Financial Performance - Total revenue for the year ended December 31, 2024, was RMB 11,940.4 million, representing a 3.9% increase from RMB 11,490.5 million in 2023[4] - Net profit attributable to shareholders was RMB 269.0 million, a decline of 40.1% compared to RMB 449.4 million in 2023[4] - Basic earnings per share fell to RMB 14.23, down 47.4% from RMB 27.07 in the prior year[4] - Total comprehensive income for the year was RMB 405.8 million, down from RMB 646.9 million in the previous year[6] - Total revenue for the year ended December 31, 2024, was CNY 11,940,423, an increase from RMB 11,490,471 in 2023, representing a growth of approximately 3.9%[18] - The company's profit attributable to shareholders for the year ended December 31, 2024, is RMB 269,045,000, compared to RMB 449,401,000 for the year ended December 31, 2023, indicating a decrease in profitability[35] - The basic and diluted earnings per share for the year ended December 31, 2024, is 13.0 HK cents, down from 15.0 HK cents in 2023[35] - The company's net profit decreased by RMB 249.6 million or 39.2% to RMB 387.8 million, compared to RMB 637.4 million in 2023[68] Revenue Breakdown - Revenue from truck radial tire steel cord was RMB 6,705,213,000, while passenger car radial tire steel cord revenue increased to RMB 3,538,542,000, showing a year-on-year growth of 12.8%[18] - Revenue from China reached CNY 8,070,924, up 3.4% from CNY 7,806,020 in the previous year[25] - Total sales volume increased by 9.3% to 1,428,000 tons, with sales of radial tire steel cord rising by 9.7% to 1,144,100 tons, accounting for 80.1% of total sales[51][52] - The domestic sales volume of radial tire steel cord rose by 7.6% to 817,400 tons, supported by growth in the new energy vehicle market[52] - The overseas sales volume of radial tire steel cord increased by 15.3% to 326,700 tons, driven by sustained demand from overseas tire manufacturers[52] Expenses and Costs - Gross profit margin decreased to 18.4%, down 0.8 percentage points from 19.2% in the previous year[4] - Research and development expenses increased to RMB 232.2 million, up from RMB 170.7 million in 2023[5] - Financing costs decreased to CNY 220,707 from CNY 251,647, a reduction of 12.3%[28] - Employee costs, including directors' remuneration, amounted to RMB 1,236,900,000 for the year ending December 31, 2024, compared to RMB 1,085,200,000 in 2023, representing an increase of about 14%[84] Assets and Liabilities - Non-current assets rose to RMB 9,980.8 million, compared to RMB 9,132.0 million in 2023[7] - Inventory increased significantly to RMB 1,423.2 million, up from RMB 903.6 million in the previous year[7] - Total equity attributable to shareholders increased to RMB 6,467.7 million from RMB 6,104.9 million in 2023[8] - The total debt increased by RMB 1,155.5 million or 17.4% to RMB 7,785.6 million, with fixed interest rates ranging from 0.57% to 3.50%[70] - The current assets increased by RMB 813.0 million or 7.0% to RMB 12,400.8 million, while current liabilities rose by RMB 825.7 million or 7.1% to RMB 12,393.9 million[71] Dividends - The company did not declare a final dividend for the year, compared to a dividend of HKD 0.13 per share in the previous year[4] - The board has not recommended any final dividend for the year ending December 31, 2024, but has approved a special dividend of HKD 0.15 per share, totaling approximately HKD 288,019,000 (equivalent to about RMB 265,136,000)[91] Corporate Governance - The company has committed to maintaining high standards of corporate governance, including transparency and accountability, despite some non-compliance with listing rules regarding independent non-executive directors[95][96] - The company has established an audit committee, a remuneration and management development committee, and a nomination committee to comply with corporate governance codes after the resignation of the executive director and financial director on May 28, 2024[97] - The audit committee has reviewed the accounting principles and practices used by the group and discussed audit and financial reporting matters for the year ending December 31, 2024[100] Future Outlook - The company will optimize its global production capacity and continue to invest in the research and development of green products to align with the industry's trend towards sustainability[90] - In 2024, the Chinese government continues to focus on boosting consumption and expanding domestic demand, which is expected to drive growth in the semi-steel tire and high-performance steel cord market[89] - The company anticipates that the penetration rate of new energy vehicles will increase demand for semi-steel tires and high-performance steel cords, despite challenges such as raw material price fluctuations and overcapacity[89]
兴达国际(01899) - 2024 - 年度业绩