Jiutian Chemical Group Limited Annual Report 2025
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Profit or loss | |||
| RevenueRMB’000 | 109,712 | 50,568 | PDF p. 64 |
| Cost of salesRMB’000 | (218,436) | (133,789) | PDF p. 64 |
| Gross lossRMB’000 | (108,724) | (83,221) | PDF p. 64 |
| Other income | |||
| - Interest income from deposits with banksRMB’000 | 3,907 | 8,227 | PDF p. 64 |
| - OthersRMB’000 | 2,581 | 2,221 | PDF p. 64 |
| Profit or loss | |||
| Distribution costsRMB’000 | (2,215) | (2,677) | PDF p. 64 |
| Administrative expensesRMB’000 | (24,284) | (27,573) | PDF p. 64 |
| Other expensesRMB’000 | (84,042) | (7,461) | PDF p. 64 |
| (Impairment loss)/reversal of impairment loss on trade and other receivables, netRMB’000 | (4,274) | 6,190 | PDF p. 64 |
| Finance costsRMB’000 | (7,565) | (6,054) | PDF p. 64 |
| Share of results of associated companiesRMB’000 | (14,781) | (34,117) | PDF p. 64 |
| Loss before taxRMB’000 | (239,397) | (144,465) | PDF p. 64 |
| Tax expenseRMB’000 | (233) | (3,432) | PDF p. 64 |
| Profit or loss and other comprehensive income | |||
| Loss and total comprehensive loss for the financial yearRMB’000 | (239,630) | (147,897) | PDF p. 64 |
| Attribution | |||
| Loss and total comprehensive loss for the financial year attributable to equity holders of the CompanyRMB’000 | (239,630) | (147,897) | PDF p. 64 |
| Loss per share for loss for the financial year attributable to equity holders of the Company | |||
| Basic and dilutedRMB cents per share | (12.05) | (7.44) | PDF p. 64 |
Original report: PDF p. 64 ↗
The accompanying notes form an integral part of these financial statements.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Assets; Current assets | |||||
| Cash and cash equivalentsRMB’000 | 198,042 | 515,933 | 56,937 | 62,437 | PDF p. 65 |
| Trade and other receivablesRMB’000 | 114,428 | 87,008 | 369 | 476 | PDF p. 65 |
| InventoriesRMB’000 | 21,333 | 22,610 | – | – | PDF p. 65 |
| Total current assetsRMB’000 | 333,803 | 625,551 | 57,306 | 62,913 | PDF p. 65 |
| Assets; Non-current assets | |||||
| Property, plant and equipmentRMB’000 | 292,807 | 405,463 | 110 | 551 | PDF p. 65 |
| Investment in subsidiary companyRMB’000 | – | – | 257,570 | 257,570 | PDF p. 65 |
| Investment in associated companyRMB’000 | – | 14,781 | – | 21,000 | PDF p. 65 |
| Financial asset at fair value through other comprehensive incomeRMB’000 | – | – | – | – | PDF p. 65 |
| Other receivablesRMB’000 | – | – | – | – | PDF p. 65 |
| Total non-current assetsRMB’000 | 292,807 | 420,244 | 257,680 | 279,121 | PDF p. 65 |
| Assets | |||||
| Total assetsRMB’000 | 626,610 | 1,045,795 | 314,986 | 342,034 | PDF p. 65 |
| Liabilities and equity; Current liabilities | |||||
| Bank borrowingsRMB’000 | 76,020 | 184,679 | – | – | PDF p. 65 |
| Trade and other payablesRMB’000 | 111,382 | 132,036 | 556 | 1,021 | PDF p. 65 |
| Contract liabilitiesRMB’000 | 8,580 | 5,603 | – | – | PDF p. 65 |
| Lease liabilitiesRMB’000 | 1,514 | 3,447 | 80 | 458 | PDF p. 65 |
| Income tax payablesRMB’000 | 1,063 | 836 | 1,063 | 836 | PDF p. 65 |
| Total current liabilitiesRMB’000 | 198,559 | 326,601 | 1,699 | 2,315 | PDF p. 65 |
| Liabilities and equity; Non-current liabilities | |||||
| Bank borrowingsRMB’000 | 49,330 | 99,350 | – | – | PDF p. 65 |
| Lease liabilitiesRMB’000 | 342 | 1,841 | – | 118 | PDF p. 65 |
| Deferred tax liabilitiesRMB’000 | 69 | 63 | – | – | PDF p. 65 |
| Total non-current liabilitiesRMB’000 | 49,741 | 101,254 | – | 118 | PDF p. 65 |
| Liabilities and equity | |||||
| Total liabilitiesRMB’000 | 248,300 | 427,855 | 1,699 | 2,433 | PDF p. 65 |
| Liabilities and equity; Capital and reserves | |||||
