BAOTI(SH:600456)2025-03-27 10:05Financial Performance - The company's operating revenue for the reporting period was CNY 6,656,790,844.41, a decrease of 3.90% compared to CNY 6,927,226,308.10 in the previous year[24]. - The net profit attributable to shareholders of the listed company was CNY 576,447,716.38, an increase of 5.92% from CNY 544,223,785.73 in the previous year[24]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 499,070,539.26, reflecting a growth of 5.17% compared to CNY 474,541,181.87 last year[24]. - The net cash flow from operating activities significantly increased to CNY 412,415,641.45, up 173.76% from CNY 150,649,134.93 in the previous year[24]. - The total assets at the end of the reporting period reached CNY 13,351,385,263.70, a growth of 6.87% from CNY 12,493,227,937.76 at the end of the previous year[24]. - The net assets attributable to shareholders of the listed company increased to CNY 6,954,846,347.08, marking a 6.43% rise from CNY 6,534,806,903.87 in the previous year[24]. - The weighted average return on equity decreased slightly to 8.55% in 2024 from 8.55% in 2023, while the return on equity after deducting non-recurring gains and losses was 7.40%[25]. - The company reported a decrease in diluted earnings per share to 1.2065 RMB in 2024, reflecting a year-on-year increase of 5.92%[25]. - The company achieved operating revenue of 6.657 billion RMB, a decrease of 3.9% year-on-year[63]. - The net profit attributable to shareholders was 576 million RMB, an increase of 5.92% year-on-year[63]. - Operating costs amounted to 5.226 billion RMB, down 4.29% compared to the previous year[64]. Dividends and Profit Distribution - The company plans to distribute a cash dividend of CNY 0.39 per share, totaling CNY 186,333,240.21 based on the total share capital of 477,777,539 shares[6]. - The cash dividend for 2024 is set at 3.9 CNY per 10 shares, totaling 186,333,240.21 CNY, which represents 32.32% of the net profit attributable to ordinary shareholders in the consolidated financial statements[149]. - The cash dividend for 2023 was 3.5 CNY per 10 shares, amounting to 167,222,138.65 CNY, accounting for 30.73% of the net profit attributable to ordinary shareholders[149]. - The cumulative cash dividend over the last three accounting years is 568,555,271.41 CNY, with an average net profit of 559,276,487.14 CNY, resulting in a cash dividend ratio of 101.66%[154]. - The company's profit distribution policy prioritizes cash dividends, ensuring that at least 30% of the average distributable profit over the last three years is distributed in cash[147]. - The company's board and shareholders have approved modifications to the profit distribution policy to enhance clarity on distribution principles and procedures[147]. Market and Industry Position - The company achieved an annual revenue of 6.657 billion RMB and a net profit attributable to shareholders of 576 million RMB in 2024, with titanium product sales volume reaching 31,300 tons[34]. - The company actively adjusted its marketing strategies to capture market opportunities in sectors such as petrochemicals, chlor-alkali, hydrogen energy, and 3C[34]. - The company is focusing on enhancing the application ratio of titanium materials in high-end fields such as aerospace, ships, and deep-sea industries[42]. - The titanium industry is supported by national policies, with Shaanxi Province designating it as a pillar industry, providing a favorable environment for long-term development[43]. - The company has identified significant market opportunities in aerospace, petrochemicals, and new energy sectors, driven by national economic reforms and demand expansion[92]. Technological Innovation and R&D - The company focused on technological innovation, leading to breakthroughs in key technologies and the development of multi-specification profiles that fill application gaps in the aerospace field[35]. - The company established a high-level innovation platform and completed 74 domestic and international audit certifications, successfully passing the ISO9001 and AS9100 quality management system re-certification[35]. - The company maintains a strong R&D capability, having completed over 8,000 national research projects and achieved more than 700 significant research results[59]. - Research and development expenses totaled ¥203,985,445.95, accounting for 3.06% of total revenue[75]. - The company has 282 R&D personnel, representing 7% of the total workforce, with 45 holding master's degrees[76]. - The company led the formulation of 10 various standards and received 3 technology achievement awards in 2024, along with 3 patent authorizations[35]. Environmental Responsibility - The company has established an environmental protection mechanism and invested 9.301 million CNY in environmental protection funds during the reporting period[159]. - The company’s subsidiary, Baoji Titanium Industry, is classified as a key pollutant discharge unit, adhering to national environmental protection laws and regulations without incurring penalties[160]. - The company achieved compliance with national pollutant discharge standards across all monitored emission points, including hydrogen chloride and particulate matter, with average concentrations of 8.7 mg/m³ and 9.1 mg/m³ respectively, both within the limits of 80 mg/m³ and 10 mg/m³[161]. - The company has established various pollution control facilities, including wastewater treatment and dust removal systems, which are operating stably and meeting emission standards[171]. - The company has developed an emergency response plan for environmental incidents, which has been filed with the local ecological environment bureau[165]. - The company has implemented carbon reduction measures, resulting in a decrease of 4,810 tons of CO2 equivalent emissions through the use of photovoltaic power generation[177]. Governance and Compliance - The company emphasizes the importance of corporate governance and compliance with relevant laws and regulations to protect shareholder interests[114]. - The company held one shareholders' meeting during the reporting period, ensuring compliance with legal requirements and protecting the rights of all shareholders[115]. - The board of directors held 12 meetings during the reporting period, adhering to legal and regulatory requirements to ensure effective governance[115]. - The supervisory board held 5 meetings during the reporting period, effectively overseeing the company's operations and financial activities[116]. - The company has a complete governance structure, including a board of directors, supervisory board, and management team, ensuring effective oversight[120]. - The company has implemented strict information disclosure practices, enhancing transparency for all stakeholders[117]. Employee and Workforce Management - The company has a workforce of 4,934 employees, with 4,025 in the parent company and 909 in major subsidiaries[143]. - The employee composition includes 3,740 production personnel, 129 sales personnel, 517 technical personnel, 54 financial personnel, and 494 administrative personnel[143]. - The company has implemented a performance-based compensation system that aligns with market economic standards, ensuring both incentives and constraints for employees[144]. - The company has established a training system that combines internal and external training to enhance the skills and knowledge of its workforce[145]. Future Plans and Strategic Focus - The company aims to achieve a revenue target of 20 billion RMB by the end of the 14th Five-Year Plan, with an annual production capacity of 90,000 tons for non-ferrous processing materials[93]. - The company's operating target for 2025 is to achieve revenue of 7 billion yuan and a cost plan of 6.2 billion yuan, with titanium product output expected to reach 43,000 tons[94]. - The company plans to implement a comprehensive management strategy to reduce costs and improve product quality, emphasizing lean management practices[99]. - The strategic focus for 2025 includes expanding into new markets and industries, particularly in high-end sectors, while maintaining a close watch on international market trends[96]. - The company will actively pursue new cooperation opportunities and expand its market share in traditional sectors such as acetic acid and PTA[95].