Bossco(SZ:300422)2025-04-22 13:25Financial Performance - The company reported a revenue of 1,591.56 million RMB for 2024, a decrease of 20.56% compared to the previous year[6]. - The net profit attributable to shareholders was -864.99 million RMB, representing a decline of 300.66% year-on-year[6]. - The net cash flow from operating activities was 337.27 million RMB, down 34.75% from the previous year[6]. - The company's operating revenue for 2024 was CNY 1,591,558,389.54, a decrease of 20.56% compared to CNY 2,003,383,152.13 in 2023[28]. - The net profit attributable to shareholders for 2024 was a loss of CNY 864,993,050.91, representing a decline of 300.66% from a loss of CNY 215,891,074.09 in 2023[28]. - The net profit after deducting non-recurring gains and losses was CNY -918,091,431.69 for 2024, a decrease of 195.37% compared to CNY -310,830,914.94 in 2023[28]. - The total assets at the end of 2024 were CNY 9,413,584,500.49, down 13.99% from CNY 10,944,189,849.73 at the end of 2023[28]. - The net assets attributable to shareholders decreased by 36.05% to CNY 1,313,048,391.97 at the end of 2024 from CNY 2,053,336,225.48 at the end of 2023[28]. - The basic earnings per share for 2024 was CNY -1.67, a decline of 288.37% from CNY -0.43 in 2023[28]. - The cash flow from operating activities for 2024 was CNY 337,273,083.56, a decrease of 34.75% compared to CNY 516,916,029.41 in 2023[28]. - The company reported a significant drop in quarterly performance, with the fourth quarter showing a net loss of CNY 807,758,269.36[31]. - The company has experienced a continuous decline in revenue and profitability, indicating potential challenges in its operational strategy[28]. Debt and Liabilities - As of the end of 2024, the company's total liabilities amounted to 7,942.98 million RMB, with a high debt-to-asset ratio of 84.38%[9]. - The company faces risks related to liquidity due to high debt levels and potential credit impairment risks from large accounts receivable[9][10]. - The combined value of accounts receivable and contract assets was 2,388.58 million RMB, accounting for 67.81% of total current assets[10]. Profit Distribution and Shareholder Decisions - The company plans not to distribute profits for 2024, including no cash dividends or stock bonuses, pending approval at the annual shareholders' meeting[12]. Business Strategy and Operations - The company is actively reducing the proportion of engineering project business to optimize its business structure and mitigate potential risks[8]. - The company acknowledges the ongoing challenges in project settlements and cash collection, which may impact future operational performance[11]. - The company is focusing on enhancing budget management and cost control to improve profitability and market competitiveness[134]. - The company aims to strengthen its core business in industrial environmental governance and expand its market share both domestically and internationally[129]. Market and Industry Trends - The wastewater treatment industry market size in China reached approximately ¥1,500.1 billion in 2023, reflecting a growth of 4.4% from ¥1,437.4 billion in 2022[40]. - The government has set specific quantitative development goals for wastewater treatment capacity and rates, emphasizing the importance of infrastructure development[38]. - The company is positioned to benefit from the increasing regulatory focus on environmental protection and wastewater treatment standards[39]. - The zero discharge policy for wastewater is expected to drive innovation and project growth in the industry, particularly in high-tech zones by 2025[39]. - The competitive landscape in the environmental protection industry is intensifying as state-owned enterprises enter the market, leading to a more consolidated industry structure[37]. Research and Development - The company has a research and development team of 839 people, accounting for 22% of total employees, including 138 senior professionals and 357 mid-level professionals[99]. - The company has developed a second-generation lithium battery recycling technology with a lithium recovery rate of 93.5% and a nickel, cobalt, and manganese recovery rate of 99.2%, reducing overall energy consumption by over 10% compared to the first generation[105]. - The company has successfully developed a high-efficiency carbon dioxide adsorption material and participated in multiple CCUS research projects, contributing to the establishment of industry standards and patent applications[100][101]. Environmental Initiatives - The company is transitioning from traditional water pollution control to comprehensive environmental governance, expanding its services globally[52]. - The company is developing advanced technologies for industrial wastewater treatment, aligning with national carbon neutrality goals[55]. - The company has achieved a 100% ammonia nitrogen removal rate and over 95% COD removal rate in its electro-catalytic wastewater treatment technology, which is now one of the largest electro-catalytic treatment projects in China, with a processing capacity of 9,600 m³/d[103]. Investment and Funding - The company raised a total of RMB 579,999,997.49 through the public offering of 49,871,023 A-shares at a price of RMB 11.63 per share, with a net amount of RMB 563,377,929.53 after deducting issuance costs of RMB 16,622,067.96[195]. - The company has committed to using the raised funds for specific projects, with the total investment amount adjusted accordingly[185]. - The company has effectively managed the raised funds through dedicated account storage[195]. Challenges and Risks - The company faces ongoing challenges in project settlements and cash collection, which may impact future operational performance[11]. - The company reported a loss of ¥10,221,273.25 in other comprehensive income, reflecting a significant change in the fair value of investments[172]. - The company has not experienced any significant changes or adjustments in its business, products, or services during the reporting period[153].