Taihe(SH:605081)2025-04-25 16:30Financial Performance - The company reported a negative net profit for the fiscal year 2024, leading to a proposal of no profit distribution or capital reserve transfer [6]. - The audited total profit and net profit for 2024 were both negative, with operating revenue falling below 300 million RMB, triggering a delisting risk warning [9]. - The company's operating revenue for 2024 was CNY 103,358,254.56, a decrease of 43.53% compared to CNY 183,029,511.48 in 2023 [23]. - The net profit attributable to shareholders for 2024 was a loss of CNY 334,488,793.00, representing a 16.37% increase in loss compared to a loss of CNY 287,437,449.09 in 2023 [23]. - The cash flow from operating activities for 2024 was a negative CNY 127,382,973.29, which is a 103.60% increase in loss compared to a negative CNY 62,565,748.97 in 2023 [23]. - The total assets at the end of 2024 were CNY 1,525,768,444.25, down 9.21% from CNY 1,680,635,157.50 at the end of 2023 [23]. - The basic earnings per share for 2024 was -CNY 2.95, a decline of 16.14% compared to -CNY 2.54 in 2023 [24]. - The company reported a net loss of CNY 298,511,654.15 in the fourth quarter of 2024, following losses of CNY 16,012,728.48 in the third quarter and CNY 25,260,726.16 in the second quarter [26]. - The company's net assets attributable to shareholders decreased by 25.55% to CNY 974,568,365.13 at the end of 2024 from CNY 1,309,057,158.13 at the end of 2023 [23]. - The weighted average return on equity for 2024 was -29.29%, compared to -19.79% in 2023 [27]. Audit and Compliance - The company has received a standard unqualified audit report from Sigma Accounting Firm [5]. - The board of directors has ensured the authenticity, accuracy, and completeness of the annual report [3]. - The company has not violated decision-making procedures for external guarantees [8]. - The company has confirmed that there are no non-operating fund occupations by controlling shareholders or related parties [8]. - The company has maintained effective internal control over financial reporting, with no significant deficiencies identified as of the internal control evaluation report date [141]. - The internal control audit for 2024 was conducted by Sigma Accounting Firm, which issued a standard unqualified opinion on the effectiveness of the company's internal controls [142]. - The company received regulatory penalties from the China Securities Regulatory Commission for information disclosure violations in July 2023 and February 2024 [117]. - The company is actively addressing issues raised by regulatory bodies to improve compliance and governance practices [117]. Market and Product Development - The company has not disclosed any new product or technology developments in the report [10]. - The company has not announced any market expansion or acquisition strategies in the report [10]. - The company plans to focus on new product development and market expansion strategies to improve future performance [28]. - The soda water market in China is expected to grow at a compound annual growth rate of over 20% from 2024 to 2029, driven by health consumption trends [37]. - The company has launched a new high-end product with a pH value of 8.8 to meet diverse consumer needs [43]. - Online sales have shown steady growth, with successful expansion into platforms like JD.com, enhancing brand visibility [45]. - The company is focusing on customized water services and exploring new retail channels to meet market demands [45]. - The company is actively pursuing innovation in both water environment governance and health consumption sectors to enhance its competitive edge [38]. Legal and Regulatory Issues - The company is facing multiple ongoing legal disputes, indicating potential financial implications and operational challenges [184][185]. - The company is actively seeking to resolve these legal matters to mitigate financial risks and ensure operational continuity [184][185]. - The total amount involved in the ongoing lawsuits and arbitrations highlights significant financial exposure for the company [184][185]. - The company reported a lawsuit involving a claim amount of 8,288,492.63, with the first instance judgment already made but not yet effective [184]. - Another lawsuit involves a claim amount of 11,255,442, with the first instance judgment also made but pending execution [185]. - A third arbitration case has a claim amount of 3,951,186.7, currently in arbitration proceedings [185]. - The company has a project completion settlement amount of 14,043,019.97, with ongoing disputes regarding payment obligations and enforcement actions [186]. Strategic Initiatives - The company plans to deepen its "technology + service + operation" collaborative model to enhance project lifecycle value [95]. - The company aims to expand into emerging fields of ecological governance and green economy, tapping into the multi-dimensional value of water ecosystems [95]. - The company will increase investment in technology research and cross-field integration to adapt to industry changes [95]. - The company is focusing on a systematic approach to governance, transitioning from single water body restoration to regional ecological function enhancement [94]. - The company anticipates a shift towards full-cycle management in governance, with systematic solutions becoming mainstream [93]. - The company aims to enhance its business development by focusing on "preserving volume, increasing volume, and seeking variables," with an emphasis on ecological governance value creation [96]. Management and Governance - The company reported a total compensation of 433.28 million CNY for the board of directors and senior management during the reporting period [108]. - The chairman held 0 shares at the end of the year, while the general manager maintained 2,755 shares [107]. - The company experienced no changes in shareholding for the independent directors and supervisors during the reporting period [107]. - The company has a diverse management team with experience in various sectors, including environmental protection and technology [109]. - The company has established a performance-based remuneration system for its senior management, linking pay to company performance [114]. - The company is committed to compliance with legal regulations regarding the remuneration of directors and senior management, ensuring no harm to the interests of the company and minority shareholders [114]. - The company has implemented a performance-based salary system, combining base salary, performance bonuses, and allowances [132]. Future Outlook - Future outlook indicates a focus on enhancing comprehensive service capabilities in water environment governance, aiming for high-quality development [92]. - The company is focusing on optimizing R&D resources to align with market demands amid industry challenges [70]. - The company plans to adjust accounting for project revenue and profits based on estimated costs until the completion of the Fenggang River project [191]. - The company is required to address issues identified in the disciplinary notice from the Shanghai Stock Exchange [189]. - The company plans to focus on optimizing its main business, improving cash flow, and gradually exiting inefficient business segments to enhance profitability and market competitiveness [181].