First(603806)2025-04-09 09:40Financial Performance - The net profit attributable to shareholders for the year 2024 reached CNY 1,307,559,524.96, with the parent company achieving a net profit of CNY 777,428,621.55[7]. - The proposed cash dividend distribution is CNY 2.60 per 10 shares, totaling CNY 677,559,390.56, which represents 51.82% of the net profit attributable to shareholders[7]. - The company has accumulated undistributed profits amounting to CNY 7,586,486,052.09 as of the end of 2024[7]. - The company's operating revenue for 2024 was CNY 19,147,424,268.31, a decrease of 15.23% compared to CNY 22,588,526,670.13 in 2023[27]. - The net profit attributable to shareholders for 2024 was CNY 1,307,559,524.96, down 29.33% from CNY 1,850,161,937.63 in the previous year[27]. - The basic earnings per share for 2024 was CNY 0.5, a decline of 29.58% from CNY 0.71 in 2023[30]. - The total assets at the end of 2024 were CNY 21,211,809,320.40, a decrease of 2.86% from CNY 21,836,416,332.98 in 2023[27]. - The company maintained a net asset value of CNY 16,412,409,543.86 at the end of 2024, reflecting a 5.27% increase from CNY 15,590,109,604.98 in 2023[27]. - The weighted average return on equity decreased to 8.19% in 2024, down from 12.52% in 2023, a reduction of 4.33 percentage points[30]. Cash Flow and Investments - The net cash flow from operating activities increased to CNY 4,388,751,851.15, compared to a negative cash flow of CNY 26,083,653.82 in 2023[27]. - The company reported a significant increase in cash received from sales due to changes in payment terms, despite a decrease in sales volume[31]. - The company reported a decrease in net cash flow from financing activities by CNY 76,965.18 million, mainly due to a reduction in borrowings[101]. - The net cash flow from investing activities decreased by CNY 2,981,651,125.50 year-on-year, mainly due to increased expenditures on investment financial products[124]. - The company's cash flow from operating activities was CNY 4,388,751,851.15, a significant improvement from a negative cash flow in the previous year[99]. Market and Industry Trends - The photovoltaic industry is facing challenges such as overcapacity and declining prices, impacting profitability and transformation[42]. - The company aims to leverage its competitive advantages in the photovoltaic film sector to navigate industry cycles and enhance profitability in future upturns[44]. - The global electronic circuit industry is expected to grow at a rate of approximately 5%-6%, with automotive electronic circuits growing over 8% due to increased penetration of smart technologies in new energy vehicles[46]. - The company is focusing on expanding its market presence and enhancing product development in the photovoltaic materials sector[17]. - The company plans to expand overseas production capacity to meet the demand from international customers[44]. Research and Development - The company has applied for 742 invention and utility model patents, with 301 valid invention patents as of December 31, 2024[90]. - The company’s R&D expenses amounted to CNY 657,268,249.25, a decrease of 17.01% from the previous year[99]. - The company is focusing on differentiated product development for RO support membranes, aiming to enhance performance and expand its market share in industrial applications[50]. - The company has developed and mass-produced multiple series of photosensitive dry film products, including new water-soluble dry films for PCB and FPC industries, which significantly enhance processing precision and quality[75]. - The company plans to increase R&D investment in photovoltaic films and electronic materials, aiming to create cost-effective packaging solutions for component customers[167]. Governance and Management - The company has established a robust governance structure, with a board of directors and various committees ensuring compliance with laws and regulations, thereby maximizing shareholder interests[182]. - The company completed 112 temporary announcements and regular report disclosures, ensuring transparency and timely information for investors[183]. - The company has a structured approach to governance, ensuring that remuneration decisions are reviewed by the compensation and assessment committee[199]. - The management team has extensive experience in both operational and financial roles, contributing to the company's strategic initiatives[191]. - The company is currently in a lock-up period for its employee stock ownership plan related to the photovoltaic partner program[189]. Strategic Initiatives - The company plans to maintain its strategic direction towards innovation and technology development in the renewable energy space[191]. - The company is actively pursuing new product and technology development to enhance the economic viability and reliability of photovoltaic power generation[163]. - The company plans to balance the volatility in its photovoltaic business by expanding its electronic materials and functional film segments, which are expected to provide new profit growth points[172]. - The company is expanding multiple material projects both domestically and internationally, facing risks related to project delays and market conditions that could affect profitability and asset depreciation[178]. - The company aims to enhance the management efficiency of its business units, particularly in the photovoltaic materials division, which has four domestic production bases and two overseas[169].