TCEPC(SH:600874)2025-03-21 15:35Financial Performance - The net profit attributable to the parent company's shareholders for 2024 is RMB 807,210,626.05, after deducting the statutory surplus reserve of RMB 63,434,057.49 and adding the beginning retained earnings of RMB 5,650,377,740.31[5] - The actual distributable profit for shareholders in 2024 is RMB 6,133,464,906.76, with a proposed cash dividend of RMB 1.70 per 10 shares, totaling RMB 266,971,074.45, which accounts for 33.07% of the net profit[5] - The company plans to maintain a dividend distribution not lower than the previous year's level to protect investor interests[5] - The company's operating revenue for 2024 reached CNY 4,827,453,005.80, representing a 3.48% increase compared to CNY 4,665,082,961.28 in 2023[23] - The net profit attributable to shareholders decreased by 6.70% to CNY 807,210,626.05 from CNY 865,207,128.31 in the previous year[23] - The net profit after deducting non-recurring gains and losses was CNY 723,130,878.23, down 7.14% from CNY 778,741,496.55 in 2023[23] - The net cash flow from operating activities increased by 39.31% to CNY 1,382,016,720.96, compared to CNY 992,016,405.44 in 2023[23] - The total assets of the company at the end of 2024 were CNY 25,154,981,695.71, a 2.84% increase from CNY 24,460,654,468.88 in 2023[23] - The net assets attributable to shareholders increased by 5.99% to CNY 9,668,867,730.10 from CNY 9,122,173,579.47 in 2023[23] - Basic earnings per share decreased by 7.27% to CNY 0.51 from CNY 0.55 in 2023[24] - The weighted average return on equity decreased by 1.54 percentage points to 8.35% from 9.89% in 2023[24] Audit and Compliance - The company has received a standard unqualified audit report from DaXin Accounting Firm[4] - The report indicates that there are no significant risks or non-operational fund occupation by controlling shareholders[7] - The company has confirmed that there are no violations in decision-making procedures regarding external guarantees[7] - The report emphasizes the commitment to the accuracy and completeness of the financial report by the management team[5] - The company has not disclosed any significant forward-looking statements or risks associated with them[7] Market Expansion and Strategic Initiatives - The company plans to continue expanding its market presence and invest in new technologies to enhance operational efficiency and profitability[21] - The company completed a three-year rolling development plan for 2025-2027, focusing on strategic opportunities in the photovoltaic, industrial wastewater, and energy storage sectors[29] - The company connected 110 recycled water pipeline points, enhancing the usage range and user base of recycled water[31] - The company successfully acquired the Zhangguizhuang recycled water plant project, expanding its recycled water business capacity[31] - The company achieved a new sewage treatment capacity of 155,000 tons/day through successful bids for four projects[31] - The company secured a total credit line of CNY 10.2 billion, optimizing financing conditions and reducing financial expenses[32] - The company completed over 60 technological achievements aimed at cost reduction and efficiency improvement in wastewater treatment and resource utilization[32] - The company established a digital transformation platform for financial and operational integration, enhancing real-time monitoring of core business operations[32] - The company signed a contract for the entrusted operation of the Bohu sludge disposal project, actively expanding the market for core technologies[31] Research and Development - The total R&D investment amounted to ¥65,743,766.19, representing 1.36% of the operating revenue[62] - The number of R&D personnel is 361, accounting for 15.55% of the total workforce[62] - The company continues to focus on technological innovation, with 24 patents and 5 software copyrights granted in 2024[42] - Research and development expenses rose by 23.04% to ¥65,289,666.95, up from ¥53,061,711.10, indicating increased investment in technology development[45] Environmental and Social Governance - The company has committed to publishing its ESG report by April 30, 2025[190] - The company has established emergency response plans for sudden environmental incidents, which have been reviewed and filed with local ecological environment departments[184] - The company faced administrative penalties totaling 320,000 RMB due to environmental violations during the reporting period[186] - The company implemented carbon reduction measures, achieving a decrease in carbon dioxide equivalent emissions by 14,895 tons[188] - The company developed greenhouse gas monitoring technology, providing a method for calculating greenhouse gas emissions for urban wastewater treatment plants[189] Corporate Governance - The company has revised its governance structure to align with regulatory requirements, ensuring transparency and protection of shareholder interests[92] - The company adheres to corporate governance rules and has established a system for managing insider trading among directors and senior management[93] - The company has established a mechanism to ensure the independence of non-executive directors, with candidates proposed by shareholders holding more than 1% of issued shares[95] - The company emphasizes the importance of mergers and acquisitions for market integration and performance enhancement in a competitive environment[81] Shareholder Engagement and Communication - The company emphasizes transparent communication with shareholders, especially minority shareholders, regarding profit distribution proposals[158] - The company provides monthly operational briefings to the board, covering production, financial statements, and analysis to keep directors informed[98] - The company actively engages with investors through various channels, including a dedicated investor consultation phone line and email[110] - The company held multiple investor relations events, including a video live-streamed annual performance meeting on May 23, 2024, and a half-year performance meeting on September 3, 2024[110] Future Outlook and Guidance - The company has set a revenue guidance of 1.5 billion RMB for the fiscal year 2024, indicating a growth target of 25%[119] - The company plans to process no less than 164.186 million cubic meters of wastewater in 2025, with expected service fee revenue and cost changes not exceeding 20%[84] - The company aims to become a leading professional service provider in the water treatment and resource utilization sector by the end of the 14th Five-Year Plan[83] - The company anticipates increased operational costs due to rising resource and labor costs, while adhering to national policies and operational environments[84]