee costs amounting to RMB 32.2 million compared to RMB 30.9 million in the previous year[26]. - The group contributes RMB 1,500 or 5% of monthly salary (whichever is lower) to the Mandatory Provident Fund for its Hong Kong employees, with no forfeited contributions reported for the years ending December 31, 2022, and December 31, 2023[29]. - The company has implemented a comprehensive training program to promote ethical conduct and compliance among employees[179]. - The company is committed to promoting green low-carbon circular development and improving its safety production standards[178]. - The company has been recognized as an advanced unit for high-quality development in 2023 and included in the list of quality benchmarks by the Henan Provincial Department of Industry and Information Technology[182]. Future Plans and Investments - The company plans to continue investing in production efficiency, safety, and environmental protection in its main revenue businesses, hydrogenated aromatic chemicals, and LNG[9]. - The company plans to refinance or use internal funds to repay bank borrowings due after their maturity in 2023[88]. - The company plans to finance capital commitments through its own financial resources, bank loans, and operating cash[101]. - The company is focusing on investments in production efficiency, safety, and environmental protection for hydrogenated aromatic chemicals to maintain its market position[186]. - For liquefied natural gas, the company aims to enhance production efficiency and stability while reducing production costs[186]. - The company is establishing a hydrogen station network to supply hydrogen for fuel cell vehicles, expanding its layout in the hydrogen energy industry chain[186].

Financial Performance - Total revenue for the year ended December 31, 2023, was RMB 2,330.2 million, an increase of 3.4% from RMB 2,254.5 million in 2022[5] - Gross profit for the year was RMB 148.8 million, down 48.3% from RMB 287.7 million in the previous year[5] - Net profit attributable to shareholders was RMB 54.9 million, a decrease of 60.3% compared to RMB 138.2 million in 2022[5] - Basic earnings per share for the year were RMB 0.09, down from RMB 0.26 in the previous year[5] - The company reported a significant increase in inventory, which rose to RMB 117.5 million from RMB 65.7 million, a 78.8% increase[6] - The company's operating profit before tax for the year ended December 31, 2023, was RMB 98.889 million, a decrease of approximately 57.7% compared to RMB 233.548 million in 2022[12] - The net cash generated from operating activities for the year was RMB 104.459 million, down from RMB 318.798 million in the previous year, reflecting a decline of about 67.2%[12] - The company reported a pre-tax profit of RMB 98,889,000 for the year ended December 31, 2023, compared to RMB 233,548,000 in the previous year, indicating a decrease of approximately 57.7%[81] - The company’s operations are entirely based in China, with all non-current assets located in the country[85] - The company reported a net loss of RMB 5,495,000 from fair value changes in receivables in 2023, an improvement from a loss of RMB 6,517,000 in 2022[86] - The company’s after-tax profit increased by RMB 9,453,000, reflecting a significant improvement in financial performance[178] Dividends and Shareholder Returns - The company proposed a final dividend of RMB 0.02 per share[3] - The company declared dividends of RMB 19,600,000 to non-controlling interests, up from RMB 14,700,000 in the previous year[115] - The company proposed a final dividend of RMB 0.02 per share, totaling RMB 19,113,000, subject to shareholder approval[93] Assets and Liabilities - Non-current assets increased to RMB 1,111.6 million from RMB 723.0 million in 2022, reflecting a growth of 54%[6] - Current assets rose to RMB 551.8 million, up from RMB 352.5 million in the previous year, marking a 56.5% increase[6] - Total equity increased to RMB 1,127.4 million from RMB 719.6 million, representing a growth of 56.7%[7] - The company’s total liabilities increased to RMB 382.6 million from RMB 259.9 million, an increase of 47.2%[6] - The total cash and cash equivalents at the end of 2023 increased to RMB 300.710 million, up from RMB 62.470 million at the beginning of the year[14] - The total value of assets pledged to banks for general financing was RMB 180,741,000 as of December 31, 2023, compared to RMB 235,838,000 in 2022[161] - The company reported bank borrowings of RMB 258,762,000 as of December 31, 2023, an increase of 56.6% from RMB 165,147,000 in 2022[149] - The total financial liabilities and lease liabilities as of December 31, 2023, amounted to RMB 488,370,000, compared to RMB 305,549,000 in 2022[190] Revenue Segmentation - Total customer contract revenue for the year ended December 31, 2023, was RMB 2,330,228,000 after offsets[70] - Revenue from the chemical segment was RMB 1,502,282,000, while the energy products segment generated RMB 652,190,000[70] - The trade segment reported revenue of RMB 164,882,000, with an offset of RMB 72,696,000[70] - The other services segment contributed RMB 10,874,000 to total revenue after offsets[70] - The company recognized revenue from the sale of liquefied natural gas and finished oil amounting to approximately RMB 161,158,000 from external customers[73] Cash Flow and Financing Activities - The company reported a net cash inflow from financing activities of RMB 204.947 million for the year, compared to a net cash outflow of RMB 139.064 million in 2022[14] - Cash generated from operating activities was RMB 43,039,000, slightly down from RMB 44,262,000 in 2022[116] - The company has unutilized bank financing of approximately RMB 258,238,000 as of December 31, 2023, up from RMB 194,853,000 in 2022[188] Inventory and Cost Management - The company capitalized RMB 20,408,000 in inventory costs in 2023, compared to RMB 17,016,000 in 2022, indicating an increase of approximately 20%[87] - The company reported a depreciation expense of RMB 49,763,000 for the year ended December 31, 2023, compared to RMB 43,325,000 for the previous year, reflecting a year-on-year increase of 15.5%[106] Employee and Management Compensation - Total employee costs rose to RMB 32,244,000 in 2023 from RMB 30,882,000 in 2022, an increase of about 4%[87] - The total compensation for the five highest-paid individuals in the group for the year ended December 31, 2023, was RMB 886,000, a decrease of 46.5% from RMB 1,657,000 in 2022[103] - The total compensation for key management personnel was RMB 1,389,000 for the year ended December 31, 2023, a decrease from RMB 2,332,000 in 2022[166] Financial Reporting and Compliance - The consolidated financial statements are prepared in accordance with International Financial Reporting Standards (IFRS) and include the financial statements of the company and its controlled entities[18] - The group completed its restructuring before 2023, with Jin Ning Energy, Jin Rui Energy, and Jin Ma Hydrogen Energy being jointly controlled by Jin Ma Energy, indicating a continuous operation entity[18] - The group recognizes revenue when control of goods or services is transferred to customers, with performance obligations being a key factor in revenue recognition[25] Risk Management - The company faces foreign currency risk due to holding foreign currency bank balances, with sensitivity analysis indicating potential impacts from currency fluctuations[176] - Credit risk is concentrated among five major customers, accounting for 22% of trade receivables as of December 31, 2023, compared to 21% in 2022[180] - The expected credit loss for trade receivables is not significant for the years ending December 31, 2023, and 2022[180]