TBEA(600089)2025-04-21 11:00Financial Performance - The company achieved a net profit of CNY 3,819,466,418.40 for the fiscal year 2024, with a statutory reserve of CNY 381,946,641.84 allocated, resulting in retained earnings of CNY 8,959,249,055.64 as of December 31, 2024[4]. - A cash dividend of CNY 2.50 per 10 shares (including tax) is proposed, amounting to a total distribution of CNY 1,255,062,183.50, which represents 30.35% of the net profit attributable to shareholders for 2024[4]. - The company's operating revenue for 2024 was CNY 9,778,219.10 million, a decrease of 0.35% compared to 2023[18]. - The net profit attributable to shareholders for 2024 was CNY 413,475.55 million, down 61.37% from 2023[18]. - The net cash flow from operating activities for 2024 was CNY 1,294,925.56 million, a decline of 49.83% compared to the previous year[18]. - The basic earnings per share for 2024 was CNY 0.7962, a decrease of 66.67% from 2023[19]. - Operating profit for the period was CNY 487,396.56 million, down 71.18% year-on-year[73]. - The revenue from new energy products and engineering dropped by 33.94% year-on-year, with a significant gross margin decline of 29.94 percentage points due to a sharp decrease in the sales price of high-purity polysilicon products[82]. Share Capital and Dividends - The total share capital as of December 31, 2024, is 5,052,792,571 shares, with 5,020,248,734 shares eligible for dividend distribution after accounting for repurchased shares[4]. - The company repurchased a total of 32,543,837 shares through centralized bidding[20]. Assets and Liabilities - The total assets at the end of 2024 were CNY 20,762,332.31 million, an increase of 8.19% from the end of 2023[18]. - The company's total restricted assets at the end of the reporting period amounted to 41.029 billion yuan, primarily due to various operating guarantees, bank loans, and financial leasing company borrowings[103]. - The financial liabilities for trading increased by 40.16% compared to the end of the previous year, influenced by foreign exchange fluctuations[101]. Government Support and Non-Recurring Items - The company received government subsidies amounting to CNY 365,278,091.81, closely related to its normal business operations[25]. - Non-recurring gains and losses for 2024 included CNY 160,253,452.12 from the disposal of non-current assets[25]. Market and Operational Highlights - The company signed contracts worth 49.1 billion yuan in the domestic power transmission and transformation industry and produced 198,800 tons of high-purity polysilicon, with sales reaching 199,200 tons in 2024[28]. - The company’s coal sales reached full production and sales, with over 25% of sales coming from outside the Xinjiang region, and thermal power generation amounted to 18.041 billion kWh in 2024[28]. - In the international market, the company signed contracts for product exports exceeding 1.2 billion USD, representing a growth of over 70% compared to the previous year[30]. Innovation and R&D - The company has been granted 417 new patents in 2024, including 135 invention patents, bringing the total to 2,675 effective patents[66]. - The company has established a digital and intelligent polysilicon production line with an annual capacity of 100,000 tons, significantly improving production quality and reducing costs[69]. - The company is committed to increasing its R&D investment and improving the R&D output ratio, with a focus on innovative technologies and products[154]. Risk Management - The company established a comprehensive risk management system, with no major business risks reported during the year, enhancing its resilience and sustainable development capabilities[38]. - The company emphasized strict hedging practices to mitigate risks associated with commodity price fluctuations, focusing on copper, aluminum, and industrial silicon[131]. - The company is exposed to foreign exchange risks as its international business transactions are primarily settled in USD, EUR, and INR, with increasing foreign exchange income and financing amounts[162]. Future Outlook and Strategic Plans - The company plans to achieve a revenue of 105 billion yuan in 2025, with operating costs controlled within 84 billion yuan[150]. - By 2030, global installed capacity of ground-mounted photovoltaic systems is expected to increase from 917.1 GW to 3,467.1 GW, with distributed photovoltaic capacity rising from 694.4 GW to 2,353.5 GW[140]. - The company aims to enhance its digital transformation strategy, focusing on data-driven and machine-driven operations to improve efficiency and customer service[152]. Corporate Governance - The company has appointed multiple independent directors, enhancing governance and oversight within the board[192]. - The company has established a remuneration committee to ensure fair compensation practices for its board members[190]. - The company completed a management reshuffle on November 4, 2024, with new appointments in executive roles[186].