中钢国际(000928) - 2024 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2024 was CNY 17,646,686,042.44, a decrease of 33.10% compared to CNY 26,377,055,477.16 in 2023[15]. - Net profit attributable to shareholders for 2024 was CNY 835,235,119.44, representing a 9.69% increase from CNY 761,483,210.71 in 2023[15]. - The net profit after deducting non-recurring gains and losses was CNY 746,733,801.53, up 19.01% from CNY 627,468,281.59 in 2023[15]. - Cash flow from operating activities for 2024 was CNY 1,504,336,630.99, an increase of 9.95% compared to CNY 1,368,142,468.31 in 2023[15]. - Basic earnings per share for 2024 were CNY 0.5822, a slight increase of 0.73% from CNY 0.5780 in 2023[15]. - Total assets at the end of 2024 were CNY 27,473,904,977.09, down 8.41% from CNY 29,998,220,368.56 at the end of 2023[15]. - Net assets attributable to shareholders increased by 5.88% to CNY 8,335,161,383.51 from CNY 7,872,110,670.07 in 2023[15]. - The company plans to distribute a cash dividend of CNY 2.99 per 10 shares, based on a total of 1,434,644,621 shares[3]. Revenue and Contracts - In 2024, the company achieved a total revenue of CNY 176.47 billion, with a year-on-year growth of 9.69%[29]. - The net profit attributable to shareholders was CNY 8.35 billion, reflecting a steady increase in profitability[29]. - The company signed new contracts worth CNY 196.70 billion during the year, indicating robust business development[29]. - The engineering contracting segment accounted for ¥16,403,750,706.42, representing 92.96% of total revenue, down 34.43% year-over-year[54]. - Domestic revenue fell to ¥9,202,203,952.35, making up 52.15% of total revenue, a significant decline of 44.72% from the previous year[54]. Operational Efficiency - The average return on equity was 10.31%, showcasing improved operational efficiency[29]. - The company reported a significant cash flow from operating activities of CNY 5.49 billion in Q4 2023, following a negative cash flow in previous quarters[20]. - The total revenue for Q4 2023 was CNY 5.04 billion, marking a recovery from lower revenues in earlier quarters[20]. - The company completed 89 EPC projects during the reporting period, with a total project amount of ¥17,551,788,100, all of which have been recognized as revenue[58]. - There are 233 ongoing EPC projects with a total project amount of ¥89,037,674,481.79, of which ¥64,369,297,370.72 has been recognized as revenue[59]. Research and Development - The company increased its research and development investment to CNY 375 million, maintaining a similar intensity compared to last year, with a year-on-year growth of 11.39% in patent applications, totaling 225[33]. - The company holds 497 valid patents, including 113 invention patents, and has established multiple national and departmental engineering technology centers[46]. - The company has developed advanced technologies for energy saving and environmental protection, contributing significantly to the industry’s ultra-low emissions[45]. - The company has established a gas mist cooling testing system for thin slab casting, meeting various steel grades and operational requirements[69]. - The company has filed multiple patents related to pollution control technologies, enhancing its capabilities in environmental management and energy recovery[70]. International Expansion - The company is focusing on international market expansion, with notable projects signed in Algeria and Guinea[30]. - The construction of the Tosyali four-phase green low-carbon steel plant in Algeria was successfully completed, marking a significant milestone[30]. - The company has established 15 overseas branches and operates in over 50 countries, with 90% of overseas contracts coming from countries along the "Belt and Road" initiative[48]. - The company will continue to implement an overseas major client strategy, focusing on consolidating existing markets and expanding into new ones, with key partnerships established with companies like Rio Tinto and Vale[102]. Risk Management and Compliance - The company emphasizes the importance of monitoring risks associated with international project execution, which can be affected by political and economic conditions in host countries[3]. - A comprehensive risk management framework is being established to mitigate overseas project execution risks and enhance safety production measures[106]. - The company has established and continuously revised its corporate governance system, ensuring compliance with relevant laws and regulations, with no significant discrepancies found[114]. - The company has committed to avoiding any actions that may harm the legitimate rights and interests of China Steel International and its shareholders[173]. Corporate Governance and Management - The company is undergoing a board restructuring with multiple changes in director and supervisor positions[121]. - The company has received commitment letters from its controlling shareholders to maintain its independence, with no violations reported during the reporting period[116]. - The company has established a clear governance structure for decision-making regarding executive compensation[132]. - The board of directors held multiple meetings throughout the reporting period, with the 10th board's first meeting on September 13, 2024, and the last on December 30, 2024[135]. - The company is focused on maintaining compliance with corporate governance regulations during the transition[123]. Social Responsibility and Sustainability - The company has committed to sustainable development, focusing on low-carbon metallurgy and green transformation, as outlined in its 2024 Sustainable Development Report[164]. - The company has actively participated in poverty alleviation and rural revitalization efforts, directly purchasing and assisting in the sale of agricultural products worth over 12 million yuan[166]. - The company has implemented a project to support local walnut tree farmers and tea product manufacturers in Yunnan Province, contributing to local economic development[166]. - The company conducted safety inspections and diagnostics for 55 non-coal mines and hazardous chemical enterprises, identifying over 730 safety hazards and providing more than 430 management suggestions[167]. Financial Management - The company reported a total compensation of 9.1144 million yuan for directors, supervisors, and senior management during the reporting period[132]. - The company has a structured approach to risk management and legal compliance, overseen by the Chief Legal Advisor[129]. - The company has not engaged in any derivative investments during the reporting period[87]. - The company has not reported any significant equity investments or ongoing non-equity investments during the reporting period[84].