Hiroad(300915)2025-04-23 09:00Financial Performance - The company's operating revenue for 2024 reached ¥1,087,164,360.82, representing a 13.89% increase compared to ¥954,567,880.97 in 2023[21] - Net profit attributable to shareholders for 2024 was ¥110,793,750.13, a 23.78% increase from ¥89,511,362.58 in 2023[21] - The net profit after deducting non-recurring gains and losses was ¥94,401,060.97, up 29.98% from ¥72,625,642.73 in the previous year[21] - The net cash flow from operating activities increased by 42.56% to ¥172,318,791.88, compared to ¥120,871,122.70 in 2023[21] - Basic earnings per share for 2024 were ¥1.2410, a 24.77% increase from ¥0.9946 in 2023[21] - Total assets at the end of 2024 amounted to ¥1,863,924,935.23, reflecting a 5.24% increase from ¥1,771,168,831.63 at the end of 2023[21] - The net assets attributable to shareholders increased by 2.96% to ¥1,551,693,084.42 from ¥1,507,110,201.11 in 2023[21] - The company reported a quarterly revenue of ¥321,212,392.79 in Q4 2024, the highest among the four quarters[23] Market and Product Development - The company holds over 60 patents and has been recognized as a technological leader in the baking raw materials sector[32] - The Chinese baking food market size reached approximately CNY 336 billion in 2024, showing significant growth from 2023[30] - The new-style tea beverage market is projected to reach CNY 374.93 billion by 2025, indicating a growing consumer trend[30] - The company launched a new product, "Lianru Aonong Cream Pro," with a high fat content of 38%, catering to consumer demand for high-quality cream[37] - The company developed a mousse-specific cream, "Lianru Muchun Cream," with a fat content of 36%, featuring excellent properties such as acid and freeze resistance[37] - The company introduced a new fresh milk cream product, "Sino Fresh Milk Cream," which emphasizes natural flavor and health, aligning with current market trends[37] Sales and Distribution - The company has established over 900 distributors domestically and has expanded its presence to more than 10 countries internationally[34] - The company is expanding its sales channels by enhancing regional sales organizations and deepening partnerships with medium and large chain baking enterprises[39] - The company’s domestic revenue was ¥871,210,779.49, which is 80.14% of total revenue, showing a 13.20% increase from ¥769,646,184.11 in 2023[74] - The number of domestic distributors increased by 4.05% to 617 in 2024, with significant growth in the Northeast region at 42.31%[59] Research and Development - The company is focusing on optimizing its management system to align with strategic development goals for 2024[45] - R&D expenses rose by 17.15% to ¥36,463,621.62 in 2024 compared to ¥31,125,677.03 in 2023, representing 3.35% of total revenue[85] - The company completed several R&D projects aimed at enhancing product stability and nutritional value, including new plant-based cream and low-fat jam[84] Corporate Governance - The company has a designated information disclosure system, ensuring timely and accurate communication with investors[131] - The company has not experienced any significant discrepancies in governance compared to legal and regulatory requirements[131] - The board of directors consists of 6 members, including 2 independent directors and 1 employee representative director, complying with legal and regulatory requirements[129] - The supervisory board is composed of 3 members, including 1 employee representative supervisor, adhering to legal and regulatory standards[130] Shareholder and Management Information - The company reported a total shareholding of 65,256,500 shares, with an increase of 1,600 shares and a decrease of 1,100 shares during the reporting period[141] - The chairman, Huang Haixiao, holds 38,880,000 shares, remaining unchanged during the period[140] - The general manager, Huang Haihu, also holds 25,920,000 shares, with no changes reported[140] - The company experienced a resignation of the deputy general manager, Shen Zhengwei, effective April 24, 2024, due to personal reasons[142] Environmental and Social Responsibility - The company actively promotes environmental responsibility and adheres to national environmental protection regulations[182] - The company has implemented measures to reduce carbon emissions and improve resource utilization efficiency[182] - The company emphasizes social responsibility, ensuring compliance with legal requirements and protecting shareholder rights[183] - The company participates in public welfare activities and has made achievements in fulfilling social responsibilities[183] Financial Management and Investment - The company has committed to several projects with a total investment of CNY 32,816 million for production upgrades, with varying completion rates[97] - The company plans to use 803.90 million yuan of the raised funds, including 406.02 million yuan from oversubscribed funds[98] - The company has adjusted the original investment project from plant-based cream to cream products, adding new categories such as liquid cream and plant protein beverages[100] Risk Management - The company faces risks related to fluctuations in raw material prices, which significantly impact its production costs and overall profitability[115] - The company relies on distributors for product sales and recognizes the risks associated with distributor management, which could affect brand reputation and customer relationships[117] - The company acknowledges potential discrepancies between the actual benefits of fundraising projects and the predicted benefits due to market environment changes[121]