LXBY(002884)2025-04-10 13:15Financial Performance - The company's operating revenue for 2024 reached ¥1,592,082,695.56, representing a 21.02% increase compared to ¥1,315,570,267.33 in 2023[6]. - The net profit attributable to shareholders for 2024 was ¥442,410,514.25, a 15.30% increase from ¥383,698,819.49 in 2023[6]. - The net profit after deducting non-recurring gains and losses for 2024 was ¥429,820,458.16, up 14.77% from ¥374,493,635.37 in 2023[6]. - The basic earnings per share for 2024 was ¥1.24, reflecting a 15.89% increase from ¥1.07 in 2023[6]. - The total assets at the end of 2024 amounted to ¥2,496,552,505.79, a 4.65% increase from ¥2,385,551,914.94 at the end of 2023[6]. - The net assets attributable to shareholders at the end of 2024 were ¥2,318,727,032.70, which is a 3.61% increase from ¥2,237,862,736.39 at the end of 2023[6]. - The cash flow from operating activities for 2024 was ¥443,398,623.81, a 6.21% increase compared to ¥417,482,040.18 in 2023[6]. - The company achieved operating revenue of ¥1,592,082,695.56, a year-on-year increase of 21.02%[49]. - Net profit attributable to shareholders reached ¥442,410,514.25, up 15.30% year-on-year[49]. - Domestic sales amounted to ¥740,536,212.42, reflecting a 13.40% increase year-on-year, while international sales were ¥851,546,483.14, up 28.53%[49]. Dividend Policy - The company plans to distribute a cash dividend of 10 RMB per 10 shares to all shareholders, based on a total of 357,682,509 shares[4]. - The cash dividend amount for the reporting period was CNY 357,682,509, representing 100% of the total profit distribution[148]. - The company has a profit distribution policy that mandates a minimum cash dividend ratio of 80% during profit distribution[148]. - The company’s cash dividend policy is compliant with its articles of association and shareholder resolutions[147]. - The company has established a clear decision-making process for profit distribution, ensuring transparency and shareholder engagement[147]. Market and Industry Position - The pump industry in China achieved a total revenue of ¥198.9 billion in 2023, with a year-on-year growth of 5.22%[30]. - The company operates in a competitive market with significant demand for water pumps across various sectors, including municipal engineering and agriculture[31]. - The company has seen a steady increase in market share due to its cost-performance advantage in the domestic and overseas markets[31]. - The company has established a complete service system integrating design, production, sales, and after-sales service, positioning itself as a leading supplier in the domestic market[34]. - The company has a diverse customer base across various industries, including water treatment, agriculture, and construction, indicating a broad market presence[40]. Research and Development - The company has over 40 years of experience in motor and pump R&D, contributing to national standards and projects[33]. - The company has obtained 14 invention patents and multiple high-tech product certifications, showcasing strong R&D capabilities[33]. - The company aims to expand production scale and enhance R&D innovation based on market demand[34]. - The company plans to achieve an annual production capacity of 8 million units of civil centrifugal pumps, adjusting based on market demand[86]. - The company will focus on developing high-efficiency energy-saving motors, large flow pool pumps, and customized pumps, with plans to apply for 2-3 patents[87]. Risks and Challenges - The company faces risks including raw material price fluctuations, inventory impairment, market competition, high overseas customer sales proportion, exchange rate changes, and unstable economic conditions[4]. - The company acknowledges the impact of global economic instability, including inflation and geopolitical tensions, on its revenue and profitability in 2025[98]. - High reliance on overseas sales poses risks, particularly if political instability or trade policy changes occur in key export markets[96]. - Currency fluctuation risks are significant, as appreciation of the RMB against the USD could reduce sales revenue when converted[97]. Governance and Compliance - The company has developed a comprehensive internal governance framework to ensure compliance with laws and regulations[105]. - There are no significant discrepancies between the company's governance practices and the regulations set by the China Securities Regulatory Commission[106]. - The company maintains independent assets, including production systems and related facilities[107]. - The company has established an independent financial accounting system and decision-making process[109]. - The company has not faced any penalties from securities regulatory authorities for its current and past board members[130]. Employee and Social Responsibility - The total number of employees at the end of the reporting period was 1,025, with 735 in the parent company and 290 in major subsidiaries[143]. - The company has implemented a comprehensive training system to enhance employee skills and management capabilities, ensuring a continuous supply of talent[145]. - The company contributed 1.117 million yuan to social welfare and education initiatives, demonstrating its commitment to social responsibility[162]. - Employee development is prioritized through various training programs, ensuring equal opportunities for career advancement[159]. Future Outlook - The company anticipates a year-on-year change in sales volume of approximately -15% to 5% for 2025, with a similar revenue change forecast[86]. - The company plans to hold 8-10 product promotion events covering regions such as Guangdong, Central China, North China, and Southwest China to expand market influence[90]. - In 2025, the company aims to participate in at least 16 global professional exhibitions and visit markets in the USA, Italy, France, Australia, and Dubai to promote new products, particularly stainless steel pumps[90].