JHM(SH:603078)2025-03-21 11:50Financial Performance - The company's operating revenue for 2024 reached ¥1,099,239,768.97, representing a 6.73% increase compared to ¥1,029,908,031.26 in 2023 [20]. - Net profit attributable to shareholders decreased by 6.29% to ¥98,632,847.97 in 2024 from ¥105,250,804.55 in 2023 [20]. - The basic earnings per share for 2024 was ¥0.2558, down 6.27% from ¥0.2729 in 2023 [21]. - The weighted average return on net assets increased slightly to 6.35% in 2024 from 6.27% in 2023 [21]. - The net cash flow from operating activities decreased by 27.02% to ¥106,258,807.95 in 2024 from ¥145,602,604.53 in 2023 [20]. - Total assets at the end of 2024 were ¥2,625,377,837.87, a decrease of 3.03% from ¥2,707,392,295.83 at the end of 2023 [20]. - The net assets attributable to shareholders increased by 15.73% to ¥1,892,728,061.37 at the end of 2024 compared to ¥1,635,438,601.52 at the end of 2023 [20]. - The company reported a quarterly revenue of ¥298,749,538.86 in Q3 2024, showing a steady growth trend throughout the year [23]. - The net profit attributable to shareholders in Q4 2024 was ¥12,376,674.37, indicating a decline compared to previous quarters [23]. Dividend Policy - The company plans to distribute a cash dividend of 0.60 CNY per 10 shares to all shareholders, based on a total of 385,637,248 shares, with no stock dividends or capital reserve transfers planned for this year [6]. - The cash dividend policy emphasizes that at least 20% of distributable profits should be allocated as cash dividends if there are no major investment plans or cash expenditures [172]. - In mature stages without significant capital expenditures, the cash dividend proportion should be at least 80% of the total distribution [169]. - The company's cash dividend distribution is subject to the approval of the board and must be executed within two months after the shareholders' meeting [172]. - The cumulative cash dividends over the last three fiscal years amounted to ¥88,251,600.99, representing a cash dividend payout ratio of 85.5% based on an average net profit of ¥103,221,067.06 [178]. Audit and Compliance - The company has received a standard unqualified audit report from Beijing Dehao International Accounting Firm [5]. - The report indicates that all board members attended the board meeting, ensuring collective responsibility for the report's accuracy [5]. - There are no instances of non-operational fund occupation by controlling shareholders or related parties, nor any violations in decision-making procedures for external guarantees [8]. - The company emphasizes that future plans and strategic developments mentioned in the report do not constitute a substantive commitment to investors, highlighting potential investment risks [7]. - The company has implemented strict governance measures to ensure the independence of its operations and management from its controlling shareholder [135]. Research and Development - R&D investment for 2024 was 41.11 million yuan, accounting for 4.60% of sales revenue, focusing on high-end semiconductor chemicals and new display technologies [35]. - The company aims to strengthen its core competitiveness and expand its market share in the high-end semiconductor and new display panel sectors [35]. - The R&D center, established in 2002, focuses on ultra-pure wet electronic chemicals for semiconductors and has over 100 technical researchers [52]. - The company has established partnerships with universities for collaborative research, enhancing its technological capabilities [52]. - The company is committed to enhancing its research and development capabilities in semiconductor materials [148]. Market and Industry Outlook - The market size of the wet electronic chemicals industry in China reached 22.5 billion yuan in 2023, with a year-on-year growth of 15.56% [42]. - The projected market size for wet electronic chemicals is expected to grow to 29.275 billion yuan by 2025 [42]. - The company is positioned as a leading player in the domestic wet electronic chemicals industry, benefiting from supportive national policies and increasing international competitiveness [38]. - The domestic semiconductor and flat panel display industries are projected to experience significant growth, creating new opportunities for the wet electronic chemicals market [119]. - The company aims to break foreign monopolies in high-end wet electronic chemicals by enhancing its production capabilities and technology [120]. Environmental and Safety Compliance - The company emphasizes environmental protection and has invested in improving production processes to control pollution effectively [129]. - The company has achieved zero discharge for nitrogen and phosphorus wastewater treatment through a three-effect evaporation device [192]. - The company reported a treatment efficiency of over 90% for various waste gas treatment facilities, ensuring compliance with emission standards [193]. - The company has received multiple environmental management system certifications, including ISO14001:2015, valid until 2028 [197][198]. - The company has implemented a dual-tower acid liquid spraying tower for treating sulfuric acid mist with a treatment efficiency of 98% [193]. Operational Strategy - The company primarily operates on a "sales-driven production" model, aligning production with customer orders and contracts [48]. - The company has established a comprehensive waste management system in place, ensuring hazardous waste is handled by qualified entities [195]. - The company has implemented a performance-based salary system, linking compensation closely to performance evaluations [165]. - The company is focused on maintaining a competitive edge in the electronic materials sector through innovation and technology advancements [148]. - The company plans to expand its market presence by focusing on high-performance resins, special synthetic rubber, and functional film materials [87]. Governance and Management - The company has established a governance structure that includes independent directors and supervisory boards, ensuring compliance with legal and regulatory requirements [137]. - The total pre-tax remuneration for the board members and senior management amounted to 8,102,200 RMB, with the highest individual remuneration being 1,368,400 RMB for the Chairman [140]. - The company has established a remuneration committee to evaluate the performance of its directors and senior management annually [149]. - The company is committed to maintaining a robust investor relations framework to protect the rights of all shareholders, especially minority investors [134]. - The company has implemented a risk prevention-oriented management approach for its subsidiaries, enhancing overall operational efficiency [181].