WEIXING NBM(SZ:002372)2025-04-15 13:00Financial Performance - In 2024, the company's operating revenue was approximately CNY 6.27 billion, a decrease of 1.75% compared to CNY 6.38 billion in 2023[20]. - The net profit attributable to shareholders decreased by 33.49% to CNY 952.67 million from CNY 1.43 billion in the previous year[20]. - The net profit after deducting non-recurring gains and losses was CNY 916.91 million, down 28.08% from CNY 1.27 billion in 2023[20]. - The basic and diluted earnings per share were both CNY 0.61, a decrease of 32.22% compared to CNY 0.90 in 2023[21]. - The weighted average return on equity was 18.11%, down from 26.15% in the previous year, a decline of 8.04%[21]. - Total assets at the end of 2024 were CNY 6.63 billion, a decrease of 9.05% from CNY 7.29 billion at the end of 2023[21]. - The net assets attributable to shareholders decreased by 8.96% to CNY 5.09 billion from CNY 5.59 billion in 2023[21]. - The company reported a significant increase in net water business revenue, although specific figures were not disclosed[124]. - The company reported a net profit attributable to shareholders of 952,671,657.36 yuan for the fiscal year 2024, with an unallocated profit at the end of the period amounting to 2,533,569,873.04 yuan[175]. Revenue and Sales - The company's total revenue for the fourth quarter reached ¥2,493,912,546.35, showing a significant increase compared to previous quarters[27]. - The net profit attributable to shareholders for the fourth quarter was ¥328,760,847.94, reflecting a strong performance in profitability[27]. - In 2024, the company sold 300,435 tons of pipeline products, representing a 2.30% increase compared to the same period last year[41]. - The production volume for pipeline products was 302,453 tons, showing a slight decrease of 0.02% year-on-year[42]. - The gross margin for pipeline products was 44.04%, reflecting a decrease of 2.29% from the previous year[42]. - The company's overseas business revenue increased by 26.65% compared to the previous year, indicating a positive development trend[52]. Expenses and Costs - The company increased its market investment and brand promotion efforts, resulting in a sales expense increase of CNY 116.71 million year-on-year[21]. - Direct materials accounted for 59.16% of total operating costs, with a total cost of ¥2,160,581,640.68, reflecting a 2.39% increase year-on-year[69]. - Sales expenses increased by 14.04% to ¥947,850,110.09 in 2024 from ¥831,135,470.37 in 2023[78]. - R&D expenses decreased by 5.12% to ¥192,113,072.71 in 2024 from ¥202,469,746.08 in 2023[84]. Market and Industry Trends - The plastic pipe industry is facing unprecedented challenges in 2024, with overall industry output declining due to complex international situations and insufficient domestic demand[34]. - The industry is experiencing increased concentration, with larger companies demonstrating stronger resilience against risks, leading to improved product quality[35]. - The company is focusing on sustainable development, enhancing green building material product development, and promoting energy-saving initiatives[36]. - The company is focusing on expanding its market share amidst increasing competition and pressure on smaller enterprises in the plastic pipeline industry[108]. - The company anticipates a stable development trend in the plastic pipe industry, driven by government policies promoting urban renewal and green building materials[110]. Research and Development - The company applied for 234 patents during the reporting period, including 33 invention patents, and published 16 standards, showcasing its commitment to innovation[54]. - The company has built a strong technical research and development capability, with over 1,700 patents and participation in more than 260 national and industry standards[58]. - The number of R&D personnel increased by 7.06% to 667 in 2024 from 623 in 2023[82]. - R&D personnel accounted for 12.87% of the total workforce in 2024, up from 11.98% in 2023[82]. Governance and Management - The company has established a robust governance structure, ensuring clear responsibilities and effective operations among the board, supervisory committee, and management[135]. - There are no significant discrepancies between the company's actual governance status and the regulations set forth by relevant laws and the China Securities Regulatory Commission[136]. - The company has a well-defined financial management system, with independent accounting and tax processes, ensuring no shared bank accounts with controlling shareholders[137]. - The governance structure is designed to protect the rights of all shareholders, particularly minority shareholders, ensuring compliance with legal and regulatory requirements[135]. - The company has a strong management team with over 30 years of experience in decision-making and management, including the Chairman and General Manager, Jin Hongyang[145]. Sustainability and Community Engagement - The company has implemented various energy-saving measures across its industrial parks, achieving energy savings of over 40% in some areas, such as the Linhai Industrial Park[196]. - The company has procured over 1.7 million kWh of green electricity throughout the year, contributing to its sustainability goals[196]. - The company donated 1 million yuan to the Linhai Education Development Fund and 200,000 yuan to support underprivileged youth during the reporting period[200]. - The company actively engages in community support initiatives, including donations and educational assistance for disadvantaged groups[200]. Investor Relations and Communication - The company has engaged in various investor relations activities, including online performance briefings and on-site investor reception days, to foster communication with investors[131]. - The company is committed to timely and transparent information disclosure to protect investor rights[131]. - The company is leveraging diverse communication channels to build long-term relationships with investors[131]. Dividend Distribution - The company has distributed a mid-term cash dividend of 1.00 yuan (including tax) for every 10 shares, totaling 157,186,798.80 yuan for the first half of 2024[132]. - For the fiscal year 2024, the company plans to distribute a cash dividend of 5.00 yuan (including tax) for every 10 shares, amounting to 785,933,994.00 yuan based on a total share count of 1,571,867,988 shares after excluding 20,170,000 repurchased shares[132]. - The total cash dividend for the fiscal year 2024 is proposed to be 785,933,994.00 yuan, which represents 99.00% of the net profit attributable to shareholders[177].