RECLAIM CONSTRUCTION(002586)2025-04-28 10:40Financial Performance - The company's operating revenue for 2024 was CNY 2,482,803,101.05, representing a 16.42% increase compared to CNY 2,132,583,614.95 in 2023[18]. - The net profit attributable to shareholders of the listed company was a loss of CNY 151,086,883.81, a decrease of 10.20% from a loss of CNY 137,105,472.89 in the previous year[18]. - The net cash flow from operating activities was negative CNY 60,035,647.20, a significant decline of 556.47% compared to a positive cash flow of CNY 12,328,348.03 in 2023[18]. - The total assets at the end of 2024 were CNY 7,575,711,810.09, down 1.42% from CNY 7,681,750,306.19 at the end of 2023[19]. - The net assets attributable to shareholders of the listed company decreased by 4.37% to CNY 2,932,294,725.60 from CNY 3,073,652,306.12 in 2023[19]. - The basic earnings per share for 2024 was negative CNY 0.1320, a decrease of 10.18% from negative CNY 0.1198 in 2023[18]. - The company reported total revenue of 1,126,996,077.05 yuan in Q4 2023, with a net profit attributable to shareholders of -68,036,431.15 yuan[23]. - The company experienced a net cash flow from operating activities of 133,018,700.61 yuan in Q4 2023, showing a positive trend compared to previous quarters[23]. - The company reported a total revenue of 217.67 million with a net profit of 86.12 million[122]. - The total business undertaking amount for the company and its subsidiaries in the reporting period was approximately 2.484 billion yuan, with major projects including "Wenling Jiulonghui Storage Project" and "Jiangxi Poyang Lake Flood Control Project" among others[52]. Revenue Segmentation - The construction segment accounted for 89.53% of total revenue, generating 2,222,922,729 yuan, with a year-on-year growth of 13.00%[54]. - The design and technical services segment saw a significant increase of 57.50%, contributing 258,735,559.08 yuan to the total revenue[54]. - The revenue from river channel engineering increased by 65.60% year-on-year, amounting to 519,031,082.78 yuan[54]. - The company reported a 71.65% increase in revenue from reservoir engineering, totaling 236,817,290.64 yuan[54]. Government Support and Market Environment - The company received government subsidies amounting to 15,063,888.16 yuan in 2024, up from 8,037,126.86 yuan in 2023[25]. - In 2024, China's GDP reached 13,490.84 billion yuan, growing by 5.0% year-on-year, indicating a stable economic environment for the construction industry[28]. - The total investment in water conservancy construction reached 1,352.9 billion yuan in 2024, a 12.8% increase year-on-year, reflecting strong market demand[28]. Risk Management and Concerns - The company has reported uncertainty regarding its ability to continue as a going concern due to negative net profits in recent years[19]. - The company has highlighted risks and countermeasures in its management discussion and analysis section[4]. - The company is exposed to macro policy changes, natural disaster risks, and potential litigation risks, with strategies in place to mitigate these risks[126][127]. - The company has established a comprehensive risk control mechanism to improve market adaptability and ensure stable development[126]. Legal and Regulatory Issues - The company has been publicly reprimanded by the securities exchange for violations of listing rules, leading to disciplinary actions[199]. - The company has ongoing litigation related to construction project disputes, with amounts claimed reaching ¥700.18 million[198]. - The company is actively involved in legal proceedings that may affect its financial performance and market reputation[197]. - The company has disclosed its legal challenges and regulatory issues in its public announcements, indicating transparency in its operations[199]. Corporate Governance - The company maintains a governance structure that complies with the requirements of the China Securities Regulatory Commission[133]. - The company has established independent financial, personnel, and operational systems, ensuring complete independence from the controlling shareholder[134]. - The board of directors held a total of 11 meetings during the reporting period, with significant resolutions passed regarding financial oversight and internal controls[157]. - The company faced public reprimands from the Shenzhen Stock Exchange on September 20, 2024, regarding governance issues involving key executives[153]. Research and Development - The company holds 3 national-level construction methods, 48 provincial-level methods, and 278 patents, including 53 invention patents, indicating a strong emphasis on R&D[125]. - The company completed 15 research projects and filed 14 patents, including 2 invention patents and 12 utility model patents[53]. - The company plans to continue optimizing existing technologies, particularly in sludge dewatering and resource utilization, achieving significant benefits[53]. Employee and Management Structure - The total number of employees at the end of the reporting period was 901, with 444 in the parent company and 457 in major subsidiaries[168]. - The professional composition includes 578 technical personnel, 127 production personnel, and 54 sales personnel[168]. - The company has a comprehensive talent pool with experienced management and technical personnel, ensuring effective project management and innovation[51]. - Two senior executives, Song Min and Shen Yang, resigned on April 17, 2024, due to personal reasons[139]. Internal Control and Audit - The company has updated and optimized its internal control system, ensuring effective operation and achieving expected internal control goals[174]. - The internal control evaluation report indicates that 100% of the company's total assets and operating income were included in the evaluation scope[176]. - The internal control audit report issued by Huaxing Accounting Firm confirmed that the company maintained effective financial reporting internal controls as of December 31, 2024[177]. Community Engagement - The company donated 180,000 yuan to the Ningbo Fenghua District Charity Association during the reporting period[182]. - The company has not yet initiated any work related to consolidating poverty alleviation achievements or rural revitalization during the reporting period[183].