NEWAY(603699)2025-04-22 10:40Financial Performance - The company's operating revenue for 2024 reached RMB 6,237,746,809.94, representing a year-on-year increase of 12.50% compared to RMB 5,544,461,501.44 in 2023[24]. - The net profit attributable to shareholders for 2024 was RMB 1,155,577,730.06, a significant increase of 60.10% from RMB 721,797,065.72 in 2023[24]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 1,140,301,149.31, reflecting a growth of 53.23% compared to RMB 744,184,939.27 in 2023[24]. - The net cash flow from operating activities increased by 74.50% to RMB 1,111,577,973.92, up from RMB 637,004,797.59 in the previous year[24]. - The company's total assets at the end of 2024 were RMB 8,711,353,802.58, a 10.57% increase from RMB 7,878,593,957.95 at the end of 2023[24]. - The net assets attributable to shareholders increased by 15.56% to RMB 4,322,901,433.91, compared to RMB 3,740,809,747.30 in 2023[24]. - The basic earnings per share for 2024 was RMB 1.52, representing a 58.33% increase from RMB 0.96 in 2023[25]. - The weighted average return on equity for 2024 was 28.66%, an increase of 8.01 percentage points from 20.65% in 2023[26]. - The total profit reached 1.42 billion RMB, marking a significant increase of 66.73% compared to the previous year[65]. - The net profit attributable to shareholders was 1.16 billion RMB, reflecting a growth of 60.04% year-on-year[65]. Market and Product Development - The company expanded its industrial materials division, targeting downstream applications in sectors such as nuclear power and wind energy, with new product developments including flanges and tire molds[35]. - The company successfully obtained the API 6D certification for its plug valves in the first half of 2024, enhancing its product portfolio[38]. - The company completed the R&D of a bottom valve designed for feed and discharge ports, addressing key issues such as short service life and leakage[39]. - A high-temperature oxygen shut-off ball valve was developed, capable of operating in extreme conditions, and has been delivered to customers with positive feedback[40]. - The company signed long-term strategic cooperation agreements with energy enterprises, enhancing its market presence in clean energy sectors[37]. - The company achieved a major technological breakthrough with the development of a pulse safety valve, which passed rigorous testing and filled a gap in its high-temperature safety valve product line[46]. - The company successfully developed and delivered a large-diameter underwater ball valve and a high-pressure hot stab product, enhancing its position in the underwater oil and gas extraction equipment sector[49]. - The company is focusing on expanding its market share in traditional energy applications and emerging fields such as hydrogen energy and carbon capture[54]. - The company has formed a comprehensive product lineup, including various types of valves, and has seen continuous market share growth in 2024[55]. - The company achieved a main business revenue of 6.194 billion yuan, representing a year-on-year growth of 13.15%[68]. Research and Development - The total R&D expenditure amounted to 167.29 million yuan, accounting for 2.68% of the operating revenue[76]. - The company has 380 R&D personnel, accounting for 9.38% of the total workforce[78]. - The R&D team consists of 23 master's degree holders, 309 bachelor's degree holders, 41 associate degree holders, and 7 with high school education or below[78]. - Key projects include the successful completion of product design and manufacturing for large-caliber valves, achieving significant specifications and certifications[79]. - The company has made breakthroughs in the development of eccentric C-type ball valves, with multiple patents applied for and authorized[79]. - The company has successfully developed a high-integrity pressure protection system, which has been delivered to customers for production use[80]. Cash Flow and Investments - The net cash flow from operating activities increased by 74.50% year-on-year to CNY 1.11 billion, primarily due to an increase in cash received from sales[84]. - Total cash inflow from investment activities surged by 371.78% year-on-year to CNY 2.23 billion, while cash outflow increased by 251.83% to CNY 2.54 billion[84]. - The company's cash and cash equivalents net increase was CNY 284.21 million, reflecting an 18.22% decrease compared to the previous year[84]. - The company has a total of 6,000 million CNY in self-owned funds allocated for investment in new financial products[182]. - The company has successfully raised 1,500 million CNY through its structured deposit offerings, demonstrating strong market demand[182]. Environmental and Social Responsibility - The company has been recognized as a "Green Factory" in Jiangsu Province in 2024, reflecting its commitment to sustainable development and green manufacturing practices[103]. - The company has invested 5.5 million yuan in environmental protection during the reporting period[146]. - The company has achieved compliance with air pollutant discharge standards for toluene and xylene emissions[147]. - The company has implemented water resource recycling measures, significantly reducing wastewater discharge and enhancing resource utilization[161]. - The company has reduced carbon emissions by 2,314.4 tons through various measures, including the use of clean energy and energy-efficient equipment[162]. - Total investment in social responsibility initiatives amounted to 387,100 CNY, with 317,100 CNY allocated to financial donations and 70,000 CNY for material contributions[163]. Corporate Governance and Management - The company held its first extraordinary shareholders' meeting on January 5, 2024, with all proposed resolutions passed[112]. - The company plans to hold its annual shareholders' meeting on May 15, 2024, and the third extraordinary shareholders' meeting on July 1, 2024[112]. - The total remuneration for all directors, supervisors, and senior management at the end of the reporting period amounted to CNY 34.8391 million[117]. - The company has independent directors serving on various committees, including the audit committee and the remuneration and assessment committee[123]. - The company has established a strategic committee to guide long-term planning and initiatives[123]. - The company is committed to transparency, with all remuneration details aligning with disclosures in the annual report[117]. Risks and Challenges - The company faces various risks including geopolitical, industry cyclicality, market competition, technological upgrades, and exchange rate fluctuations[9]. - The company is at risk of increased market competition as more domestic enterprises expand into overseas markets and gain necessary certifications[107]. - The company faces geopolitical risks due to its significant overseas business exposure, which may impact project timelines and cycles[104].