GS(601500)2025-04-29 12:53Financial Performance - The company's operating revenue for 2024 reached ¥6,958,050,368.10, representing a 37.39% increase compared to ¥5,064,441,734.66 in 2023[23] - The net profit attributable to shareholders of the listed company was ¥373,882,418.73, a significant increase of 72.81% from ¥216,349,807.35 in the previous year[23] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥359,251,858.30, up 83.61% from ¥195,661,560.55 in 2023[23] - The total assets of the company increased by 36.31% to ¥15,379,161,354.40 at the end of 2024, compared to ¥11,282,262,677.58 at the end of 2023[23] - The company's cash flow from operating activities decreased by 42.39% to ¥513,864,856.86 in 2024, down from ¥891,975,659.91 in 2023[23] - The company's net assets attributable to shareholders increased by 6.61% to ¥5,912,761,266.97 at the end of 2024, compared to ¥5,546,186,344.27 at the end of 2023[23] - Basic earnings per share were 0.24 yuan, up 71.43% from 0.14 yuan in 2023[24] - The diluted earnings per share also stood at 0.24 yuan, reflecting the same percentage increase of 71.43%[24] - The weighted average return on equity increased to 6.53%, up 2.35 percentage points from 4.18% in 2023[24] - The net profit after deducting non-recurring gains and losses was 0.23 yuan per share, a 76.92% increase from 0.13 yuan in 2023[24] Market and Industry Trends - The significant changes in net profit were attributed to the growth in the automotive industry and increased demand in the overseas tire market, leading to enhanced revenue and profitability[23] - In 2024, China's rubber tire outer tire production reached 1.187 billion units, a year-on-year increase of 9.2%[47] - The sales revenue of China's all-steel tire market decreased by 5% in 2024, with the OE market down by 3% and the RE market down by 7%[50] - In 2024, China's total exports of new inflatable rubber tires reached 68.057 million units, a year-on-year increase of 10.5%, with an export value of 158.3 billion yuan, up 5.5%[50] - The price of natural rubber reached a seven-year high at the beginning of the year, although it declined throughout the year, it remained at a high level, impacting profit margins for tire companies[51] - The production and sales of new energy vehicles in 2024 reached 12.888 million and 12.866 million units, respectively, with year-on-year growth of 34.4% and 35.5%[55] - The number of newly registered new energy vehicles in 2024 was 11.25 million, accounting for 41.83% of total new registrations, a year-on-year increase of 51.49%[56] Strategic Initiatives - The company is focusing on expanding its global marketing network and optimizing production capacity to enhance operational efficiency[23] - The company is focusing on enhancing its competitive edge through independent technological innovation and brand building[33] - The company plans to accelerate the upgrade of its industry towards intelligent, international, and green development[33] - The company has accelerated its global layout, achieving full production capacity at its Cambodia base by May 22, 2024, becoming the first domestic tire enterprise to realize "overseas dual bases" production[34] - The company has implemented lean production practices, enhancing operational efficiency and reducing costs, and has been recognized as one of the "Top 50 New Quality Productivity Listed Companies in China"[42][43] - The company has initiated the "Qianlima Talent Project" to cultivate specialized and international talent, aiming to align with international first-tier brands[44] - The company aims to achieve a production capacity of over 50 million tires, with plans to establish five production bases and five R&D centers within the next decade[69] Research and Development - The company has developed new materials, achieving over 20% improvement in tear strength and wear resistance for all-steel tires using multi-wall carbon nanotube technology, and over 30% improvement in wear resistance for semi-steel tires with breakthrough super mulberry technology[36][37] - R&D expenses increased by 100.77% to 145 million RMB, indicating a significant investment in new product development[80] - The company employed 699 R&D personnel, making up 12.47% of the total workforce[89] - The company has received 436 authorized patents, including 86 invention patents, positioning it among the leaders in the Chinese tire industry[71] Environmental and Social Responsibility - The company invested 36.29 million RMB in environmental protection during the reporting period[190] - The company has established an emergency response plan for sudden environmental incidents, which has been filed with the local environmental protection bureau[194] - The company has signed contracts with qualified third-party organizations for the disposal of hazardous waste, ensuring compliance with environmental regulations[192] - The company’s wastewater treatment plant meets the discharge standards for COD, ammonia nitrogen, and total nitrogen, with values of 13-124 mg/L, 0.917-13 mg/L, and 2.32-34 mg/L respectively[192] - The company has established a carbon neutrality promotion team to conduct policy and pathway research related to energy conservation and emission reduction[198] Corporate Governance - The company has established a comprehensive internal control system and revised several governance documents to enhance operational compliance[149] - The board of directors consists of 7 members, including 3 independent directors, and has held 11 meetings during the reporting period[146] - The company maintains independence from its controlling shareholder in business, personnel, assets, and finance, ensuring no interference in decision-making[150] - The company has a cash dividend policy, mandating that at least 10% of the distributable profits must be distributed in cash, with a target cash dividend payout ratio of no less than 30% of the net profit attributable to shareholders[177] Leadership and Management - The company announced the retirement of Vice President Gu Yanhong due to reaching the legal retirement age, effective February 11, 2025[155] - The company has appointed Wang Xiaojun as the new President, effective December 2024[156] - The company is actively expanding its market presence through various subsidiaries and partnerships, indicating a strategic focus on growth and diversification[154] - The total remuneration paid to directors, supervisors, and senior management during the reporting period amounted to 11.899 million yuan (pre-tax) [159]