Bohai Ferry (SH:603167)2025-04-02 12:35Financial Performance - The company's operating revenue for 2024 was RMB 1,819,328,134.44, a decrease of 1.12% compared to RMB 1,839,849,242.63 in 2023[23]. - The net profit attributable to shareholders for 2024 was RMB 274,279,394.61, representing a 9.54% increase from RMB 250,399,239.17 in 2023[23]. - The total profit reached 440.72 million RMB, representing a year-on-year increase of 8.07%[32]. - The company achieved total operating revenue of 1,819.33 million RMB, a decrease of 1.12% compared to the same period last year[42]. - The net profit attributable to shareholders of the listed company was 274.28 million yuan, an increase of 9.54% year-on-year[42]. - The company's operating revenue decreased by 1.12% year-on-year to CNY 1,819,328,134.44, primarily due to a decline in demand in the Bohai Bay roll-on/roll-off transportation market[43]. - The company's investment income for 2024 is CNY 9.30 million, a significant decrease of 85.8% from CNY 65.75 million in 2023[194]. - The company's total comprehensive income for 2024 is CNY 320.99 million, compared to CNY 287.09 million in 2023, indicating an increase of 11.8%[192]. Cash Flow and Assets - The net cash flow from operating activities decreased by 41.44% to RMB 268,337,784.18 in 2024 from RMB 458,241,228.75 in 2023[23]. - The total assets at the end of 2024 were RMB 4,464,345,129.00, a slight decrease of 0.22% from RMB 4,474,137,370.43 at the end of 2023[23]. - The company reported a significant increase in short-term borrowings, rising to CNY 190,000,000.00 in 2024 from CNY 30,000,000.00 in 2023, an increase of approximately 533.3%[183]. - Cash and cash equivalents decreased to CNY 200,073,922.53 in 2024 from CNY 273,758,300.70 in 2023, a drop of approximately 26.8%[182]. - The ending cash and cash equivalents balance for 2024 was RMB 199,023,922.53, down from RMB 272,708,300.70 in 2023[198]. Dividends and Shareholder Returns - The company plans to distribute a cash dividend of RMB 4.00 per 10 shares for the 2024 fiscal year, pending shareholder approval[6]. - The cash dividend for 2023 is set at RMB 5.30 per 10 shares, while the proposed cash dividend for 2024 is RMB 4.00 per 10 shares, totaling RMB 8.90 per 10 shares for the year[114][117]. - The cumulative cash dividend amount over the last three accounting years is RMB 736,556,869.71, with an average net profit of RMB 228,942,371.77, resulting in a cash dividend ratio of 321.72%[118]. - The company plans to implement a shareholder return plan for the next three years (2024-2026) as part of its future strategy[99]. Operational Efficiency and Costs - The company reported a decrease in operating costs to 1,305.84 million RMB, down 2.58% year-on-year[32]. - Operating costs fell by 2.58% year-on-year to CNY 1,305,839,186.76, attributed to reduced variable costs from decreased transportation revenue and cost-cutting measures[45]. - The company has successfully reduced operational costs by 8% through efficiency improvements[90]. Market Position and Strategy - The company operates the largest specialized roll-on/roll-off (RoRo) transportation service in the Bohai Bay region, with key routes including Yantai to Dalian and Penglai to Dalian[69]. - The company aims to enhance its core competitiveness and operational scale by integrating six major industry sectors, including RoRo transportation and modern logistics[70]. - The company is focused on digital and green transformation in the RoRo transportation sector, aligning with national transportation strategies[70]. - The company is considering strategic acquisitions to bolster its market position, with a budget of 100 million allocated for potential deals[90]. Governance and Compliance - The company has established a governance mechanism that ensures clear responsibilities and effective checks and balances among its board, management, and party leadership[81]. - The company strictly adheres to information disclosure requirements, ensuring that all disclosures are true, accurate, complete, and timely, with no regulatory penalties for violations during the reporting period[83]. - The company has implemented a robust internal control system that effectively covers all aspects of its operations, ensuring compliance with laws and regulations[85]. - The company has not faced any penalties from securities regulatory agencies in the past three years, indicating a clean compliance record[97]. Employee and Community Engagement - The company emphasizes employee welfare, providing additional insurance and health checks for staff[130]. - The company donated a total of 300,000 yuan to support local communities[128]. - The company has a training program that combines on-the-job and off-the-job training to improve employees' safety awareness and emergency skills[110]. Risks and Challenges - The company has identified potential risks in its future development, which are detailed in the management discussion section of the report[9]. - The company faces risks related to market expansion and competition, particularly in the Bohai Bay roll-on/roll-off transportation sector[77].