Changling Hydraulic(605389)2025-04-23 10:40Dividend Distribution - The company plans to distribute a cash dividend of 3.00 RMB per 10 shares (including tax), totaling approximately 43,226,121.00 RMB based on a total share capital of 144,087,070 shares as of December 31, 2024[8]. - The company has not implemented any stock bonus or capital reserve conversion plans for this dividend distribution[8]. - The board of directors has proposed a differentiated cash dividend policy based on the company's development stage and financial conditions[137]. - The company plans to propose a mid-year dividend arrangement for 2024 during the board meeting[121]. - Over the last three accounting years, the cumulative cash dividend paid was 198,984,789.50 RMB, with an average annual net profit of 107,850,760.18 RMB, resulting in a cash dividend ratio of 184.50%[141]. Financial Performance - The company's operating revenue for 2024 was approximately ¥883.50 million, representing a 9.57% increase compared to ¥806.31 million in 2023[24]. - Net profit attributable to shareholders decreased by 6.84% to ¥94.73 million in 2024 from ¥101.69 million in 2023[24]. - The cash flow from operating activities significantly dropped by 58.22% to ¥77.49 million in 2024, down from ¥185.45 million in 2023[24]. - Basic earnings per share for 2024 were ¥0.66, a decrease of 9.59% from ¥0.73 in 2023[26]. - The weighted average return on equity fell to 4.49% in 2024, down from 5.24% in 2023, a decrease of 0.75 percentage points[26]. - Total assets decreased by 4.83% to approximately ¥2.40 billion in 2024 from ¥2.52 billion in 2023[25]. - The net assets attributable to shareholders slightly decreased by 0.61% to approximately ¥2.10 billion at the end of 2024 compared to ¥2.11 billion at the end of 2023[24]. - The total profit amounted to CNY 116.70 million, a decrease of 3.06% compared to the previous year[56]. - The company's operating costs increased by 7.09% to CNY 659.12 million[57]. - Research and development expenses rose by 13.11% to CNY 38.95 million, reflecting the company's commitment to innovation[57]. Corporate Governance - The company has implemented a robust corporate governance structure, ensuring compliance with laws and regulations, and maintaining operational efficiency and financial integrity[104]. - The board of directors consists of 5 members, including 2 independent directors, ensuring diverse oversight and adherence to governance standards[105]. - The company has independent financial and human resources departments, ensuring separation from the controlling shareholder's influence, thus maintaining operational independence[106]. - The company held 3 shareholder meetings during the reporting period, all conducted in compliance with legal requirements, ensuring valid decision-making processes[110]. - The company has established a clear process for the evaluation and adjustment of compensation based on performance metrics[117]. Risk Management - The company emphasizes the importance of risk awareness regarding future plans and development strategies, indicating potential challenges and risks[9]. - The company faces risks related to macroeconomic fluctuations, raw material price volatility, and market competition, which could impact its performance[100]. - The company continues to maintain a cautious approach towards credit risk management following the bankruptcy of a key customer[182]. - The domestic market for tracking brackets remains underdeveloped, and reliance on foreign markets exposes the company to risks from trade policies and tariffs, potentially affecting future revenue[102]. Market Expansion and Development - The company is focusing on expanding its market presence, particularly in emerging and overseas markets, while optimizing its core product structure[36]. - The company is actively developing a production base in Thailand for rotary reducers and hydraulic products to enhance its international market share[38]. - The company is expanding its global footprint, particularly in the photovoltaic sector, with ongoing projects in Thailand[55]. - The company aims to become a leading manufacturer of hydraulic components globally, focusing on product development and innovation[93]. Subsidiaries and Acquisitions - The company has established a new wholly-owned subsidiary in Singapore and a controlling subsidiary in Thailand during the reporting period[15]. - The company acquired Jiangyin Shangchi in August 2023, which contributed to the increase in operating revenue[26]. - The company acquired 70% of Jiangyin Shangchi Machinery Equipment Co., which specializes in the research, production, and sales of reducers for photovoltaic tracking brackets[49]. Research and Development - The company has over 100 patents and has developed hydraulic rotary joints with independent intellectual property rights, showcasing its technological strength[53]. - The company emphasizes R&D innovation, aiming to improve product quality and adapt to customer needs through advanced technology and collaboration with academic institutions[95]. - The total R&D expenditure for the period was 38,948,751.30 RMB, accounting for 4.41% of total operating revenue[72]. Environmental and Social Responsibility - The company invested 1.66 million RMB in environmental protection during the reporting period[147]. - The company utilized rooftop solar power generation to reduce carbon emissions during the reporting period[150]. - The company made a total donation of 0.3519 million RMB to local education and charity initiatives[152]. Shareholder Commitments - The controlling shareholders have committed to ensuring the independence of the company's personnel and financial operations, including the establishment of an independent financial accounting department[159]. - The controlling shareholders guarantee that the listed company will maintain independence in assets, business, personnel, finance, and organization following the restructuring[162]. - The controlling shareholders will not utilize their position to harm the interests of the listed company or its subsidiaries[163].