JSSMDL(603530)2025-04-02 12:40Financial Performance - The company's operating revenue for 2024 reached RMB 1,344,891,099.58, representing a 40.22% increase compared to RMB 959,102,384.62 in 2023[22]. - Net profit attributable to shareholders for 2024 was RMB 310,729,661.62, a significant increase of 96.17% from RMB 158,399,591.18 in the previous year[22]. - The net profit after deducting non-recurring gains and losses was RMB 302,317,599.56, up 102.17% from RMB 149,535,338.47 in 2023[22]. - The net cash flow from operating activities for 2024 was RMB 160,126,038.25, an increase of 54.04% compared to RMB 103,951,070.95 in 2023[22]. - Total assets at the end of 2024 amounted to RMB 2,477,286,638.13, reflecting a 22.42% increase from RMB 2,023,582,879.86 at the end of 2023[22]. - The net assets attributable to shareholders increased to RMB 1,777,070,655.13, a 7.84% rise from RMB 1,647,826,485.68 in 2023[22]. - The company's operating revenue increased by 40.22% year-on-year, reaching 1,344.89 million RMB, driven by the growth in market share of composite insulation products and concentrated delivery of key domestic projects[23]. - The net profit attributable to shareholders, excluding non-recurring gains and losses, grew by 102.17% year-on-year, amounting to 302.32 million RMB[24]. - Basic earnings per share, excluding non-recurring gains and losses, rose by 102.86% year-on-year to 0.71 RMB per share[24]. - The weighted average return on equity increased to 18.63%, up from 9.57% in the previous year[23]. Business Strategy and Operations - The company implemented a new business model focused on customer-centric and strategic-oriented operations, leading to improved performance across various divisions[33]. - The company is actively promoting the digitalization and lean management of its factories to enhance operational efficiency and reduce costs[33]. - The company established several business units aimed at achieving product commercial success, operating independently and focusing on maximizing profits through innovative marketing and management[33]. - The company achieved contract revenue of 1.528 billion yuan, a year-on-year increase of 38.31%[34]. - Domestic contract revenue was 786 million yuan, up 34.33% year-on-year; overseas contract revenue reached 742 million yuan, growing by 43.05%[34]. - The company has established solid cooperation with major international power equipment clients such as Hitachi Energy, Siemens, and GE, enhancing its global market position[35]. - The company is committed to a green and low-carbon transformation in response to the "dual carbon" goals, which will guide its future development strategies[81]. - The company is actively involved in the research and development of new environmentally friendly insulation materials, positioning itself as a leader in this area[81]. - The company aims to address industry pain points by developing new products using innovative materials and technologies, focusing on the global power sector[82]. Risk Management - The company has outlined potential risks in its future development strategy, emphasizing the importance of investor awareness regarding these risks[8]. - The company faces potential policy risks that could impact the demand for power equipment, necessitating close monitoring of energy policies and market dynamics[86]. - The company recognizes market competition risks as other firms may improve their product cost-performance ratios, which could affect its market position[87]. - The company is exposed to foreign exchange risks that could impact profit levels if there are significant changes in foreign exchange policies or currency exchange rates[89]. - The company has experienced price increases in key raw materials like winding yarn, silicone rubber, and aluminum ingots, which could adversely affect profitability if sales prices cannot be adjusted accordingly[90]. Corporate Governance and Management - The audit report issued by Ernst & Young Huaming confirms the accuracy and completeness of the financial statements for the year[5]. - The company has established a governance structure that ensures independence and effective decision-making, complying with relevant laws and regulations[93]. - The company maintains a clear separation of personnel, assets, and finances from its controlling shareholder, ensuring independent operations[93]. - The company has implemented measures to enhance cash flow and risk control by classifying clients and actively pursuing receivables[89]. - The company is committed to maintaining transparency in its operations and governance practices[100]. - The company has appointed Ernst & Young Hua Ming as the auditor for the 2024 financial statements, with an audit fee of 1.1 million RMB[174]. Employee Engagement and Incentives - The company has completed the granting of the first three phases of its restricted stock incentive plan to boost employee engagement and drive sustainable development[35]. - The company plans to implement a third phase of restricted stock incentive plans, which includes a management assessment method[96]. - The company has proposed adjustments to the second and third phases of its restricted stock incentive plan, demonstrating a commitment to employee motivation and retention[118]. - The company has a long-term incentive mechanism, including a restricted stock incentive plan and an employee stock ownership plan for management and expert positions[124]. - The company is actively expanding its employee stock ownership plans to enhance employee engagement and retention[137]. Environmental and Social Responsibility - The company invested 2.1837 million yuan in environmental protection during the reporting period[146]. - The company implemented carbon reduction measures, resulting in a reduction of 358.05 tons of CO2 equivalent emissions[148]. - The company utilized 2.57738 million kWh of clean energy for power generation, saving 316.76 tons of coal equivalent per year[148]. - The company made a total donation of 1.505 million yuan for social responsibility projects, including 1 million yuan to the Rugao Disabled Persons' Federation[151]. - The company has established a green supply chain management certification to promote sustainable development[147]. Investment and Financial Management - The company has invested a total of 42,399.99 million RMB in fundraising, with 41,896.65 million RMB being the net amount after deducting issuance costs[190]. - The company has allocated 4,049.70 million RMB from the fundraising for the "Expansion Project of Sealing Components for Power Transmission and Transformation Equipment" after changing the project from "Construction of Operation Management Center"[191]. - The company plans to use a total of 190 million RMB from fundraising for the new project "Expansion Project of Composite External Insulation Products for Power Transmission and Transformation (Phase I)"[191]. - The company has committed to transparency in its fundraising and investment processes, ensuring compliance with regulatory requirements[196]. - The company has adjusted the fundraising amount to RMB 4,335.01 million for the insulation product improvement project as of July 2024[198].