China Express(002928)2025-04-25 11:30Financial Performance - The company's operating revenue for 2024 reached ¥6,695,600,043.05, representing a 29.98% increase compared to ¥5,151,265,004.81 in 2023[16] - The net profit attributable to shareholders for 2024 was ¥267,973,018.24, a significant turnaround from a loss of ¥964,979,524.90 in 2023, marking a 127.77% improvement[16] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥112,340,980.04, compared to a loss of ¥963,175,710.17 in the previous year, reflecting an increase of 111.66%[16] - The net cash flow from operating activities increased by 36.87% to ¥1,809,630,115.58 from ¥1,322,170,693.08 in 2023[16] - Basic earnings per share improved to ¥0.2104 from a loss of ¥0.7577 in 2023, indicating a 127.77% increase[16] - Total assets at the end of 2024 were ¥20,698,011,133.47, up 13.86% from ¥18,179,037,166.79 at the end of 2023[16] - The net assets attributable to shareholders increased by 8.76% to ¥3,357,944,123.52 from ¥3,087,510,311.49 in 2023[16] - The weighted average return on equity improved to 8.32% from -27.03% in the previous year, showing a 35.35% increase[16] Operational Highlights - The company reported quarterly operating revenues of approximately 1.62 billion, 1.60 billion, 1.94 billion, and 1.54 billion yuan for Q1, Q2, Q3, and Q4 respectively[20] - The net profit attributable to shareholders for Q3 was approximately 280 million yuan, while Q4 showed a loss of about 38.63 million yuan[20] - The cash flow from operating activities for Q3 was approximately 596 million yuan, which was the highest among the quarters reported[20] - The company recognized a non-recurring gain from the disposal of non-current assets amounting to approximately 163.23 million yuan in 2024, compared to a loss of 17.62 million yuan in 2023[22] - The total passenger throughput at civil transport airports in China reached approximately 1.46 billion in 2024, marking a year-on-year increase of 15.86%[27] - The number of civil transport airports in China reached 263 by the end of 2024, with an increase of 4 new airports[27] Market and Growth Strategy - The company anticipates continued growth in the regional aviation market, driven by the economic development of small and medium-sized cities and increasing consumer demand for air travel[30] - The government has implemented policies to enhance the connectivity of regional airports, which is expected to improve the accessibility of remote areas and stimulate air travel demand[29] - The company plans to expand its route network to better serve the growing demand for air travel in underdeveloped regions, particularly in the western part of China[30] - By 2025, the expected number of airports in China will exceed 270, with a significant portion being regional airports, indicating a growing market for regional aviation[31] - The company aims to enhance the convenience and comfort of air travel for small and medium-sized cities, addressing the growing demand for air travel in these regions[46] Fleet and Route Development - The company operates a fleet of 75 aircraft, covering 94 regional air points, which is an increase of 11 points compared to the end of 2023, representing 43% of the national regional air points[47] - The company has established a route network with 182 active routes, including 179 domestic and 3 international routes, marking an increase of 14 routes compared to the end of 2023[47] - The aviation transportation sector contributed ¥6,546,804,807.55, accounting for 97.78% of total revenue, with a year-on-year growth of 34.20%[70] - Passenger revenue amounted to ¥6,532,181,431.98, which is 97.56% of total revenue, also reflecting a 34.20% increase from the previous year[70] Financial Management and Investments - The total operating costs for 2024 amounted to ¥6,578,035,417.08, representing a year-on-year increase of 19.32% from ¥5,512,823,455.56 in 2023[75] - The cost of aviation fuel increased by 22.58% to ¥2,289,151,150.83, accounting for 34.80% of total operating costs in 2024[75] - Research and development expenses decreased by 50.87% to ¥11,216,015.07, constituting 0.17% of operating revenue[80] - The company reported a net cash outflow of ¥262,103,451.97 in cash and cash equivalents, a significant decrease of 564.14% compared to the previous year[83] - The company’s investment activities generated a net cash inflow of ¥90,486,572.74, a turnaround from a net outflow of ¥541,023,312.90 in 2023[83] Governance and Compliance - The company maintains a clear asset ownership structure, independent of its controlling shareholder, ensuring no misuse of company assets[136] - The board of directors consists of 9 members, including 3 independent directors, ensuring compliance with legal requirements and effective governance[133] - The company has established a comprehensive corporate governance structure to protect shareholder rights and ensure fair information disclosure[194] - The independent directors play a crucial role in risk management and internal control, contributing to the overall governance structure[133] Environmental and Social Responsibility - The company has implemented measures to reduce carbon emissions, although specific details were not disclosed[192] - The company replaced plastic products such as onboard garbage bags and packaging bags with biodegradable materials to reduce plastic pollution emissions[197] - The company achieved a total fuel savings of 10,164 tons through route optimization and other measures during the reporting period[197] - The company has been actively involved in social welfare initiatives, including educational activities at Shuangshi Village Primary School since 2018[199] - During the 2024 Arbor Day, the company organized employees to plant over 260 trees, contributing to environmental protection and ecological restoration[200]