KINGLAND(SZ:002443)2025-04-24 13:26Financial Performance - The company's operating revenue for 2024 was approximately ¥4.62 billion, a decrease of 19.61% compared to ¥5.74 billion in 2023[6]. - The net profit attributable to shareholders for 2024 was approximately ¥201.39 million, down 29.03% from ¥283.78 million in 2023[6]. - The net profit after deducting non-recurring gains and losses was approximately ¥190.87 million, a decline of 31.46% from ¥278.49 million in 2023[6]. - The net cash flow from operating activities for 2024 was approximately ¥583.54 million, down 11.80% from ¥661.65 million in 2023[6]. - The company's total assets at the end of 2024 were approximately ¥4.51 billion, a decrease of 2.78% from ¥4.64 billion at the end of 2023[6]. - The net assets attributable to shareholders increased by 3.90% to approximately ¥3.49 billion at the end of 2024, compared to ¥3.36 billion at the end of 2023[6]. - The total operating revenue for 2024 was CNY 4,617,018,741.9, representing a decrease of 19.61% compared to CNY 5,743,184,233.1 in 2023[55]. - The total operating costs decreased by 18.78% to CNY 3,939,212,620.0 from CNY 4,850,039,170.0 in 2023[59]. - R&D expenses decreased by 41.96% to CNY 105.76 million due to reduced income, indicating a need for strategic focus on cost management amidst declining revenues[47]. - The revenue from the subsidiary Zhejiang Jinzhou Pipeline Industrial Co., Ltd. was 718,423,300, a 40% decrease year-on-year, while net profit dropped by 70% to 15,804,500[84]. Market and Industry Trends - The welding pipe market faced weak price performance in 2024, with average prices significantly declining year-on-year, leading to reduced industry profitability[30]. - The demand for high-precision welded pipes is increasing due to trends in automotive lightweighting and precision engineering, indicating a shift towards high-end, customized products[30]. - The welding steel pipe industry is experiencing continuous technological upgrades, with the introduction of advanced techniques such as laser welding and electron beam welding, significantly improving welding quality, efficiency, and precision[33]. - By 2025, the industry is expected to see a demand increase of over several million tons of steel pipes driven by new infrastructure investments in water conservancy, electricity, and urban renewal projects[35]. - The domestic market is dominated by large enterprises, with significant advantages in scale production, while high-end products like high-precision and corrosion-resistant pipes still rely on imports[34]. - The industry is shifting towards green manufacturing in response to stricter environmental policies, with a focus on reducing emissions and improving resource efficiency[33]. - The oil and gas pipeline transportation industry is expected to see accelerated development, with a projected total pipeline mileage of 210,000 kilometers by 2025[86]. - By 2030, natural gas is expected to account for over 15% of China's primary energy consumption, driving demand for pipeline infrastructure[86]. - The industry faces challenges such as operational mechanism reform and methane emission control, but is expected to play a crucial role in achieving carbon neutrality goals[89]. Strategic Initiatives - The company is focusing on optimizing capacity layout and enhancing technological barriers to improve competitiveness in a challenging market environment[31]. - The company is strategically expanding into emerging markets in the central and western regions of China and along the "Belt and Road" initiative to capture new growth opportunities[31]. - The company is enhancing its international trade capabilities, targeting emerging markets in Southeast Asia, the Middle East, and Africa, in line with the "dual circulation" and "Belt and Road" strategies[36]. - The company aims to achieve its "century enterprise" goal by adhering to a high-quality development path and deepening strategic execution[44]. - The company plans to continue focusing on innovation and quality to contribute to the high-quality development of China's manufacturing industry[53]. - The company aims to enhance product quality and market competitiveness through ongoing R&D projects, including improvements in gas pipe quality and coating technology[64]. - The company plans to accelerate technological innovation and digital transformation to improve product quality and operational efficiency, targeting zero defects in production[114]. - The company aims to enhance brand influence and recognition, focusing on quality and service to meet market demands and strengthen its position in the industry[106]. Corporate Governance - The board of directors consists of 9 members, including 3 independent directors, ensuring compliance with legal requirements[128]. - The company maintains independence from its controlling shareholder in terms of business, personnel, assets, and finance[131]. - The company has a complete and independent production, supply, and sales system, ensuring no competition with its controlling shareholder[138]. - The company has established a performance evaluation system linking employee income to performance[128]. - The company has a dedicated internal audit department to ensure effective internal control[130]. - The company strictly adheres to information disclosure regulations, ensuring timely and accurate communication with stakeholders[130]. - The company has established a robust governance structure with a clear compensation decision-making process for its executives[160]. - The company is committed to maintaining transparency and compliance in its corporate governance practices[143]. Environmental Management - The company adheres to environmental protection laws and standards, ensuring compliance in the management of wastewater and waste gas emissions[188]. - The company’s wastewater is recycled and not discharged externally, while domestic sewage is managed according to relevant standards[190]. - The company has achieved a wastewater recycling rate of 65%, with the remaining 35% discharged into the sewage system[195]. - The main pollutants emitted by the company include SO2, NOx, VOCs, COD, and ammonia nitrogen, with total emissions of ≤11.43 tons/year for chemical oxygen demand and ≤1.143 tons/year for ammonia nitrogen[194]. - The company has established an environmental management system in accordance with ISO14001 and ISO45001 standards, ensuring compliance with environmental regulations[195]. - The operational rate of major environmental protection facilities exceeds 95%, and solid waste and hazardous materials are safely disposed of[196]. - The company has developed emergency response plans for environmental incidents, with updates submitted to local environmental authorities in 2024[199][200]. - The company’s emissions are in strict compliance with national and local standards, ensuring that "three wastes" management meets relevant environmental requirements[197]. Research and Development - The company has completed over 40 significant national and China Petroleum Group research projects, receiving more than 30 national and provincial-level scientific and technological awards[149]. - The company has published over 300 papers and holds more than 80 authorized invention patents, showcasing its strong research and development capabilities[149]. - The company has authorized 41 patents and published 42 scientific papers, indicating a strong focus on innovation and research[156]. - The number of R&D personnel increased to 320 in 2024, up 5.26% from 304 in 2023, with a proportion of 17.16% of total employees[66]. - R&D investment decreased to ¥151,579,019.80 in 2024, down 16.82% from ¥182,219,676.81 in 2023, while the R&D investment as a percentage of revenue increased slightly to 3.28%[66]. - The company actively participated in the formulation of national standards, enhancing its reputation and technical support for industry development, with 6 invention patents and 11 utility model patents granted in the year[49]. Human Resources - The total number of employees at the end of the reporting period is 1,882, with 1,228 in the parent company and 654 in major subsidiaries[171]. - The professional composition includes 1,338 production personnel, 88 sales personnel, 361 technical personnel, 20 financial personnel, and 75 administrative personnel[171]. - The company conducted a total of 165 training sessions in 2024, with 120 internal and 45 external training sessions, totaling 880 hours of training[173]. - The compensation policy is based on economic responsibility, with a performance-based system for employees, particularly for production and management roles[172]. - The company actively explores and deepens reforms in the income distribution system, linking employee income to the company's economic performance[172]. Shareholder Relations - The company plans to distribute a cash dividend of 2 RMB per 10 shares (including tax) to all shareholders, with no bonus shares issued[5]. - The total cash dividend amount for the reporting period is ¥102,499,344 (including tax), with a total cash dividend including other methods amounting to ¥142,464,164.84[177]. - The cash dividend distribution accounts for 100% of the total profit distribution amount[177]. - The company held its annual general meeting with a participation rate of 25.12%[139].