SHHDKJ(SH:603192)2025-04-21 11:05Financial Performance - The company's operating revenue for 2024 is CNY 2,670,922,867.59, a decrease of 1.51% compared to CNY 2,711,898,876.77 in 2023[22]. - Net profit attributable to shareholders of the listed company increased by 95.00% to CNY 124,559,757.65 from CNY 63,875,837.77 in the previous year[22]. - The net profit attributable to shareholders after deducting non-recurring gains and losses rose by 84.86% to CNY 113,618,333.51 compared to CNY 61,461,870.08 in 2023[22]. - The net cash flow from operating activities decreased significantly by 88.33% to CNY 27,914,438.83 from CNY 239,115,709.27 in the previous year[22]. - The total assets of the company at the end of 2024 are CNY 2,235,827,514.88, a decrease of 4.46% from CNY 2,340,274,294.55 in 2023[22]. - The net assets attributable to shareholders increased by 7.57% to CNY 1,552,128,788.41 from CNY 1,442,964,403.48 in the previous year[22]. - The company's basic and diluted earnings per share increased by 95.65% to CNY 0.90 in 2024, compared to CNY 0.46 in 2023[23]. - The company's main business revenue reached CNY 2,552.98 million in 2024, a year-on-year increase of 1.17%[31]. - The gross profit margin for the main business improved by 2.89 percentage points to 14.24% in 2024[31]. - The company reported a decrease in operating costs by 5.05% year-on-year, attributed to lower raw material prices and increased production volume[54]. Market and Product Development - The company is focusing on expanding its market presence in eco-friendly and low-carbon recycled materials, enhancing its sustainable development foundation[30]. - The company is actively expanding its market share through differentiated product promotion and strong R&D capabilities, maintaining stable sales volume amid economic downturns[33]. - The company achieved a sales volume of 178,000 tons for leather polyurethane in 2024, showing a slight decrease year-on-year[41]. - The sales volume of elastomers and raw liquids reached 21,300 tons in 2024, representing a year-on-year growth of 39.88%[42]. - The polyester polyol business recorded a sales volume of 34,500 tons in 2024, with a year-on-year increase of 11.94%[42]. - The company is focusing on the development of eco-friendly, solvent-free polyurethane resins and other differentiated products to meet market demand[36]. - The company is exploring new growth opportunities in sectors like new energy vehicles and high-end soft furniture[81]. - The company aims to achieve sales revenue of over 3 billion yuan by 2025, focusing on effective utilization of existing capacity and enhancing market share[112]. Research and Development - The company applied for 2 invention patents and obtained 5 authorized invention patents during the reporting period[36]. - Research and development efforts led to the application of 2 invention patents and the granting of 5 invention patents during the reporting period, totaling 65 valid authorized invention patents[47]. - The total R&D expenditure for the current period is ¥71,352,823.34, which accounts for 2.67% of the operating revenue[69]. - The company employs 165 R&D personnel, representing 18.19% of the total workforce, with 6 holding PhDs and 18 holding master's degrees[70]. - The company emphasizes the development of new products and technologies as a key to maintaining its core competitiveness[71]. Environmental and Regulatory Compliance - The company has implemented measures to reduce carbon emissions, including upgrading equipment to variable frequency motors and optimizing production processes to reduce steam consumption[188]. - The company has established an ISO 14001 environmental management system and has received certification[179]. - The company has a 100% compliance rate for environmental impact assessments for existing construction projects[183]. - The company has signed annual disposal contracts with qualified solid waste disposal units for proper management of solid waste[165]. - The company has established a well-defined emergency response plan for environmental incidents, which has been filed with the local ecological environment bureau[184][185]. - The company has implemented a clean production audit, resulting in reduced production waste and energy savings[167]. Governance and Management - The company maintains a governance structure that ensures independence from its controlling shareholder, adhering to legal and regulatory requirements[121]. - The company approved the 2023 annual financial settlement report during the shareholder meeting[123]. - The total pre-tax remuneration for the board of directors and senior management was 987.62 million yuan for the reporting period[126]. - The company has established a compensation and assessment committee responsible for evaluating the performance of directors and senior management[158]. - The company has committed to avoiding and reducing related party transactions with Huide Technology, ensuring transactions are conducted with independent third parties[192]. Shareholder Returns - The company plans to distribute a cash dividend of CNY 3.75 per 10 shares to all shareholders, with no bonus shares or capital reserve transfer[6]. - The cumulative cash dividend amount over the last three accounting years is 98,692,625.24 RMB, with an average cash dividend ratio of 118.26%[153]. - The company’s net profit attributable to shareholders for the most recent fiscal year was 124,559,757.65 RMB, with a proposed cash dividend amounting to 52,932,625.13 RMB[152]. - The company has not made any adjustments to its cash dividend policy during the reporting period[148]. Operational Efficiency - The company has established a comprehensive management system utilizing various digital tools to enhance operational efficiency and cost control[49]. - The company emphasizes the importance of digital factory construction to improve operational efficiency and reduce costs[112]. - The company has reported a 10% reduction in operational costs due to efficiency improvements[127]. Risks and Challenges - The company faces risks from downstream industry demand fluctuations, particularly in the synthetic leather sector, which is influenced by consumer spending and economic conditions[115]. - The company acknowledges potential risks from environmental regulations and the need for increased environmental spending impacting operational performance[117]. - The company anticipates that the polyurethane market will undergo adjustments and transformations in 2024, influenced by raw material price fluctuations and changes in terminal market demand[110].