Company Overview - The Group's principal operating member company, Guangzhou Mayer, has been engaged in the manufacture of steel pipes and related products for nearly 30 years, establishing itself as a benchmark brand in the stainless steel water pipe industry in China[5]. - Guangzhou Mayer has been operating for nearly 30 years, specializing in the production of steel pipes and related products, establishing itself as a benchmark brand in China's stainless steel pipe industry[7]. - In 2024, Guangzhou Mayer's main operational entity is Guangzhou Mayer Co., Ltd., which includes production facilities, offices, and employee accommodations[7]. Raw Materials and Production - All raw materials for the Group's stainless steel products are sourced from the top five steel suppliers in China, ensuring high quality and reliability[5]. - The company sources all raw materials from five major steel suppliers in China, ensuring high-quality products and services[7]. - Guangzhou Mayer operates production plants, office buildings, staff quarters, canteens, and leisure spaces, indicating a comprehensive operational infrastructure[6]. Innovation and Development - The Group has two subsidiaries focused on the manufacture of nano phase change energy storage materials and the development of new energy storage products, highlighting its commitment to innovation[6]. - The group has two subsidiaries focused on developing nano phase change energy storage materials and new energy storage products, indicating a commitment to innovation[7]. Environmental, Social, and Governance (ESG) Commitment - The ESG report emphasizes the Group's dedication to sustainability and environmental protection, aligning with its operational philosophy of "Harmony, Innovation and Sustainability"[5]. - The ESG report covers four environmental and eight social aspects, reflecting the Group's comprehensive approach to ESG matters[6]. - The Board regularly reviews the performance of ESG-related goals and targets, ensuring accountability and transparency in its operations[3]. - The Group conducts annual materiality assessments to understand stakeholder expectations and concerns regarding ESG issues[3]. - The reporting principles include materiality, quantitative data collection, balance in presenting impacts, and consistency over time, ensuring comprehensive and reliable disclosures[3]. Environmental Impact and Emissions - Key environmental concerns include greenhouse gas emissions, energy consumption, and waste management, which are critical to the company's sustainability efforts[14]. - In 2024, Guangzhou Mayer's nitrogen oxide (NOx) emissions are projected to be 2,979.7 kg, an increase from 2,683.9 kg in 2023, representing a growth of approximately 11.0%[19]. - Sulphur oxide (SOx) emissions are expected to rise to 3.5 kg in 2024 from 3.2 kg in 2023, indicating a growth of about 9.4%[19]. - Suspended particulate matter (PM) emissions are forecasted to increase to 214.3 kg in 2024, up from 193.0 kg in 2023, which is an increase of approximately 11.0%[19]. - Total greenhouse gas (GHG) emissions for 2024 are projected at 2,192,266 kg CO2e, a significant increase from 1,564,708 kg CO2e in 2023, reflecting a rise of about 40.0%[31]. - GHG emissions from Scope 1 are expected to be 578,679 kg CO2e in 2024, up from 525,418 kg CO2e in 2023, marking an increase of approximately 10.1%[31]. - Scope 2 GHG emissions are projected to rise to 1,528,994 kg CO2e in 2024 from 1,020,568 kg CO2e in 2023, representing an increase of about 49.9%[31]. - The GHG intensity for total emissions per tonne of production is expected to be 25 kg CO2e/tonne in 2024, up from 14 kg CO2e/tonne in 2023, indicating an increase of approximately 78.6%[31]. - The company achieved its air emissions reduction targets for NOx, SOx, and PM, with a 5% reduction from the baseline year of 2019[22]. - A new emission reduction target has been set to achieve a 2% reduction by 2029, using 2024 as the baseline year[23]. - Guangzhou Mayer has implemented a Waste Management System to ensure compliance with environmental policies and local regulations regarding waste disposal[27]. - The Group has achieved its GHG emissions reduction target of 5% for Scope 1, Scope 2, and Scope 3 by 2024, using 2019 as the baseline year[34]. - A new emission reduction target has been set to achieve a 2% reduction by 2029, with 2024 as the baseline year[34]. - In 2024, the total amount of hazardous waste produced was 12,074 tons, an increase from 11,300 tons in 2023[37]. - The total amount of non-hazardous waste produced in 2024 was 2,484,106 tons, up from 2,340,554 tons in 2023[37]. - The intensity of non-hazardous waste increased from 20.8 in 2023 to 28.6 in 2024[37]. - Guangzhou Mayer has obtained ISO 50001 energy management system certification, valid from April 24, 2024, to April 