Financial Performance - Revenue for the year ended December 31, 2024, was RMB 2,384,149,000, a slight decrease of 0.5% compared to RMB 2,395,471,000 in 2023[15] - Pre-tax profit increased to RMB 180,178,000 in 2024, up 6.8% from RMB 170,029,000 in 2023[15] - Net profit attributable to equity shareholders rose to RMB 125,637,000, representing an increase of 7.2% from RMB 116,953,000 in 2023[15] - The net profit margin improved slightly to 6.20% in 2024, compared to 6.01% in 2023[40] - Gross profit for the period was RMB 459.68 million, remaining stable compared to the previous year[46] - The gross margin for additives and intermediates was 19.22%, showing minimal change from the previous year[47] - Other income amounted to RMB 3.82 million, a decrease of 26.90% year-on-year, as the company focused on its core business[43] Assets and Liabilities - Total assets reached RMB 2,459,259,000, an increase of 4.8% from RMB 2,345,470,000 in 2023[17] - Total liabilities decreased to RMB 1,362,871,000, down 2.5% from RMB 1,397,002,000 in 2023[17] - The company's equity attributable to shareholders increased to RMB 990,630,000, up 14.6% from RMB 864,957,000 in 2023[17] - The company's total loans and borrowings decreased to RMB 918.70 million, down RMB 28.58 million from the previous year, primarily due to loan repayments[60] Product Development and Market Expansion - The company launched new products including "HLA-FHO Hexavalent Chromium Reducing Agent" and "HLP-ME250 High Water Reduction Polycarboxylic Acid Superplasticizer," recognized as new products in Anhui Province[18] - A subsidiary completed the construction and production of 30,000 tons of cement additives and 20,000 tons of concrete additives, enhancing production capacity[20] - The company successfully exported to 27 countries and launched its first overseas project in Uzbekistan, marking a significant step in its international expansion[37] - The company aims to enhance its product offerings by developing highly customized admixtures to meet diverse market demands[38] - The company plans to continue expanding its market presence and product offerings in the upcoming fiscal year[18] Shareholder Returns and Dividends - The board proposed a final cash dividend for the year ending December 31, 2024, reflecting the company's commitment to returning value to shareholders[10] - The company plans to distribute a final cash dividend of RMB 0.17 per share for the fiscal year ending December 31, 2024, subject to shareholder approval[173] - The company maintains a dividend policy where at least 60% of distributable profits will be paid out if the asset-liability ratio is below 50%[170] Corporate Governance - The board of directors consists of 4 independent non-executive directors, exceeding the requirement of at least one-third of the board[86] - The company has fully complied with the corporate governance code since its listing date[81] - The board is responsible for strategic guidance and effective supervision of management, ensuring accountability to shareholders[88] - The company has established a clear division of responsibilities between the Chairman and the CEO to balance power and authority[100] - The company has established service contracts with all executive and non-executive directors for an initial term of three years starting from the listing date[102] Risk Management and Internal Control - The company is committed to maintaining an effective risk management and internal control system, with annual reviews to ensure its effectiveness[93] - The audit committee oversees the risk management system and ensures that management fulfills its responsibilities in establishing effective systems[137] - The company emphasizes the importance of risk management and internal control for long-term business growth and sustainability[135] - The company has implemented a tiered management framework for comprehensive risk management, involving the board, audit committee, and management levels[137] Employee and Stakeholder Relations - The company has adopted a profit-sharing mechanism to enhance employee motivation and performance[77] - The company emphasizes strong relationships with stakeholders, including employees, customers, and suppliers, to support sustainable development[165] - The total employee compensation during the reporting period was approximately RMB 203.96 million, compared to RMB 204.18 million in the previous year[77] - The number of employees at the end of the reporting period was 876, a decrease from 893 employees as of December 31, 2023[77] Future Plans and Investments - The company plans to continue optimizing product costs and expanding its overseas presence to drive future growth[38] - The company has no plans to issue any debt securities during the reporting period[188] - There are no arrangements for preemptive rights or share options during the reporting period[193] Compliance and Legal Matters - The group has complied with all relevant laws and regulations affecting its business operations during the reporting period[184] - The independent non-executive directors confirmed that the company and its closely related parties have complied with the non-competition agreement from the listing date to the report date[200] - There were no violations of the non-competition agreement by the company or its closely related parties during the specified period[200] - The independent non-executive directors concluded that no further disclosure regarding the compliance and execution of the non-competition agreement is necessary[200]
海螺材料科技(02560) - 2024 - 年度财报