Palm(002431)2025-04-25 17:20Financial Performance - The company's operating revenue for 2024 was ¥3,064,524,094, a decrease of 24.35% compared to ¥4,051,153,704 in 2023[17]. - The net profit attributable to shareholders was -¥1,578,841,417, representing a decline of 67.98% from -¥939,894,875 in the previous year[17]. - Basic and diluted earnings per share were both -¥0.88, a decrease of 69.23% from -¥0.52 in 2023[17]. - Total assets at the end of 2024 were ¥18,226,475,160, down 3.51% from ¥18,889,028,106 at the end of 2023[17]. - The net assets attributable to shareholders decreased by 49.55% to ¥1,658,419,731.85 from ¥3,287,394,015.10 in 2023[17]. - The company achieved a total revenue of 3.065 billion yuan, a year-on-year decrease of 24.35%[64]. - The net profit attributable to the parent company was -1.579 billion yuan, a year-on-year decrease of 67.98%[64]. - The company reported a gross profit margin of 1.76% in the engineering construction sector, a decrease of 7.81% compared to the previous year[74]. Cash Flow and Investments - The net cash flow from operating activities increased significantly to ¥571,555,425, a rise of 734.78% compared to ¥68,467,583 in 2023[17]. - The company reported a net cash flow from operating activities of approximately ¥571.56 million, a significant increase of 734.78% compared to the previous year[103]. - The company’s financing activities generated a net cash outflow of ¥206.60 million, a decrease of 657.15% compared to the previous year[103]. - The company has a total financing balance of approximately ¥6.77 billion, with various financing methods including bank loans, trust financing, and shareholder loans[50]. - The company’s total investments during the reporting period were 129,987,500.00, a decrease of 35.22% compared to the previous year[114]. Strategic Plans and Market Position - The company plans not to distribute cash dividends or issue bonus shares[5]. - The company has identified significant growth potential in green buildings and digital transformation as key areas for future development[28]. - The company is focusing on green urban construction and ecological environment projects, having established a comprehensive construction platform over 40 years[42]. - The company is actively managing its existing assets and has introduced new hotel brands, enhancing operational efficiency and asset value[45]. - The company is focusing on expanding its market presence and enhancing its strategic planning capabilities[179]. Risk Management and Governance - The company highlighted potential risks and uncertainties in its future operations, which may affect its business performance[4]. - The company will prioritize safety management with a goal of zero accidents and zero casualties, enhancing risk prevention mechanisms[146][147]. - The company plans to enhance internal control systems and risk assessment mechanisms to mitigate legal risks and reduce the number of ongoing and new lawsuits[153]. - The company has established a comprehensive internal management and control system to ensure effective governance and operational efficiency[164]. Research and Development - The company initiated 10 new R&D projects in modern agriculture and green building technology[61]. - The company has made significant advancements in technology innovation, obtaining 25 authorized patents and applying for 48 new patents during the reporting period[68]. - Research and development expenses for 2024 are 141,804,256.13, down 19.96% from the previous year, reflecting a strategic focus on cost management[93]. - The R&D investment as a percentage of operating revenue increased to 4.63%, up from 4.37% in the previous year[101]. Employee and Management Changes - The company announced the resignation of Zhang Qiya and Li Xu from their positions as director and general manager, effective July 12, 2024, due to job relocation[176]. - Vice General Manager Tang Qun also resigned for personal reasons, effective November 1, 2024[177]. - The total pre-tax remuneration for directors, supervisors, and senior management during the reporting period amounted to 4.893 million yuan[195]. - The company has seen a turnover in its management team, with several directors and executives leaving recently[196]. Market Trends and Industry Insights - The construction industry in China is projected to grow by 3.9% in 2024, despite a decline in housing construction area by 10.6% year-on-year[27]. - The tourism market in China saw a 14.8% increase in domestic travel, with total spending reaching approximately CNY 5.75 trillion in 2024[32]. - The central government's focus on rural revitalization and agricultural modernization is expected to provide significant development opportunities for related enterprises[37]. Shareholder Engagement - The company held multiple investor communication activities, discussing performance decline reasons, overseas business layout, and high-standard farmland investment[154]. - In 2024, the company convened six shareholder meetings, ensuring compliance with legal requirements and protecting minority shareholders' interests[159]. - The company has a dedicated investor relations management system to enhance communication and maintain good relationships with investors[169].