23, 2027[36]. - The installation of solar panels is expected to generate an average annual electricity output of 2.3 million kilowatt hours[39]. - The energy management system aims to improve energy balance and reduce carbon dioxide emissions while lowering energy costs[35]. - The Group has set new waste reduction targets to achieve a 2% reduction in both hazardous and non-hazardous waste by 2029, with 2024 as the baseline year[37]. - Guangzhou Mayer has installed a sewage treatment system to treat effluent generated during production, with treated water reused in production[37]. - In 2024, Guangzhou Mayer's total electricity consumption was 3,184,740 KWh, an increase from 2,125,740 KWh in 2023, with total energy consumption rising to 5,534,755 KWh from 4,259,517 KWh[45]. - Water consumption increased to 31,237 cubic meters in 2024, compared to 19,699 cubic meters in 2023, resulting in a water consumption intensity of 0.36 m³ per tonne of product, up from 0.18 m³[45]. - The total packaging materials used decreased to 166,750 kg in 2024 from 254,700 kg in 2023, with an intensity of 1.9 kg per tonne of product, down from 2.3 kg[45]. - The photovoltaic power station's electricity generation decreased by approximately 986,800 KWh compared to the same period last year due to operational interruptions and adverse weather conditions[47]. - During 2024, electricity consumption from Mayer Technology and Mayer Energy Storage accounted for 29% and 18% of the total electricity and water consumption, respectively[47]. - Guangzhou Mayer implemented energy conservation measures, including the installation of LED sensory lights, which help reduce electricity consumption[40]. - The company strictly complied with local environmental laws and regulations, with no significant fines or sanctions reported in 2024[41]. - Water usage during cleaning processes was strictly controlled, leading to substantial savings[40]. - The Group actively promotes waste separation and recycling to minimize environmental impact from non-hazardous waste[40]. - The Energy and Resource Management System was established to enhance resource efficiency and reduce wastage across operations[42]. - In 2024, electricity consumption increased due to the operations of Mayer Technology and Mayer Energy Storage, which accounted for 29% and 18% of total electricity and water consumption respectively[48]. - The photovoltaic power generation capacity decreased by approximately 986,800 kWh compared to the same period last year due to operational interruptions and weather impacts[48]. - The Group has achieved a 5% reduction target in packaging material consumption based on 2019 as the baseline year[50]. - The new resource consumption reduction target is set to achieve a 2% reduction by 2029, with 2024 as the baseline year[51]. - The Group has extended its ISO 14001 environmental management system certification, valid from September 23, 2023, to September 22, 2025[53]. - The Group has implemented a risk management system to address climate change impacts, including physical risks from extreme weather events[56]. - The Group is focused on maintaining compliance with environmental regulations to avoid potential fines and operational disruptions[56]. Employee Welfare and Engagement - Employee welfare, including competitive salaries and a safe working environment, is a focus area for the company to attract and retain talent[12]. - The Group has established a comprehensive training program and competitive remuneration to enhance employee satisfaction and retention[56]. - The Group provides competitive salaries and benefits, adjusting them according to market conditions to attract and retain talent[59]. - Guangzhou Mayer's Labour Union organized a movie viewing activity on March 3, 2024, to enhance employee engagement and cohesion[62]. - The employee turnover rate for males in 2024 was 13%, significantly down from 41% in 2023, while for females it was 8%, down from 17%[58]. - The turnover rate for employees under 30 years old was 36% in 2024, a decrease from 68% in 2023, indicating improved retention among younger staff[58]. - Guangzhou Mayer has implemented various management systems, including the Recruitment Management System and the Remuneration and Benefit Management System, to enhance employee satisfaction and retention[59]. - The Group maintains a commitment to equal employment opportunities, free from discrimination based on various factors, ensuring a diverse and respectful workplace[64]. - No significant violations of employment-related laws were reported in 2024, and the Group complied with relevant local laws and regulations[65]. - In 2024, Guangzhou Mayer reported 4 work-related injuries and 177 lost days due to work injury, resulting in a lost days rate of 0.2%[79]. - The company emphasizes occupational health and