TRIANGLE TYRE(SH:601163)2025-04-25 09:50Financial Performance - The company's operating revenue for 2024 was approximately CNY 10.16 billion, a decrease of 2.55% compared to CNY 10.42 billion in 2023[25]. - The net profit attributable to shareholders for 2024 was approximately CNY 1.10 billion, down 21.03% from CNY 1.40 billion in 2023[25]. - The net profit after deducting non-recurring gains and losses was approximately CNY 866 million, a decrease of 26.49% from CNY 1.18 billion in 2023[25]. - The net cash flow from operating activities decreased by 45.08% to approximately CNY 988 million, compared to CNY 1.80 billion in 2023[25]. - Basic earnings per share for 2024 were CNY 1.38, down 21.14% from CNY 1.75 in 2023[27]. - The weighted average return on net assets for 2024 was 8.38%, a decrease of 2.99 percentage points from 11.37% in 2023[27]. - The gross profit margin for the tire segment was 17.63%, a decrease of 3.46 percentage points compared to the previous year[74]. - Operating profit was CNY 126,106.18 million, down 21.94% year-on-year, while net profit decreased by 21.03% to CNY 110,293.55 million[70]. Production and Sales - In 2024, the company produced 24.52 million tires, a year-on-year increase of 1.4%, with a capacity utilization rate of approximately 91%[33]. - The company reported a total design capacity of 2,688 million tires, with an overall capacity utilization rate of 91.20%[110]. - The company produced 2,451.58 million tire products, with sales volume at 2,435.17 million, reflecting a decrease in sales volume by 5.19%[77]. - The company achieved a revenue of 258,353.10 million RMB from direct sales, reflecting a year-on-year increase of 2.43%[115]. - The revenue from distribution channels was 749,939.52 million RMB, showing a decline of 4.21% compared to the previous year[115]. Market and Product Development - The company reported a significant increase in sales of tires for new energy vehicles, with passenger car tire series sales growing by over 150%[34]. - The company expanded its international market presence, achieving notable sales growth in Europe and the CIS regions, while facing a 30% decline in giant tire sales due to international competition[34]. - The company is developing specialized tires for new energy vehicles and optimizing its product structure to meet market demands[35]. - The company launched a new generation of high-performance tires, including ultra-high performance, comfort, and noise-reducing tires, and completed supply for multiple models from manufacturers like BYD and Zhengzhou Nissan[36]. - The company has launched a range of winter tires and all-season tires, achieving international advanced levels in safety, energy efficiency, and comfort[68]. Research and Development - The company increased R&D investment, focusing on high-performance green tires and the application of sustainable materials[35]. - The company has obtained a total of 1,073 patents, including 101 invention patents and 52 international patents, and has participated in the formulation of 148 national or industry standards[62]. - Research and development expenses increased by 5.51% to CNY 153,737.38 million, indicating a focus on innovation[71]. - The company is committed to developing low-carbon, energy-saving, and green tire production technologies, aligning with national "dual carbon" strategies[125]. - The company is actively researching and developing technologies for high-end tire vulcanization to reduce energy consumption during the process[130]. Corporate Governance and Management - The company has revised 12 fundamental governance documents to enhance its corporate governance structure, ensuring compliance with relevant regulations[138]. - The board of directors operates with a professional structure, including specialized committees to provide expert advice and ensure effective decision-making[139]. - The company maintains independence from its controlling shareholder, with no interference in decision-making processes, ensuring compliance with legal and regulatory requirements[140]. - The company has established a competitive compensation management mechanism, with a focus on optimizing the salary structure and adjustment mechanisms to promote employee growth and development[169]. - The company has a structured approach to managing the remuneration of its directors and senior management, ensuring transparency and accountability[154]. Environmental and Social Responsibility - The company has maintained compliance with environmental regulations, with no environmental accidents or penalties reported during the period[183]. - The company achieved a reduction of 5,007 tons in carbon dioxide equivalent emissions through various carbon reduction measures[192]. - The company invested ¥48,565,900 in environmental protection during the reporting period[182]. - The company has implemented advanced VOCs treatment technology to enhance air pollution control efficiency and reduce emissions[187]. - The company is committed to sustainable development, integrating economic, environmental, and social responsibilities into its governance framework[126]. Strategic Outlook - The company plans to distribute a cash dividend of 5.3 RMB per 10 shares, totaling 424 million RMB, which represents 38.45% of the net profit attributable to shareholders for the year 2024[173][176]. - The company is exploring potential acquisitions to strengthen its market position, with a focus on companies in the tech sector[150]. - The company aims to enhance digital marketing and expand its customer base, transitioning from "channel brand" to "user brand" to improve sales performance[128]. - The company plans to implement a "quality improvement and efficiency enhancement" action plan for 2024, focusing on returning to profitability[157]. - The company is focused on expanding its market presence and enhancing its product offerings through innovation and technology[149].