Core Viewpoint - The global economy is facing significant challenges in 2024, but for high-quality companies like China Xuyang Group, these pressures may accelerate self-improvement and evolution, allowing them to capture new business opportunities [1] Business Performance - In a challenging market environment, China Xuyang Group reported a revenue of 47.543 billion yuan for 2024, maintaining stable business growth [2] - The company achieved a net profit of 0.98 billion yuan, successfully holding onto profitability despite industry-wide losses [2] - The resilience of the company's fundamentals is attributed to its focus on traditional competitive advantages while exploring growth potential in the chemical sector and advancing hydrogen energy initiatives [2] Segment Performance - The coking business generated a revenue of 17.642 billion yuan, with an average selling price of 1,847.7 yuan/ton, reflecting a decline compared to the previous year [2] - Despite price fluctuations, the company managed to maintain a coal-coke price difference of over 300 yuan/ton and reduced production costs through internal efficiency improvements [2] - The fine chemicals segment contributed significantly, with revenue reaching 20.729 billion yuan, a year-on-year increase of 11.1% [3] - Solid caprolactam exports surged to 47,500 tons, a 200% increase, while high-value amino alcohol materials began to generate new profit growth [3] Strategic Developments - The operational management service business expanded significantly, with total scale increasing to 8.86 million tons, a 114% year-on-year growth, and revenue reaching 4.225 billion yuan, up 109.5% [3] - The hydrogen energy business also saw substantial growth, with sales reaching 20.1 million cubic meters, making the company the second-largest high-purity hydrogen supplier in China [4] Future Outlook - The company aims to enhance its global competitiveness, with plans for further international expansion and investment in overseas projects [5] - A recent agreement with Beijing Yihua Tong could reshape the hydrogen energy landscape, potentially creating a billion-level ecological closed loop [6] - The company targets an increase in operational management service scale to 18.2 million tons for coking and 1.66 million tons for chemicals in the coming year [7] - Increased interest from southbound funds is noted, with the proportion of shares held rising from 6.78% to around 7% [7]
旭阳集团（01907）：业务规模有序增长 全球布局夯实长期发展基础