Financial Performance - For the fiscal year ending December 31, 2024, the company's revenue was RMB 2,384.15 million, remaining stable compared to RMB 2,395.47 million in 2023[5]. - The company's profit before tax for 2024 was RMB 180.18 million, an increase of 5.97% from RMB 170.03 million in 2023[5]. - Net profit attributable to equity shareholders for 2024 was RMB 125.64 million, up 7.43% from RMB 116.95 million in 2023[5]. - Basic earnings per share for 2024 were RMB 0.29, compared to RMB 0.27 in 2023[5]. - The company reported a total comprehensive income of RMB 147.92 million for 2024, compared to RMB 143.93 million in 2023[7]. - The company's net profit for 2024 was RMB 147.88 million, with a net profit margin of 6.20%, slightly up from RMB 143.93 million and 6.01% in 2023[54]. - The effective tax expense for 2024 was RMB 32,294,000, compared to RMB 26,095,000 in 2023, indicating an increase of about 23.3%[31]. Revenue Breakdown - Revenue from cement additives and intermediates was RMB 1,256,135,000 in 2024, down from RMB 1,427,725,000 in 2023, indicating a decrease of about 12%[18]. - Revenue from concrete additives and intermediates increased to RMB 1,124,194,000 in 2024, up from RMB 962,520,000 in 2023, reflecting a growth of approximately 16.8%[18]. - Revenue from concrete additives and intermediates increased by 16.8% year-on-year, reaching RMB 1,124.19 million, attributed to market share growth[49][59]. - Revenue from cement additives and intermediates decreased by 12.02% to RMB 1,256.14 million, primarily due to fluctuations in raw material prices[56][59]. Expenses and Costs - Research and development expenses for 2024 were RMB 55.01 million, an increase from RMB 45.84 million in 2023[6]. - Distribution costs increased by 3.67% to RMB 56.93 million, driven by higher marketing expenses related to market expansion efforts[63]. - The gross profit margin for additives and intermediates was 19.22%, showing a slight increase from 19.10% in the previous year[60][61]. - Employee costs for 2024 were RMB 203,959,000, slightly down from RMB 204,178,000 in 2023, indicating a marginal decrease of about 0.1%[28]. Assets and Liabilities - Total assets less current liabilities as of December 31, 2024, were RMB 1,355.32 million, compared to RMB 1,246.87 million in 2023[10]. - The company's net assets increased to RMB 1,096.39 million in 2024 from RMB 948.47 million in 2023[10]. - The company's total liabilities decreased to RMB 1,362.87 million, down RMB 34.13 million or 2.44% from the previous year[68]. - The company’s non-current liabilities decreased to RMB 258.94 million, a reduction of 13.23% compared to the previous year, primarily due to the repayment of certain project loans[71]. Corporate Governance and Compliance - The company has fully complied with the corporate governance code since its listing date on January 9, 2025[99]. - The audit committee, consisting of independent non-executive directors, reviewed the financial statements and confirmed compliance with applicable accounting standards[103]. - The company has adopted the standard code for securities transactions by directors and has confirmed compliance by all directors and supervisors[100]. - The company’s financial statements have been verified by KPMG, ensuring consistency with the audited financial statements[104]. Dividends and Share Capital - The board proposed a final cash dividend of RMB 0.17 per share for the fiscal year 2024, compared to no dividend in 2023[5]. - The proposed final dividend is expected to be paid around June 20, 2025, with a 10% withholding tax applicable for non-resident shareholders[107]. - The average number of ordinary shares outstanding increased to 434,920,000 in 2024 from 428,807,000 in 2023, an increase of about 1.4%[34]. - The company completed the issuance of H-shares in January 2025, increasing its issued share capital from RMB 434,920,000 to RMB 579,894,000[5]. Future Outlook and Strategy - The company plans to accelerate overseas expansion and optimize product costs while developing highly customized additives to meet diverse market needs[95]. - The overall industry is expected to undergo structural adjustments and increased concentration, benefiting leading enterprises as demand for high-efficiency and functional additives rises[45]. - The company successfully expanded its overseas market presence, exporting to 27 countries and launching operations in Uzbekistan, contributing to new revenue growth[51]. Miscellaneous - The company received government subsidies amounting to RMB 20,631,000 in 2024, compared to RMB 11,838,000 in 2023, marking an increase of about 74.5%[22]. - The company has recognized RMB 28,188,000 in short-term bank loans for 2024, which was not present in 2023, indicating new financing activities[40]. - No significant events affecting the group's operational and financial performance have occurred after the reporting period[115]. - The annual performance announcement will be published on the company's website and the stock exchange website[117].
海螺材料科技(02560) - 2024 - 年度业绩