Financial Performance - Zhejiang Tengy Environmental Technology Co., Ltd. reported revenue of approximately RMB 744.9 million for the year ending December 31, 2024, representing a year-on-year increase of about 20.1%[2] - The profit attributable to the owners of the company for the same period was approximately RMB 84.6 million, an increase of approximately 98.2% compared to the previous year[2] - The company's operating profit for the year was RMB 126.7 million, up from RMB 81.8 million in the previous year, indicating a significant improvement in operational efficiency[3] - Basic and diluted earnings per share increased to RMB 0.63 from RMB 0.32, reflecting strong profit growth[3] - The group's revenue for the year 2024 reached RMB 744,942,000, an increase of 20% compared to RMB 620,134,000 in 2023[13] - The group reported a net profit attributable to ordinary equity holders of RMB 84,637,000 for 2024, compared to RMB 42,707,000 in 2023, representing a 98% increase[27] - Gross profit rose by approximately 54.9% to about RMB 218.2 million, with a gross margin increase of about 22.7% to approximately 29.3%[54] - The pre-tax profit increased to approximately RMB 107.9 million, representing a year-on-year increase of about 76.7%, while profit attributable to the company's owners rose by about 98.2% to approximately RMB 84.6 million[55] Assets and Liabilities - Total assets as of December 31, 2024, amounted to RMB 1,769.9 million, compared to RMB 1,513.3 million in the previous year, showing a growth in asset base[4] - The company's cash and cash equivalents increased to RMB 660.1 million from RMB 453.1 million, indicating improved liquidity[4] - Current liabilities rose to RMB 1,090.2 million from RMB 926.7 million, reflecting increased operational activities[5] - Trade receivables (net of provisions) rose to RMB 544,232,000 in 2024, up from RMB 504,872,000 in 2023, reflecting a 7.8% increase[30] - The provision for trade receivables increased to RMB 156,049,000 in 2024 from RMB 143,043,000 in 2023, marking an 9.1% rise[30] - Cash and cash equivalents increased significantly to RMB 659,758,000 in 2024 from RMB 453,020,000 in 2023, a growth of 45.7%[35] - Trade payables remained stable at RMB 184,900,000 in 2024 compared to RMB 185,131,000 in 2023, showing a slight decrease of 0.1%[36] Revenue Sources - Revenue from environmental equipment sales was RMB 737,143,000, up 21% from RMB 607,348,000 in the previous year[17] - Revenue from major customers included RMB 115,487,000 from Customer A, RMB 112,372,000 from Customer B, and RMB 111,292,000 from Customer C in 2024[15] - Revenue from new installations increased to RMB 735.3 million, representing 99% of total revenue, compared to RMB 580.0 million (96%) in the previous year[61] - Sales of electrostatic precipitators accounted for approximately 86% of the total revenue from environmental equipment sales, with revenue from this segment increasing by about RMB 196.9 million year-on-year[60] Operational Focus and Strategy - The company continues to engage in the design, development, manufacturing, installation, and sales of environmental pollution control equipment and electronic products, positioning itself for future growth[8] - The company focuses on the design, manufacturing, installation, and service of environmental protection products, particularly large dust collectors, which are crucial for controlling particulate emissions in various industries[45] - The company plans to expand its range of environmental protection equipment and actively seek acquisition opportunities in diversified environmental reduction industries and new materials[81] - The company aims to strengthen its market position and promote diversified development to increase its domestic and international market share[82] Market Trends and Regulatory Environment - The demand for large dust collectors is expected to grow, driven by stricter pollution regulations and an increase in manufacturing activity, with a projected global manufacturing growth rate of 3.5% in 2024[48] - The company is positioned to benefit from China's dual carbon goals, aiming for peak carbon emissions by 2030 and carbon neutrality by 2060, which will drive upgrades in industrial environmental technologies[50] - The 2024 policy focus includes the green transformation of the manufacturing sector, emphasizing the application of advanced environmental protection technologies and equipment[50] - The State Council's action plan anticipates that by 2025, non-fossil energy consumption will reach approximately 20%, with significant energy savings and CO2 emission reductions expected in key industries[50] Corporate Governance and Shareholder Information - The company has a strong shareholder base, with the largest shareholder holding approximately 30% of the issued share capital, ensuring stability in governance[8] - As of December 31, 2024, the total number of domestic shares held by directors and senior executives amounts to 50,000,000, representing approximately 50.00% of the total issued domestic shares[87] - The company has adopted the Corporate Governance Code to ensure high standards of corporate governance and protect shareholder interests[93] - There have been no significant events affecting the company or its subsidiaries since the end of the financial year[95] Research and Development - The company holds 61 registered patents in China, including 5 invention patents and 56 utility model patents, enhancing its competitive edge in air pollution control solutions[56] - The company has strengthened cost management to enhance the competitiveness of its products and solutions, focusing on improving production processes and quality management systems[56] Financial Management - The group incurred financing costs of RMB 8,962,000 in 2024, a decrease of 9% from RMB 9,892,000 in 2023[22] - The income tax expense for the year was RMB 23,256,000, up from RMB 18,344,000 in 2023, reflecting an increase in taxable income[24] - Administrative expenses surged by approximately 61.5% to RMB 86.2 million, primarily due to increased asset impairment losses and R&D expenditures[66]
天洁环境(01527) - 2024 - 年度业绩