CHANGLAN TECH.(SZ:002879)2025-03-17 12:00Dividend and Profit Distribution - The company plans to distribute a cash dividend of 2 RMB per 10 shares to all shareholders, based on a total of 184,997,235 shares[4]. - The cash dividend plan for 2024 includes a distribution of 2.00 CNY per 10 shares, amounting to a total cash dividend of 36,999,447.00 CNY[141]. - The total cash dividend, including other methods, is 135,858,482.72 CNY, representing 100% of the profit distribution total[141]. - The company's net profit for the reporting period is 74,681,992.00 CNY, with undistributed profits amounting to 884,516,687.46 CNY[141]. - The employee stock ownership plan includes 128 employees holding a total of 9,415,100 shares, representing 4.88% of the company's total equity[143]. - The second phase of the employee stock ownership plan has 120 employees holding 4,001,587 shares, accounting for 2.07% of the total equity[143]. Financial Performance - The company's operating revenue for 2024 reached ¥1,242,071,339.85, representing a 19.18% increase compared to ¥1,042,170,722.20 in 2023[18]. - Net profit attributable to shareholders for 2024 was ¥74,681,992.00, a 3.53% increase from ¥72,132,632.03 in 2023[18]. - Basic earnings per share increased by 7.89% to ¥0.41 in 2024, up from ¥0.38 in 2023[18]. - The company reported a significant increase in sales of transformer insulating oil, with a revenue of CNY 292,363,976.96, marking a year-on-year increase due to the acquisition of Shuangjiang Energy[54]. - The revenue from cable accessories and related products was CNY 936,599,958.77, accounting for 75.41% of total revenue, but decreased by 8.10% year-on-year[49]. - The company achieved a total operating revenue of CNY 1,242,071,339.8, representing a year-on-year increase of 19.18%[47]. Cash Flow and Investments - The cash flow from operating activities decreased by 39.24% to ¥127,005,619.59 in 2024 from ¥209,041,584.22 in 2023[18]. - Operating cash inflow increased by 20.51% to ¥1,277,672,689.93 in 2024, while operating cash outflow rose by 35.19% to ¥1,150,667,070.34, resulting in a net cash flow from operating activities decrease of 39.24%[65]. - Investment cash inflow dropped significantly by 89.56% to ¥21,090,580.17, while investment cash outflow decreased by 30.48% to ¥183,962,871.61, leading to a net cash flow from investing activities decline of 160.28%[65]. - Financing cash inflow was recorded at ¥19,727,237.44, while financing cash outflow surged by 657.15% to ¥232,926,353.80, resulting in a net cash flow from financing activities decrease of 593.03%[65]. Business Operations and Market Position - The company has not reported any changes in its main business operations or major shareholders since its listing[17]. - The company has not made any changes to its registered business activities since its establishment[17]. - The company has established a complete product line covering ultra-high voltage, high voltage, and medium-low voltage cable accessories, with applications in major national projects[34]. - The company is positioned as a leader in the cable accessory industry, with a strong R&D capability and a comprehensive service system[33]. - The company is actively expanding its business into the transformer insulation oil sector, focusing on natural ester insulation oil, which is environmentally friendly and has high safety standards[36]. - The company has successfully entered international markets, including Italy, the USA, and Algeria, achieving full series product export sales[35]. Research and Development - The company has invested over 5% of its main business revenue in R&D expenses on average over the past three years, continuously increasing investment to support ongoing product development[41]. - The company established a joint research center with Xi'an Jiaotong University to enhance R&D capabilities and foster talent development in the field of cable accessories[41]. - The company’s R&D expenses increased by 7.46% to 92,848,750.78 CNY in 2024, compared to 86,399,675.73 CNY in 2023[60]. - The number of R&D personnel increased by 24.31% from 255 in 2023 to 317 in 2024, with the proportion of R&D personnel rising from 15.95% to 18.57%[63]. - The company is actively pursuing new product developments, including high-voltage cable accessories and intelligent cable laying systems, to expand its market presence[62]. Governance and Compliance - The report emphasizes the importance of accurate financial reporting, with the management team affirming the completeness and truthfulness of the financial statements[4]. - The report indicates that all board members attended the meeting to review the annual report, ensuring collective responsibility for its contents[4]. - The company held five board meetings during the reporting period, with all resolutions passed unanimously without any dissenting votes[128]. - The board of directors convened 5 times, with 9 members including 3 independent directors, ensuring effective governance and decision-making[109]. - The supervisory board also met 5 times, maintaining oversight of major transactions and financial conditions to protect shareholder interests[110]. Market Risks and Challenges - The company faces risks from macroeconomic fluctuations that may impact demand in downstream industries such as power grids and rail transportation, prompting a focus on deepening marketing efforts and continuous R&D for new products[97]. - The company is exposed to customer concentration risk, primarily relying on State Grid Corporation, and will seek to diversify its customer base by developing new products and exploring new regions[98]. - Fluctuations in raw material prices, particularly metals and chemical materials, significantly impact the company's operating performance, leading to a strategy of optimizing inventory and production efficiency[99]. Corporate Social Responsibility - The company donated 200,000 yuan to the Hunan University Education Foundation in 2024, totaling 1.2 million yuan since 2018, aimed at rewarding outstanding students in electrical insulation disciplines[155]. - The company has purchased approximately 310,000 yuan worth of agricultural products to support poverty alleviation efforts in Longshan County, contributing over 1.76 million yuan to rural revitalization since 2019[156]. Future Outlook - Future outlook includes plans for market expansion and potential acquisitions to enhance product offerings[75]. - The company anticipates significant growth opportunities driven by the continuous investment from the State Grid and the rising demand in the overseas power equipment market, particularly in the renewable energy sector[90]. - The company plans to maintain its competitive edge in the high voltage cable accessory market by supporting national key projects and expanding into international cross-border power grid projects[97].