Financial Performance - For the fiscal year ending December 31, 2024, the company achieved operating revenue of RMB 237.07 billion, an increase of 5.21% year-on-year[15]. - The net profit attributable to the owners of the parent company was RMB 12.40 billion, with basic earnings per share of RMB 0.723[15]. - The gross profit for 2024 was RMB 35.53 billion, compared to RMB 27.55 billion in 2023, indicating a significant improvement in profitability[16]. - The company's operating costs were RMB 201.54 billion, which is an increase from RMB 197.77 billion in the previous year[16]. - The company reported a net financial expense of RMB 2.63 billion, a decrease from RMB 2.94 billion in 2023, indicating improved financial management[16]. - The company's net profit for the year ended December 31, 2024, reached RMB 19,381,819 thousand, an increase of 54.3% compared to RMB 12,555,903 thousand in 2023[18]. - Revenue for 2024 was RMB 237,065,629 thousand, reflecting a growth of 5.21% from RMB 225,319,044 thousand in 2023[22]. - The profit attributable to the owners of the parent company was RMB 12,400,160 thousand, an increase of 85.38% from RMB 6,689,067 thousand in 2023[22]. - The basic earnings per share for 2024 was RMB 0.723, up 85.86% from RMB 0.389 in 2023[22]. - The total assets as of December 31, 2024, amounted to RMB 215,895,530 thousand, a slight increase of 1.89% from RMB 211,896,104 thousand in 2023[19]. - The company's total liabilities decreased to RMB 103,854,787 thousand in 2024, down 7.9% from RMB 112,866,670 thousand in 2023[19]. - The net cash flow from operating activities for 2024 was RMB 32,807,186 thousand, representing a 21.37% increase from RMB 27,030,025 thousand in 2023[22]. - The weighted average return on equity for 2024 was 19.26%, an increase of 7.33 percentage points from 11.93% in 2023[22]. Management and Governance - The company has a clear and pragmatic development strategy aimed at becoming a globally competitive aluminum company[6]. - The company maintains stable and reliable bauxite resources, ensuring sustainable development capabilities[6]. - The company is focused on expanding its market presence and enhancing its competitive advantages through a complete industrial chain[6]. - The company is actively pursuing technological innovation and the transformation of scientific achievements to support high-quality development[6]. - The total pre-tax remuneration for senior management during the reporting period amounted to RMB 1,575.44 million[26]. - The company achieved historical best performance in 2024, exceeding its challenge targets, leading to significant increases in senior management remuneration[28]. - The company has implemented a new compensation structure for senior management, which includes basic salary, performance pay, and incentives for exceeding targets[28]. - The company’s board of directors has seen changes, with Shi Zhirong taking over as chairman and executive director from June 25, 2024[28]. - The company has a diverse management team with extensive experience in various sectors, including He Wenjian, who has held multiple leadership roles within the organization[30]. - The company is actively involved in the management of subsidiaries and has board representation in several affiliated companies[30]. - The company is focused on expanding its market presence and enhancing operational efficiency through management innovation and digital transformation[30]. - The company is committed to maintaining a competitive remuneration structure to attract and retain talent in line with industry standards[58]. - The company’s governance structure underwent significant changes with the appointment and resignation of several key personnel in 2024[61][62]. Research and Development - Research and development expenses for the year amounted to RMB 3.06 billion, reflecting the company's commitment to innovation despite a decrease from RMB 3.73 billion in 2023[16]. - The company achieved 519 new patent authorizations in 2024, maintaining the industry lead[117]. - The company is committed to enhancing innovation capabilities by advancing technology breakthroughs and integrating smart manufacturing[129]. - The company is focused on accelerating key scientific research projects and their application to provide solid technological support for high-quality development[197]. Market and Industry Trends - In 2024, China imported approximately 159 million tons of bauxite, an increase of 12.3% year-on-year, setting a new historical high[98]. - The domestic and international alumina prices showed a rising trend in 2024[100]. - In 2024, the average domestic alumina price in China was RMB 4,084 per ton, an increase of 39.9% year-on-year[101]. - Internationally, the average alumina price (FOB) in 2024 was $502 per ton, reflecting a year-on-year increase of 46%[102]. - The company is a leading player in the Chinese aluminum industry, with the highest global production capacity for alumina, electrolytic aluminum, and other aluminum products[176]. - The rapid development of new applications for aluminum, such as in new energy vehicles and 5G technology, is expected to significantly increase demand for aluminum products[179]. Sustainability and Environmental Initiatives - The company is committed to implementing stringent safety and environmental standards, including a three-year action plan for ecological environment issues[189]. - The company aims to reduce carbon emissions and improve energy efficiency to mitigate the impacts of climate change, contributing to the establishment of a green, low-carbon society[200]. - The company has established a rigorous mining reclamation process to create green mines, ensuring maximum resource utilization and minimal environmental impact[200]. - The company is committed to enhancing its ESG management framework, with a dedicated committee to oversee social responsibility and environmental protection initiatives[193]. - The company has integrated sustainable development concepts into its daily operations, actively responding to urgent global sustainability needs and contributing to the United Nations Sustainable Development Goals (SDGs)[196]. Shareholder and Capital Structure - The total number of employees as of December 31, 2024, is 63,133, with production personnel accounting for 80.7% of the workforce[67]. - The company has a gender distribution of 53,947 male employees (85.5%) and 9,186 female employees (14.5%)[68]. - The total share capital at the beginning of the reporting period was 17,161,591,551 shares, which decreased to 17,156,498,909 shares by the end of the period, reflecting a reduction of 5,092,642 shares[70]. - The company aims to increase the proportion of female members in future appointments and promotions[68]. - As of December 31, 2024, the largest shareholder, China Aluminum Group, holds 29.95% of the company's shares directly and 32.43% in total[83].
中国铝业(02600) - 2024 - 年度财报