| Share capitalRMB’000 | 709,977 | 709,977 | 709,977 | 709,977 | PDF p. 66 |
| Accumulated lossesRMB’000 | (442,373) | (202,743) | (396,690) | (370,376) | PDF p. 66 |
| Statutory reserve fundRMB’000 | 110,706 | 110,706 | – | – | PDF p. 66 |
| Total equity, representing equity attributable to equity holders of the CompanyRMB’000 | 378,310 | 617,940 | 313,287 | 339,601 | PDF p. 66 |
| Liabilities and equity | |||||
| Total liabilities and equityRMB’000 | 626,610 | 1,045,795 | 314,986 | 342,034 | PDF p. 66 |
Original report: PDF p. 65 ↗ PDF p. 66 ↗
The accompanying notes form an integral part of these financial statements.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Cash flows from operating activities | |||
| Loss before taxRMB’000 | (239,397) | (144,465) | PDF p. 69 |
| Adjustments for | |||
| Depreciation of property, plant and equipmentRMB’000 | 36,806 | 24,897 | PDF p. 69 |
| Financing bank chargesRMB’000 | 179 | 305 | PDF p. 69 |
| Impairment loss on property, plant and equipmentRMB’000 | 84,042 | 4,279 | PDF p. 69 |
| Interest expenses on bank borrowingsRMB’000 | 7,193 | 5,369 | PDF p. 69 |
| Interest expenses on lease liabilitiesRMB’000 | 193 | 380 | PDF p. 69 |
| Interest incomeRMB’000 | (3,907) | (8,227) | PDF p. 69 |
| Inventories written downRMB’000 | 5,467 | 964 | PDF p. 69 |
| Inventories written offRMB’000 | 604 | – | PDF p. 69 |
| (Gain)/loss on disposal of property, plant and equipmentRMB’000 | (282) | 2,629 | PDF p. 69 |
| Impairment loss/(reversal of impairment loss) on trade and other receivables, netRMB’000 | 4,274 | (6,190) | PDF p. 69 |
| Share of results of associated companiesRMB’000 | 14,781 | 34,117 | PDF p. 69 |
| Unrealised (gain)/loss on foreign exchangeRMB’000 | (800) | 323 | PDF p. 69 |
| Operating activities | |||
| Operating cash flows before movements in working capitalRMB’000 | (90,847) | (85,619) | PDF p. 69 |
| Changes in operating assets and liabilities | |||
| InventoriesRMB’000 | (4,794) | 8,201 | PDF p. 69 |
| ReceivablesRMB’000 | (30,336) | 126,724 | PDF p. 69 |
| Payables and contract liabilitiesRMB’000 | (651) | (135,953) | PDF p. 69 |
| Operating activities | |||
| Cash used in operationsRMB’000 | (126,628) | (86,647) | PDF p. 69 |
| Interest receivedRMB’000 | 4,007 | 8,227 | PDF p. 69 |
| Income tax paidRMB’000 | – | (2,533) | PDF p. 69 |
| Net cash used in operating activitiesRMB’000 | (122,621) | (80,953) | PDF p. 69 |
| Cash flows from investing activities | |||
| Advances to former associated company, netRMB’000 | (438) | (163) | PDF p. 69 |
| Advances to related partyRMB’000 | (1,883) | – | PDF p. 69 |
| Repayment from related partyRMB’000 | 868 | – | PDF p. 69 |
| Purchases of property, plant and equipmentRMB’000 | (25,496) | (90,680) | PDF p. 69 |
| Proceeds from disposal of property, plant and equipmentRMB’000 | 635 | 670 | PDF p. 69 |
| Investing activities | |||
| Net cash used in investing activitiesRMB’000 | (26,314) | (90,173) | PDF p. 69 |
| Cash flows from financing activities | |||
| Decrease in pledged fixed depositsRMB’000 | 43,434 | 29,526 | PDF p. 70 |
| Drawdown of bank borrowingsRMB’000 | – | 178,390 | PDF p. 70 |
| Drawdown of bills payables to banksRMB’000 | 54,584 | 165,944 | PDF p. 70 |
| Financing bank charges paidRMB’000 | (179) | (305) | PDF p. 70 |
| Interest expenses on bank borrowings paidRMB’000 | (7,193) | (8,628) | PDF p. 70 |
| Interest expenses on lease liabilities paidRMB’000 | (193) | (380) | PDF p. 70 |
| Repayment of bank borrowingsRMB’000 | (95,020) | (99,970) | PDF p. 70 |
| Repayment of bills payables to banksRMB’000 | (118,243) | (226,219) | PDF p. 70 |
