ZHEFU(SZ:002266)2025-04-25 12:45Financial Performance - The company's operating revenue for 2024 reached approximately ¥20.91 billion, representing a 10.35% increase compared to ¥18.95 billion in 2023[19]. - The net profit attributable to shareholders decreased by 5.28% to approximately ¥971.49 million in 2024 from ¥1.03 billion in 2023[19]. - The cash flow from operating activities increased by 20.35% to approximately ¥1.54 billion in 2024, up from ¥1.28 billion in 2023[19]. - The total assets at the end of 2024 were approximately ¥24.64 billion, reflecting a 10.84% increase from ¥22.23 billion at the end of 2023[19]. - The net assets attributable to shareholders increased by 3.10% to approximately ¥11.28 billion at the end of 2024, compared to ¥10.94 billion at the end of 2023[19]. - The company reported a basic earnings per share of ¥0.19 for 2024, unchanged from 2023[19]. - The weighted average return on equity decreased to 8.76% in 2024 from 9.54% in 2023, indicating a decline in profitability[19]. - The company achieved a total operating revenue of ¥20,911,943,949 in 2024, representing a year-on-year increase of 10.35% from ¥18,950,800,571 in 2023[72]. - The ecological protection and environmental governance sector contributed ¥19,787,856,364, which is 94.62% of total revenue, showing a year-on-year increase of 9.92%[72]. - The clean energy equipment segment generated ¥1,055,144,592.1, accounting for 5.05% of total revenue, with a growth rate of 20.35% compared to the previous year[72]. Dividend and Share Repurchase - The profit distribution plan approved by the board is to distribute a cash dividend of 0.5 RMB per 10 shares (including tax) based on a total of 5,164,515,129 shares[4]. - The company distributed cash dividends totaling 258.92 million RMB, representing 25.25% of the net profit attributable to shareholders for 2023[133]. - For 2024, the company intends to distribute cash dividends of 258 million RMB, with a total cash dividend amount (including buyback cancellation) of 413 million RMB[133]. - The company repurchased 54,756,273 shares, accounting for 1.0491% of the total share capital of 5,219,271,402 shares, with a total transaction amount of approximately RMB 172.5 million[51]. - The company plans to use a total of no less than RMB 100 million and no more than RMB 200 million for the share repurchase, which will be used for employee stock ownership plans or equity incentives[50]. - The company has a share repurchase plan with a total budget of 1 billion to 2 billion yuan, having repurchased 54,756,273 shares, which is about 1.05% of the total share capital[176]. Operational Highlights - The company experienced a significant increase in cash flow from operating activities in the fourth quarter, reaching approximately ¥1.33 billion[24]. - The company achieved a revenue of approximately CNY 20.91 billion and a net profit of around CNY 971.49 million for the reporting period[35]. - The company’s subsidiary, Shenlian Environmental Group, reported a revenue of approximately CNY 19.80 billion and a net profit of around CNY 894.05 million during the reporting period[38]. - The company signed new hydropower business orders totaling 2.1 billion CNY during the reporting period[41]. - The company successfully won the bid for the Hunan Zishui Jintangchong hydropower station project with a total bid amount of 265 million CNY[41]. - The company secured a bid for the Zhejiang Jinshuitan pumped storage power station project with a total bid amount of 595 million CNY[42]. - The company signed new nuclear power business orders totaling 420 million CNY during the reporting period[44]. Research and Development - Research and development expenses rose by 17.49% year-on-year, amounting to 940,534,748.13 yuan[83]. - The number of R&D personnel increased by 1.15% to 876, with a notable rise in the proportion of undergraduate and specialized personnel[88]. - The company aims to achieve a total installed capacity of 120 million kilowatts for pumped storage by 2030, as per the national energy bureau's long-term development plan[85]. - The company is focusing on high-value product development, such as precious metal refining, and optimizing regional production capacity[34]. - The company is developing a new type of water turbine model for high head applications, which is expected to enhance its competitive edge in the market[84]. Environmental Compliance and Sustainability - The company strictly adheres to environmental protection laws, including the "Water Pollution Prevention Law" and "Air Pollution Prevention Law" with valid discharge permits until November 29, 2026[184]. - The company has implemented a comprehensive wastewater treatment plan, ensuring compliance with national standards[188]. - The company is committed to hazardous waste treatment, following the standards set in GB31574-2015[188]. - The company has achieved compliance with emission standards through various treatment processes, including the use of RTO and SCR systems[191]. - The company reported an environmental protection investment of approximately 337.36 million yuan for 2024, with an additional 35.35 million yuan allocated for operational costs[191]. Corporate Governance - The company has established a comprehensive governance structure, ensuring compliance with relevant laws and regulations[135]. - The company emphasizes independent operations, maintaining a clear separation from its controlling shareholder in all aspects[139]. - The company held 5 shareholder meetings, 8 board meetings, and 3 supervisory meetings during the reporting period, demonstrating active governance[131]. - The board of directors attended a total of 8 meetings, with 100% attendance from some members like Sun Yi and Li Juan[160]. - The company has established independent governance structures, including separate shareholder and board meetings[140]. Market Outlook and Strategic Initiatives - The company is positioned to benefit from the global energy transition, with overseas orders for clean energy equipment growing at an annual rate of over 20%[32]. - The company plans to focus on hazardous waste deep resource utilization and actively expand overseas recycling business, aligning with carbon neutrality goals[112]. - The company is actively pursuing mergers and acquisitions to strengthen its market position and expand its service offerings[189]. - The company aims to enhance its profitability and core competitiveness by expanding its clean energy business, particularly in pumped storage and hydropower[120]. - The company is committed to maintaining high standards of corporate governance with independent directors[148].