Financial Performance - The company achieved a total cargo throughput of 28.3 million tons and generated revenue of RMB 177.0 million with a profit of RMB 88.8 million for the year[8]. - In 2024, the total cargo throughput reached 28.3 million tons, a 2.0% increase from 27.8 million tons in 2023, while container throughput decreased by 11.4% to 17,004 TEUs from 19,199 TEUs[14]. - The group's revenue for 2024 was RMB 177.0 million, up 2.0% from RMB 173.6 million in 2023, with net profit increasing by 9.6% to RMB 88.8 million from RMB 81.1 million[14]. - The revenue from bulk cargo and miscellaneous cargo handling services was RMB 147.2 million, a slight increase of 0.9% from RMB 145.8 million in 2023[19]. - The group recorded a net profit of approximately RMB 88.8 million for the year, an increase of 9.1% compared to RMB 81.1 million in 2023, with a net profit margin of 50.2%[26]. - The income tax expense for the year was approximately RMB 14.7 million, a decrease of 13.5% from RMB 17.0 million in 2023, resulting in an effective tax rate of approximately 14.2%[25]. - The company reported a total reserve available for distribution to shareholders of RMB 32,756,000 as of December 31, 2024, down from RMB 37,824,000 in 2023[62]. Operational Developments - The company implemented cost reduction and efficiency enhancement measures, resulting in significant improvements in internal management practices[11]. - The company is set to commence full construction of the dedicated railway line in 2025, marking a crucial year for its transformation and development[11]. - The company’s logistics park project has been completed and passed inspection, contributing to new cargo sources for the business[8]. - The company aims to enhance its logistics services and port operations in 2025, coinciding with the full-scale construction of dedicated railway lines to the port[17]. - The company is facing challenges such as increased competition from self-owned terminals of large mines and a decline in the non-metallic mineral market, impacting cargo availability[15]. - The management anticipates a stable growth in water transport demand, supported by the overall resilience of the Chinese economy[16]. Innovation and Technology - In 2024, the company successfully authorized 2 utility model patents and 15 software copyrights, with 11 utility patents and 3 invention patents pending[9]. - The company’s technology center was recognized as an "Anhui Provincial Enterprise Technology Center"[9]. - The company is committed to improving operational efficiency and reducing costs, with a focus on innovative practices and risk management strategies[15]. - The CEO has obtained 26 utility model patents and 34 software copyrights since joining the group[38]. - The company is committed to innovation, as evidenced by its significant number of patents and software copyrights obtained by its management[38]. Corporate Governance - The board consists of six members, including two executive directors and three independent non-executive directors, ensuring a diverse skill set relevant to the company's management[105]. - The roles of the chairman and CEO are separated to ensure effective governance and operational efficiency[106]. - The company has adopted a board diversity policy, aiming for a diverse board composition based on gender, age, cultural background, and professional experience[112]. - The company has established a clear framework for the roles and responsibilities of the audit, remuneration, and nomination committees, all composed of independent non-executive directors[132]. - The company has received annual independence confirmations from all independent non-executive directors, affirming their independence[88]. - The company is committed to enhancing its corporate governance practices in line with legal requirements and best practices[104]. Environmental, Social, and Governance (ESG) Initiatives - The company’s ESG report outlines strategies and practices for environmental and social governance for the fiscal year 2024[162]. - The report covers the performance of the company’s two main terminals, Jiangkou and Niutoushan, in environmental protection and social development[163]. - The company has complied with all relevant environmental regulations, including the Water Pollution Prevention Law and the Air Pollution Prevention Law of the People's Republic of China[176]. - The company has implemented environmental measures such as dust screens, water spraying systems, and dust detection systems to control pollution[178]. - The company has identified key ESG issues, including health and safety, product responsibility, and climate change, which are prioritized based on their significance[175]. - The company aims to create long-term value for stakeholders and the communities in which it operates through sustainable development initiatives[173]. Risk Management and Compliance - The company has a zero-tolerance policy towards corruption and fraud, with no reported violations of relevant laws during the reporting year[144]. - The internal control policies cover various operational aspects, including risk assessment, financial reporting, cost management, and employee recruitment, and are reviewed at least annually[140]. - The company has established a whistleblowing policy to allow employees and stakeholders to report misconduct confidentially[144]. - The company emphasizes the importance of internal monitoring measures to prevent future compliance issues and has issued a memorandum to the board and senior management[160]. - The audit committee is responsible for recommending the appointment and remuneration of external auditors, ensuring their independence and objectivity[132]. Human Resources and Employee Engagement - The total number of employees decreased to 205 from 214, which will also be used for calculating other density metrics[183]. - The company has provided training and resources to all directors regarding their responsibilities and relevant regulations[121]. - Directors have participated in continuous professional development, covering topics such as corporate governance and finance[123]. - The company has established an ESG working group to assist the board in overseeing and implementing ESG strategies[170]. Future Outlook - The company aims to maintain or reduce greenhouse gas emissions density in the upcoming year through vehicle management measures and energy-saving policies[184]. - The company plans to continue reducing energy consumption emissions and aims to maintain or decrease emissions density in the next fiscal year, with 2024 as the reference year[196]. - The next annual general meeting is scheduled for May 28, 2025, with voting procedures explained during the meeting[147].
远航港口(08502) - 2024 - 年度财报