锦鸡股份(300798) - 2024 Q4 - 年度财报

Financial Performance - The company's net profit significantly declined due to increased depreciation and amortization from subsidiary projects, leading to a decrease in net profit attributable to shareholders by a substantial margin [4]. - The company reported a major drop in total profit and net profit year-on-year, consistent with industry trends, as the overall economic situation and downstream industry pressures remain significant [5]. - The company's operating revenue for 2024 reached ¥1,009,084,135.55, representing a 6.45% increase compared to ¥947,912,519.26 in 2023 [22]. - The net profit attributable to shareholders decreased by 64.34% to ¥5,652,342.69 in 2024 from ¥15,848,607.95 in 2023 [22]. - The net profit after deducting non-recurring gains and losses fell by 90.83% to ¥2,145,518.09 in 2024 compared to ¥23,390,725.93 in 2023 [22]. - Basic earnings per share decreased by 68.07% to ¥0.0121 in 2024 from ¥0.0379 in 2023 [22]. - The weighted average return on equity dropped to 0.33% in 2024 from 1.15% in 2023, reflecting a decline of 0.82% [22]. - The company reported a quarterly revenue of ¥301,081,436.29 in Q4 2024, marking a steady increase throughout the year [24]. - The net profit attributable to shareholders in Q4 2024 was negative at -¥3,173,881.58, indicating challenges in profitability during that quarter [24]. - The company achieved operating revenue of 100,908.41 million yuan, a year-on-year increase of 6.45% [63]. - The total profit amounted to 1,628.41 million yuan, a year-on-year decrease of 29.36% [63]. - Net profit attributable to shareholders was 565.23 million yuan, down 64.34% year-on-year [63]. Investment and R&D - The company plans to enhance its technical innovation and new product development capabilities while expanding its market share and industry position through an increasingly broad sales network [6]. - The company invested 42.07 million yuan in R&D, accounting for 4.17% of its total revenue, maintaining a stable R&D investment ratio [44]. - The company has successfully developed four new dye products, achieving quality standards and completing production process evaluations [43]. - The company is actively promoting the construction of an environmentally friendly high-end disperse dye project with an annual production capacity of 15,000 tons, which is expected to enhance its production capabilities [44]. - The company has focused on improving the wash fastness and color strength of its dyes, with active red 5B showing significant advancements in alkaline resistance for dyeing light colors [86]. - The company plans to establish a national-level R&D center to enhance product development and process optimization [119]. - The company has successfully developed and is moving towards mass production of several new dyes, including active brown RL and active yellow YY05, which are expected to reduce wastewater discharge significantly [86]. Market Trends and Challenges - The dye industry is expected to face considerable challenges in achieving stable operations by 2025, influenced by global geopolitical tensions and trade protectionism [5]. - The demand for dyes is expected to continue recovering, although the overall development of the dye industry remains uncertain due to external economic pressures [33]. - The ongoing geopolitical tensions and trade protectionism are expected to increase supply chain pressures and product demand fluctuations, impacting the company's future operations [41]. - The company is positioned to benefit from the ongoing green transformation in the dye industry, aligning with national policies on carbon neutrality [34]. Cash Flow and Financial Management - The cash flow from operating activities improved significantly, with a net inflow of ¥9,642,553.11 in 2024, a turnaround from a net outflow of ¥62,768,707.60 in 2023 [22]. - Operating cash inflow grew by 7.07% year-on-year, primarily due to a 6.50% increase in cash received from sales of goods and services [66]. - Operating cash outflow decreased by 2.76% year-on-year, with cash paid for goods and services down by 10.66% [66]. - Net cash flow from operating activities for 2024 was 9,642,553.11, a significant increase of 115.36% compared to the previous year [88]. - Net cash flow from investing activities decreased by 33.41% year-on-year, primarily due to a 60.64% reduction in cash recovered from investments [89]. - Net cash flow from financing activities decreased by 58.93% year-on-year, mainly due to repayments of bank loans [89]. Governance and Compliance - The company has established a governance structure that complies with legal requirements, ensuring independent operations from its major shareholders [12]. - The company has conducted two shareholder meetings during the reporting period, with participation rates of 26.97% and 31.63% respectively [16]. - The board of directors consists of 8 members, including 3 independent directors, ensuring a diverse governance structure [141]. - The company continues to prioritize corporate governance and transparency in its operations [140]. - The company has received a warning letter from the Jiangsu Securities Regulatory Bureau due to issues related to the storage and use of raised funds, indicating a lack of diligence from key personnel [154]. - The company has been noted for its responsibility in related information disclosure violations, which will be recorded in the securities and futures market integrity archives [154]. Environmental Management - The company is classified as a key pollutant discharge unit by environmental protection authorities [183]. - The company adheres to various environmental protection laws and standards, ensuring compliance with industry regulations [183]. - The wastewater treatment system has a capacity of 800 tons per day, utilizing advanced treatment processes to ensure compliance with discharge standards [187]. - The company has implemented online monitoring facilities for water pollutants at the discharge outlet to ensure stable operation and compliance [187]. - Throughout the reporting period, the company has not faced any penalties for environmental violations and has not experienced significant environmental pollution incidents [192]. - Jin Hui Chemical's total environmental investment amounted to 9.9554 million yuan, with an environmental protection tax payment of 46,911.11 yuan [195]. Future Plans and Strategic Focus - The company aims to become a leading player in the domestic dye industry and an internationally influential dye supplier through technological innovation and market expansion [116]. - The company plans to change the fundraising project from "annual production of 30,000 tons of high-end active dye project" to "fine chemical products project," with a new production capacity of 39,600 tons for H acid, 1.5 acid, and other fine chemical products [109]. - The company intends to expand its marketing network and strengthen its international strategy, focusing on cultivating marketing and foreign trade professionals to enhance brand recognition [119]. - The company plans to accelerate project construction to generate cash flow sooner and mitigate financial pressure [6].