| Repayment of lease liabilitiesRMB’000 | (3,481) | (5,492) | PDF p. 70 |
| Financing activities | |||
| Net cash (used in)/generated from financing activitiesRMB’000 | (126,291) | 32,866 | PDF p. 70 |
| Cash and cash equivalents | |||
| Net decrease in cash and cash equivalentsRMB’000 | (275,226) | (138,260) | PDF p. 70 |
| Cash and cash equivalents at beginning of the financial yearRMB’000 | 459,499 | 598,066 | PDF p. 70 |
| Effect of exchange rate changes on cash and cash equivalentsRMB’000 | 769 | (307) | PDF p. 70 |
| Cash and cash equivalents at end of the financial yearRMB’000 | 185,042 | 459,499 | PDF p. 70 |
| Note A: Purchases of property, plant and equipment (“PPE”) | |||
| Aggregate cost of PPE acquiredRMB’000 | 8,545 | 120,957 | PDF p. 70 |
| Less: Additions to right-of-use assetsRMB’000 | (88) | (10,760) | PDF p. 70 |
| Add: Outstanding payables at 1 JanuaryRMB’000 | 78,866 | 62,608 | PDF p. 70 |
| Less: Outstanding payables at 31 DecemberRMB’000 | (61,827) | (78,866) | PDF p. 70 |
| Less: Capitalised borrowing costsRMB’000 | – | (3,259) | PDF p. 70 |
| Net cash outflow for purchases of PPERMB’000 | 25,496 | 90,680 | PDF p. 70 |
Original report: PDF p. 69 ↗ PDF p. 70 ↗
The statements disclose Group columns only for the cash flow and consolidated comprehensive income, and Group and Company equity statements as separately presented.
Note A is included as printed beneath the cash flow statement: Purchases of property, plant and equipment (“PPE”).
The accompanying notes form an integral part of these financial statements.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2024GroupShare capital | 2024GroupAccumulated losses | 2024GroupStatutory reserve fund | 2024GroupTotal equity | Source |
|---|---|---|---|---|---|
| Group equity movements | |||||
| Balance at 1 January 2024RMB thousand | 709,977 | (54,846) | 110,706 | 765,837 | PDF p. 67 |
| Loss and total comprehensive loss for the financial yearRMB thousand | – | (147,897) | – | (147,897) | PDF p. 67 |
| Balance at 31 December 2024RMB thousand | 709,977 | (202,743) | 110,706 | 617,940 | PDF p. 67 |
Original report: PDF p. 67 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025GroupShare capital | 2025GroupAccumulated losses | 2025GroupStatutory reserve fund | 2025GroupTotal equity | Source |
|---|---|---|---|---|---|
| Group equity movements | |||||
| Balance at 31 December 2024RMB thousand | 709,977 | (202,743) | 110,706 | 617,940 | PDF p. 67 |
| Loss and total comprehensive loss for the financial yearRMB thousand | – | (239,630) | – | (239,630) | PDF p. 67 |
| Balance at 31 December 2025RMB thousand | 709,977 | (442,373) | 110,706 | 378,310 | PDF p. 67 |
Original report: PDF p. 67 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2024CompanyShare capital | 2024CompanyAccumulated losses | 2024CompanyTotal equity | Source |
|---|---|---|---|---|
| Company equity movements | ||||
| Balance at 1 January 2024RMB thousand | 709,977 | (334,194) | 375,783 | PDF p. 68 |
| Loss and total comprehensive loss for the financial yearRMB thousand | – | (36,182) | (36,182) | PDF p. 68 |
| Balance at 31 December 2024RMB thousand | 709,977 | (370,376) | 339,601 | PDF p. 68 |
Original report: PDF p. 68 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025CompanyShare capital | 2025CompanyAccumulated losses | 2025CompanyTotal equity | Source |
|---|---|---|---|---|
| Company equity movements | ||||
| Balance at 31 December 2024RMB thousand | 709,977 | (370,376) | 339,601 | PDF p. 68 |
| Loss and total comprehensive loss for the financial yearRMB thousand | – | (26,314) | (26,314) | PDF p. 68 |
| Balance at 31 December 2025RMB thousand | 709,977 | (396,690) | 313,287 | PDF p. 68 |
