润禾材料(300727) - 2024 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2024 reached ¥1,327,656,385.19, an increase of 16.96% compared to ¥1,135,108,687.47 in 2023[18]. - Net profit attributable to shareholders for 2024 was ¥96,236,409.59, reflecting a growth of 17.06% from ¥82,210,258.73 in 2023[18]. - The net profit after deducting non-recurring gains and losses was ¥91,647,211.90, up 22.13% from ¥75,043,746.57 in 2023[18]. - The company's total assets increased by 8.29% to ¥1,738,292,108.36 at the end of 2024, compared to ¥1,605,170,803.30 at the end of 2023[18]. - The basic earnings per share for 2024 was ¥0.75, a 17.19% increase from ¥0.64 in 2023[18]. - The net cash flow from operating activities for 2024 was ¥52,613,495.68, a significant decrease of 66.00% from ¥154,767,451.66 in 2023[18]. - The company reported a weighted average return on equity of 10.34% for 2024, up from 9.58% in 2023[18]. - The total net assets attributable to shareholders increased by 9.26% to ¥978,274,924.32 at the end of 2024, compared to ¥895,348,726.76 at the end of 2023[18]. - The company recorded a total of ¥4,589,197.69 in non-recurring gains for 2024, down from ¥7,166,512.16 in 2023[24]. - The company's operating revenue for the reporting period was ¥1,327,656,385.19, marking a 16.96% year-on-year growth[47]. - The net profit attributable to shareholders reached ¥96,236,409.59, reflecting a 17.06% increase compared to the same period last year[47]. - Overseas sales revenue amounted to ¥383,000,000, which is a 35.31% increase year-on-year[49]. Dividend and Profit Distribution - The company plans to distribute a cash dividend of 3.00 RMB per 10 shares (including tax) to all shareholders, with no bonus shares issued[4]. - The company has a profit distribution plan based on a total share capital of 10 shares, with a capital reserve increase of 3 shares for every 10 shares held[4]. - A cash dividend of RMB 3.00 per 10 shares (including tax) is proposed, totaling RMB 40,455,170.40, which represents 100% of the profit distribution amount[164]. - The company's profit distribution policy mandates a minimum cash dividend of 20% of the distributable profit during the growth phase with significant capital expenditure plans[160]. - The company's profit distribution policy allows for stock dividends if certain conditions are met, including a net profit growth of over 20% compared to the previous year[161]. - The cash dividend distribution complies with the company's articles of association and dividend management measures[162]. Risk Management - The company emphasizes the importance of understanding investment risks related to macroeconomic changes, market competition, and raw material price fluctuations[4]. - The company has a comprehensive risk management strategy to address potential market and operational risks[4]. - The company is closely monitoring macroeconomic and market changes to mitigate risks associated with fluctuations in the economic environment[111]. - The company recognizes the risk of increased competition in the silicone market and will focus on innovation and differentiation to maintain its leading position[112]. - The company is taking measures to manage the risk of raw material price fluctuations by monitoring market trends and establishing strategic reserves[113]. - The company will strengthen foreign exchange management to mitigate the impact of exchange rate fluctuations on its profitability as it expands its overseas sales[114]. - The company acknowledges the risk of new projects not generating expected benefits and is aware of the potential impact on net profit if market demand changes[116]. - The company plans to enhance operational efficiency and ensure the smooth production of new projects to mitigate risks of declining profitability[117]. Research and Development - The company invested ¥58,907,800 in R&D, showing a 12.55% increase from the previous year[51]. - The company has established partnerships with several universities for talent acquisition and research collaboration, enhancing its R&D capabilities[43]. - The company has accumulated over 20 years of experience and technology in the silicone sector, allowing it to stand out in a competitive environment[35]. - The company is enhancing its research and development capabilities to meet customer demands and market trends[37]. - The company is focusing on expanding its product applications and enhancing its market competitiveness through innovative product development[70]. - R&D personnel increased to 107 in 2024, a rise of 4.90% from 102 in 2023, with a notable increase in PhD holders from 1 to 2[71]. - The company has completed the research and development of low-odor high-activity vinyl silicone oil, achieving a viscosity of 320-380 mm²/s and a volatile content of ≤1%[69]. - The company has successfully developed a polyurethane modified silicone softener, enhancing fabric rebound and smoothness while ensuring excellent wash resistance[69]. - The company is focusing on high-performance silicone oils, silicone rubbers, and silicone resins as part of its advanced product offerings[37]. Market Position and