Richful(SZ:300910)2025-03-28 14:35Financial Performance - The company's operating revenue for 2024 reached ¥3,157,474,138.76, representing a 12.14% increase compared to ¥2,815,674,122.87 in 2023[16]. - Net profit attributable to shareholders for 2024 was ¥722,487,013.89, a 19.13% increase from ¥606,485,649.24 in 2023[16]. - The net profit after deducting non-recurring gains and losses was ¥680,596,718.58, up 19.55% from ¥569,308,769.13 in 2023[16]. - The total assets at the end of 2024 amounted to ¥4,301,793,372.49, a 13.83% increase from ¥3,779,094,881.00 at the end of 2023[16]. - The company's cash flow from operating activities decreased by 31.89% to ¥435,696,631.88 in 2024 from ¥639,736,869.48 in 2023[16]. - The basic earnings per share for 2024 was ¥2.52, a decrease of 4.18% compared to ¥2.63 in 2023[16]. - The weighted average return on equity increased to 22.93% in 2024 from 20.83% in 2023, reflecting improved profitability[16]. - The company received government subsidies totaling ¥31,401,405.26 in 2024, significantly higher than ¥11,072,134.06 in 2023[22]. - The total non-recurring gains and losses for 2024 amounted to ¥41,890,295.31, compared to ¥37,176,880.11 in 2023[22]. Dividend Distribution - The company plans to distribute a cash dividend of 12 RMB per 10 shares (including tax) to all shareholders based on the number of shares registered on the dividend distribution date[3]. - For the 2024 profit distribution plan, the company plans to distribute 12 yuan per 10 shares, with an expected total dividend of 343 million yuan, pending shareholder approval[141]. Risk Management and Compliance - The company emphasizes the importance of risk awareness regarding forward-looking statements and potential risk factors detailed in the report[3]. - The financial report is guaranteed to be true, accurate, and complete by the company's board and management, ensuring accountability for any misleading statements or omissions[3]. - The company has established a risk control framework to manage market, liquidity, operational, and legal risks associated with its investment activities[107]. - The company has not engaged in speculative derivative investments during the reporting period[108]. - The company has not made significant changes to its accounting policies or principles regarding hedging activities compared to the previous reporting period[106]. - The company emphasizes compliance and governance, as evidenced by the recent regulatory warnings received[170]. Research and Development - The company holds 47 domestic invention patents and 2 foreign invention patents, with several more pending, showcasing its strong R&D capabilities[30]. - Research and development expenses increased by 22.23% to ¥144,733,915.93 in 2024, compared to ¥118,415,185.88 in 2023[85]. - The company has a research and development team of 197 personnel, including 4 senior engineers and 9 engineers[57]. - The company is focusing on enhancing its operational management and supply chain efficiency through the establishment of technical and sales committees[50]. - The company is working on a high-performance calcium sulfonate grease compound, aimed at meeting increasing market demand and enhancing revenue growth in the grease sector[87]. Market Position and Strategy - The company operates in the lubricant additive industry, which is essential for improving the performance and lifespan of lubricants used in various applications[25]. - The global demand for lubricant additives is approximately 5 million tons, with China being a significant consumer market[26]. - The company has developed into a competitive domestic lubricant additive supplier, with rapid growth in production and sales scale, and is the first listed company in this sector on the A-share market[29]. - The company is focusing on expanding its international customer base, transitioning from small to large clients, and enhancing its marketing strategies[66]. - The company aims to become a significant global supplier of lubricant additives, focusing on expanding its market presence and enhancing the influence of domestic additives internationally[126]. Operational Efficiency - The company has achieved a 40% reduction in production costs through improved operational efficiencies[9]. - The production capacity utilization rate for lubricating oil additives is 63.66%, with a designed capacity of 315,000 tons[53]. - The company has established overseas warehouses in Singapore, Dubai, and Belgium to enhance its global marketing efforts and improve brand reputation[48]. - The company has implemented a procurement model based on safety stock and production forecasts to mitigate raw material price and supply risks[132]. Corporate Governance - The company has a governance structure without differential voting rights arrangements[151]. - The company has appointed several independent directors, with the latest appointments made in 2024[152]. - The board of directors held a total of 12 meetings during the reporting period, with all members attending the meetings in person[175]. - The company has a diverse management team with expertise in various fields, including chemistry and engineering, which supports its R&D efforts[160]. Employee Engagement and Welfare - The total number of employees at the end of the reporting period was 1,458, with 800 in production, 72 in sales, 197 in technology, 20 in finance, and 369 in administration[185]. - The company has a total of 32 retired employees for whom it bears costs, indicating a commitment to employee welfare[185]. - The company has implemented an 8-month business English training program in collaboration with New Oriental International Education to enhance employees' cross-border communication skills[187]. - The company has established a mixed compensation model combining position and performance-based pay to ensure employee interests are safeguarded[186].