LZCIC(600423)2025-03-20 11:35Financial Performance - The company's net profit for 2024 is CNY 30.18 million, a decrease of 58.81% compared to CNY 73.25 million in 2023[7]. - Operating revenue for 2024 reached CNY 164.89 million, reflecting a year-on-year increase of 16.20% from CNY 141.90 million in 2023[24]. - The net profit attributable to shareholders was CNY 30.18 million, with a net profit of CNY 33.68 million after deducting non-recurring gains and losses[34]. - Basic earnings per share for 2024 were CNY 0.04, down 55.56% from CNY 0.09 in 2023[26]. - The total profit for Liuzhou Chemical Co., Ltd. in 2024 was CNY 425.01 billion, a decrease of 8.6% year-on-year[41]. - The company's operating revenue for the reporting period was CNY 164.89 million, a year-on-year increase of 16.2%, while net profit attributable to shareholders decreased by 58.81% to CNY 30.18 million[51][52]. Cash Flow and Assets - The net cash flow from operating activities increased by 409.84% to CNY 51.61 million, compared to CNY 10.12 million in the previous year[25]. - The total assets at the end of 2024 amounted to CNY 602.15 million, a 9.90% increase from CNY 547.91 million at the end of 2023[25]. - The company's net assets attributable to shareholders increased by 8.43% to CNY 551.55 million, up from CNY 508.65 million in 2023[25]. - Cash inflow from operating activities was CNY 166,906,548.50, up 71.84% from the previous period[70]. - The company's cash and cash equivalents at the end of the period were CNY 427,761,645.21, which is 71.04% of total assets[71]. Production and Efficiency - The production of 27.5% hydrogen peroxide reached 169,200 tons, exceeding the annual plan by 112.80% and increasing by 34.50% year-on-year[36]. - The annual unit production cost decreased by 4.42% year-on-year, while energy consumption per unit of output dropped by 28.07%[36]. - The company implemented a technical upgrade project for a 60,000 tons/year hydrogen peroxide facility, which contributed to improved production efficiency and reduced costs[38]. - The company achieved a production volume of 16.92 million tons for 27.5% hydrogen peroxide, with a capacity utilization rate exceeding 100%[81]. - The company completed a technical upgrade project for 27.5% hydrogen peroxide with an annual capacity of 60,000 tons, which began trial production in December 2023[86]. Market and Sales - The market for industrial-grade hydrogen peroxide is facing severe oversupply, particularly in East and South China regions, due to rapid growth in production capacity[41][42]. - The revenue from 27.5% hydrogen peroxide was ¥136,956,437.04, with a gross margin of 22.42%, up 3.45 percentage points compared to the previous year[56]. - The sales volume for 27.5% hydrogen peroxide was 146,500 tons, resulting in a regional market share of only 8.14%[81]. - The average ex-factory price for 27.5% hydrogen peroxide was 802 RMB/ton, a year-on-year decrease of 18.74%[78]. - The company anticipates that the demand for downstream products will remain concentrated in key areas such as papermaking and nylon, but market competition is expected to intensify in the long term[93]. Research and Development - The company’s R&D expenses decreased by 59.92% to CNY 1.29 million, attributed to reduced material consumption in R&D projects during the reporting period[53]. - The total R&D expenditure for the period was CNY 1,286,543.30, accounting for 0.78% of operating revenue[67]. - The number of R&D personnel is 8, representing 8.79% of the total workforce[68]. - The company is actively developing food-grade hydrogen peroxide products and has obtained the necessary production license, enabling expansion into the food industry[38]. Governance and Compliance - The company has established a comprehensive governance structure, ensuring compliance with legal requirements and enhancing operational transparency[102]. - The company’s financial disclosures are in compliance with legal and regulatory requirements, ensuring fair information dissemination[107]. - The company maintained independence in assets, personnel, finance, institutions, and operations from its controlling shareholder during the reporting period[107]. - The company has established a contract-based management system for its senior executives, linking their remuneration to performance assessments[119]. - The company has not faced any penalties from securities regulatory agencies in the past three years[121]. Environmental and Safety - The company invested 404.87 million yuan in environmental protection during the reporting period[153]. - The total emissions of volatile organic compounds were 0.7336 tons, with no exceedance of emission standards[155]. - The company has established a comprehensive internal control system, with 103 existing systems reviewed and 63 new or revised systems implemented[150]. - The company is committed to achieving "three zeros" in safety production: zero major safety accidents, zero major equipment accidents, and zero major pollution incidents[95]. - The company maintained a zero-accident record in production safety and environmental pollution during the reporting period[35]. Shareholder and Ownership Structure - The total number of ordinary shareholders as of the end of the reporting period is 21,549, a decrease from 30,095 at the end of the previous month[185]. - The largest shareholder, Liuzhou Yuantong Investment Development Co., Ltd., holds 201,452,434 shares, representing 25.22% of the total shares[187]. - The top ten shareholders collectively hold a significant portion of the company's shares, with the largest three shareholders alone accounting for over 33%[187]. - The company has not disclosed any significant related party transactions or major contracts during the reporting period[180]. - The actual controller is the Liuzhou State-owned Assets Supervision and Administration Commission, established in October 2004, focusing on state asset supervision[192].