Industry Trends - The company operates in the organic silicon industry, which is essential for various sectors including electronics, automotive, and healthcare, indicating potential for market expansion[27]. - The demand for silicone products is expected to continue growing, particularly in emerging application fields such as computing power, consumer electronics, new energy, semiconductor chips, and personal care products[34]. - The silicone industry in China is experiencing intensified competition in the silicone monomer and intermediate markets, with new domestic production capacity expected to lead to a more orderly competitive landscape[32]. - The global silicone production center is shifting towards China, with major international silicone companies accelerating investments in the country, enhancing competitive strength through an integrated upstream and downstream structure[34]. - The company is well-positioned to leverage the trends of high-performance, functional, and composite silicone materials in response to the growing market demand[34]. - The company will continue to focus on the development, production, and sales of organic silicon deep processing products and textile dyeing auxiliaries, aiming to expand its market share in the organic silicon segment[37]. Corporate Governance - The company is committed to maintaining transparency and accuracy in its financial reporting, as stated by its management team[3]. - The company held 7 shareholder meetings during the reporting period, ensuring equal treatment of all shareholders and facilitating their rights[121]. - The board of directors convened 14 meetings, with all members adhering to legal requirements and actively participating in decision-making[122]. - The supervisory board held 11 meetings, effectively overseeing the board's decisions and ensuring compliance with legal standards[123]. - The company maintains an independent financial department, ensuring no interference from the controlling shareholder in financial decisions[126]. - The company has established a complete procurement, production, and sales system, independent of the controlling shareholder[125]. - The company is committed to maintaining transparency and accuracy in its financial reporting and governance practices[129]. - The company has a diverse board with members holding various significant positions in other companies, enhancing its governance and strategic direction[133][134][135][136][137][138]. Environmental and Social Responsibility - The company is classified as a key pollutant discharge unit, adhering to various environmental protection laws and standards during operations[175]. - All construction projects have undergone environmental impact assessments and received necessary approvals, including pollution discharge permits[176]. - The company invested a total of 3.9608 million yuan in environmental protection during the reporting period[181]. - The company has been recognized as a "National Green Supply Chain Management Enterprise" in 2023, reflecting its commitment to sustainable practices[182]. - The company has established a comprehensive environmental monitoring system, with online monitoring devices transmitting data to local environmental authorities[180]. - The company has implemented a quality control system certified by ISO9001 and ISO14001, ensuring high product quality standards[185]. - The company has a robust governance structure that ensures compliance with legal and regulatory requirements, protecting shareholder rights[184]. - The company donated a total of 491,000 yuan to charity during the reporting period[187]. - The company has established a rescue fund composed of employee donations, company allocations, and other sponsorships for employee and social assistance[187]. Shareholding and Capital Management - The company plans to reduce its holdings in the issuer's stock through centralized bidding after the lock-up period, with a maximum of 1% of the total shares within any consecutive 90 days[193]. - The company commits to strictly adhere to relevant laws and regulations regarding share lock-up and reduction, ensuring compliance with shareholder commitments[194]. - The company will not transfer directly held shares until all proceeds from violations are fully paid to the issuer[194]. - The company has a voluntary lock-up commitment that will be respected during the initial public offering or refinancing[193]. - The company will ensure that any cash dividends owed will be withheld until compliance with reduction proceeds is fulfilled[194]. - The company has established a management method for the use of raised funds, ensuring compliance with relevant laws and regulations[200]. - The raised funds will be deposited in a designated special account and will be used to advance project construction and generate returns for shareholders[200]. - The company aims to quickly generate benefits from the investment projects funded by the raised capital to mitigate dilution effects[200]. - The company is committed to strict management of the raised funds to ensure they are utilized effectively for their intended purposes[200].