SHANGFENG CEMENT(SZ:000672)2025-04-24 13:15Financial Performance - The company's operating revenue for 2024 was CNY 5,448,297,549.15, a decrease of 14.83% compared to CNY 6,397,089,370.81 in 2023[23]. - The net profit attributable to shareholders for 2024 was CNY 627,453,454.43, down 15.70% from CNY 744,285,615.64 in 2023[23]. - The net profit after deducting non-recurring gains and losses was CNY 474,149,598.36, a decline of 25.26% from CNY 634,386,573.37 in the previous year[23]. - The cash flow from operating activities for 2024 was CNY 1,039,204,911.95, a decrease of 6.94% compared to CNY 1,116,757,556.67 in 2023[23]. - Basic earnings per share for 2024 were CNY 0.66, down 15.26% from CNY 0.78 in 2023[23]. - Total assets at the end of 2024 were CNY 17,577,856,929.22, a decrease of 1.94% from CNY 17,924,743,679.09 at the end of 2023[23]. - The net assets attributable to shareholders at the end of 2024 were CNY 8,948,861,025.58, an increase of 1.24% from CNY 8,839,507,428.96 at the end of 2023[23]. - The company reported a weighted average return on equity of 7.09% for 2024, down from 8.66% in 2023[23]. Dividend Policy - The company plans to distribute a cash dividend of 6.30 RMB per 10 shares to all shareholders, based on a total of 953,407,510 shares[3]. - The company has cumulatively distributed approximately 3.819 billion RMB in dividends since its restructuring in 2013, with cash dividends amounting to 3.345 billion RMB[128]. - The new dividend policy for 2024-2026 stipulates that annual cash dividends will not be less than 35% of the net profit attributable to shareholders, with a minimum of 400 million RMB each year[128]. - The total cash dividend for 2024 is planned to be 6.30 CNY per 10 shares, amounting to 600,646,731.30 CNY (including tax)[188]. Market and Product Performance - In 2024, the company's main products, cement and clinker, sold 20.75 million tons, a decrease of 3.30% year-on-year, with revenue of 5.448 billion yuan, down 14.83% year-on-year[34]. - The average selling price of cement decreased to 262.67 yuan per ton in 2024 from 284.77 yuan per ton in 2023, reflecting a significant price drop[35]. - The company experienced a decline in quarterly revenue, with the fourth quarter revenue at CNY 1,632,807,560.60, compared to CNY 1,483,251,819.32 in the second quarter[27]. - The sales volume of clinker decreased by 9.91% to 420.95 million tons, while production volume fell by 4.40% to 1,515.99 million tons[74]. - The sales volume of cement slightly decreased by 1.46% to 1,653.64 million tons, with production volume also down by 1.65% to 1,659.22 million tons[74]. Cost Management and Efficiency - The company achieved a reduction in clinker energy costs by 2.12 yuan per ton compared to the previous year, contributing to cost control efforts[48]. - The raw material cost for cement increased by 6.55% year-on-year, reaching CNY 547,029,480.09, while fuel and power costs decreased by 7.50%[78]. - The raw material cost for clinker rose by 9.78% to CNY 80,991,581.92, while fuel and power costs decreased by 16.55%[78]. - The gross margin for aggregate sales was 66.15%, a decrease of 4.57 percentage points, primarily due to market changes in the Yangtze River and Northwest regions[48]. Research and Development - The number of R&D personnel increased to 250 in 2024, a rise of 145.11% compared to 102 in 2023[90]. - R&D investment amounted to ¥125,885,018.79 in 2024, a decrease of 14.73% from ¥147,636,769.99 in 2023[91]. - The company is investing in new technology development, allocating $50 million towards R&D initiatives[117]. - The company aims to enhance the market competitiveness of its cement products through technological advancements and cost reductions[84]. Environmental and Sustainability Initiatives - The company is focusing on enhancing the production and sales capabilities of finely processed aggregates in response to regional market changes[48]. - The company is actively promoting industrial upgrades and sustainable development in line with environmental policies and regulations[43]. - The company aims to reduce SO2 emissions to below 50 mg/Nm³, achieving a resource recovery rate of over 80% through its hazardous waste preheating technology[83]. - The company is classified as a key pollutant discharge unit by environmental protection authorities, indicating a commitment to environmental regulations[200]. Governance and Compliance - The company emphasizes the importance of accurate financial reporting and has ensured that all board members attended the meeting to review the annual report[3]. - The company has established a relatively complete corporate governance structure and an effective internal control system, ensuring the normal operation of management and development[177]. - The company emphasizes transparent communication with investors, planning regular performance briefings and analyst meetings to foster positive interactions[130]. - The company operates independently from its controlling shareholders, ensuring separation in business, personnel, assets, institutions, and finances[143].