Original report: PDF p. 68 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2023Group | 2022Group | 2021Group | Source |
|---|---|---|---|---|---|---|
| Financial Highlights | ||||||
| RevenueRMB’000 | 109,712 | 50,568 | 598,563 | 2,434,843 | 2,173,310 | PDF p. 13 |
| Gross (Loss)/ProfitRMB’000 | (108,724) | (83,221) | (260,178) | 708,413 | 675,621 | PDF p. 13 |
| (Loss)/Profit Attributable to Equity HoldersRMB’000 | (239,630) | (147,897) | (344,643) | 490,497 | 324,901 | PDF p. 13 |
| (Loss)/Earnings per shareRMB cents | (12.05) | (7.44) | (17.33) | 24.67 | 16.34 | PDF p. 13 |
Original report: PDF p. 13 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Basic and diluted loss per share — Note 10 | |||
| Loss for the financial year attributable to equity holders of the CompanyRMB thousand | (239,630) | (147,897) | PDF p. 89 |
| Weighted average number of ordinary sharesshares thousand | 1,988,444 | 1,988,444 | PDF p. 89 |
| Loss per shareRMB cents per share | (12.05) | (7.44) | PDF p. 89 |
Original report: PDF p. 89 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Cash and cash equivalents — Note 11 | |||||
| Cash on hand and at bankRMB thousand | 130,632 | 400,414 | 2,527 | 3,352 | PDF p. 89 |
| Fixed depositsRMB thousand | 67,410 | 115,519 | 54,410 | 59,085 | PDF p. 89 |
| SubtotalRMB thousand | 198,042 | 515,933 | 56,937 | 62,437 | PDF p. 89 |
| Pledged fixed depositsRMB thousand | (13,000) | (56,434) | – | – | PDF p. 89 |
| Cash and cash equivalents in the consolidated statement of cash flowsRMB thousand | 185,042 | 459,499 | 56,937 | 62,437 | PDF p. 89 |
Original report: PDF p. 89 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Reconciliation of lease liabilities to financing cash flows — Note 15 | |||
| At 1 JanuaryRMB thousand | 5,288 | – | PDF p. 98 |
| - PaymentsRMB thousand | (3,481) | (5,492) | PDF p. 98 |
| - Interest paidRMB thousand | (193) | (380) | PDF p. 98 |
| - Interest expenses (Note 6)RMB thousand | 193 | 380 | PDF p. 98 |
| - Addition of new leasesRMB thousand | 88 | 10,760 | PDF p. 98 |
| Effect of changes in foreign exchange ratesRMB thousand | (39) | 20 | PDF p. 98 |
| At 31 DecemberRMB thousand | 1,856 | 5,288 | PDF p. 98 |
Original report: PDF p. 98 ↗
Debt
| Item / unit | 20251 year or less, RMB'000 | 20251 to 5 years, RMB'000 | 2025Total, RMB'000 | Source |
|---|---|---|---|---|
| Group 2025 | ||||
| Bank borrowingsRMB'000 | 78,171 | 51,451 | 129,622 | PDF p. 120 |
| Lease liabilitiesRMB'000 | 1,515 | 347 | 1,862 | PDF p. 120 |
Based on contractual undiscounted repayment obligations. No 'more than 5 years' column printed for 2025.
| Item / unit | 20241 year or less, RMB'000 | 20241 to 5 years, RMB'000 | 2024More than 5 years, RMB'000 | 2024Total, RMB'000 | Source |
|---|---|---|---|---|---|
| Group 2024 | |||||
| Bank borrowingsRMB'000 | 188,383 | 103,622 | – | 292,005 | PDF p. 120 |
| Lease liabilitiesRMB'000 | 3,637 | 1,870 | 30 | 5,537 | PDF p. 120 |
Based on contractual undiscounted repayment obligations.
| Item / unit | 2025RMB'000 | 2024RMB'000 | Source |
|---|---|---|---|
| Bank borrowings | |||
| Loan IRMB'000 | – | 45,000 | PDF p. 104 |
| Loan IIRMB'000 | 99,350 | 149,370 | PDF p. 104 |
| Bills payables to banksRMB'000 | 26,000 | 89,659 | PDF p. 104 |
| Total bank borrowingsRMB'000 | 125,350 | 284,029 | PDF p. 104 |
| Representing | |||
| CurrentRMB'000 | 76,020 | 184,679 | PDF p. 104 |
| Non-currentRMB'000 | 49,330 | 99,350 | PDF p. 104 |
Loan I bore interest rate of 3.45% (2024: 3.45%) per annum and was fully repaid during the financial year. Loan I was guaranteed by Henan Energy and Chemical Industry Group Co., Ltd. (“HNEC”).
