LPXD(SZ:002114)2025-03-27 14:05Financial Performance - The company's operating revenue for 2024 was CNY 1,260,467,972.40, representing a decrease of 18.05% compared to CNY 1,538,010,629.85 in 2023[22]. - The net profit attributable to shareholders was -78,855,917.42 CNY, a decrease of 62.29% compared to the previous year[23]. - The operating cash flow net amount was 103,444,177.27 CNY, down 60.24% year-on-year[23]. - The total revenue for 2024 was 1,260,467,972.40 CNY, a decline from 1,538,010,629.85 CNY in 2023[23]. - The basic earnings per share were -0.24 CNY, an improvement of 63.08% from -0.65 CNY in the previous year[23]. - The total assets at the end of 2024 were 2,352,064,232.90 CNY, a decrease of 2.72% from 2,417,781,683.06 CNY at the end of 2023[23]. - The net assets attributable to shareholders decreased by 8.52% to 943,923,820.54 CNY compared to 1,031,780,117.78 CNY in 2023[23]. - The company reported a significant increase in non-operating losses, totaling -70,047,409.81 CNY for the year[29]. - The operating cost was CNY 1,155,188,900, down 28.16% from CNY 1,607,962,000 in the previous year[57]. - The company reported an investment income of CNY 955,080,000, a significant increase of 150.78% from a loss of CNY 1,880,750,000 in the previous year[58]. Market and Industry Trends - The global zinc industry is facing a supply-demand imbalance, with potential oversupply risks in the coming years due to new large-scale mines coming online[31]. - The company has identified a trend of tightening zinc supply in 2024, with expectations of easing in the following years as new mines are developed[32]. - China accounts for over 40% of global lead and zinc production and consumption, with a focus on high-value-added products driving demand in sectors like lead-acid batteries and galvanization[33]. - In 2024, zinc prices are expected to fluctuate between 20,000 and 22,000 RMB per ton, with potential peaks near 26,000 RMB per ton due to tight supply and macroeconomic support[36]. - The overall market sentiment is expected to improve due to supportive monetary policies and infrastructure investment, contributing to a stronger demand outlook for zinc[40]. Production and Capacity - The company has a zinc ingot production capacity of 120,000 tons per year and a sulfuric acid production capacity of 140,000 tons per year[50]. - The company’s production model integrates mining, selection, smelting, and resource recovery, along with electricity sales[48]. - The company’s main products include zinc ingots, zinc alloys, and sulfuric acid, with zinc primarily used in galvanization and die-casting alloys[46]. - Zinc ingot and zinc alloy sales totaled 51,498.74 tons, with zinc ingot sales at 41,530.15 tons and zinc alloy sales at 9,968.59 tons[57]. - Zinc ingot sales volume decreased by 8.27% to 41,530.15 tons, while production volume decreased by 6.68% to 42,142.67 tons[63]. Research and Development - The company plans to invest $50 million in new technology research and development over the next two years[4]. - The company achieved significant progress in R&D projects, including the production of zinc and silver recovery technologies, which are expected to enhance overall recovery efficiency[71]. - The number of R&D personnel decreased by 7.62% to 97, with the proportion of R&D personnel in the total workforce rising slightly to 5.82%[72]. - Research and development expenses decreased by 9.28% to 1,818,149.55 CNY, mainly due to reduced labor and depreciation costs[70]. Environmental Compliance - The company is classified as a key pollutant discharge unit by environmental protection authorities[151]. - The company has established a comprehensive monitoring system to ensure compliance with environmental regulations and standards[158]. - The company has implemented the "Three Simultaneities" system, ensuring compliance with environmental impact assessments and pollutant discharge permits[156]. - The company’s emissions for the first half of 2024 were within the limits set by the pollutant discharge permit, with particulate matter at 3.78153 tons and sulfur dioxide at 12.40308 tons[158]. - The company has implemented measures to ensure that all monitored pollutants remain within the permitted discharge limits[160]. Governance and Management - The company has established a governance structure that includes a board of 8 members, ensuring compliance with legal requirements and effective decision-making[99]. - The company has disclosed 4 periodic reports and 50 temporary announcements during the reporting period, maintaining transparency in information disclosure[101]. - The company has established an independent financial accounting department, with dedicated financial personnel and a strict financial supervision management system[106]. - The company has a clear organizational structure and internal management system, ensuring independent operational activities[107]. - The company has conducted multiple investor communications, addressing concerns about production performance and stock price fluctuations throughout 2024[95]. Social Responsibility - The company is actively involved in poverty alleviation and rural revitalization, achieving significant progress in enhancing local economic conditions[187]. - The company plans to achieve an annual output value of 800 million yuan and generate tax revenue of 50 million yuan from its first-phase project, creating 51 new jobs and benefiting over 20,000 local farmers[185]. - In 2024, the company will invest nearly 130,000 yuan in community support initiatives, including charity and elderly care, demonstrating its commitment to social responsibility[183]. - The company emphasizes the integration of social responsibility into its business operations, focusing on sustainable development and effective management systems[180]. Future Outlook - The company aims to produce 80,000 tons of zinc ingots, 110,000 tons of sulfuric acid, and generate 200 million kWh of electricity by 2025, with a revenue target of CNY 1.918 billion[90]. - Future guidance estimates a revenue growth of 12% for the next fiscal year, driven by increased production capacity and market demand[163]. - The company is considering strategic acquisitions to enhance its supply chain and reduce costs, with a budget of 100 million RMB allocated for potential deals[163]. - The company plans to enhance resource utilization efficiency and technological innovation, focusing on energy conservation and increasing industry concentration as part of its structural adjustment strategy[89].