KAN(SZ:002012)2025-03-24 13:05Financial Performance - The company's operating revenue for 2024 was CNY 590,513,451.92, representing a decrease of 28.51% compared to CNY 825,999,710.42 in 2023[19]. - The total profit for 2024 was CNY 25,102,859.40, down 58.15% from CNY 59,988,934.85 in the previous year[19]. - The net profit attributable to shareholders for 2024 was CNY 5,740,783.63, a significant decline of 87.91% from CNY 47,466,479.46 in 2023[19]. - The basic earnings per share for 2024 were CNY 0.01, down 90.00% from CNY 0.10 in 2023[19]. - The diluted earnings per share for 2024 were also CNY 0.01, reflecting a 90.00% decrease compared to CNY 0.10 in the previous year[19]. - The company reported total revenue of CNY 590.51 million for the reporting period, a decrease of 28.51% compared to the previous year[47]. - Net profit attributable to shareholders was CNY 5.74 million, down 87.91% year-on-year, primarily due to reduced investment income from asset disposals in the previous year[42]. - The paper-based functional materials segment generated CNY 557.16 million, accounting for 94.35% of total revenue, with a year-on-year decline of 26.64%[48]. Cash Flow and Assets - The net cash flow from operating activities improved to CNY 70,608,538.79, a 452.22% increase from a negative CNY 20,046,951.88 in 2023[19]. - The total assets at the end of 2024 were CNY 1,799,459,069.98, reflecting an 8.20% decrease from CNY 1,960,257,605.99 at the end of 2023[19]. - The net assets attributable to shareholders at the end of 2024 were CNY 1,526,928,753.11, a slight decrease of 0.57% from CNY 1,535,668,427.66 in 2023[19]. - The company's cash and cash equivalents decreased by 7.47% to CNY 667,617,998.39, primarily due to increased bank financial products purchased during the period[68]. - Inventory decreased by 2.78% to CNY 125,772,054.37, mainly due to a reduction in raw material reserves at the end of the period[68]. Production and Market Focus - The total production of paper and paperboard in China reached 158.47 million tons in 2024, marking an 8.6% year-on-year increase[29]. - The company is focusing on high-value-added paper-based functional materials, aligning with national policies on energy conservation and green production[30]. - The company focuses on special paper products, including cigarette packaging paper, special food packaging paper, industrial paper, and medical packaging materials, which are recognized as high-tech products in the paper industry[35]. - The special food packaging paper segment has seen increased demand due to heightened consumer awareness of food safety, with products designed to meet non-toxic, oil-resistant, and waterproof standards[36]. Research and Development - The company has seven ongoing R&D projects and is actively participating in international exhibitions to expand its market presence[44]. - The company has received nearly 30 national patents, reflecting its strong R&D capabilities and commitment to innovation in special paper products[41]. - Research and development expenses fell by 34.73% to CNY 29,009,615.13 in 2024, down from CNY 44,446,761.66 in 2023, also due to the reduced scope of consolidation[56]. - The company plans to enhance production management and customer resource capabilities to lower material procurement costs and improve production efficiency[83]. Sustainability and Environmental Initiatives - The company has been recognized as a "national green factory," enhancing its green governance and reducing carbon emissions significantly[31]. - The company has achieved a 71% reduction in total greenhouse gas emissions compared to 2021, with a goal of zero wastewater and zero waste gas emissions[91]. - The company has implemented a carbon management system and is actively reducing energy consumption and carbon emissions, with total energy consumption and carbon emissions showing a downward trend during the reporting period[138]. - The company has established a wastewater treatment system with a daily capacity of 10,000 m³, ensuring compliance with discharge standards[136]. Governance and Compliance - The company has established a robust governance structure, ensuring compliance with legal and regulatory requirements while enhancing transparency and accountability[95]. - The company maintains complete independence in operations, with no reliance on controlling shareholders for business, assets, personnel, or financial matters[97]. - The company has established an independent financial accounting department and tax reporting system, ensuring no shared bank accounts with shareholders[98]. - The company has confirmed that all capital contributions to its subsidiaries are genuine and have been fully paid, with no instances of false or delayed contributions[147]. Shareholder Relations and Dividends - The company proposed a cash dividend of CNY 0.04 per 10 shares, based on a total of 467,625,470 shares[3]. - The company maintained a cash dividend policy with a continuously increasing payout ratio, reflecting its commitment to shareholder returns[92]. - The total distributable profit for the parent company as of December 31, 2024, was CNY 461,045,973.70[126]. - The company’s cash dividend distribution plan aligns with its operational status and complies with relevant laws and regulations[126]. Future Outlook and Strategic Initiatives - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 10% to 1.32 billion CNY[105]. - New product launches are expected to contribute an additional 200 million CNY in revenue, with a focus on innovative materials[105]. - The company is exploring potential acquisitions to strengthen its supply chain, with a budget of 300 million CNY allocated for this purpose[105]. - The company plans to enhance its digital marketing efforts, aiming for a 40% increase in online sales channels[105].