Loan II bears interest rate of 4.30% (2024: 4.30%) per annum ... scheduled to be repaid throughout various dates in 2025 to 2028 and is unsecured.
Bills payables to banks are secured by certain fixed deposits held by the banks as disclosed in Note 11. Bills mature on average 60 days (2024: 60 days) after original invoice payment due date.
All amounts in RMB (denomination).
| Item / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Current liabilities | |||||
| Bank borrowingsRMB'000 | 76,020 | 184,679 | – | – | PDF p. 65 |
| Lease liabilitiesRMB'000 | 1,514 | 3,447 | 80 | 458 | PDF p. 65 |
| Non-current liabilities | |||||
| Bank borrowingsRMB'000 | 49,330 | 99,350 | – | – | PDF p. 65 |
| Lease liabilitiesRMB'000 | 342 | 1,841 | – | 118 | PDF p. 65 |
Payout
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Dividend policy | The Company does not have a specific dividend policy. Nonetheless, the Management after reviewing the performance of the Company in the relevant financial year will make appropriate recommendation to the Board. Any dividend declaration will be communicated to the shareholders via announcement through SGXNET. | Company | PDF p. 49 |
| Item | Value | Period / scope | Source |
|---|---|---|---|
| The Board does not recommend any dividend for FY2025 | The Board does not recommend any dividend for FY2025 as the Group wishes to reserve adequate resources to support its ongoing operations and to respond to any adverse changes in the macroeconomic environment. | FY2025 | PDF p. 49 |
Extracted from Jiutian Chemical Group Limited Annual Report 2025 and checked against the cited pages; see the original report for full context.
Auditor’s report
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Audit firm | Baker Tilly TFW LLP | Group | PDF p. 63 |
| Engagement partner | Lim Kok Heng | Group | PDF p. 63 |
| Opinion | Unmodified | Group and Company | PDF p. 59 |
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Material Uncertainty Related to Going Concern | These factors indicate the existence of material uncertainties that may cast significant doubt on the ability of the Group to continue as a going concern. | Group | PDF p. 59 |
| Going concern assumption (Note 3) | the Board of Directors of the Company is of the view that the use of going concern assumption to prepare the financial statements is appropriate | Group | PDF p. 81 |
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Impairment assessment of property, plant and equipment (“PPE”) | Management’s assessment of the recoverable amount of the CGU is significant to our audit due to the magnitude of the net carrying amounts of the PPE being tested for impairment and related impairment loss recognised in the Group’s profit or loss and the significant management’s estimates applied in determination of the CGU’s recoverable amount. | Group | PDF p. 60 |
Extracted from Jiutian Chemical Group Limited Annual Report 2025 and checked against the cited pages; see the original report for full context.
Group and parent company or bank figures are labelled separately. Parentheses indicate negative amounts; a dash and NA retain the report’s notation.
Comparative figures follow Jiutian Chemical Group Limited Annual Report 2025, including retrospective adjustments. Adjusted and reported earnings may have different definitions; refer to each statement’s notes.
Financial statements and five-year highlights use RMB thousands except per-share amounts in RMB cents and weighted-average shares in thousands. Issued share capital in the shareholder statistics is separately stated in Singapore dollars.
The auditor issued an unmodified opinion and highlighted material uncertainty related to going concern, citing the FY2025 net loss and operating cash outflow. The statements remain prepared on a going-concern basis (PDF p. 59).
The FY2025 equity opening row retains the source date of 31 December 2024; it is not renamed 1 January 2025 (PDF pp. 67–68).
RMB13,000 thousand of pledged fixed deposits is excluded from cash equivalents in the consolidated cash flow statement. The deposit decrease of RMB43,434 thousand is shown in financing cash flows (PDF pp. 70 and 89).
The report includes a bank balance of RMB3,209 thousand subject to court-ordered restrictions at 31 December 2025 and states that the restriction was lifted subsequently. This amount is not additionally deducted from the report’s stated cash-equivalent figures (PDF p. 99).
The Board does not recommend any dividend for FY2025, to reserve resources for ongoing operations and changes in the macroeconomic environment (PDF p. 49).
The five-year highlights cover revenue, gross profit/loss, attributable profit/loss and earnings/loss per share. Full historical statements from earlier original reports are separate from these comparisons.
These tables show the available extracted figures. The original annual report contains the full statements, notes and definitions.