YouFa(601686)2025-04-24 12:45Financial Performance - The operating revenue for 2024 was 54.82 billion yuan, a decrease of 10.01% compared to the previous year[22]. - The net profit attributable to shareholders was 424.78 million yuan, down 25.46% year-on-year[22]. - Basic earnings per share for 2024 were 0.30 yuan, reflecting a 25.00% decrease from the previous year[23]. - The net cash flow from operating activities was 1.39 billion yuan, an increase of 231.89% compared to the previous year[22]. - Total assets at the end of 2024 reached 26.00 billion yuan, a 47.32% increase from the previous year[22]. - The weighted average return on equity was 6.54%, down from 8.83% in the previous year[23]. - The company achieved total revenue of 54.82 billion RMB, a decrease of 10.01% compared to the previous year[53]. - Operating costs amounted to 53.20 billion RMB, reflecting a reduction of 10.10% year-on-year[56]. - Net profit attributable to shareholders was 425 million RMB, down 25.46% from the previous year, with earnings per share of 0.30 RMB, a decrease of 25.00%[53]. Dividend Distribution - The company plans to distribute a cash dividend of 0.15 RMB per share, totaling 206,694,777.60 RMB, based on a total share base of 1,377,965,184 shares after excluding treasury shares[6]. - The company has established a cash dividend policy that complies with relevant regulations, ensuring the protection of minority shareholders' rights[141]. - The total cash dividend amount (including tax) for the recent fiscal year is CNY 372,163,418.97, which accounts for 87.61% of the net profit attributable to ordinary shareholders of CNY 424,777,342.95[149]. - The cumulative cash dividend amount (including tax) over the last three fiscal years is CNY 845,234,579.40, with an average annual net profit of CNY 424,222,298.83, resulting in a cash dividend ratio of 199.24%[151]. Market Position and Strategy - The company maintained its position as the largest manufacturer of welded steel pipes in China, with a continuous 19-year record of leading production and sales[39]. - The company is actively expanding its domestic and international market presence, with ongoing projects in Yunnan and Anhui, and plans for overseas capacity projects in Southeast Asia and the Middle East[40]. - The company plans to continue expanding its market presence and invest in new product development to drive future growth[32]. - The company aims to achieve a revenue target of 100 billion yuan, positioning itself as a global leader in the pipe industry[50]. - The company is focusing on structural optimization and technological innovation to adapt to the changing market dynamics[85]. Research and Development - Research and development expenses increased by 58.35% to 145.31 million RMB, indicating a focus on innovation[55]. - The company holds 194 technology patents, including 37 invention patents, and has launched 2,347 innovation projects during the reporting period, demonstrating strong R&D capabilities[49]. - The company has established five nationally recognized laboratories, supporting its research and development capabilities and product quality improvements[39]. Risk Management and Governance - The company has confirmed that there are no significant risks that could materially affect its operations during the reporting period[10]. - The company has established a comprehensive risk control system, including clear management responsibilities across departments[77]. - The company has implemented strict safety measures to mitigate risks associated with its labor-intensive manufacturing processes[101]. - The company has established a robust governance structure to ensure the protection of shareholder rights and sustainable development[103]. Environmental Responsibility - The company has invested 15,607.02 million yuan in environmental protection during the reporting period[160]. - The company has received "Environmental Demonstration Enterprise" recognition from the Changzhou Ecological Environment Bureau in April 2024[176]. - The company has implemented new strategies for wastewater recycling, aiming to enhance sustainability efforts[164]. - The company has achieved compliance with emission standards for various pollutants, including sulfur dioxide and nitrogen oxides[166]. Employee Engagement and Compensation - The company has implemented an employee stock ownership plan to encourage all employees to participate, aiming for a model where employees can earn more for their contributions[97]. - The total remuneration for all directors, supervisors, and senior management at the end of the reporting period was 18.2401 million yuan[120]. - The company has established a performance evaluation and incentive mechanism for directors and senior management, ensuring transparency in the selection process[106]. Audit and Compliance - The company has received a standard unqualified audit report from Lixin Certified Public Accountants[5]. - The board of directors and management have ensured the accuracy and completeness of the annual report, taking legal responsibility for any misstatements[3]. - The company has not experienced any significant changes in its accounting policies regarding hedging activities during the reporting period[76].