Yongjin Technology (603995)2025-04-09 13:45Financial Performance - The company's operating revenue for 2024 reached ¥41.86 billion, an increase of 4.98% compared to ¥39.87 billion in 2023[22]. - Net profit attributable to shareholders was ¥805.23 million, representing a significant increase of 77.75% from ¥453.01 million in the previous year[22]. - The net profit after deducting non-recurring gains and losses was ¥678.48 million, up 58.85% from ¥427.12 million in 2023[22]. - The net cash flow from operating activities increased by 36.57% to ¥1.24 billion, compared to ¥906.06 million in 2023[22]. - Basic earnings per share rose to ¥2.19, an increase of 78.05% from ¥1.23 in 2023[23]. - The weighted average return on equity improved to 14.81%, up 5.72 percentage points from 9.09% in the previous year[23]. - The total assets at the end of 2024 were ¥14.40 billion, a 14.47% increase from ¥12.58 billion at the end of 2023[22]. - The net assets attributable to shareholders reached 5,730.9457 million yuan, marking a year-on-year increase of 10.30%[56]. - The company's operating revenue for the current period is ¥41.86 billion, an increase of 4.98% compared to ¥39.87 billion in the same period last year[57]. - Operating costs rose to ¥39.46 billion, reflecting a 3.93% increase from ¥37.97 billion year-on-year[57]. Dividend and Profit Distribution - The company plans to distribute a cash dividend of 5 CNY per 10 shares, totaling approximately 181.8 million CNY based on a total share count of 365,617,196 shares as of April 8, 2025[6]. - The board of directors has approved the profit distribution plan, which is subject to the approval of the 2024 annual general meeting[6]. - The total cash dividend amount (including tax) is 245,183,047.63 RMB, accounting for 30.19% of the net profit attributable to ordinary shareholders in the consolidated financial statements[149]. Audit and Compliance - The company has received a standard unqualified audit report from Tianjian Accounting Firm[5]. - The company has confirmed that there are no non-operating fund occupations by controlling shareholders or related parties[8]. - The company has not faced any violations in decision-making procedures regarding external guarantees[8]. - The company has stated that there are no risks of more than half of the directors being unable to guarantee the authenticity and completeness of the annual report[8]. - The company strictly adheres to information disclosure regulations, ensuring timely and accurate information is available to all shareholders[110]. - The company has not faced any penalties from securities regulatory agencies in the past three years[124]. Production and Sales - In 2024, the company achieved a production volume of 3.3163 million tons of cold-rolled stainless steel products, representing a year-on-year increase of 16.95%[35]. - The total sales of cold-rolled stainless steel products reached 3.3139 million tons in 2024, marking a year-on-year growth of 17.52%[36]. - The total production volume for the main products reached 3.37 million tons, an increase of 17.54% year-on-year[62]. - The sales volume for 2024 reached 3.3139 million tons, representing a year-on-year growth of 17.52%[56]. Research and Development - The company introduced 76 new patents in 2024, bringing the total to 396 patents, including 141 invention patents, enhancing its technological innovation capabilities[38]. - Research and development expenses increased by 12.52% to ¥875.11 million, compared to ¥777.74 million in the same period last year[57]. - The company employed 469 R&D personnel, representing 11.39% of the total workforce[70]. Market Strategy and Expansion - The company signed a strategic cooperation agreement with Midea Group's washing machine division, further expanding its market share in the home appliance and electronics sectors[36]. - The company is actively expanding overseas business in line with the national "Belt and Road" development strategy, enhancing its international competitiveness[93]. - The company plans to expand production capacity further in 2024, with full production expected to be achieved by the second half of the year[63]. - The company plans to achieve a production and sales target of 3.8 million tons of cold-rolled stainless steel in 2025, with expected revenue between 45 billion and 50 billion RMB, representing a year-on-year growth of approximately 9.10% to 20.40%[94]. Environmental Responsibility - The company has established environmental protection mechanisms and strictly adheres to relevant laws and regulations[163]. - There were zero major environmental pollution incidents reported during the reporting period[163]. - The company’s major pollutants, including wastewater and exhaust gas, were treated to meet national discharge standards[163]. - The company has implemented a robust internal control system to enhance management and risk prevention[156]. - Both companies are committed to clean production practices, enhancing energy efficiency, and reducing pollutant emissions[166]. Governance and Management - The company has established a comprehensive regulatory system to enhance governance and ensure stable development, with a clear division of responsibilities among shareholders, the board of directors, and management[109]. - The board consists of 9 directors, including 3 independent directors, meeting the requirement that independent directors account for at least one-third of the board[110]. - The company has implemented measures to maintain the independence of its operations from its controlling shareholder, who does not engage in similar business activities[110]. - The company is expanding its management team with new appointments and elections for various board positions[123]. - The company has a structured approach to performance evaluation and incentive plans for its executives, ensuring alignment with corporate goals[115]. Risks and Challenges - The company faces risks related to market price fluctuations, which could adversely affect operational performance if raw material prices rise or product prices fall[102]. - The company acknowledges the risk of not being able to fully absorb the new production capacity from investment projects, which depends on market demand and competitive dynamics[104]. - The competitive landscape in the stainless steel industry is intensifying, with a need for continuous technological advancement and market share expansion to maintain a competitive edge[106].