JLEC(601518)2025-04-10 11:55Financial Performance - The company's operating revenue for 2024 was CNY 1,484,434,408.83, representing a 2.58% increase compared to CNY 1,447,121,153.26 in 2023[21]. - The net profit attributable to shareholders for 2024 was CNY 538,829,185.08, a decrease of 1.40% from CNY 546,486,735.66 in 2023[21]. - The net cash flow from operating activities decreased by 22.11% to CNY 785,489,719.13 in 2024 from CNY 1,008,496,778.41 in 2023[21]. - The total assets at the end of 2024 were CNY 6,281,374,586.10, a decrease of 4.59% from CNY 6,583,518,377.36 at the end of 2023[21]. - The net assets attributable to shareholders increased by 7.34% to CNY 5,386,290,265.05 at the end of 2024 from CNY 5,017,747,860.44 at the end of 2023[21]. - The basic earnings per share for 2024 remained unchanged at CNY 0.29 compared to 2023[22]. - The weighted average return on equity decreased by 1.13 percentage points to 10.39% in 2024 from 11.52% in 2023[22]. - The company reported a decrease in net profit after deducting non-recurring gains and losses, which was CNY 514,936,037.94 in 2024, down 0.28% from CNY 516,369,130.75 in 2023[21]. - The company reported operating revenue of CNY 1.484 billion, an increase of 2.58% compared to the previous year[40]. - Net profit for the period was CNY 590 million, with operating profit at CNY 733 million[40]. Cash Flow and Financial Management - The net cash flow from operating activities decreased by ¥22,301,000 compared to the same period last year, primarily due to reduced project payments received[53]. - Net cash flow from investing activities increased by ¥419,000, mainly due to decreased payments for project completion[53]. - Net cash flow from financing activities decreased by ¥19,112,000, as the company repaid all short-term financing notes[53]. - The company's accounts receivable decreased by 92.32% to ¥1,615,106.69, attributed to reduced commercial acceptance bills received[55]. - The company maintained a low debt ratio of 7.33%, indicating strong financial flexibility[40]. - The company successfully repaid CNY 400 million in short-term financing bonds during the reporting period, with no violations of the use of raised funds[156]. - The company maintained a loan repayment rate of 100% and an interest payment rate of 100%[158]. - The company reported a cash interest coverage ratio of 72.12, up from 48.51, indicating improved cash flow management[158]. Research and Development - The company completed 11 product R&D projects, obtaining 5 utility model patents, and developed a high-definition license plate recognition system[32]. - The company’s research and development expenses rose by 13.69% to CNY 11.4 million, reflecting a commitment to innovation[41]. - The company’s R&D investment totaled ¥11,396,799.24, accounting for 0.77% of total revenue[51]. - The number of R&D personnel is 27, representing 3.26% of the total workforce[51]. Operational Efficiency and Cost Management - Operating costs increased by 11.71% to CNY 702 million, primarily due to increased project completions[41]. - The gross margin for the expressway business was 64.85%, showing a slight increase of 1.13 percentage points year-on-year[45]. - The company reported a 5% reduction in operational costs due to improved efficiency measures implemented in the last quarter[78]. Market and Strategic Initiatives - The company plans to expand its market presence in 2024, aiming for greater revenue generation through strategic initiatives[40]. - The company aims to enhance toll service levels and improve traffic conditions to attract more drivers, thereby increasing toll revenue[63]. - The company plans to strengthen its core toll business and focus on high-quality development while managing costs and risks effectively[64]. - The company is exploring potential mergers and acquisitions to strengthen its competitive position in the market[78]. Governance and Compliance - The board of directors held 8 meetings during the reporting period, ensuring compliance with legal regulations and promoting healthy corporate governance[71]. - The company conducted 3 performance briefings and participated in a collective performance briefing to enhance communication with investors and protect their rights[72]. - The company has not faced any administrative penalties or regulatory measures from the China Securities Regulatory Commission during the reporting period[72]. - The company has established several specialized committees, including the audit committee and the strategic committee, to enhance governance[88]. Shareholder Information - The total remuneration for directors, supervisors, and senior management during the reporting period amounted to 2.582 million yuan[76]. - The company has a total of 45,127 ordinary shareholders as of the end of the reporting period, an increase from 42,844 in the previous month[141]. - The largest shareholder, Jilin Provincial Highway Group Co., Ltd., holds 1,027,598,219 shares, representing 54.35% of total shares[143]. - The top ten shareholders do not have any pledged or frozen shares, indicating stable ownership[143]. Social Responsibility and Community Engagement - The company has actively engaged in social responsibility initiatives, including a total investment of CNY 30,300 in poverty alleviation and rural revitalization projects[115]. - The company plans to disclose its 2024 Social Responsibility Report on April 11, 2025[112]. Risk Management - The company has identified potential risks in its future development strategies, which are detailed in the management discussion and analysis section of the report[8]. - The company recognizes potential risks from policy changes affecting toll revenue and traffic flow, which may lead to revenue uncertainty[65]. - The company will implement measures to mitigate the impact of policy changes and improve service quality on its toll roads[65].