SHSTC(600620)2025-04-25 07:50Financial Performance - The net profit attributable to the parent company for 2024 is CNY 32,077,522.61, representing a 47.07% increase compared to CNY 21,811,796.65 in 2023[3]. - The operating revenue for 2024 reached CNY 341,870,271.41, which is a 14.96% increase from CNY 297,374,334.71 in 2023[17]. - The net cash flow from operating activities significantly improved to CNY 58,892,385.60, a 571.75% increase from CNY 8,766,947.57 in 2023[17]. - The basic earnings per share for 2024 increased to CNY 0.05, up 66.67% from CNY 0.03 in 2023[18]. - The company reported a significant decline in net profit after deducting non-recurring gains and losses, which fell by 90.00% to CNY 0.003 per share[18]. - The weighted average return on equity increased to 2.06%, up 0.91 percentage points from 1.15% in 2023[18]. - The company achieved total operating revenue of 34,187.03 million RMB, an increase of 14.96% compared to the previous year's 29,737.43 million RMB[26]. - The net profit attributable to shareholders was 3,207.75 million RMB, a 47.07% increase from 2,181.18 million RMB in the previous year[27]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was 203.42 million RMB, a decrease of 90.26% compared to 2,088.70 million RMB last year[27]. Asset and Liability Management - The total assets as of the end of 2024 were CNY 3,027,650,070.57, a decrease of 2.78% from CNY 3,114,208,643.72 at the end of 2023[17]. - The net assets attributable to shareholders decreased by 1.41% to CNY 1,542,754,797.87 from CNY 1,564,767,586.38 in 2023[17]. - The company's total assets decreased from CNY 3,114,208,643.72 in 2023 to CNY 3,027,650,070.57 in 2024, a decline of approximately 2.8%[195]. - The total liabilities decreased from CNY 1,549,722,649.03 in 2023 to CNY 1,485,198,089.84 in 2024, a reduction of approximately 4.2%[195]. - The total equity attributable to shareholders decreased from CNY 1,564,767,586.38 in 2023 to CNY 1,542,754,797.87 in 2024, a decrease of about 1.4%[196]. - The accounts receivable increased by 75.35% to RMB 44.24 million, mainly due to installment payments for property sales[73]. - The total amount of guarantees provided by the company, excluding those to subsidiaries, is RMB 5 million, which accounts for 3.24% of the company's net assets[161]. Revenue Sources - Real estate sales revenue decreased by 42.75% to 16,213.43 million RMB from 28,321.59 million RMB year-on-year[26]. - The company’s rental and other income increased by 75.25% to 2,481.28 million RMB, driven by new tenants and property leasing[26]. - The company reported investment income of 26.51 million yuan, including 15.58 million yuan from the sale of the wholly-owned subsidiary Shanghai Tianchen Passenger Transport Co., Ltd.[30]. - The company achieved an operating income of RMB 158,515,500 and a net profit of RMB 34,469,300, an increase of RMB 35,337,300 compared to the previous year's net profit of RMB -868,000[92]. - Real estate sales revenue amounted to RMB 162.13 million, and renovation income was RMB 140.77 million, totaling RMB 302.91 million, which accounted for 88.60% of the total operating revenue for the year 2024[185]. Business Strategy and Development - The company is developing a new energy storage industry base in Wuhu, with ongoing construction of the factory and plans for project reserves in Xinjiang, Gansu, and Sichuan[37]. - The company plans to strengthen sales efforts for the Tianchen Health City East Plot 1A project to improve cash flow and revenue generation[96]. - The company aims to develop its new energy business, particularly in energy storage, and plans to construct a solar-storage integrated new energy industrial base factory[96]. - The company will enhance management of its property leasing business to ensure timely rent collection and improve cash flow[97]. - The company plans to combine existing and new businesses to gradually rebuild its core competitiveness[38]. Corporate Governance - The company emphasizes shareholder returns and maintains a commitment to fair treatment of all investors, particularly minority shareholders[104]. - The company adheres to strict information disclosure practices, ensuring timely and accurate communication of operational information to all shareholders[104]. - The company held 1 annual general meeting and 2 extraordinary general meetings during the reporting period, ensuring compliance with relevant regulations[102]. - The board of directors convened 6 meetings, with all members fulfilling their responsibilities diligently and independently[103]. - The supervisory board held 4 meetings, effectively overseeing the company's financial status and management compliance[103]. Risk Management - The company faces risks in the real estate sector due to market conditions and policy factors, which may impact project sales and revenue[98]. - The competitive landscape in the domestic energy storage industry is intensifying, requiring the company to strengthen market expansion capabilities[99]. - The company has implemented a comprehensive internal control system that meets the requirements of regulatory authorities, ensuring effective risk management and compliance[132]. Employee and Compensation Management - The total number of employees in the parent company is 13, while the main subsidiaries employ 95, resulting in a total of 108 employees[122]. - The company has established a differentiated compensation management system to attract and retain skilled talent while ensuring internal equity[123]. - The total remuneration for directors and senior management during the reporting period amounted to CNY 494.07 million[108]. - The remuneration for directors, supervisors, and senior management consists of base salary and incentive compensation, implemented according to the approved plan[113]. Legal and Compliance Matters - The company has not faced any penalties from securities regulatory authorities in the past three years[116]. - The company has no significant litigation or arbitration matters reported for the year[148]. - Tianchen Co. is involved in a lawsuit with Yiran Company regarding the return of leased land and has claimed a penalty of RMB 508,492.93 for breach of contract[149]. Audit and Financial Reporting - The audit opinion stated that the financial statements fairly reflect the company's financial position and operating results for the year ended December 31, 2024[182]. - The company’s financial statements were audited in accordance with Chinese CPA auditing standards, ensuring the adequacy of audit evidence[183]. - Management is responsible for ensuring the financial statements are prepared in accordance with accounting standards and maintaining effective internal controls[188].