FEIMA INTL(SZ:002210)2025-04-24 15:55Financial Performance - The company's operating revenue for 2024 was ¥239,135,822.93, a decrease of 32.76% compared to ¥355,634,457.65 in 2023[6]. - Net profit attributable to shareholders for 2024 increased by 73.96% to ¥28,504,796.83 from ¥16,385,799.27 in 2023[6]. - Cash flow from operating activities for 2024 surged by 197.89% to ¥89,358,002.74, compared to ¥29,996,711.88 in 2023[6]. - Basic and diluted earnings per share for 2024 were both ¥0.0107, reflecting a 72.58% increase from ¥0.0062 in 2023[6]. - Total assets at the end of 2024 were ¥1,376,080,096.30, a slight increase of 0.39% from ¥1,370,783,594.28 at the end of 2023[6]. - Net assets attributable to shareholders increased by 32.33% to ¥374,296,327.43 at the end of 2024 from ¥282,842,981.45 at the end of 2023[6]. - The company reported a significant decline in net profit after deducting non-recurring gains and losses, which was ¥4,732,568.39 in 2024, down 59.37% from ¥11,646,677.85 in 2023[6]. - The company achieved operating revenue of 239.14 million yuan in 2024, a decrease of 32.76% compared to the previous year[47]. - The operating cost was 164.70 million yuan, down 41.33% year-on-year, primarily due to the project construction progress of the subsidiary[47]. - The comprehensive gross profit margin improved to 31.12%, an increase of 10.06% year-on-year, driven by operational efficiency improvements and cost reductions[47]. - The net profit attributable to shareholders was 28.50 million yuan, reflecting significant changes in deferred tax assets and liabilities[48]. Business Strategy and Development - In 2024, the company will upgrade its dual business strategy to a "dual-loop strategy," focusing on green ecological loops and digital industrial loops[19]. - The company aims to build an industrial service platform centered on resource recycling parks and intelligent supply chain scenarios[19]. - The company emphasizes its commitment to high-quality development and contributing to national economic growth through its diversified strategies[19]. - The company has expanded its business scope to include green circular economy industries since 2016[19]. - The company aims to enhance its supply chain service platform by integrating business, logistics, capital, and information flows, providing comprehensive supply chain outsourcing services[39]. - The company focuses on customized supply chain management services for specific industries, leveraging its extensive operational experience and customer relationships[43]. - The company is committed to advancing solid waste treatment technology and aims to become a leader in the circular economy, providing efficient urban and rural solid waste solutions[36]. - The company is actively expanding its business in the environmental and renewable energy sector, focusing on integrated development and enhancing efficiency in resource utilization[84]. - The company is exploring the application of advanced technologies such as big data, artificial intelligence, and blockchain in supply chain management to improve service quality and capabilities[84]. Market and Industry Insights - In 2024, China's renewable energy generation reached 3.46 trillion kWh, a year-on-year increase of 19%, accounting for approximately 35% of total electricity generation[31]. - The total installed capacity of renewable energy in China reached 1.889 billion kW by the end of 2024, a year-on-year increase of 25%, representing about 56% of the country's total installed capacity[31]. - The number of waste incineration enterprises in China reached 1,010, with an incineration capacity of approximately 1.11 million tons per day, exceeding the planned target of 800,000 tons per day[32]. - The total social logistics volume in China for 2024 was 360.6 trillion yuan, a year-on-year growth of 5.8%, with logistics costs decreasing to 14.1% of GDP, down 0.3 percentage points from the previous year[34]. - The logistics industry revenue in China for 2024 was 13.8 trillion yuan, reflecting a year-on-year increase of 4.9%[34]. - The supply chain management service market in China is estimated to be approximately 2.9 trillion yuan in 2024, with logistics services accounting for about 2.047 trillion yuan[34]. - The expected market size for supply chain management services in China is projected to reach 3.25 trillion yuan by 2025[34]. - The government aims for non-fossil energy generation to account for about 39% of total electricity generation by the end of 2025[30]. - The resource recycling industry is projected to achieve an annual output value of 5 trillion yuan by 2025, with a comprehensive utilization rate of major solid waste reaching 60%[30]. Governance and Compliance - The company’s financial report is guaranteed to be true, accurate, and complete by its board of directors and management[4]. - The company maintains a robust governance structure, ensuring compliance with relevant laws and regulations to protect shareholder interests[95]. - The company has established a comprehensive internal management system to mitigate operational risks and ensure compliance[138]. - The company has a clear succession plan in place, with new appointments made to ensure continuity in leadership roles[103]. - The company is