HES(SZ:002963)2025-04-10 11:50Financial Performance - The company's operating revenue for 2024 was ¥458,955,865.46, a decrease of 14.71% compared to ¥538,114,938.20 in 2023[23]. - The net profit attributable to shareholders for 2024 was -¥179,376,490.86, representing a decline of 1107.32% from a profit of ¥17,807,286.38 in 2023[23]. - The net cash flow from operating activities for 2024 was -¥99,301,248.15, a significant drop of 171.39% compared to ¥139,104,868.21 in 2023[23]. - The basic earnings per share for 2024 was -¥1.19, down 1091.67% from ¥0.12 in 2023[23]. - Total assets at the end of 2024 were ¥1,823,293,167.56, a decrease of 11.08% from ¥2,050,428,658.97 at the end of 2023[23]. - The net assets attributable to shareholders at the end of 2024 were ¥1,348,105,344.03, down 11.74% from ¥1,527,481,834.89 at the end of 2023[23]. - The company reported a weighted average return on equity of -12.48% for 2024, a decline of 13.65% from 1.17% in 2023[23]. - The net profit after deducting non-recurring gains and losses for 2024 was -¥108,958,976.70, worsening by 135.84% from -¥46,200,756.88 in 2023[23]. Quarterly Performance - Total revenue for the first quarter was ¥144,043,530.28, with a net profit attributable to shareholders of ¥5,360,674.36[27]. - In the second quarter, total revenue increased to ¥151,971,845.47, but net profit dropped to ¥2,326,997.86[27]. - The third quarter saw a significant decline in net profit, reporting a loss of ¥1,481,034.80, while total revenue fell to ¥81,423,798.96[27]. - The fourth quarter reported a substantial net loss of ¥185,583,128.28, with total revenue slightly increasing to ¥81,516,690.75[27]. - The net cash flow from operating activities was negative in all quarters, with the fourth quarter showing a net outflow of ¥54,528,981.34[27]. Industry Trends - The urbanization rate in China reached 67% by the end of 2024, indicating a new phase in urban development and potential growth for the company's industry[31]. - The domestic tourism market saw 5.615 billion trips in 2024, a year-on-year increase of 14.8%, providing a strong support for the company's growth in the cultural tourism sector[33]. - The government has introduced multiple policies to promote the integration of culture and tourism, aiming to enhance service quality and sustain investment growth in the sector[33]. - The company is positioned to benefit from the ongoing development of smart tourism, with plans to enhance digital and intelligent tourism services by 2027[33]. New Energy Vehicle Sector - In 2024, China's new energy vehicle production and sales reached 12.888 million and 12.866 million units, respectively, representing year-on-year growth of 34.4% and 35.5%[36]. - The penetration rate of new energy vehicles in China reached 40.9%, an increase of 9.3 percentage points year-on-year[36]. - By the end of 2024, the total number of new energy vehicles in China reached 31.4 million, a growth of 53.85% compared to 2023, accounting for 8.90% of the total vehicle population[36]. - In the heavy-duty truck segment, new energy heavy truck sales reached 82,000 units in 2024, showing a year-on-year growth of 140%[36]. - The number of charging infrastructure units in China increased by 4.222 million in 2024, a year-on-year rise of 24.7%[37]. - The government has introduced multiple policies to promote the development of new energy, including the integration of new energy vehicles with the power grid and the establishment of a charging peak and valley pricing mechanism by 2025[38]. Strategic Initiatives - The company is expanding its smart energy solutions for the new energy transportation sector, aligning with the rapid growth of the new energy vehicle industry[35]. - The company is enhancing its focus on smart and green applications in the lighting sector, contributing to the development of smart cities[34]. - The establishment of a comprehensive management platform utilizing IoT, AI, and big data is expected to significantly improve public service capabilities and governance levels in urban areas[34]. - The company holds the highest qualifications in the lighting engineering industry, including "Special Class A for Lighting Engineering Design" and "First-Class for Urban and Road Lighting Engineering Contracting" with a total of 219 companies holding these qualifications as of March 31, 2025[40]. - The company has undertaken 74 projects of buildings over 200 meters, including the Shanghai Tower at 632 meters and the CITIC Tower in Beijing at 528 meters, with 19 projects exceeding 300 meters[40]. Research and Development - The company has increased its research and development investment to innovate its business model and maintain its position as a leading player in the industry[40]. - The company has accumulated 193 patents and 70 copyrights, actively participating in the formulation and promotion of 30 national and international standards[53]. - The company emphasizes technological innovation, with a focus on R&D collaboration with universities and research institutions to enhance its core competitiveness[53]. - The company is exploring innovative technologies in night scene lighting, aiming to enhance user interaction and experience through 3D projection and mixed reality[80]. - Research is ongoing to integrate lighting systems with IoT technology to improve urban lighting management efficiency[80]. Governance and Management - The company has a stable core management team with extensive industry experience, contributing to a well-defined strategic direction and operational philosophy[54]. - The company has established a transparent performance evaluation and incentive mechanism for senior management, which includes a base salary and annual performance bonus[116]. - The company maintains independent operations in assets, personnel, finance, organization, and business, ensuring no resource occupation by the controlling shareholder[119][120]. - The company has a complete and independent financial department, adhering to accounting standards and conducting independent financial decision-making[120]. - The company has a diverse board with members holding various professional qualifications and significant industry experience[127]. Social Responsibility and ESG - The company has made significant contributions to social responsibility, donating 1 million yuan to educational and social welfare initiatives, including 100,000 yuan to the Nan'an New Overseas Chinese Middle School Education Development Foundation[167]. - The company maintains a strong commitment to investor relations, ensuring accurate and timely information disclosure to protect investor interests[166]. - The company promotes energy-saving practices among employees, such as encouraging public transport and reducing paper consumption through double-sided printing[164]. - The company is committed to sustainable development and actively engages in social welfare, contributing to various community projects and educational funds[167]. Shareholder and Financial Policies - The company has a cash dividend policy that includes a distribution of 2.00 CNY per 10 shares, totaling 30,071,986.00 CNY for the reporting period[151]. - The total distributable profit for the period was 113,867,001.01 CNY, with cash dividends accounting for 100.00% of the profit distribution[151]. - The company has not proposed any cash dividend distribution plan despite having positive distributable profits, indicating a potential reinvestment strategy[151]. - The company has established clear guidelines for share reduction to ensure compliance with regulatory requirements and maintain market stability[170].