WEFLO(SZ:002871)2025-04-25 16:55Financial Performance - The company's operating revenue for 2024 was approximately ¥578.47 million, representing a 1.45% increase compared to ¥570.21 million in 2023[17]. - The net profit attributable to shareholders for 2024 was approximately ¥130.84 million, an increase of 11.56% from ¥117.28 million in 2023[17]. - The net profit after deducting non-recurring gains and losses was approximately ¥122.75 million, reflecting a 16.24% increase from ¥105.60 million in 2023[17]. - The basic earnings per share for 2024 was ¥0.61, up 15.09% from ¥0.53 in 2023[17]. - Total assets at the end of 2024 reached approximately ¥1.37 billion, a 34.88% increase from ¥1.02 billion at the end of 2023[17]. - The net assets attributable to shareholders at the end of 2024 were approximately ¥854.22 million, a 7.95% increase from ¥791.34 million at the end of 2023[17]. - The company reported a cash flow from operating activities of approximately ¥126.16 million, a decrease of 2.79% from ¥129.78 million in 2023[17]. - The weighted average return on equity for 2024 was 16.43%, an increase from 15.42% in 2023[17]. Revenue Breakdown - The total operating revenue for 2024 was ¥578,474,597.91, representing a year-on-year increase of 1.45% compared to ¥570,213,975.66 in 2023[42]. - Main business revenue accounted for ¥575,899,587.38, which is 99.55% of total revenue, showing a 1.50% increase from ¥567,369,828.47 in the previous year[42]. - Valve sales generated ¥458,435,775.84, making up 79.25% of total revenue, with a slight decrease of 1.64% from ¥466,094,528.80 in 2023[42]. - Domestic sales increased by 16.07% to ¥140,625,931.86, while export sales decreased by 2.50% to ¥437,848,666.05[42]. - The gross profit margin for the main business was 40.14%, a slight increase of 1.30% compared to the previous year[43]. Cash Flow and Investments - Operating cash inflow increased by 9.10% to ¥613,146,037.10, while operating cash outflow rose by 12.67% to ¥486,990,692.51[52]. - Investment cash inflow surged by 43.30% to ¥911,858,758.49, driven by increased recoveries from investments[52]. - Financing cash inflow skyrocketed by 13,158.12% to ¥265,427,510.50, primarily due to funds raised from convertible bond issuance[53]. - The net increase in cash and cash equivalents reached ¥103,143,045.79, a significant improvement compared to the previous year's decrease[53]. Market and Product Development - The global fire valve market is projected to reach approximately ¥30 billion in 2024, with a compound annual growth rate (CAGR) of 7.5% expected from 2024 to 2030[29]. - The company has expanded its product offerings to over 2,000 specifications, positioning itself among the leaders in the international water supply, fire protection, and gas industries[27]. - The company has developed a range of products for municipal water supply, hydraulic engineering, and HVAC systems, meeting the one-stop procurement needs of customers[30]. - The company has successfully launched smart valve products that incorporate online detection, remote control, and digital management, contributing to the development of smart water management systems[31]. - The company is focusing on automation, intelligence, and energy efficiency in its product development, continuously introducing new technologies and products to the market[30]. Research and Development - The company has a strong focus on R&D, with over 70 patents and a commitment to technological innovation, which supports its competitive advantage in the valve industry[36]. - Research and development expenses were ¥26,722,723.58, reflecting a 1.50% increase from the previous year[48]. - The number of R&D personnel rose by 6.67% to 96 in 2024, with a slight decrease in the proportion of R&D staff to 13.60%[50]. Strategic Goals and Future Outlook - The company's strategic goal for 2025 includes achieving main business revenue exceeding 650 million yuan[70]. - The company aims to establish a mature supply chain system for soft-sealed gas valves, ensuring quality, quantity, and timely delivery[71]. - The company plans to accelerate its acquisition process to enhance production capacity and expand its product range[70]. - The company is focusing on upgrading its ERP, MES, and WMS systems to deepen automation, intelligence, and digitalization in 2025[71]. Governance and Compliance - The company has established a complete and independent business system, ensuring no competition or dependency on controlling shareholders[80]. - The company maintains an independent financial accounting system, with no shared bank accounts with shareholders or related parties[82]. - The company has a comprehensive governance structure in compliance with relevant laws and regulations, ensuring the protection of shareholder rights[79]. - The company has disclosed its valuation enhancement plan and is implementing a "Quality Return Dual Improvement" action plan[77]. Shareholder Relations and Management - The company held multiple temporary shareholder meetings in 2024, with participation rates ranging from 64.45% to 65.12%[83]. - The company reported a total of 8,171,475 shares held by its directors, with no changes in shareholding during the reporting period[85]. - The company experienced a change in management, with several directors and supervisors leaving due to term expiration on March 15, 2024[86]. - The company appointed Zhou Guang as the Executive Vice President effective August 30, 2024, following a work transfer[86]. Environmental and Social Responsibility - The company has implemented effective measures for environmental protection and sustainable development, achieving certifications for environmental management and occupational health safety[143]. - The company emphasizes the importance of clean production and resource conservation in its operational strategies[143]. - Employee rights are protected through comprehensive management systems for labor, welfare, and performance evaluation[144]. Internal Control and Audit - The internal control system has been updated and improved according to regulations, ensuring no major internal control deficiencies were reported during the period[136]. - The internal control evaluation report indicates that the total assets and total revenue of the evaluated units account for 100% of the company's consolidated financial statements[138]. - The internal control audit report received a standard unqualified opinion, confirming effective financial reporting internal controls as of December 31, 2024[140].