Zhejiang Longsheng(600352)2025-04-14 10:15Financial Performance - The company's operating revenue for 2024 reached ¥15,883,856,648.85, an increase of 3.79% compared to ¥15,303,105,501.59 in 2023[21]. - Net profit attributable to shareholders for 2024 was ¥2,030,289,346.11, representing a significant increase of 32.36% from ¥1,533,951,261.46 in 2023[21]. - The net profit after deducting non-recurring gains and losses was ¥1,837,657,813.72, up by 12.84% from ¥1,628,511,117.24 in the previous year[21]. - The net cash flow from operating activities surged to ¥9,265,381,879.16, a remarkable increase of 236.79% compared to ¥2,751,060,505.92 in 2023[21]. - Total assets at the end of 2024 amounted to ¥72,012,337,056.10, reflecting a growth of 6.20% from ¥67,806,443,361.35 in 2023[21]. - The net assets attributable to shareholders increased to ¥34,280,402,044.22, a rise of 4.06% from ¥32,942,939,679.99 at the end of 2023[21]. - The basic earnings per share for 2024 was 0.6320 yuan, a 30.01% increase compared to 2023[22]. - Total profit amounted to 2.81 billion RMB, with a significant increase of 44.24% compared to the previous year[39]. Revenue and Sales Growth - The company achieved operating revenue of 15.884 billion yuan, a year-on-year increase of 3.79%[32]. - The intermediate product sales volume increased by 16.55% to 106,200 tons in 2024[33]. - The dye sales volume rose by 7.17% to 238,400 tons, maintaining the company's leading position in the industry[33]. - Revenue from the real estate business surged by 87.26% to 2.48 billion RMB, primarily due to the completion of property projects[43]. - The company achieved a revenue of 15.88 billion RMB, representing a year-on-year growth of 3.79%[39]. Cost and Expenses Management - The cost of raw materials for specialty chemicals accounted for 72.42% of total costs, with a slight increase from the previous year's 71.95%[49]. - The total cost of the dye segment decreased by 4.54% year-over-year, from 396,836.52 million RMB to 378,823.35 million RMB[51]. - The automotive parts segment saw a dramatic decline in raw material costs, dropping by 79.64% from 37,358.32 million RMB to 7,604.64 million RMB[51]. - The company reported a 93.55% reduction in sales freight costs, decreasing from 1,171.63 million RMB to 75.60 million RMB in the other business segment[51]. Research and Development - The company has nearly 1,900 domestic and international patents, supporting high-end product development and innovation[37]. - R&D expenses rose by 3.47% to ¥600,657,316.20, accounting for 3.78% of total revenue[56]. - Research and development investments increased by 30% year-over-year, focusing on sustainable chemical solutions[126]. Environmental and Sustainability Initiatives - The company is committed to achieving zero emissions through systematic environmental management upgrades[113]. - The company has implemented comprehensive waste management practices, including incineration, landfill, and recycling for solid waste disposal[161]. - The company has established various pollution control facilities, including a 15,000 tons/day wastewater treatment facility and a 3,000 tons/day wastewater treatment facility, among others[162]. - The company implemented a carbon reduction measure that resulted in a decrease of 15,037 tons of CO2 equivalent emissions through energy-saving projects[168]. Corporate Governance and Compliance - The company has established a comprehensive internal control system and has published the "2024 Annual Internal Control Evaluation Report" in accordance with regulatory requirements[119]. - The board of directors consists of 9 members, including 3 independent directors, and has held 6 meetings during the reporting period, all in accordance with legal requirements[117]. - The company has implemented strict compliance measures for related party transactions, ensuring fairness and transparency[121]. - The company has a dedicated investor relations management system to enhance communication with investors, including a dedicated hotline and an interactive section on the company website[120]. Shareholder and Executive Management - The total number of shares held by the chairman and general manager, Ruan Weixiang, increased from 346,321,538 to 425,732,228, a change of 79,410,690 shares due to secondary market purchases[124]. - The total number of shares held by all directors and supervisors increased from 355,330,334 to 438,741,024, representing an increase of 83,410,690 shares during the reporting period[124]. - The total pre-tax remuneration for the directors and supervisors amounted to 1,148.73 million yuan[124]. - The company has seen significant increases in shareholdings among its executives, indicating confidence in future performance and growth prospects[124]. Legal and Regulatory Matters - The company is involved in a significant legal dispute with Kiri Company regarding the acquisition of a 37.57% stake in its subsidiary, with ongoing proceedings since June 2015[176]. - The Singapore International Commercial Court ruled that Kiri Company will receive $603.8 million from the overall sale proceeds after deducting the administrator's fees and sale costs[177]. - The court granted a six-month period for the execution of the buyout order starting from September 3, 2023, with interest calculated at 5.33% per annum until payment[177]. Future Outlook and Strategic Initiatives - The company plans to continue expanding its market presence and enhance its product offerings through ongoing research and development initiatives[124]. - The company aims to achieve a 100% automation control rate for high-risk processes as part of its safety and environmental management strategy[67]. - The company plans to issue short-term financing bonds and medium-term notes as part of its financial strategy[129]. - The company's 2024 revenue target is set at 18 billion CNY, representing a 17.62% increase compared to the previous year[136].