长青股份(002391) - 2024 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2024 was CNY 3,524,360,122.59, a decrease of 2.49% compared to CNY 3,614,477,683.62 in 2023[21] - The net profit attributable to shareholders for 2024 was a loss of CNY 119,953,643.52, representing a decline of 264.06% from a profit of CNY 73,113,919.75 in 2023[21] - The basic earnings per share for 2024 was CNY -0.1882, a decline of 267.14% compared to CNY 0.1126 in 2023[21] - The net profit attributable to shareholders was CNY -119.95 million, a year-on-year decline of 264.06%[65] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY -125.33 million, a year-on-year decrease of 246.08%[65] - The gross profit margin for the pesticide segment was 8.38%, reflecting a decrease of 5.76% year-on-year[69] Cash Flow and Assets - The net cash flow from operating activities improved significantly to CNY 317,958,732.39, a 444.56% increase from a negative cash flow of CNY 92,280,094.03 in 2023[21] - The company's total assets at the end of 2024 increased by 7.33% to CNY 8,640,792,209.03 from CNY 8,050,482,608.58 in 2023[21] - The net assets attributable to shareholders decreased by 7.65% to CNY 4,228,493,857.52 from CNY 4,578,569,633.45 in 2023[21] - The net cash flow from operating activities increased by 444.56% year-on-year, primarily due to reduced cash payments for goods and services as a result of the relocation of the Jiangsu plant[83] Market and Industry Trends - The global pesticide market has grown from $35.57 billion in 2006 to $87.7 billion in 2022, with a compound annual growth rate of approximately 5.80%[31] - China accounts for over 50% of the global pesticide production, indicating a strong position in the global market[32] - The industry is undergoing consolidation towards larger, more efficient operations, driven by increased competition and environmental pressures[33] - The company is focusing on the development of new environmentally friendly pesticides, which are expected to grow rapidly due to stricter regulations on traditional pesticides[34] Production and Capacity - The production capacity for the main product, raw medicine, is 43,910 tons/year, with a utilization rate of 60.82%[47] - The production capacity for the formulation is 20,000 tons/year, with a utilization rate of 88.42%[47] - The company has an annual production capacity of 6,400 tons for Fluazifop-P-butyl, positioning it as a leading producer and exporter in the domestic market[50] - The production capacity for Imidacloprid is 3,000 tons per year, with approximately 50% allocated for export, achieving full production and sales[51] - The company has successfully created 30 new pesticide varieties with independent intellectual property rights, achieving a cumulative promotion area of over 300 million mu, with some products exceeding sales of 200 million yuan[35] Research and Development - The company has a strong R&D team and has undertaken multiple national and provincial-level research projects[55] - The company emphasizes the development of high-efficiency, low-toxicity, and low-residue pesticides as a key focus for future R&D[108] - The company has established partnerships with numerous research institutions for technological innovation and product development[55] Environmental Compliance - The company has implemented a comprehensive environmental management system, achieving ISO 14001 certification[58] - The company adheres to environmental protection laws and standards, including the surface water quality standard GB3838-2002 for the Yangtze River section[163] - The company executes wastewater discharge standards, including the COD limit of ≤350 mg/L as per local regulations[163] - The company has established various environmental management systems and emergency response plans to ensure compliance with national regulations and industry standards[174] Governance and Management - The company has implemented a governance structure that includes a board of directors with independent members to enhance decision-making efficiency and risk management[122] - The company has established a comprehensive performance evaluation system and compensation scheme for senior management, linking their income directly to work performance[138] - The company has maintained communication with independent directors through various channels to monitor operational and financial conditions[144] Shareholder Relations - The company plans to distribute cash dividends of RMB 2 per 10 shares (including tax) to all shareholders, with the distribution completed by June 2024[151] - The company distributed cash dividends of 127.32 million yuan in June 2024, representing 20% of the distributable profits for the year, in line with its shareholder return plan[185] - The company commits to distributing at least 20% of its distributable profits as cash dividends annually over the next three years, contingent on profitability and no major investment plans[194] Risk Management - The company acknowledges risks related to industry competition, capacity expansion, raw material price fluctuations, and environmental policies[4] - The company has established risk management strategies to mitigate operational, safety, environmental, and financial risks[155] - The company faces significant risks including price competition, with the agricultural pesticide market being characterized by low concentration and intense price competition[113] Social Responsibility - The company engaged in social responsibility by participating in charitable activities, with total donations amounting to 8.8569 million yuan in 2024[188] - The company has conducted annual emergency response drills for environmental incidents, ensuring preparedness for potential environmental emergencies[179]