Financial Performance - Total revenue for 2024 reached RMB 181,301 million, with a net profit attributable to equity holders of RMB 2,387 million[8]. - The company's revenue for 2024 was RMB 181.30 billion, a decrease of 13.8% compared to RMB 210.22 billion in 2023[17]. - Gross profit for 2024 was RMB 32.71 billion, down 12.6% from RMB 37.45 billion in 2023[17]. - Net profit attributable to equity holders was RMB 2.39 billion, a decline of 38.2% from RMB 3.86 billion in the previous year[17]. - The profit attributable to equity holders dropped from RMB 3,863.0 million in 2023 to RMB 2,387.3 million in 2024, a decrease of 38.2%[62]. - Other income increased from RMB 3,454.1 million in 2023 to RMB 5,533.4 million in 2024, an increase of 60.2%[65]. - The sales cost decreased from RMB 172,770.2 million in 2023 to RMB 148,591.4 million in 2024, a decline of 14.0%[64]. Segment Performance - The basic materials segment reported a revenue decline of 23.3%, with revenue of RMB 91,102 million and a loss of RMB 825 million attributable to equity holders[8]. - The new materials segment experienced a revenue increase of 1.9%, generating RMB 48,552 million in revenue but a profit decline of 23.8% to RMB 2,613 million[8]. - The engineering technology services segment saw a revenue growth of 0.8%, with revenue of RMB 45,464 million and a profit decline of 3.1% to RMB 1,407 million[8]. - Revenue from the basic materials segment decreased from RMB 118,800.5 million in 2023 to RMB 91,101.6 million in 2024, a decline of 23.3% due to lower average selling prices and sales volume of cement products[75]. Cash Flow and Debt - The net cash flow from operating activities was RMB 23,196 million, while capital expenditures amounted to RMB 23,501 million[8]. - The net debt ratio stands at 86.6%[8]. - The net debt ratio rose to 86.6% in 2024, up 5.2 percentage points from 81.4% in 2023[18][19]. - The group's net cash inflow from operating activities for 2024 was RMB 23,195.9 million, a decrease of RMB 5,829.0 million compared to RMB 29,024.9 million in 2023[97]. - The group's net cash outflow from investing activities for 2024 was RMB 20,276.7 million, down RMB 7,062.7 million from RMB 27,339.4 million in 2023[98]. - The group's net cash outflow from financing activities for 2024 was RMB 6,569.6 million, an increase of RMB 5,491.5 million compared to RMB 1,078.1 million in 2023[99]. Awards and Recognition - The company received seven major awards in 2024, including recognition for best ESG practices and best board from "Institutional Investor" magazine[6]. - The company ranked 37th in the "Pioneer 100" index for ESG among state-owned enterprises in China[6]. - The company received the Wind ESG AA rating and was selected as one of the "Top 100 ESG Listed Companies in China (2024)" in July 2024[169]. Strategic Initiatives - The company aims to become a world-class materials enterprise focused on value creation and shareholder returns[6]. - The company is actively involved in the development of new technologies and products in the fields of cement, concrete, and glass fiber[6]. - The company is focusing on digitalization, internationalization, and green transformation to enhance competitive advantages[32]. - The company aims to enhance core competitiveness and achieve effective quality improvement and reasonable growth in 2025[28]. - The company is committed to optimizing its layout and improving quality amidst external pressures and internal challenges[32]. Environmental and Social Governance - The company is committed to reducing carbon emissions throughout its operations, focusing on source reduction, process reduction, and end-of-pipe carbon capture[188]. - The company has established a carbon management system and is actively preparing for participation in the national carbon emissions trading market[188]. - The company has implemented a comprehensive environmental protection strategy, including the construction of green factories and mines[187]. - The company replaced 96.81 million tons of standard coal with alternative fuels, contributing to its green transformation efforts[60]. - The nitrogen oxides, sulfur dioxide, and dust emissions decreased by 22.42%, 17.69%, and 32.43% respectively, showcasing improvements in environmental performance[61]. Corporate Governance - The company held 9 board meetings in 2024 to discuss overall strategy, major investments, personnel appointments, and system revisions[108]. - The board of directors consists of five independent non-executive directors, meeting the minimum requirements of the listing rules[116]. - The company has established a set of codes to regulate the securities trading activities of directors and supervisors[107]. - The company has implemented a compliance management and risk management system to strengthen internal controls and adhere to relevant laws and regulations[162]. - The company’s independent non-executive directors receive regular updates on economic, industry, and company information to maintain informed decision-making[152]. Shareholder Information - The company plans to distribute a final dividend of RMB 1,199,697,374.56 (including tax) for the period from January 1, 2024, to December 31, 2024, which translates to RMB 0.158 per share, compared to RMB 0.229 per share in 2023[176]. - The proposed final dividend is subject to approval at the shareholders' annual general meeting on April 25, 2025[178]. - A withholding tax of 10% will be applied to the final dividend for non-resident corporate shareholders listed on the H-share register as of May 12, 2025[178]. - Individual H-share shareholders will have a withholding tax of 20% deducted from their dividends, unless they qualify for lower rates under tax treaties[179].
中国建材(03323) - 2024 - 年度财报