XREC(SZ:000598)2025-04-17 12:45Financial Performance - The company's operating revenue for 2024 reached ¥9,048,669,804.99, an increase of 11.90% compared to ¥8,086,535,650.22 in 2023[17]. - Net profit attributable to shareholders for 2024 was ¥1,996,116,861.08, reflecting an 8.28% increase from ¥1,843,412,411.08 in 2023[17]. - The basic earnings per share for 2024 was ¥0.6704, up 8.06% from ¥0.6204 in 2023[17]. - The total assets at the end of 2024 amounted to ¥48,448,468,554.45, representing an 11.24% increase from ¥43,555,025,093.36 at the end of 2023[17]. - The company generated operating cash flow of ¥3,680,795,791.89 in 2024, an increase of 8.61% from ¥3,388,884,915.50 in 2023[17]. - The company reported a weighted average return on equity of 11.50% for 2024, slightly down from 11.86% in 2023[17]. - The company achieved total operating revenue of CNY 904,866.98 million in 2024, representing a year-on-year growth of 11.90%[43]. - Net profit attributable to shareholders reached CNY 199,611.69 million, an increase of 8.28% compared to the previous year[43]. - Revenue from wastewater treatment services grew by 20.42%, while revenue from water supply increased by 7.26% and waste incineration power generation revenue rose by 10.51%[43]. - The gross margin for water supply was 45.57%, up by 1.11%; for wastewater treatment, it was 41.63%, up by 1.48%; and for waste incineration, it was 48.07%, up by 7.84%[43]. Dividend and Profit Distribution - The company plans to distribute a cash dividend of 1.87 CNY per 10 shares to all shareholders, based on a total of 2,984,434,721 shares[4]. - The cash dividend for 2023 is set at 1.87 yuan per 10 shares, amounting to a total cash dividend of 558,089,292.83 yuan[152][153]. - The total distributable profit at the end of the reporting period is 2,591,995,176.89 yuan[153]. - The company emphasizes a stable profit distribution policy to enhance shareholder returns, reflecting a commitment to improving operational performance and profitability[111]. - The company plans to maintain a cash dividend ratio of at least 20% during significant capital expenditures[152]. Operational Capacity and Projects - The company operates approximately 4.3 million tons/day in water supply projects and over 4.8 million tons/day in wastewater treatment projects[32][33]. - The company has a total operational and under-construction capacity of 12,000 tons/day for waste incineration power generation and 8,430 tons/day for leachate treatment[34][37]. - The company is expanding its operational scale, with a total capacity of approximately 930 million tons/day for water supply and wastewater projects combined[37]. - The company plans to enhance urban sewage treatment infrastructure, aiming for a collection rate of over 73% by 2027[27]. - The company will launch key projects including the Chengdu Water Plant Phase III and the Chengdu Wastewater Treatment Plant Phase III, which are expected to enhance operational performance[84]. Research and Development - The company launched 57 research projects and obtained 33 new patents in 2024, focusing on technological innovation and smart water management[42]. - Research and development expenses surged to CNY 53,211,087.38, a significant increase of 341.20% compared to the previous year[56]. - The number of R&D personnel increased by 78.29% to 460, with a notable rise in the proportion of personnel holding master's degrees, which increased by 96.97%[58]. - The company is investing 50 million in R&D for new technologies aimed at improving operational efficiency[93]. - Ongoing research and development efforts are focused on innovative waste management solutions[179]. Risk Management and Compliance - The company emphasizes the importance of risk awareness regarding forward-looking statements in the annual report[4]. - The company has detailed potential risks and countermeasures in the management discussion and analysis section of the report[4]. - The company has established a comprehensive internal control system covering various activities, including risk management, financial reporting, and compliance with legal regulations[163]. - The company has developed a risk assessment report to identify and manage medium to high risks, enhancing risk management effectiveness[163]. - The company is committed to continuous improvement of compliance capabilities in response to changing compliance obligations[164]. Market Expansion and Strategic Initiatives - The company aims to deepen its presence in the Chengdu market while expanding its influence across Sichuan and nationwide, focusing on becoming a comprehensive service provider in water and environmental protection[83]. - The company plans to expand its market presence by entering three new regions by the end of 2024[93]. - The company is actively exploring new strategies for market expansion and product development[91]. - The company is focusing on expanding its market presence and enhancing its supply and drainage business operations[92]. - Future guidance indicates a revenue target of 5 billion for the fiscal year 2024, reflecting a growth rate of 20%[94]. Environmental Compliance and Sustainability - The company adheres to major environmental protection laws and regulations, including the Environmental Protection Law and the Air Pollution Prevention and Control Law[170]. - The company is classified as a key pollutant discharge unit by environmental protection authorities[170]. - The company has implemented advanced technologies in wastewater treatment to improve efficiency and reduce environmental impact[172]. - The company is committed to sustainable practices in waste management and pollution control[178]. - The company has improved rural drinking water quality by maintaining and servicing water supply stations and purification equipment in several counties[195]. Corporate Governance and Leadership - The company has established a modern corporate governance mechanism to ensure compliance and protect shareholder rights[104]. - The board of directors operates independently and is responsible for major decisions, with all meetings conducted legally and effectively, ensuring the interests of all shareholders are prioritized[110]. - The company has a fully independent financial department with a standardized accounting system, ensuring compliance with tax regulations and financial management[113]. - The company has seen changes in its board composition, with several directors resigning and new appointments expected in the near future[135]. - The company has a strong leadership team with diverse backgrounds in finance, engineering, and management[122][123][124][125][126][127][128][129]. Investor Relations and Communication - The company has actively engaged with investors, responding to nearly 140 inquiries and hosting over 50 investor meetings in 2024[106]. - The company highlighted its operational advantages and business expansion plans during the investor meetings held in January 2024[92]. - The company is engaging with various asset management firms to discuss future growth opportunities and operational strategies[92]. - The company reported on its performance and operational efficiency during the investor interactions[92]. - The company has established a robust investor relations management system, ensuring timely and accurate information disclosure through various channels, including performance briefings and investor hotlines[111].