QCEC(SH:600218)2025-03-28 16:35Financial Performance - The company's operating revenue for 2024 was CNY 3,971,757,497.76, a decrease of 17.58% compared to CNY 4,819,191,946.69 in 2023[21]. - The net profit attributable to shareholders for 2024 was CNY 83,350,850.59, down 14.27% from CNY 97,221,011.94 in 2023[21]. - The net profit after deducting non-recurring gains and losses was CNY 45,983,500.12, a decrease of 8.91% from CNY 50,484,123.67 in 2023[21]. - The net cash flow from operating activities was CNY 67,836,219.96, a significant decline of 43.51% compared to CNY 120,083,578.07 in 2023[21]. - Basic earnings per share for 2024 were CNY 0.19, down 13.64% from CNY 0.22 in 2023[22]. - The weighted average return on net assets for 2024 was 2.62%, a decrease of 0.49 percentage points from 3.11% in 2023[22]. - The company achieved a total of CNY 37,367,350.47 in non-recurring gains and losses for 2024, compared to CNY 46,736,888.27 in 2023[25]. - The company reported a total profit of CNY 77,375,245.79 for 2024, down from CNY 103,877,198.74 in 2023[194]. - The total comprehensive income for 2024 was CNY 86,696,147.77, down from CNY 119,830,416.17 in 2023[195]. Cash Flow - The net cash flow from operating activities decreased by 43.51% year-on-year, amounting to CNY 67,836,219.96[57]. - The net cash flow from investing activities increased by 46.13% year-on-year, totaling -CNY 168,167,465.82[57]. - The net cash flow from financing activities increased by 12.20% year-on-year, amounting to -CNY 35,426,465.96[57]. - The company's cash flow from operating activities decreased to CNY 3,143,548,322.19, down from CNY 4,102,413,667.97 in 2023[197]. - The ending cash and cash equivalents balance was approximately $718.17 million, down from $853.92 million, representing a decrease of about 16%[199]. Assets and Liabilities - The total assets at the end of 2024 were CNY 6,089,442,774.30, a slight increase of 0.37% from CNY 6,066,978,747.18 at the end of 2023[21]. - Total liabilities decreased slightly to CNY 2,844,082,548.85 from CNY 2,867,827,481.81, a reduction of about 0.82%[186]. - Shareholders' equity increased to CNY 3,245,360,225.45 from CNY 3,199,151,265.37, reflecting a growth of approximately 1.44%[186]. - Accounts receivable increased to CNY 510,750,962.75, up from CNY 398,358,461.63, marking an increase of around 28.2%[184]. - The deferred tax assets increased to CNY 23,843,856.13 from CNY 13,290,496.76, representing a growth of about 79.5%[185]. Research and Development - Research and development expenses were CNY 163,914,999.81, down 12.95% compared to the previous year[40]. - The number of R&D personnel is 413, accounting for 15.63% of the total workforce[54]. - The company plans to enhance its core competitive advantages by accelerating technology upgrades and innovating its own brand development[68]. - The company will increase R&D investment to develop more environmentally friendly and efficient engine products in response to stricter emission standards and fuel consumption regulations[67]. Market Strategy - The company aims to expand its market presence by targeting emerging markets and strengthening traditional markets, with a focus on customer needs and brand building[30]. - The company is positioned in the general equipment manufacturing industry, primarily engaged in the research, development, and sales of engines, with a focus on compliance with national emission regulations[32]. - The company is focusing on technological innovation, developing new products such as hybrid dedicated transmissions and clean fuel engines to enhance core competitiveness[30]. Dividend Policy - The company plans to distribute a cash dividend of CNY 0.6 per 10 shares, totaling CNY 26,135,995.14[6]. - The cash dividend policy was revised and approved in the 2024 extraordinary shareholders' meeting, reflecting the company's commitment to stable returns for investors[104]. - The board of directors has received approval from independent directors for the dividend proposal, ensuring compliance with regulations and protection of minority shareholders' rights[105]. Environmental Initiatives - The company achieved a reduction of 9,125.28 tons in carbon emissions through various measures, including the use of photovoltaic power generation and energy-saving technologies[125]. - The company has constructed a 31 MW BIPV distributed rooftop photovoltaic power station, with an expected generation of approximately 18.99 million kWh in 2024[120]. - The company has received multiple awards for its environmental efforts, including "Anhui Province Circular Economy Demonstration Enterprise" and "National Green Supply Chain Management Enterprise"[122]. Governance and Management - The company emphasizes transparency and investor relations management to ensure timely disclosure of important matters and operational performance[76]. - The company has established a transparent performance evaluation and incentive mechanism for senior management, ensuring compliance with relevant laws and regulations[77]. - The current management team includes experienced professionals with backgrounds in various sectors, enhancing the company's operational capabilities[84].