Financial Performance - The net profit attributable to shareholders for 2024 is RMB 316,500 thousand according to Chinese accounting standards, and RMB 310,980 thousand according to International Financial Reporting Standards[4]. - The company's net sales for 2024 were RMB 74,282.30 million, a decrease of 7.23% compared to RMB 80,077.76 million in 2023[18]. - The pre-tax profit for 2024 was RMB 423.32 million, a significant recovery from a loss of RMB 1,655.41 million in 2023[18]. - The net profit attributable to shareholders for 2024 was RMB 310.98 million, compared to a loss of RMB 1,346.15 million in 2023[18]. - The company reported a basic earnings per share of RMB 0.029 for 2024, recovering from a loss of RMB 0.125 in 2023[18]. - The total revenue for the company was RMB 87.06 billion, a decrease of 6.32% compared to the previous year[64]. - The company's operating profit for 2024 was RMB 0.49 billion, a significant increase of RMB 18.02 billion compared to an operating loss of RMB 1.753 billion in 2023[78]. - The net profit attributable to shareholders of the parent company for 2024 was RMB 316,500 thousand, a turnaround from a loss of RMB 1,405,876 thousand in 2023[91]. - The financial income net amount was RMB 194.56 million in 2024, slightly down from RMB 238.68 million in 2023[74]. Dividends and Shareholder Information - The proposed final dividend for 2024 is RMB 0.02 per share, subject to approval at the annual general meeting[4]. - The final dividend for H-share shareholders is expected to be paid around July 24, 2025, with a record date of July 1, 2025[5]. - The company plans to suspend H-share transfer registration from June 26 to July 1, 2025, to confirm the rights to receive the final dividend[7]. - The total number of ordinary shareholders increased to 86,462 by the end of the reporting period, up from 83,161[42]. - The company plans to cancel 124,058,000 H-shares, reducing the total issued shares to 10,675,227,500[40]. Operational Performance - The company achieved a net cash flow from operating activities of RMB 7,740.45 million in 2024, a significant increase of 859.17% from RMB 806.996 million in 2023[22]. - The net cash flow from operating activities increased significantly to RMB 7.74 billion, a rise of 859.17% compared to RMB 806.996 million in 2023[89]. - The company processed a total of 13.35 million tons of crude oil in 2024, a year-on-year decrease of 5.48%[64]. - The sales volume of refined products was 9,450.52 thousand tons in 2024, down from 9,747.76 thousand tons in 2023, indicating a decrease of about 3.1%[73]. - The company produced over 60 different products, primarily refining and chemical products, with refining products accounting for 66.46% of total sales[31][36]. Risk Management and Compliance - The company has detailed potential risks in the management discussion and analysis section of the board report[9]. - The company emphasizes that forward-looking statements regarding future plans and strategies do not constitute a commitment to investors[8]. - The report indicates no related party transactions among the major shareholders, ensuring compliance with regulations[43]. - The company has improved its governance structure and compliance, achieving a leading position in ESG ratings within the industry[68]. - The company has not faced any major litigation or arbitration matters during the reporting period[177]. Environmental and Safety Initiatives - The company has made significant progress in safety production and environmental protection, with VOCs concentration decreasing by 9.90% to an average of 65.14 micrograms per cubic meter[67]. - The company has maintained a 100% compliance rate for wastewater discharge and hazardous waste disposal in 2024[199]. - The company has been recognized as a "Green Enterprise" by Sinopec for 2022 and continues to uphold environmental management certifications[198]. - The company has successfully created 45 grassroots units for green initiatives, achieving a cultivation rate of 91.80%[198]. Future Plans and Strategic Focus - The company aims to enhance product quality and variety while strengthening new product development and market expansion[18]. - The company plans to continue improving operational efficiency to achieve its goal of becoming a "domestically leading, world-class" energy and chemical company[16]. - The company is focusing on green and low-carbon transformation to promote high-quality development[18]. - The company plans to implement comprehensive safety and environmental responsibility measures to ensure high-quality development[120]. - The company will focus on the development of high-end new materials and renewable energy technologies to transition from fossil fuels to a mixed energy structure[119]. Shareholder Structure and Major Shareholders - The largest shareholder, China Petroleum & Chemical Corporation, holds 5,459,455,000 shares, representing 51.14% of total shares[43]. - The controlling shareholder, China Petroleum & Chemical Corporation, is involved in various sectors including oil, natural gas, and chemical production, with a focus on renewable energy and hydrogen business[47]. - The overall shareholding structure remains stable, with no significant exits among the top ten shareholders[46]. - The company has engaged in related party transactions with Sinopec Group and its affiliates, with a maximum annual transaction limit of RMB 2 billion for financial services from January 1, 2024, to December 31, 2025[182]. Research and Development - Research and development expenses for 2024 were RMB 1.74 billion, a decrease from RMB 1.87 billion in 2023[82]. - The company emphasizes research and development innovation as a key strategy for growth[142]. - The company is focusing on the development of high-end new materials and fine chemicals, with ongoing projects in carbon fiber and thermoplastic composite materials[121].
上海石油化工股份(00338) - 2024 - 年度财报