Bingshan(000530)2025-04-23 11:05Financial Performance - The company's operating revenue for 2024 was CNY 4,531,147,208.98, a decrease of 5.91% compared to CNY 4,815,941,467.70 in 2023[19]. - Net profit attributable to shareholders for 2024 reached CNY 110,335,139.06, representing a significant increase of 123.46% from CNY 49,375,900.83 in 2023[19]. - The net profit after deducting non-recurring gains and losses was CNY 34,268,377.84, up 107.90% from CNY 16,483,449.17 in the previous year[19]. - Basic earnings per share for 2024 were CNY 0.13, an increase of 116.67% compared to CNY 0.06 in 2023[19]. - The net cash flow from operating activities was CNY 237,154,274.44, a turnaround from a negative cash flow of CNY -24,440,667.74 in 2023[19]. - Total assets at the end of 2024 were CNY 7,628,315,487.35, down 6.55% from CNY 8,162,848,294.25 at the end of 2023[19]. - The net assets attributable to shareholders increased by 2.78% to CNY 3,132,102,966.64 from CNY 3,047,513,577.75 in 2023[19]. Revenue Breakdown - The cooling and heating industry accounted for 97.89% of total revenue, generating CNY 4,435,315,179, down 5.81% from the previous year[39]. - The company’s industrial products segment generated CNY 3,322,992,841.50, representing 73.34% of total revenue, with a slight decrease of 1.03% year-on-year[39]. - The company’s domestic revenue was CNY 3,915,157,033.71, accounting for 86.41% of total revenue, reflecting an 8.49% decline compared to the previous year[39]. - The company’s foreign revenue increased by 14.55% to CNY 615,990,175.27, representing 13.59% of total revenue[39]. Cost and Expenses - The gross margin for the cooling and heating industry was 16.23%, a decrease of 0.27 percentage points compared to the previous year[40]. - The company’s direct material costs in the cooling and heating industry were CNY 3,152,291,175.61, accounting for 83.75% of total operating costs, down from 82.12% the previous year[43]. - Sales expenses for 2024 were ¥240,710,529.95, a 2.93% increase from ¥233,862,026.48 in 2023[46]. - Management expenses rose by 13.89% to ¥285,364,414.70 in 2024 from ¥250,568,245.50 in 2023[46]. - Financial expenses decreased by 23.73% to ¥23,001,855.93 in 2024, primarily due to reduced bank borrowings and lower interest rates[46]. - Research and development expenses decreased by 5.27% to ¥155,526,315.57 in 2024 from ¥164,185,717.71 in 2023[46]. Strategic Focus and Market Position - The company is focusing on the industrial refrigeration sector, achieving near parity with international competitors in technology and surpassing them in certain areas[30]. - The commercial refrigeration and freezing sector remains the core business, with the company leading in green intelligent cold chain solutions from farm to community[31]. - The air conditioning and environment sector is undergoing transformation, with new energy-efficient products being developed for various markets, including hospitals and high-end real estate[32]. - The company anticipates continued growth in the cold chain equipment market driven by national strategies for food safety and energy efficiency[29]. - New business areas such as energy storage management and CCUS have seen significant progress, with a substantial increase in orders during the reporting period[33]. Environmental and Compliance Efforts - The company’s subsidiary, Iceberg Songyang Compressor, is classified as a key pollutant discharge unit, adhering to environmental protection laws and standards[104]. - The company has implemented measures to ensure that all emissions are below the regulatory limits, demonstrating commitment to environmental standards[107]. - The company has established solid waste storage areas, ensuring proper classification and legal disposal of hazardous waste[116]. - The company has invested CNY 1.27 million in environmental governance for the year 2024 and timely paid environmental protection taxes[120]. - The company has implemented energy efficiency improvements and renewable energy utilization, contributing to the establishment of a green, low-carbon, and innovative zero-carbon park[121]. Governance and Management - The company has improved its internal control system to enhance governance and ensure compliance with regulations[71]. - The company maintains independence from its controlling shareholders in terms of business, personnel, assets, and finance[72]. - The company has a diverse management team with backgrounds in finance, engineering, and law[80]. - The company has a structured approach to evaluating and rewarding management based on performance metrics[82]. - The company has confirmed that there were no dismissals of senior management during the reporting period[75]. Shareholder Engagement and Communication - The annual shareholders' meeting had an investor participation rate of 29.42% on May 23, 2024[73]. - The first extraordinary shareholders' meeting in 2024 had an investor participation rate of 29.87% on December 27, 2024[73]. - The company has engaged in multiple investor communications, including a network performance briefing on April 29, 2024, attended by various institutional investors[67]. - The company plans to hold an online performance briefing for the 2023 annual results on April 20, 2024[165]. Future Outlook and Projections - The company provided an optimistic outlook for the next fiscal year, projecting a revenue growth of 20%[133]. - Future guidance indicates a focus on sustainability initiatives, aiming for a 50% reduction in carbon footprint by 2025[133]. - The company is considering strategic acquisitions to bolster its product offerings, with a budget of $100 million allocated for potential deals[133].