Financial Performance - Total operating revenue for the year ended December 31, 2024, was RMB 11,904,370,911.94, an increase from RMB 11,533,786,779.44 in 2023, representing a growth of approximately 3.2%[13] - Net profit attributable to shareholders of the parent company was RMB 922,023,211.45, compared to RMB 770,570,612.56 in the previous year, reflecting a year-on-year increase of about 19.6%[2] - Earnings per share for the year was RMB 0.8206, up from RMB 0.6854 in 2023, indicating a growth of approximately 19.7%[2] - Operating profit for the year reached CNY 1,046,347,111.80, an increase of 5.04% from CNY 996,266,250.37 in the previous year[14] - Total profit amounted to CNY 1,051,777,667.34, up from CNY 1,003,085,973.63, reflecting a growth of 4.83%[14] - Net profit for the year was CNY 930,937,715.31, a decrease of 5.8% compared to CNY 989,027,297.80 from the previous year[14] - Total comprehensive income for the year was CNY 931,151,092.03, a decrease of 5.5% from CNY 984,994,466.66 in the previous year[15] - The company reported a net profit attributable to shareholders of approximately 2.70 billion[50] Assets and Liabilities - Total assets as of December 31, 2024, amounted to RMB 14,691,335,709.97, an increase from RMB 13,817,261,971.79 in 2023, representing a growth of about 6.3%[10] - Total liabilities increased to RMB 6,913,064,048.45 from RMB 6,597,932,308.41, marking an increase of approximately 4.8%[8] - The total current assets as of December 31, 2024, were RMB 7,425,048,133.18, up from RMB 6,487,671,852.68 in 2023, indicating a growth of approximately 14.5%[4] - The total non-current assets decreased slightly to RMB 7,266,287,576.79 from RMB 7,329,590,119.11, a decline of about 0.9%[5] - The total current liabilities increased to RMB 6,498,069,754.11 from RMB 6,044,604,287.57, representing a rise of approximately 7.5%[7] - The total equity attributable to shareholders of the parent company was RMB 7,255,707,334.12, an increase from RMB 6,691,690,666.55 in 2023, reflecting a growth of about 8.4%[11] Research and Development - Research and development expenses for the year were RMB 516,377,794.17, compared to RMB 461,344,381.32 in 2023, reflecting an increase of about 11.9%[13] - The research and development strategy emphasizes self-initiated projects and collaboration with academic institutions to meet market demands[63] - The company plans to enhance its R&D investment focusing on advanced technologies such as power shifting and hybrid technology to maintain competitive advantage[87] - The company is committed to innovation-driven development, increasing R&D investment, and enhancing its technological workforce to create competitive advantages in products like continuously variable transmission and hybrid tractors[83] Sales and Market Presence - The company operates primarily in the manufacturing and sales of agricultural and power machinery[16] - The company operates in two main segments: Agricultural Machinery and Power Machinery, with over 90% of revenue and assets located in China[31] - The sales model includes a comprehensive distribution network covering 31 provinces in China and various international markets[64] - The company is actively expanding its overseas market presence, signing a contract for the supply of 301 tractors for an agricultural engineering project in Nigeria[74] - The company exported 7,100 tractors in 2024, a year-on-year increase of 8.23%[74] Cost Management and Efficiency - The company is focusing on cost management through various measures, including optimizing production processes and implementing lean production techniques to enhance economic efficiency[84] - The company’s operating costs for 2023 were adjusted from ¥9,696,630,033.53 to ¥9,783,012,246.50, reflecting an increase of ¥86,382,212.97 due to the implementation of Interpretation No. 18[34] - Operating costs increased to CNY 10,145,221,753.22, reflecting a year-on-year rise of 3.70% from CNY 9,783,012,246.50[90] Dividends and Shareholder Returns - A cash dividend of RMB 0.2995 per share is proposed for the 2024 fiscal year, totaling RMB 33,653 million[59] - The board of directors has proposed a cash dividend of RMB 2.995 per 10 shares, totaling RMB 336.53 million, subject to approval at the 2024 annual general meeting[124] Corporate Governance and Compliance - The financial statements are prepared in accordance with the Chinese Accounting Standards, reflecting the company's financial position and operating results accurately[19] - The company has established a merger accounting policy based on control, including all subsidiaries in the consolidated financial statements[28] - The company has confirmed that it has obtained necessary approvals and completed required procedures for mergers[27] - Changes in the board include the election of new directors and the appointment of a new CFO, reflecting organizational adjustments[123] Environmental and Social Responsibility - The company’s 2024 Environmental, Social, and Governance report is scheduled to be published by April 2025, in compliance with the Hong Kong Stock Exchange guidelines[121] Risk Management - The company is subject to foreign exchange risks due to its export trade primarily settled in foreign currencies, which may impact its performance[116] - The company is responding to industry uncertainties by adjusting its sales strategies based on subsidy policy changes and market competition dynamics[82]
第一拖拉机股份(00038) - 2024 - 年度业绩