Shanghai Bolex Food Technology (SH:603170)2025-04-25 10:00Financial Performance - The net profit attributable to shareholders for 2024 is RMB 233,235,938.80, with a total distributable profit of RMB 259,119,930.91 as of December 31, 2024[6]. - The proposed cash dividend is RMB 2.50 per 10 shares, totaling RMB 100,002,500 (including tax) based on a total share capital of 400,010,000 shares[6]. - The total cash dividend for the year, including interim distributions, amounts to RMB 160,004,000, representing 68.60% of the net profit attributable to shareholders[6]. - The company's operating revenue for 2024 reached ¥2,651,208,467.73, representing an increase of 11.91% compared to ¥2,369,000,730.80 in 2023[24]. - Net profit attributable to shareholders was ¥233,235,938.80, a decrease of 22.52% from ¥301,035,468.50 in the previous year[25]. - Basic earnings per share decreased by 22.67% to ¥0.58 from ¥0.75 in 2023[26]. - The net profit after deducting non-recurring gains and losses was ¥214,565,765.10, a slight decrease of 2.09% from ¥219,150,730.82 in 2023[25]. - The company achieved operating revenue of 2,651.21 million yuan, a year-on-year increase of 11.91%[35]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was 214.57 million yuan, a year-on-year decrease of 2.09%[35]. - The company reported a quarterly revenue of ¥721,048,718.17 in Q4 2024, showing a consistent upward trend throughout the year[28]. Cash Flow and Assets - The net cash flow from operating activities significantly increased by 92.35% to ¥320,210,126.22 from ¥166,476,870.38 in 2023[25]. - The total assets of the company increased by 12.65% to ¥2,140,642,884.52 compared to ¥1,900,213,941.21 in 2023[25]. - The company's cash and cash equivalents increased to ¥587,993,769.90, representing 27.47% of total assets, up from 25.86% in the previous period, a growth of 19.66%[84]. - Accounts receivable rose to ¥338,460,712.86, accounting for 15.81% of total assets, reflecting a 16.68% increase compared to the previous period[84]. - The company's fixed assets increased by 33.05% to ¥476,768,017.98, primarily due to the completion of projects previously classified as construction in progress[88]. Market and Product Development - The company sold nearly 2,600 types of products in the B-end market, with nearly 60% of these products developed in the last three years[36]. - The compound seasoning market in China grew from 74.2 billion yuan in 2018 to 117.4 billion yuan in 2023, with a CAGR of 9.6%[45]. - The overall seasoning market in China reached a scale of 479.3 billion yuan in 2023, with a CAGR of 5.3% from 2018 to 2023[44]. - The company focuses on the research, production, and technical services of food seasonings, offering high-quality flavor and product solutions for restaurants, food industry enterprises, and home consumers[50]. - In 2024, the company plans to enhance its product offerings, including compound seasonings, light cooking solutions, and dessert ingredients, expanding its product categories to over ten subcategories[50]. - The company has established long-term stable partnerships with well-known restaurant chains and large food industry enterprises, receiving widespread recognition and praise[51]. Research and Development - The company’s R&D expenses amounted to 52,988.31 million RMB, reflecting a growth of 13.35% year-on-year[68]. - The company has established a strong R&D system and accumulated a large amount of formula data, enhancing its competitive edge in the market[59][60]. - The company is investing $50 million in research and development for new technologies aimed at enhancing user experience[165]. Governance and Compliance - The company is focused on maintaining a robust governance structure, ensuring compliance with the new Company Law and enhancing the functions of the supervisory board and board of directors[105]. - The company has implemented measures to ensure the independence of its operations, assets, and finances from its controlling shareholders[113]. - The company has established specialized committees, including the audit committee and the strategic committee, to enhance governance[130]. - The company has not reported any significant differences in governance compared to regulatory requirements[113]. Environmental and Social Responsibility - The company invested 3.29 million in environmental protection during the reporting period, demonstrating its commitment to sustainability[155]. - The company has implemented strict measures to manage waste and emissions, ensuring compliance with legal and industry standards[157]. - The company reported a significant increase in sales of environmentally friendly products, with sales rising over 300% compared to the previous year[158]. - The company has not faced any administrative penalties related to environmental issues during the reporting period, reflecting its compliance with regulations[156]. Shareholder and Dividend Policy - The company is committed to continuous and stable dividend distribution, emphasizing investor returns as part of its strategic focus[113]. - The company has approved a profit distribution plan for the first half of 2024, with a cash dividend of RMB 1.50 per 10 shares, totaling RMB 60,001,500[143]. - The total cash dividends paid over the last three fiscal years amounted to 410,010,250.00, with an average annual net profit of 249,878,253.48, resulting in a cash dividend payout ratio of 164.08%[149]. Strategic Initiatives - The company is actively exploring new channels, including membership-based stores and large chain supermarkets, to capture growth opportunities[39]. - The company aims to enhance brand influence and product innovation to meet market demands and consumer preferences[101]. - The company plans to deepen R&D innovation to drive product upgrades and establish a competitive product matrix, while also optimizing traditional channels and exploring new channels like membership-based stores and chain supermarkets[103].