SINOGEO(300191)2025-04-01 11:05Financial Performance - The company achieved operating revenue of 485.84 million yuan in 2024, with a net profit attributable to shareholders of -52.81 million yuan[4]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was -54.32 million yuan, a year-on-year loss reduction of 57.93%[4]. - The company's operating revenue for 2024 was ¥485,837,326.04, representing a 1.10% increase compared to ¥480,561,479.26 in 2023[17]. - The net profit attributable to shareholders improved significantly to -¥52,813,350.25 in 2024, a 58.80% reduction in losses from -¥128,183,987.68 in 2023[17]. - The company reported an operating loss of CNY 6,386.13 million, narrowing the loss by 47.56% compared to the previous year[55]. - The net profit attributable to shareholders was CNY -5,281.34 million, a year-on-year improvement of 58.80%[55]. - The cash flow from operating activities showed a remarkable increase to ¥143,855,286.94, up 4,621.96% from -¥3,181,259.76 in the previous year[17]. - The total operating costs amounted to ¥354,237,821.04, reflecting a year-on-year increase of 14.26% compared to ¥310,026,387.67 in 2023[61]. Business Operations - The main business and core competitiveness of the company have not undergone significant adverse changes, and the company is in a state of normal ongoing operations[4]. - There are no signs of industry overcapacity, continuous decline, or technological substitution affecting the company[4]. - The company is currently not facing major risks and is expected to continue its normal operations[4]. - The company has outlined potential risks and countermeasures in its future development outlook section[5]. - The report includes forward-looking statements regarding future plans and development strategies, which do not constitute a substantive commitment to investors[4]. Exploration and Development - The company has made significant progress in the exploration and development of the Weizhou 5-3 oil field, with proven geological reserves of 13.48 million tons of crude oil reported[27]. - The company has three onshore and five offshore oil and gas cooperation blocks, all of which have achieved exploration breakthroughs and oil and gas discoveries[25]. - The company aims to leverage its core oil-finding technology and integrate big data processing and AI solutions to enhance exploration and production efficiency[26]. - The company plans to expedite the development of the Weizhou 5-3 oil field, with project approval from the National Energy Administration expected to facilitate rapid production by 2025[27]. - The company achieved an annual crude oil production of 561,800 tons in the Xinjiang Jiu 1-9 5 contract area, reversing the declining trend in oilfield output[29]. - The company is actively exploring new technologies and optimizing production operations to enhance efficiency and reduce costs in the Jiu 1-9 5 contract area[31]. - The company has confirmed significant oil and gas exploration potential in the contract area, particularly in the Ordovician carbonate rock, with successful drilling results from wells QK18-9-3, QK18-9-5, and QK17-1-4[34]. Financial Management - The financial report has been confirmed by the board of directors and senior management for its authenticity and completeness[4]. - Management expenses decreased significantly by 49.59% to ¥103,311,334.85 in 2024 from ¥204,933,470.56 in 2023, attributed to the capitalization of certain drilling exploration expenditures[65]. - Research and development investment for 2024 was ¥6,039,743.60, representing 1.24% of operating revenue, down from 1.92% in 2023[66]. - Financial expenses rose significantly by 198.40% to ¥28,568,993.76 in 2024, primarily due to increased loans and interest expenses[65]. - The total cash inflow from financing activities reached ¥981,786,045.64, a 100.73% increase compared to ¥489,096,303.63 in 2023[69]. Corporate Governance - The company has established a comprehensive performance evaluation system and compensation policy for senior management, with remuneration based on operational performance and performance assessment indicators[137]. - The board of directors and supervisors' remuneration is approved by the board and submitted to the shareholders' meeting for approval[137]. - The company has a clear governance structure that complies with legal and regulatory requirements, with no significant discrepancies noted[122]. - The company emphasizes the importance of performance-based compensation to align management interests with shareholder value[137]. - The company has established a training system that includes new employee orientation, management skills training, and professional skills training to enhance employee capabilities[151]. Risk Management - The company acknowledges potential risks associated with overseas operations, which may impact future performance[98]. - The company faces increased legal risks and currency fluctuations in overseas operations due to accelerated internationalization, which may adversely affect overall operations and profitability[99]. - The company plans to enhance management of overseas subsidiaries and strictly control overseas projects to mitigate operational risks[99]. - The company will increase exploration efforts during low oil prices to discover oil and gas and boost production when prices rise, while considering financial tools to hedge against price volatility[99]. Social Responsibility - The company has actively engaged in social responsibility initiatives, investing a total of 4.6081 million yuan to support poverty alleviation and rural revitalization efforts[162]. - The company has complied with all relevant laws and regulations, ensuring fair treatment of all investors and maintaining transparency in its operations[161]. - The company has implemented measures to prioritize procurement from impoverished regions, contributing to local economic development[162]. Shareholder Relations - The company has not proposed any cash dividend distribution plan for the reporting period despite having positive distributable profits[152]. - The company has established a reasonable profit distribution plan to reward shareholders based on its development status[161]. - The company has maintained transparency in reporting its shareholding changes and compliance with regulations[164].