FOSSI(600753)2025-04-25 13:58Financial Performance - In 2024, the company reported a net profit of -235,552,276.26 RMB, a significant decline compared to -51,495,343.33 RMB in 2023, indicating a worsening financial performance[7]. - Total revenue for 2024 was 410,090,853.45 RMB, down 49.87% from 818,122,349.83 RMB in 2023[24]. - The net cash flow from operating activities was -18,010,749.72 RMB, a decrease of 151.63% compared to 34,883,210.31 RMB in the previous year[24]. - The company's total assets decreased by 64.82% to 162,003,552.78 RMB at the end of 2024, down from 460,498,849.23 RMB in 2023[24]. - The net assets attributable to shareholders were -3,439,609.78 RMB at the end of 2024, a decline of 101.46% from 235,643,065.60 RMB in 2023[24]. - Basic earnings per share for 2024 is -1.02 CNY, a significant decline from -0.22 CNY in 2023[25]. - Diluted earnings per share for 2024 is also -1.02 CNY, reflecting the same downward trend as basic earnings[25]. - The weighted average return on equity for 2024 is -200.35%, a decrease of 180.61 percentage points compared to 2023[25]. - The company reported a total loss of 235.53 million yuan for 2024, leading to a net asset reduction to -3.38 million yuan by the end of the year[38]. - The company reported a net profit of -51,369,284.55 CNY for 2023, with a net profit attributable to the parent company of -51,495,343.33 CNY[122]. - For 2024, the company expects a net profit of -235,528,177.33 CNY, with an unallocated profit of -369,298,139.28 CNY at year-end, also resulting in no profit distribution[123]. Revenue and Business Operations - The revenue from core business activities dropped by 69.88% to 246,408,912.65 RMB in 2024[24]. - The company achieved a total revenue of 403.64 million yuan from the bulk commodity supply chain, a year-on-year decrease of 50.42%[37]. - Revenue from coking coal and coke-related businesses was 239.95 million yuan, down 70.53% year-on-year, while revenue from liquefied petroleum gas (LPG) was 163.68 million yuan, representing new income for the year[37]. - The company served over 1.38 million electric vehicle charging users in 2024, with a total charging volume exceeding 31 million kWh[43]. - The company plans to optimize its bulk commodity supply chain by focusing on liquefied petroleum gas as its core product due to its higher cleanliness and stable demand[37]. - The company has ceased new investments in electric vehicle charging infrastructure as of June 2024, reducing its workforce by over 60% compared to the end of 2023[37]. - The company is transitioning from industrial energy to civilian energy and from traditional energy to clean energy to enhance operational quality and sustainability[38]. Management and Governance - In 2024, the company underwent significant management changes, including the appointment of a new controlling shareholder and senior management[36]. - The company has maintained a modern corporate governance structure in compliance with relevant laws and regulations[79]. - The company is committed to improving its corporate governance with the appointment of independent directors[86]. - The company is undergoing significant changes in its board of directors, with multiple resignations and appointments scheduled through 2024[86]. - The company has established specialized committees, including an audit committee and a strategic development committee, to enhance governance[110]. - The company has actively engaged in governance improvement actions and has not found significant discrepancies with regulatory requirements[132]. Risks and Challenges - The company is facing increased external pressures and a complex operating environment in 2024[36]. - The company has outlined potential risks in its operations, which are detailed in the report[10]. - The company faces risks from macroeconomic fluctuations and competition from natural gas, which could impact its LPG sales and pricing[74]. - Geopolitical tensions and currency fluctuations pose significant risks to the company's procurement costs and operational plans due to the high value and long-distance transport of LPG[74]. - The company is at risk of delisting if its audited profit or net profit falls below zero in 2024, as its revenue from LPG-related activities is projected to be below 300 million yuan[75]. - The company is under investigation by the China Securities Regulatory Commission for suspected violations of information disclosure laws[198]. Related Party Transactions - The company engaged in related party transactions, purchasing raw materials from Zhejiang Hongji Petrochemical Co., Ltd. for approximately 9.84 million RMB in 2024[160]. - The company leased office space and vehicles from related parties, with total expenses amounting to approximately 1.41 million RMB[160]. - The estimated amount of related party transactions for 2024 is RMB 221.115 million, with RMB 198 million for purchasing raw materials from Zhejiang Hongji Stone Chemical Co., Ltd. and RMB 23.115 million for leasing commercial properties and hotel accommodations[163]. - The company has terminated the lease agreements with related parties, including Shanghai Chengkai Group Longcheng Real Estate Co., Ltd. and Fujian Gengxiang Technology Service Co., Ltd.[162]. Strategic Initiatives - The company plans to solidify its main business and optimize resource allocation to enhance profitability and seek new profit growth points in 2025[152]. - The company aims to improve management efficiency and reduce operational costs to enhance economic benefits[153]. - The company is committed to strengthening internal controls and risk management to ensure compliance with relevant laws and regulations[153]. - The company plans to establish a wholly-owned subsidiary in Hong Kong as part of its strategic development[115]. - The company is focusing on sustainability and environmental responsibility in its business practices[87]. Shareholder and Equity Information - The company has undergone a change in controlling shareholder from Zhonggeng Real Estate Group to Zhejiang Haixin Energy Co., Ltd. as of March 18, 2024[143]. - The top five customers contributed CNY 290,116,570.17 in sales, accounting for 70.78% of total annual sales, with related party sales making up 42.15%[5]. - The top five suppliers accounted for CNY 296,691,781.74 in purchases, representing 71.50% of total annual purchases, with related party purchases at 23.72%[5]. - The company reported a total profit of -213,034,919.34 RMB for the fiscal year 2024, with a net loss attributable to shareholders of -235,552,276.26 RMB[150]. - The equity attributable to shareholders of the company was -3,439,609.78 RMB at the end of the reporting period[150].