Apple Group(SH:603020)2025-04-24 12:45Financial Performance - The company achieved operating revenue of CNY 2,683,635,414.21 in 2024, a decrease of 3.58% compared to the previous year[24]. - Net profit attributable to shareholders increased by 75.25% to CNY 159,076,320.76 in 2024[24]. - The net profit after deducting non-recurring gains and losses rose by 34.48% to CNY 77,512,673.60[24]. - Basic earnings per share increased by 75.29% to CNY 0.4235 in 2024[26]. - The weighted average return on equity improved by 2.05 percentage points to 4.97%[26]. - The company reported a net cash flow from operating activities of CNY 219,137,942.56, a decrease of 2.79% from the previous year[24]. - Total assets decreased by 4.54% to CNY 3,646,890,333.32 at the end of 2024[24]. - The company achieved operating revenue of 2.68 billion RMB in 2024, a decrease of 3.58% year-on-year[83]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was 0.78 billion RMB, an increase of 34.48% compared to the previous year[83]. - Operating costs decreased by 5.45% to 2.24 billion RMB, which was a greater decline than the revenue drop, leading to an improved gross margin[84]. Dividend Policy - The company plans to distribute a cash dividend of RMB 1.80 per 10 shares, totaling RMB 67,614,799.32, which represents 42.50% of the net profit attributable to shareholders for the year 2024[6]. - The cumulative cash dividends over the last three fiscal years amount to 127,716,843.16 RMB, with an average net profit of 119,956,206.28 RMB, resulting in a cash dividend ratio of 106.47%[193]. - The company has established a shareholder return plan for 2024-2026, ensuring that cash dividends will not be less than 20% of the distributable profits each year[184]. - The company will not conduct capital reserve transfers or issue bonus shares in the upcoming fiscal year[188]. - The company emphasizes a cash dividend policy, ensuring that the distribution mechanism is transparent and protects the rights of public investors[184]. Corporate Governance - The company maintains a robust corporate governance structure, ensuring compliance with relevant laws and protecting shareholder rights[142]. - The company has established and continuously improved its internal control system, enhancing governance processes and risk management[152]. - The board of directors consists of 9 members, with 8 present at the annual meeting, and 3 supervisors present at both meetings[155][156]. - The company received a public reprimand from the Shanghai Stock Exchange regarding the actions of the then chairman and general manager, Wei Zhonghao, and the then financial director, Feng Linxia[165]. - The company was subject to administrative regulatory measures by the China Securities Regulatory Commission, including warning letters issued to key executives[166]. Market Position and Strategy - The company is one of the largest producers of food flavorings in China and has established a significant position in the domestic flavor and fragrance industry[53]. - The company provides integrated services of "flavor + food ingredients" to downstream food and beverage enterprises, enhancing its competitive advantage in the food ingredient sector[53]. - The company is committed to focusing on core businesses, particularly in the fields of flavor and food ingredients, while exploring opportunities in emerging sectors[37]. - The company has successfully optimized its sales channels and customer service models to better support client product development and market expansion[39]. - The company aims to enhance its core business in flavoring and food ingredients, while expanding into emerging sectors such as dairy, beverages, and snacks[123]. Research and Development - The company focuses on R&D as a core driver, continuously innovating to launch new products and optimize existing ones, thereby enhancing customer customization capabilities and expanding revenue[69]. - The company achieved breakthroughs in biogenic flavor research and natural extraction, applying for 5 patents, including 1 invention patent, and successfully launched over 1,000 new products, with more than 200 achieving large-scale production[38]. - Research and development expenses amounted to 32.27 million RMB, representing 1.20% of operating revenue[97]. - The company has received multiple domestic and international patents, including a key patent for high-concentration water-soluble citrus flavoring, reducing reliance on imports[77]. Risk Management - The company has implemented risk control measures for derivative trading, including selecting high-credit banks and establishing strict operational procedures[112]. - The company faces risks from macroeconomic fluctuations that could impact supply and demand across various sectors, potentially affecting revenue and profits[126]. - Food safety remains a critical concern, with increasing consumer scrutiny and regulatory oversight, posing risks to the company's brand and sales[128]. - The company faces intense competition in the flavor and food ingredient industry, with larger firms strengthening their market share and smaller firms also competing for market share[131]. Operational Efficiency - The introduction of automated production lines at the Jiangxi production base has significantly improved production efficiency, reduced production cycles, and enhanced order response speed[70]. - The company has established a comprehensive automated production line, enhancing quality assurance, delivery capability, and cost control[75]. - The company has implemented refined management practices to reduce costs and increase efficiency, including optimizing procurement and production processes, which has led to a reduction in raw material costs[39]. Social Responsibility - The company continues to fulfill its social responsibilities by donating to community support initiatives and promoting sustainable development practices[40]. - The company is committed to sustainability initiatives, aiming to reduce its carbon footprint by 20% over the next five years[160]. Employee Management - The company has established a comprehensive training program to enhance employee skills and support product development[181]. - The company’s remuneration policy aligns management interests with operational performance, ensuring a close connection between employee benefits and company success[180]. - The company employed a total of 927 staff members, with 317 in the parent company and 610 in major subsidiaries[179].