MYSE(SH:601615)2025-04-25 12:50Financial Performance - The company's operating revenue for 2024 was approximately ¥27.16 billion, a decrease of 3.43% compared to ¥28.12 billion in 2023[25]. - The net profit attributable to shareholders for 2024 was approximately ¥346.11 million, down 8.12% from ¥376.72 million in 2023[25]. - The basic earnings per share for 2024 was ¥0.15, reflecting an 11.76% decrease from ¥0.17 in 2023[24]. - The weighted average return on equity for 2024 was 1.31%, a decrease of 0.03 percentage points from 1.34% in 2023[24]. - The net cash flow from operating activities for 2024 was approximately -¥2.40 billion, compared to -¥2.59 billion in 2023[25]. - The total assets at the end of 2024 were approximately ¥86.79 billion, an increase of 3.02% from ¥84.25 billion at the end of 2023[25]. - The net assets attributable to shareholders at the end of 2024 were approximately ¥26.24 billion, a decrease of 4.71% from ¥27.53 billion at the end of 2023[25]. - The company reported a significant decline in net profit after deducting non-recurring gains and losses, which was approximately ¥175.41 million in 2024, down 14.25% from ¥204.55 million in 2023[25]. - The company reported a significant increase in financial expenses by 267.07%, primarily due to increased interest expenses and reduced exchange gains[76]. - The company's revenue for the reporting period was CNY 27,158.32 million, a decrease of 3.43% year-on-year[74]. - The net profit attributable to shareholders was CNY 346.11 million, down 8.12% compared to the previous year[74]. - The company's net assets attributable to shareholders decreased by 4.71% to CNY 2,623.75 million[74]. Dividend and Profit Distribution - The company plans to distribute a cash dividend of RMB 0.3041 per share, totaling RMB 653,929,561.16, which represents 422.73% of the net profit attributable to shareholders for the year[6]. - The total undistributed profits of the parent company as of December 31, 2024, amount to RMB 4,981,879,471.71[6]. - The company has implemented a share buyback amounting to RMB 809,197,717.00, which is not included in the cash dividend distribution[6]. - The cash dividend and share buyback combined total RMB 1,463,127,278.16, exceeding the net profit attributable to shareholders[6]. - The board of directors has approved the profit distribution plan, pending shareholder meeting approval[7]. - The company has a structured profit distribution policy, ensuring at least 10% of distributable profits are allocated as cash dividends when profitable[160]. - The company has not made any adjustments to its profit distribution policy since the last revision in 2019, ensuring stability and continuity in shareholder returns[161]. - The cumulative cash dividend amount over the last three accounting years is CNY 1,998,799,017.07, with an average net profit of CNY 1,389,182,471.48, resulting in a cash dividend ratio of 143.88%[172]. Operational Highlights - The company experienced a negative cash flow from operating activities in the first three quarters of 2024, with a notable recovery in the fourth quarter, generating approximately ¥2.23 billion[27]. - The company received government subsidies amounting to approximately ¥108.14 million in 2024, compared to ¥72.21 million in 2023[27]. - During the reporting period, the company achieved sales of wind turbines and related components amounting to 20.833 billion yuan, with new wind turbine orders totaling 27.11 GW, and external sales of wind turbines reaching 10.82 GW, representing a year-on-year growth of 11.66%[35]. - The company reported an average operating hour of 2,057 hours for its renewable energy plants, generating revenue of 1.729 billion yuan from these plants, with a total installed capacity of 2.05 GW and an additional 4.69 GW under construction[36]. - The company’s electric power sales revenue from power plants increased by 34.21% year-on-year, reaching 2.792 billion yuan[36]. Market and Industry Trends - In 2024, the global renewable energy sector is expected to add 585 GW of new installed capacity, accounting for 92.5% of global new power capacity, with a year-on-year growth rate of 15.1%[32]. - The global wind energy council (GWEC) predicts that global wind power installed capacity will grow from 117GW in 2023 to 182GW by 2028, with a compound annual growth rate of approximately 9.4%[47]. - The offshore wind power installed capacity is expected to increase from 11GW in 2023 to 37GW by 2028, representing a compound annual growth rate of about 27.5%[47]. - The average bidding price for wind turbines has shown a significant upward trend by the end of 2024, indicating a shift from price competition to value competition in the industry[48]. Research and Development - Total research and development investment amounted to ¥1.10 billion, representing 4.06% of total revenue, with 49.02% of R&D costs capitalized[87]. - The company has established a smart management big data platform for renewable energy stations, enhancing operational transparency and efficiency[52]. - The company has developed a diverse product line of wind turbines, including onshore models ranging from 2.5MW to 15MW and offshore models from 5.5MW to 25MW, with innovations in floating wind turbine technology[49]. - The company has formed a comprehensive innovation and R&D capability, collaborating with international institutions to advance cutting-edge wind power technologies[66]. Governance and Compliance - The company has established a robust internal control system and governance structure, ensuring clear responsibilities among the board, management, and shareholders[121]. - The company maintains compliance with relevant laws and regulations regarding corporate governance, with no significant discrepancies reported[123]. - The board of directors emphasizes diversity in its composition to improve decision-making and governance effectiveness[122]. - The company is undergoing a comprehensive restructuring to improve governance and operational efficiency[115]. Environmental and Social Responsibility - The company has invested a total of 26.22 million yuan in social responsibility and public welfare projects, primarily through local Red Cross and charitable organizations[200]. - The company has established an environmental management system compliant with ISO 14001:2015, ensuring adherence to various environmental protection laws and regulations[191]. - The company actively participates in biodiversity protection by conducting regular release activities to replenish fishery resources and mitigate the impact of its operations on local wildlife[194]. - The company has implemented measures to reduce carbon emissions by 7,641.17 tons through the use of clean energy and renewable resources[197].