committed to maintaining a strong internal audit and compliance framework, as evidenced by the qualifications of its supervisory board members[108]. - The company’s board meetings were conducted in compliance with legal and regulatory requirements, ensuring effective governance[125]. Risk Management - The company has a commitment to risk awareness regarding macroeconomic risks, policy changes, market competition, and operational risks[4]. - The company acknowledges macroeconomic risks due to global economic downturns and geopolitical tensions, which may impact its operations[86]. - The company recognizes policy change risks in the renewable energy sector and is committed to monitoring policy dynamics to mitigate potential impacts[87]. - The company faces increased market competition as more players enter the renewable energy sector, necessitating enhanced operational management and service capabilities[88]. - The company is focused on modernizing its management systems and improving decision-making processes to address management risks associated with business expansion[89]. - The company is conducting annual impairment tests on goodwill to mitigate risks associated with potential declines in economic, technical, or legal environments[90]. Environmental Responsibility - The company has complied with environmental protection laws and standards, including the "Environmental Protection Law of the People's Republic of China" and relevant industry standards[145]. - The company received multiple environmental approvals for its projects, including a recent approval for a capacity expansion project on March 12, 2024[146]. - The company reported a total emission of 234.77 tons of sulfur dioxide from its waste incineration operations, with no exceedance of emission standards[147]. - The company has a valid pollution discharge permit effective from September 26, 2023, to September 25, 2028[146]. - The company has implemented measures to control air pollutants, achieving compliance with the "Standard for Pollution Control on Municipal Solid Waste Incineration"[145]. - The company has expanded its sludge drying capacity by 200 tons per day, enhancing its operational efficiency[146]. - The company processed over 620,000 tons of municipal waste and sludge during the reporting period, with biomass consumption exceeding 50,000 tons, generating approximately 219 million kWh of electricity, equivalent to saving about 136,100 tons of standard coal[151]. - The company operates three 500-ton per day circulating fluidized bed waste incineration furnaces and one 700-ton per day grate furnace, with a total daily waste processing capacity of 1,700 tons[151]. - The company has implemented a comprehensive waste gas treatment process, including in-furnace desulfurization and activated carbon injection, to ensure compliance with emission standards[151]. Shareholder Engagement - The annual shareholders meeting had a participation rate of 30.16% on May 23, 2024[98]. - The first extraordinary shareholders meeting in 2024 had a participation rate of 30.31% on June 17, 2024[98]. - The company disclosed the resolutions of the 2023 annual shareholders meeting on May 24, 2024[98]. - The company is committed to improving investor relations and information disclosure, with Mr. Du Jihui as the Board Secretary[114]. - The company actively engages with investors through various channels, including investor hotlines and performance briefings, to address their concerns and enhance understanding of the company's operations[156]. Employee and Management Structure - The company has a total of 240 employees, with 35 in the parent company and 205 in major subsidiaries[130]. - The professional composition includes 115 production personnel, 14 sales personnel, 36 technical personnel, 14 financial personnel, 54 administrative personnel, and 7 others[131]. - The educational background of employees shows 1 with a doctoral degree, 8 with master's degrees, 55 with bachelor's degrees, 114 with associate degrees, and 62 with high school or other qualifications[131]. - The management team has a diverse professional background, with members holding advanced degrees and significant industry experience, which may contribute to strategic decision-making[105][107]. - The management team includes four vice presidents, each responsible for different operational areas, enhancing organizational efficiency[112][113][114]. Future Outlook and Commitments - The overall outlook for the company remains positive, with expectations for recovery and growth in the upcoming financial periods[102]. - The company plans to enhance its business expansion efforts and explore capital operation matters to drive growth and improve profitability[165]. - The company has committed to achieving a net profit of no less than 570 million yuan for the years 2022, 2023, and 2024 combined, as per the commitment from the restructuring investor[165]. - The actual net profits for 2022, 2023, and 2024 were 88.35 million yuan, 16.39 million yuan, and 28.50 million yuan respectively, totaling 133.24 million yuan, which did not meet the profit commitment[165]. - The restructuring investor is required to compensate the company for the shortfall in the profit commitment, amounting to 436.76 million yuan[165].