ZJHM(SH:600987)2025-03-28 09:35Financial Performance - The company reported an undistributed profit of CNY 2,255,739,212.08 as of December 31, 2024[7]. - The company's operating revenue for 2024 reached ¥11.47 billion, an increase of 18.65% compared to ¥9.67 billion in 2023[26]. - Net profit attributable to shareholders for 2024 was ¥719.71 million, reflecting a growth of 5.04% from ¥685.17 million in 2023[26]. - The net cash flow from operating activities significantly increased by 63.91% to ¥1.28 billion in 2024, compared to ¥778.35 million in 2023[26]. - The total assets of the company grew by 15.19% to ¥10.30 billion at the end of 2024, up from ¥8.94 billion at the end of 2023[26]. - The company achieved a total revenue of CNY 1,146,793,400 (approximately USD 114.68 million) for the year, representing a year-on-year growth of 18.65%[53]. - The net profit attributable to the parent company was CNY 71,971,000, reflecting a year-on-year increase of 5.04%[53]. - The operating cash flow net amount reached CNY 1,275,810,831.91, which is a significant increase of 63.91% compared to the previous year[56]. - The company's total operating revenue reached CNY 11,467,934,201.40, reflecting a year-on-year increase of 1.09%[58]. Dividend and Share Repurchase - A cash dividend of CNY 3 per 10 shares will be distributed, totaling CNY 306,245,661.90, which represents 72.95% of the net profit attributable to shareholders[7]. - The total amount for cash dividends and share repurchase is CNY 524,995,465.35[7]. - The company has implemented a share repurchase amounting to CNY 218,749,803.45, all of which will be used for share cancellation[7]. - The board of directors has approved the profit distribution plan, pending approval at the 2024 annual general meeting[8]. - The company distributed a cash dividend of 3.00 RMB per 10 shares, totaling 315,245,657.70 RMB, which represents 42.55% of the net profit attributable to ordinary shareholders in the consolidated financial statements[134]. - The total amount of cash dividends, including share repurchases, reached 524,995,465.35 RMB, accounting for 72.95% of the net profit attributable to ordinary shareholders[137]. - The company repurchased and canceled 29,999,986 shares, reducing the total share capital from 1,050,818,859 shares to 1,020,818,873 shares[195]. Acquisitions and Investments - The company successfully acquired 65% of Shenzhen Shangjinyuan Jewelry Industrial Co., Ltd. for ¥338 million, enhancing sales and profit contributions[35]. - The company completed the acquisition of minority interests in Hangzhou Hangmin Contract Precision Machinery Co., Ltd. for RMB 7.1 million, increasing its ownership to 100%[87]. - The company has established a profit compensation agreement with Shenzhen Baitai Investment Holding Group, ensuring financial stability for the acquired subsidiary[175]. - The company has invested RMB 166,709,000 in bank wealth management products, with an unexpired balance of RMB 55,700,000[188]. - The company plans to use up to RMB 600,000,000 of idle funds for investment in safe and liquid financial products, as disclosed in a public announcement[188]. Research and Development - Research and development investment for the year amounted to ¥181.71 million, contributing to innovation and product development[35]. - A total of 39 new patents were developed during the year, indicating a strong focus on innovation[35]. - The total R&D expenditure for the period amounted to ¥181,705,463.35, representing 1.58% of the operating revenue[70]. - The company employs 1,013 R&D personnel, accounting for 10.72% of the total workforce[71]. Market Performance - The company's gold jewelry sales reached 87.05 tons, representing a year-on-year growth of 24.82%, with operating income of 703.63 million yuan, an increase of 31.97%[46]. - The profit from the gold jewelry business totaled 20.19 million yuan, reflecting a significant increase of 54.82% compared to the previous year[46]. - The company's dyeing business achieved revenue of 393.84 million yuan, a year-on-year increase of 3.82%, with a total profit of 57.90 million yuan, a slight decrease of 0.17%[44]. - The company's dyeing processing capacity of 1.02 billion meters annually positions it as a qualified supplier for domestic and international brands[43]. Governance and Compliance - The company has not reported any non-operating fund occupation by controlling shareholders or related parties[10]. - There are no violations of decision-making procedures regarding external guarantees[10]. - The company has received a standard unqualified audit report from Tianjian Accounting Firm[7]. - The board of directors consists of 9 members, including 3 independent directors, ensuring a clear division of responsibilities and adherence to governance standards[110]. - The company has established a comprehensive internal control system that meets the requirements of regulatory authorities, ensuring effective management and protection of shareholder interests[141]. Environmental Initiatives - The company has been recognized for its environmental initiatives, including the "Printing and Dyeing Wastewater and Flue Gas Desulfurization Renovation Project," which was listed as a national key environmental protection practical technology demonstration project in 2010[48]. - The company is committed to sustainable development, focusing on energy efficiency, low-carbon processes, and resource recycling[155]. - The company has successfully applied for pollution discharge rights with a validity period of 20 years, with an annual pollutant discharge volume of 2,653.18 tons[147]. - The company has reduced carbon emissions by 55,588 tons through various measures, including purchasing green electricity and installing photovoltaic systems[154]. Challenges and Risks - The textile dyeing industry is expected to face challenges in 2024 due to weak global economic growth and increased geopolitical tensions[78]. - The company faces risks such as trade frictions, environmental constraints, and market competition in its dyeing and printing business, as well as cyclical challenges in the shipping industry[106]. - The overall gold jewelry market is facing challenges, with a notable increase in gold bar sales due to heightened demand for safe-haven assets amid global uncertainties[85]. Future Outlook - The company emphasizes the importance of risk awareness regarding future plans and development strategies[9]. - The company plans to strengthen new product development to meet diverse market demands and consumer preferences[72]. - The company aims to enhance product quality and performance while focusing on energy-saving and water-saving technologies[72]. - The company aims to achieve a stable increase in net cash flow from operating activities through refined management and cost-saving measures[105].