Financial Performance - For the fiscal year ending December 31, 2024, the company's revenue was RMB 9,102,962 thousand, a decrease of 35.51% compared to 2023[2] - The net profit attributable to shareholders for 2024 was RMB 805,195 thousand, down 24.65% from the previous year[2] - Basic earnings per share for 2024 were RMB 1.53, a decline of RMB 0.49 per share compared to 2023[2] - The company reported a total profit of RMB 10,029,189 thousand for 2024, a decrease of 26.22% from 2023[7] - The company's operating revenue for the reporting period was CNY 91.03 billion, a decrease of 35.51% compared to the same period last year[25] - Net profit attributable to shareholders was CNY 7.696 billion, down 26.19% year-on-year[25] - Earnings per share decreased to CNY 1.46, a decline of CNY 0.51 from the previous year[25] - The company reported a net profit attributable to shareholders of 7.70 billion yuan, down 26.19% from the previous year[34] - The company's profit before tax for 2024 was RMB 10,392,547,000, compared to RMB 13,863,557,000 in 2023, reflecting a decrease of approximately 25%[102] Assets and Liabilities - Total assets as of December 31, 2024, amounted to RMB 254,635,244 thousand, reflecting a 3.36% increase from the previous year[10] - The total liabilities for the year were RMB 54,298,442 thousand, showing an increase from RMB 48,393,428 thousand in 2023[5] - Total assets as of December 31, 2024, were RMB 225,743,152 thousand, an increase from RMB 216,582,044 thousand in 2023[65] - Non-current liabilities rose to RMB 25,406,350 thousand in 2024, up from RMB 18,619,112 thousand in 2023[66] - The company's total equity increased to RMB 200,336,802 thousand in 2024, compared to RMB 197,962,932 thousand in 2023[66] Cash Flow - The cash flow from operating activities for 2024 was RMB 18,476,253 thousand, a decrease of 7.96% compared to the previous year[8] - The net cash flow from operating activities for 2024 was 18,476,253 thousand yuan, a decrease of 7.96% compared to 2023[48] - The net increase in cash and cash equivalents was 4,765,131 thousand yuan, a significant improvement compared to a decrease of 4,749,941 thousand yuan in the previous year[48] - The proportion of cash and cash equivalents at the end of the year was 16,337,147 thousand yuan, reflecting a 41.18% increase from the beginning of the year[48] Shareholder Information - The number of registered shareholders as of December 31, 2024, was 221,374, with H-share shareholders totaling 118[10] - Anhui Conch Group holds 1,928,870,014 shares, representing 36.40% of the total shares[11] - Hong Kong Central Clearing (Agent) Co., Ltd. holds 1,297,971,590 H shares, accounting for 24.49% of the total shares[13] - The company repurchased a total of 22,242,535 A shares, which is 0.42% of the total issued shares[13] - The total amount spent on share repurchases was 161,428,057.17 RMB, excluding transaction costs[18] - The company plans to repurchase shares with a total fund of no less than 400 million RMB and no more than 600 million RMB, with a maximum repurchase price of 32.30 RMB per share[17] - The company has not changed its controlling shareholder or actual controller during the reporting period[15] - The largest shareholder, Anhui Conch Group, has no pledged, marked, or frozen shares[13] Operational Highlights - The company increased clinker production capacity by 2.3 million tons overseas and added 8 million tons of cement production capacity through relocation[27] - The company has established six aggregate projects and added fifteen ready-mixed concrete projects during the reporting period[27] - The total clinker production capacity reached 274 million tons, cement production capacity reached 403 million tons, and ready-mixed concrete production capacity was 51.9 million cubic meters by the end of the reporting period[27] - The company actively promoted innovation and increased investment in technological innovation, achieving breakthroughs in several projects[26] - The company participated in projects that won multiple national and industry awards, enhancing its reputation in technological advancement[26] - The company is expanding its market presence with new operations in Africa and South America, and is accelerating construction in Cambodia[27] Cost Management - The cost of cement and clinker self-produced products decreased by 8.65% year-on-year, attributed to cost control measures[36] - The unit cost of raw materials decreased to 36.49 yuan/ton, down 6.87% year-on-year[35] - The company plans to enhance cost control through technological innovation and optimization of procurement channels[36] Research and Development - R&D expenses decreased by 33.89% year-on-year to 1,257,068 thousand yuan, primarily due to reduced investment in various R&D projects[38] - Research and development costs significantly decreased to RMB 1,257,068,000 in 2024 from RMB 1,901,540,000 in 2023, a reduction of 33.9%[89] Dividend Information - The proposed final dividend is 0.71 yuan per share, with a total distribution amounting to 3.74671 billion yuan, representing 48.68% of the net profit attributable to ordinary shareholders for the fiscal year 2024[57] - The expected date for the payment of the final dividend to H shareholders is around June 30, 2025[58] - The company plans to distribute a final dividend of RMB 0.71 per ordinary share for 2024, compared to RMB 1.48 per share in 2023[105] Market Risks and Strategy - The company faces risks including demand fluctuations due to reliance on the construction industry and potential overcapacity leading to increased competition and profit pressure[54][55] - The company emphasizes the importance of adhering to industry self-discipline and peak production requirements to maintain a healthy industry ecosystem[55] - The company is committed to advancing low-carbon and energy-saving transformations, which may increase operational costs but are essential for sustainable development[55] Acquisitions - The company completed the acquisition of Anhui Conch Information Technology Engineering Co., Ltd. during the reporting period[5] - The company acquired 51% of West Papua Conch on December 27, 2024, as part of its strategy to expand market share in Southeast Asia[113] - The total cash consideration for the acquisition of West Papua Conch was RMB 225,826,000, with recognized goodwill amounting to RMB 304,515,000[115] - The group acquired 100% equity of Hai Luo Information Engineering Company for RMB 126,400 thousand on January 2, 2024, under common control[116] Taxation - The company has subsidiaries in China that benefit from a preferential corporate income tax rate of 15% due to their high-tech enterprise certification, valid from 2024 to 2026[93][94][95][96]. - The corporate income tax rate for subsidiaries located outside mainland China varies, with rates of 16.5% in Hong Kong and 20% in Laos and Russia[98][99]. - The company’s subsidiaries in Uzbekistan benefit from a corporate income tax rate of 15%[99]. - The company’s subsidiaries that qualify as small and micro enterprises can enjoy a 75% exemption on taxable income, applicable to a 20% tax rate, from 2022 to 2024[97]. - The company’s subsidiaries that are recognized as high-tech enterprises can benefit from a 15% tax rate, with several subsidiaries receiving certification in 2023[95][96].
海螺水泥(00914) - 2024 - 年度业绩