Financial Performance - The company's operating revenue for 2024 was ¥632,455,319.20, a decrease of 4.47% compared to ¥662,015,730.44 in 2023[18]. - Net profit attributable to shareholders for 2024 was ¥17,258,892.78, down 75.73% from ¥71,112,773.72 in 2023[18]. - The net profit excluding non-recurring gains and losses for 2024 was ¥14,848,697.94, a decline of 77.84% from ¥67,011,804.83 in 2023[18]. - The basic earnings per share for 2024 was ¥0.16, a drop of 75.76% compared to ¥0.66 in 2023[18]. - The total assets at the end of 2024 were ¥1,687,737,410.13, reflecting a slight increase of 0.25% from ¥1,683,513,672.39 at the end of 2023[18]. - The company reported a negative cash flow from operating activities of ¥134,558,922.12 in 2024, compared to a positive cash flow of ¥193,755,940.16 in 2023, marking a 169.45% decline[18]. - The company achieved a gross margin of 10.19% in 2024, down from the previous year, with a cost of sales amounting to ¥568,003,827.72[76]. - The company reported a significant asset impairment of -2,624,168.87, accounting for -14.89% of total profit, mainly due to inventory write-downs[93]. - The company’s total revenue for 2024 was ¥632,455,319.20, representing a decrease of 4.47% compared to ¥662,015,730.44 in 2023[74]. Dividend Distribution - The company plans to distribute a cash dividend of 1.20 RMB per 10 shares (before tax) to all shareholders, based on a total of 108,000,000 shares[5]. - The total cash dividend represents 100% of the total distributable profit of 353,097,267.93 CNY[195]. - The company has not issued any bonus shares or capital reserve transfers during this profit distribution[196]. - The cash dividend distribution is in line with the company's articles of association and dividend management measures[194]. - The company plans to distribute a cash dividend of 1.20 CNY per 10 shares, totaling 12,960,000 CNY for the current fiscal year[196]. Market and Industry Trends - The chemical industry showed a 4.2% year-on-year increase in operating revenue for the manufacturing of chemical raw materials and products in 2024[28]. - The global pharmaceutical market is projected to grow from $1,324.5 billion in 2019 to $1,472.3 billion in 2023, with a compound annual growth rate (CAGR) of 2.7%[36]. - China's pharmaceutical market reached $231.5 billion in 2023, second only to the United States, and is expected to grow to $373.2 billion by 2030[36]. - The demand for wet electronic chemicals in China reached 2.633 million tons in 2022, representing a year-on-year growth of 21.83%[41]. - The global market for wet electronic chemicals is estimated to be approximately ¥68.4 billion in 2023, projected to reach ¥82.8 billion by 2025[42]. - The fine chemical industry is experiencing a shift towards high value-added products, driven by increasing demand for high-performance and high-purity chemicals[122][123]. Product and Innovation Strategy - The company is focusing on product innovation and technological upgrades to enhance core competitiveness and achieve differentiated competition[4]. - The company aims to enhance its competitive edge through continuous technological innovation and process optimization[43]. - The company is focusing on three main business segments: fine chemicals, electronic chemicals, and biodegradable new materials, emphasizing green and low-carbon development[43]. - The company has established multiple joint laboratories with renowned universities to enhance its R&D capabilities and foster innovation[32]. - The company is committed to developing high-end chemical new materials and fine chemicals, capitalizing on significant market opportunities[44]. Operational Efficiency and Cost Management - The company is implementing lean production practices and energy-saving automation modifications to improve production efficiency and reduce costs[4]. - The company has implemented digital and intelligent production management across its entire production process using DCS system control[43]. - The company has implemented cost-reduction measures, optimizing procurement and production processes, which contributed to improved operational efficiency[71]. - The company aims to enhance trade digitalization development levels as a pilot unit in Taizhou, improving service efficiency for downstream customers[62]. - The company has a complete procurement, production, and sales system, allowing for independent operations based on market changes[47]. Risk Management - The company acknowledges various risks, including macroeconomic fluctuations, raw material price volatility, and environmental compliance risks, which may impact future operations[5]. - The company faces challenges due to insufficient effective demand and severe homogenization competition within the chemical industry[28]. - The company is aware of macroeconomic risks affecting its operations and plans to enhance its core competitiveness through increased R&D efforts and timely market responses[133]. - The company faces risks from fluctuations in raw material prices, which could increase procurement and production costs, potentially impacting profitability[134]. - The company is monitoring exchange rate fluctuations closely, as a significant portion of its sales is denominated in USD, which could impact financial performance[139]. Governance and Management - The company has established an independent and complete operational system, ensuring independence from its controlling shareholders in assets, personnel, finance, and business operations[156]. - The company maintains a fully independent financial department, capable of making autonomous financial decisions and managing its own bank accounts[160]. - The company has a clear governance structure, with independent directors and a mix of internal and external appointments[167]. - The company is focused on maintaining continuity in its management team while also refreshing its board with new talent[166]. - The company has actively organized compliance training for management to enhance governance and risk management awareness[198]. Employee and Talent Management - The company has established a competitive salary system to attract and retain talent, with differentiated salary structures based on position and performance[189]. - The company has a comprehensive training system, offering various training programs to enhance employee skills and align personal development with corporate growth[191]. - The company has a total of 411 employees, with 278 in production, 11 in sales, 50 in technology, 10 in finance, and 62 in administration[188]. - The company has implemented a stable profit distribution policy, ensuring clear standards and procedures for dividend distribution to shareholders[192]. Research and Development - The company aims to enhance product competitiveness and market resilience through ongoing R&D projects in pharmaceutical intermediates and fine chemicals[86]. - The company will enhance R&D innovation, particularly in high value-added products such as electronic chemicals and pharmaceutical intermediates, to maintain a technological edge[126]. - R&D investment amount in 2024 was ¥20,391,764.66, down 20.25% from ¥25,566,012.19 in 2023, with R&D expenditure accounting for 3.22% of operating revenue[87].
联盛化学(301212) - 2024 Q4 - 年度财报