TTC(SH:600326)2025-04-09 15:10Financial Performance - In 2024, the company reported a net profit of -137,408,942.47 CNY, with a net profit attributable to the parent company of -104,282,164.12 CNY[4]. - The company's total distributable profit for 2024 is 643,801,390.71 CNY, after accounting for previous undistributed profits and corrections[4]. - The operating revenue for 2024 decreased by 23.40% to 3,138,195,862.88 CNY compared to the previous year[20]. - The company did not declare any cash dividends or stock bonuses for 2024 due to the reported losses, with earnings per share below 0.12 CNY[4]. - The company’s total available profit for distribution is zero for the current year, indicating a challenging financial situation[4]. - The net profit attributable to shareholders for 2024 was CNY -104,282,164.12, a significant improvement from CNY -532,345,823.44 in 2023, reflecting a reduction in losses by CNY 428,063,659.32[26]. - The basic earnings per share for 2024 was CNY -0.08, an improvement from CNY -0.44 in 2023[22]. - The weighted average return on equity for 2024 was -2.85%, an improvement from -14.80% in 2023[22]. - The cash flow from operating activities for the period was CNY 429,042,275, compared to CNY -48,787,910.3 in the previous period[21]. - The total assets at the end of the period were CNY 13,707,573,407.28, a decrease of 6.49% from CNY 14,627,634,059.82 in the previous year[21]. Revenue and Segment Performance - The company's operating revenue for 2024 was CNY 3,138,195,862.88, a decrease of CNY 958,480,009.10 or 23.40% compared to CNY 4,096,675,871.98 in 2023[22]. - The construction segment's revenue decreased by CNY 611,613,830.67, primarily due to increased competition and project delays, resulting in limited revenue recognition[24]. - The building materials segment's revenue fell by CNY 348,482,092.42, attributed to intensified competition from external cement companies and a slight decline in sales volume and prices[24]. - The company experienced a significant reduction in net losses in the construction segment, with a net profit of CNY -167,450,199.45 compared to CNY -368,239,241.64 in the previous year[26]. - The net profit attributable to shareholders from the building materials segment was RMB 3.20 million, with significant improvements in procurement efficiency and cost reduction measures contributing RMB 70.59 million to net profit[29]. Strategic Initiatives and Future Plans - The company plans to adhere to its shareholder return plan for the next three years (2024-2026) despite the current losses[4]. - The company plans to focus on cost control and efficiency improvements to enhance market share amid challenging market conditions[25]. - The company aims to deepen state-owned enterprise reforms and improve governance to achieve its operational goals[44]. - The company plans to enhance the research and promotion of cement products to improve market competitiveness[44]. - The company is focusing on expanding its market presence in the Tibet region, leveraging infrastructure development opportunities[44]. Risk Management and Compliance - The company has outlined potential risks in its future development, including industry, management, financial, and investment risks[5]. - The company emphasizes legal compliance and risk management, ensuring that safety and environmental protection responsibilities are clearly defined and enforced[48]. - The company has not engaged in any non-operational fund occupation by controlling shareholders or related parties[5]. - The company has not provided any guarantees outside of the prescribed decision-making procedures[5]. Governance and Management - The company’s financial report has been audited by Xinyong Zhonghe Accounting Firm, which issued a standard unqualified opinion[3]. - The company has established a dedicated investor relations management system, enhancing communication with investors through various channels[173]. - The company guarantees the independence of its operations, ensuring no interference from the controlling shareholder in financial and operational matters[174]. - The company has committed to avoiding any activities that may harm the legal rights of the listed company and its minority shareholders, particularly in terms of competition[176]. Research and Development - The company conducted 39 research projects, including 16 in construction and 22 in building materials, and holds a total of 156 patents[65]. - The company is focusing on technological innovation, with two research achievements successfully applied for invention patents in green building materials[51]. - The company is actively pursuing research and development of new materials, including environmentally friendly road surfaces and energy-saving projects[53]. Market Expansion and Competitive Position - The company holds a dominant position in the construction and building materials sectors, with significant market share in both regional and external markets, despite facing increased competition[61]. - The company is expanding its product offerings to include recycled asphalt concrete, positioning itself as an "asphalt pavement expert" in the southwestern region, particularly in Chongqing[126]. - The company is actively exploring the distributed photovoltaic new energy market, with projects including a 1 MW project and a 2.64 MW project, aiming to transform these initiatives into new profit growth points[55]. Financial Management and Investments - The company plans to enhance financial management and improve the collection of accounts receivable to mitigate financial risks[159]. - The company has a total bank credit limit of RMB 715,638.09 million, with a remaining balance of RMB 257,719.80 million[122]. - The company is considering financial support to its holding subsidiaries as part of its strategic initiatives[197]. - The company has not engaged in equity financing or leasing during the reporting period, relying primarily on bank loans and bond financing[125].