DOJJ(SZ:002798)2025-04-25 19:05Financial Performance - The company's operating revenue for 2024 was ¥2,740,584,084.72, a decrease of 27.12% compared to ¥3,760,453,033.29 in 2023[16]. - The net profit attributable to shareholders for 2024 was -¥569,068,442.34, showing an improvement of 13.53% from -¥658,098,088.56 in 2023[16]. - The net cash flow from operating activities decreased by 73.04% to ¥132,890,354.01 in 2024, down from ¥492,946,190.91 in 2023[16]. - Total assets at the end of 2024 were ¥5,892,712,569.49, a decline of 10.55% from ¥6,587,606,891.10 at the end of 2023[16]. - The net assets attributable to shareholders decreased by 25.22% to ¥1,630,698,274.85 at the end of 2024, compared to ¥2,180,684,200.37 at the end of 2023[16]. - The basic earnings per share for 2024 was -¥1.56, an improvement of 12.36% from -¥1.78 in 2023[16]. - The company reported a quarterly revenue of ¥693,476,612.33 in Q4 2024, with a net profit of -¥428,350,471.47 for the same quarter[20]. - Non-operating income from government subsidies in 2024 amounted to ¥7,753,105.59, down from ¥26,917,219.08 in 2023[21]. - The company experienced a significant reduction in non-current asset disposal losses, reporting -¥7,234,551.51 in 2024 compared to -¥28,232,393.28 in 2023[21]. - The weighted average return on equity for 2024 was -30.31%, a decrease from -26.22% in 2023[16]. Market Conditions - In 2024, the domestic GDP reached 13,490.84 billion CNY, growing by 5.0% year-on-year, while the industrial added value increased by 5.8%[24]. - The non-metal mineral products industry saw a decline in industrial added value by 1.4% in 2024, with total revenue falling to 5,107.59 billion CNY, a decrease of 11.1%[24]. - The real estate market experienced a significant downturn, with new residential sales area dropping by 14.1% and sales revenue decreasing by 17.6% in 2024[24]. - The building ceramics industry produced 5.91 billion square meters in 2024, down 12.18% from 2023, with the number of large-scale enterprises decreasing to 993[26]. - The domestic sanitary ware market size declined by 12% to 79.6 billion CNY in 2024, influenced by the real estate sector's adjustments[27]. Company Strategy and Operations - The company has established an independent R&D institute focusing on user needs and trends, maintaining a leading position in innovation within the sanitary ware industry[29]. - The company operates in the building ceramics and sanitary ceramics industry, which is closely tied to the construction decoration sector in China, with no significant cyclical characteristics observed[35]. - The company has established six production bases across regions including Chengdu, Chongqing, Foshan, Guangxi, and Jingdezhen, leveraging proprietary R&D and core manufacturing technologies[37]. - The company has implemented a procurement strategy focusing on long-term partnerships and centralized bidding to stabilize supply and reduce costs, particularly for key raw materials like clay, coal, natural gas, and electricity[36]. - The company has adopted a multi-channel sales model, including dealer channels, engineering channels, and new retail channels, to enhance market coverage and brand penetration[53]. - The company emphasizes continuous product innovation, cost optimization in production, and strict quality control as key drivers for performance growth[55]. Research and Development - The company holds over 200 core patent technologies in ceramic tiles and has participated in formulating more than 20 national standards, showcasing its strong R&D capabilities[29]. - The company is focusing on developing high-performance antibacterial ceramics, addressing key challenges in material effectiveness and surface treatment[87]. - R&D investment amounted to ¥130,037,462.54 in 2024, a decrease of 21.87% compared to ¥166,428,054.38 in 2023, while the proportion of R&D investment to operating revenue increased to 4.74%[89]. - The company is actively pursuing green building materials in response to the "dual carbon" policy, enhancing its competitiveness in the energy-saving construction sector[88]. Environmental Compliance - The company is classified as a key pollutant discharge unit by environmental protection authorities[188]. - The internal control audit report was issued with a standard unqualified opinion[186]. - The company has complied with multiple environmental protection laws and regulations since 2015[188]. - The company has received environmental approval for the construction of a ceramic product production project with an annual output of 3 million square meters[4]. - The company has achieved compliance with all monitoring projects and emission indicators, ensuring environmental standards are met[198]. Corporate Governance - The company has established a value management system to enhance long-term investment value, approved by the board of directors[133]. - The company has conducted multiple investor communications, including annual and interim meetings, to ensure transparency and engagement with shareholders[137]. - The company maintains independence from its controlling shareholder, ensuring no non-operational fund transfers occurred during the reporting period[138]. - The company held 16 board meetings during the reporting period, ensuring compliance with legal and regulatory requirements[139]. - The company has implemented a strict insider information management system, with no violations reported during the reporting period[145]. Shareholder Engagement - The company has established a shareholder return plan for the next three years (2023-2025) to ensure a scientific, sustainable, and stable return mechanism for shareholders[178]. - The company did not have any changes in fundraising projects during the reporting period[117]. - The company held its first temporary shareholders' meeting on January 30, 2024, with 24.73% investor participation, approving proposals for bank credit limits and external guarantee limits for 2024[149]. - The annual shareholders' meeting on May 21, 2024, had a participation rate of 31.27%, where the 2023 annual report and profit distribution plan were approved[149].