China Catalyst (SH:688267)2025-04-24 13:25Financial Performance - The company reported operating revenue for 2024 reached ¥666,608,839.13, representing a 21.23% increase compared to ¥549,877,486.08 in 2023[20]. - Net profit attributable to shareholders increased by 89.21% to ¥145,524,820.74 from ¥76,912,012.58 in the previous year[22]. - The net profit after deducting non-recurring gains and losses rose by 130.63% to ¥123,823,677.63, up from ¥53,689,834.76 in 2023[20]. - The net cash flow from operating activities increased by 75.99% to ¥187,713,885.27, compared to ¥106,663,602.39 in the previous year[20]. - Basic earnings per share increased by 93.18% to ¥0.85, up from ¥0.44 in 2023[21]. - The gross profit margin for 2024 was 39.04%, up by 6.21 percentage points from the previous year[115]. - The company achieved operating revenue of CNY 666.61 million in 2024, an increase of 21.23% compared to the previous year[112]. - The net profit attributable to shareholders reached CNY 145.52 million, reflecting a significant increase of 89.21% year-on-year[112]. - The gross margin improved to 40%, up from 35% in the previous year, due to cost optimization strategies[194]. Dividend and Share Distribution - The company plans to distribute a cash dividend of 3.50 RMB per 10 shares, totaling approximately 60.59 million RMB, which accounts for 41.64% of the net profit attributable to shareholders[5]. - The total number of shares eligible for profit distribution is 173,120,981 shares after excluding 3,079,019 shares in the repurchase account[5]. - The company will not issue bonus shares or convert capital reserves into share capital for the 2024 fiscal year[5]. Research and Development - Research and development expenses accounted for 6.94% of operating revenue, a decrease of 1.70 percentage points from 8.64% in 2023[21]. - The company holds a total of 248 authorized patents, including 192 domestic invention patents and 3 PCT international patents[33]. - The company is focusing on the iterative research and development of core products such as denitration molecular sieves and titanium-silicon molecular sieves, enhancing product performance while reducing production costs[75]. - The number of R&D personnel increased to 143, accounting for 18.01% of the total workforce, with total R&D compensation reaching $24.69 million, up from $22.34 million[93]. - The average salary of R&D personnel rose to $177,612.39, compared to $156,190.13 in the previous period[93]. - Total R&D expenses decreased by 2.69% from the previous year, amounting to ¥46,254,495.48 compared to ¥47,534,946.67[84]. Market and Customer Dynamics - The company confirmed a 50.03% increase in revenue from BASF orders, which became a major growth driver for sales[22]. - The company is heavily reliant on BASF as the sole customer for its mobile source denitration molecular sieve products, posing a customer concentration risk[103]. - The company's top five customers accounted for 86.84% of total annual sales, with BASF being the largest customer at CNY 48,189.42 million, representing 72.29% of the total[125]. - Domestic revenue decreased by 21.67% to CNY 225,424,858.56, while overseas revenue increased by 68.36% to CNY 433,321,284.91[118]. Operational Efficiency and Cost Management - The total operating cost increased by 9.33% to CNY 398,347,549.16, with direct material costs accounting for 52.86% of total costs[121]. - The company's inventory turnover rate was 1.16 times, indicating a relatively low turnover level[106]. - The sales expenses increased by 25.91% to CNY 12.67 million, primarily due to market expansion efforts[114]. - The company's management expenses decreased by 18.60% year-on-year to ¥52,067,989.82, mainly due to reduced equity incentive costs[130]. Safety and Compliance - The company reported no significant risks affecting its production and operations during the reporting period[3]. - The company has maintained a zero-accident safety record throughout the year, emphasizing its commitment to safety management[34]. - The company’s financial report has been audited and received a standard unqualified opinion from the auditor[4]. Strategic Initiatives and Future Outlook - The company aims to reduce energy consumption per unit of GDP by 13.5% by 2025 compared to 2020 levels[1]. - The company is focusing on the development of new materials, including high-performance alloys and advanced ceramics, to enhance manufacturing competitiveness[1]. - The company plans to promote the industrialization of key technologies such as new catalysts and green synthesis to support high-quality development in the petrochemical industry[1]. - The company is committed to advancing the recycling and utilization of resources, aiming to improve the overall efficiency of resource use[1]. - The company is enhancing its capabilities in the development of advanced environmental protection technologies and equipment[1]. Governance and Management - The company has successfully elected new non-independent and independent directors to the board[184]. - The company has disclosed changes in shareholding and compensation for directors, supervisors, and senior management personnel[187]. - The total pre-tax compensation for the chairman, Li Jin, was CNY 2,968.16 million, with no changes in shareholding during the year[188]. - The total pre-tax compensation for the total management team was CNY 5,634.67 million, with no changes in shareholding during the year[191].