safety throughout its production processes to minimize risks to employees and the environment[71]. - Guangzhou Mayer has adopted the Training Management Procedures to ensure employees meet safety and quality requirements[80]. - In 2024, 100% of employees at Guangzhou Mayer received training, maintaining the same percentage as in 2023[85]. - The average training hours per employee increased significantly from 36.2 hours in 2023 to 61.5 hours in 2024[87]. - Training hours for senior management rose from 60.0 hours in 2023 to 75.8 hours in 2024, while general staff training hours increased from 44.8 hours to 76.5 hours[87]. - The percentage of male employees trained remained at 67%, while female employees trained also stayed at 33%[85]. - Guangzhou Mayer implemented a "Rationalization Suggestions/One-Point Course System" to encourage employee participation in management improvements[84]. - The company conducted a five-day lean quality and safety management training in July and November 2023, focusing on equipment cleaning and safety education[84]. - The Human Resources Department developed a 2024 Training Schedule emphasizing system optimization and safety education[84]. Compliance and Legal Matters - The company emphasizes compliance with laws and regulations, fulfilling tax obligations, and maintaining operational compliance as part of its governance strategy[10]. - The company strictly complies with local health and safety laws, with no significant fines or sanctions imposed during 2024[79]. - Guangzhou Mayer strictly complies with laws against child and forced labor, ensuring all new employees sign labor contracts upon hiring[90]. - The Group strictly complies with the Anti-Unfair Competition Law and other local anti-corruption regulations during Year 2024[107]. - No material violations of relevant laws and regulations were reported that significantly impacted health and safety or product responsibility during Year 2024[106]. - During Year 2024, the Group did not record any bribery or corruption charge, indicating a strong compliance with anti-corruption measures[107]. - There were no significant legal violations related to health and safety, advertising, labeling, or privacy rights during Year 2024[108]. - No substantial fines or sanctions were incurred due to non-compliance with relevant laws during Year 2024[108]. Customer Satisfaction and Quality Management - The company has obtained ISO9001 quality management system certification, valid from September 23, 2022, to September 22, 2025[93]. - All product and service complaints in 2024 were resolved promptly, receiving widespread customer praise for professional skills and localized services[95]. - The company has achieved a 10-star After Sales Service Perfection Evaluation System Certificate, valid from January 5, 2024, to January 4, 2025[97]. - Guangzhou Mayer has obtained a five-star after-sales service certification, valid from December 22, 2023, to December 24, 2026[98]. - The Group conducts customer satisfaction surveys at the end of June and December each year, with no complaints about substandard product quality received in 2024[105]. - The Group maintains a complete record of customer requirements and confirms them before acceptance, ensuring all customer feedback is analyzed and addressed[105]. - The technical department quantifies customer requirements into measurable technical parameters to ensure product quality and compliance[100]. - The Group has implemented a comprehensive management system to enhance laboratory quality management levels according to CNAS standards[100]. - The Group's laboratory ensures measurement accuracy and impartiality, adhering to national standards for testing and calibration[100]. - Guangzhou Mayer has established strict confidentiality measures to protect consumer data and privacy, with protocols for timely destruction of relevant information[105]. Community Engagement and Social Responsibility - The Group employed a total of 3 disabled individuals in various positions to support community integration during Year 2024[110]. - Guangzhou Mayer planted 13 species of trees in its production base to enhance environmental protection and reduce CO2 emissions[110]. - The Group provided an anti-corruption education and training project for its directors and staff to raise awareness towards ethical issues in Year 2024[107]. - The Group actively promoted social advancement by enhancing environmental awareness among employees and supporting child development in Year 2024[110]. - The Group organized volunteering activities to enhance employees' environmental protection awareness and community engagement[110]. - The Labour Union held a cultural activity for employees to promote interaction and experience traditional Chinese festival customs[111].
MAYER HOLDINGS(01116) - 2025 - 年度财报