Financial Performance - Revenue for the year ended December 31, 2024, was RMB 6,948,354,000, a decrease of 5.6% from RMB 7,360,262,000 in 2023[3] - Gross profit for the same period was RMB 2,049,777,000, with a gross margin of 29.5%, up from 27.9% in 2023[3] - Net profit decreased to RMB 729,881,000, resulting in a net profit margin of 10.5%, down from 11.4% in the previous year[3] - New order amount signed was RMB 5,968,901,000, a decline of 23.3% compared to RMB 7,784,856,000 in 2023[3] - EBITDA for the year was RMB 1,116,488,000, slightly down from RMB 1,143,066,000 in 2023[3] - Basic earnings per share decreased to RMB 0.62 from RMB 0.73 in 2023[4] - The company’s operating profit for the year ended December 31, 2024, was impacted by the decline in revenue from core equipment and mainland China[25] - The company's pre-tax profit decreased from RMB 984,334 million in 2023 to RMB 911,254 million in 2024, a decline of approximately 7.4%[30] - Net profit decreased by approximately 13.4% from RMB 842,548 thousand for the year ending December 31, 2023, to approximately RMB 729,881 thousand for the year ending December 31, 2024, resulting in a net profit margin of 10.5%[119] Assets and Equity - Total assets as of December 31, 2024, were RMB 6,079,286,000, a decrease from RMB 6,393,979,000 in 2023[7] - Non-current assets increased to RMB 2,829,047,000 from RMB 2,538,097,000 in 2023[7] - Cash and bank deposits rose to RMB 2,595,448,000, compared to RMB 2,168,682,000 in the previous year[7] - Total equity increased to RMB 5,275,856,000 from RMB 4,390,609,000 in 2023[8] - Total equity increased from RMB 1,174,240,000 at the beginning of 2023 to RMB 2,108,355,000 by the end of 2023, reflecting a growth of approximately 79.2%[54] Revenue Breakdown - Revenue from core equipment decreased to RMB 2,525,033,000 in 2024 from RMB 2,590,675,000 in 2023, representing a decline of 2.5%[15] - Revenue from mainland China decreased significantly to RMB 2,750,519,000 in 2024 from RMB 3,886,406,000 in 2023, a decline of 29.2%[22] - Revenue from North America increased to RMB 1,383,524,000 in 2024, up 60.0% from RMB 863,532,000 in 2023[22] - The total expected revenue from existing customer contracts as of December 31, 2024, is RMB 8,131,050,000, down from RMB 9,077,735,000 in 2023, indicating a decrease of 10.4%[19] Costs and Expenses - Interest expenses on borrowings decreased from RMB 12,369 million in 2023 to RMB 8,500 million in 2024, a reduction of approximately 31%[26] - Employee costs increased from RMB 1,028,502 million in 2023 to RMB 1,063,233 million in 2024, representing a rise of about 3.4%[26] - Research and development costs decreased from RMB 418,149 million in 2023 to RMB 399,241 million in 2024, a decline of approximately 4.5%[28] - The total inventory cost decreased from RMB 5,304,558 million in 2023 to RMB 4,898,577 million in 2024, a reduction of about 7.7%[28] - Current tax expense increased from RMB 130,131 million in 2023 to RMB 168,301 million in 2024, an increase of approximately 29.3%[29] - The actual tax expense for 2024 was RMB 181,373 million, compared to RMB 141,786 million in 2023, reflecting an increase of about 28%[30] Shareholder Information - The company plans to distribute dividends amounting to RMB 280,000,000, with a deferred tax liability of RMB 28,000,000 due to a 10% withholding tax rate[37] - The company declared a dividend of RMB 110,810,000 for the year ended December 31, 2024, with a proposed dividend of RMB 182,926,000 for the subsequent period[62] - The board proposed a final dividend of HKD 0.15 per share for the year ending December 31, 2024, subject to shareholder approval[141] Strategic Focus and Development - The company plans to enhance its competitive advantage through diversification, globalization, and intelligent solutions as part of its corporate strategy[63] - The company aims to focus on sustainable development in its growth strategy, emphasizing resource allocation and talent cultivation[65] - The company has a strategic focus on advanced manufacturing and engineering services, with a commitment to innovation in energy and materials[64] - The company aims to transition from providing price advantages to creating value advantages for customers, enhancing its competitive edge[66] - The company is exploring service-oriented manufacturing models to support sustainable development in downstream industries[67] - The company aims to avoid reliance on single products or markets, continuously updating core technologies and products to maintain competitive advantages[73] Market and Customer Insights - Approximately 70% of the company's annual customers are repeat clients, including global multinational corporations and regional leaders[90] - The company has successfully entered the global supply chains of leading enterprises in oil and gas refining, chemicals, pharmaceuticals, and battery raw materials, achieving multiple first-time exports of similar products from China[82] - The company is concentrating on overseas market expansion while controlling domestic personnel and hardware development[97] Corporate Governance - The board is committed to maintaining high standards of corporate governance to protect shareholder interests and enhance corporate value[146] - KPMG was appointed as the auditor for the company during the reporting period, with no changes in auditors over the past three years[150] - The financial statements have been verified by the auditor and are consistent with the group's consolidated financial statements[151]
森松国际(02155) - 2024 - 年度业绩