四川双马(000935) - 2024 Q4 - 年度财报

Financial Performance - The company’s operating revenue for 2024 was CNY 1,074,557,678.81, a decrease of 11.87% compared to CNY 1,219,344,574.84 in 2023[19]. - Net profit attributable to shareholders for 2024 was CNY 309,381,386.88, down 68.61% from CNY 985,473,578.62 in 2023[19]. - The net profit after deducting non-recurring gains and losses was CNY 60,529,601.91, a decline of 93.55% from CNY 938,711,142.26 in 2023[19]. - Cash flow from operating activities increased by 49.68% to CNY 462,917,152.00 in 2024, compared to CNY 309,272,676.46 in 2023[19]. - Basic earnings per share for 2024 were CNY 0.41, a decrease of 68.22% from CNY 1.29 in 2023[19]. - Total assets at the end of 2024 were CNY 8,991,376,516.63, reflecting a 9.72% increase from CNY 8,194,608,917.06 at the end of 2023[19]. - The weighted average return on equity decreased by 9.93 percentage points to 4.17% in 2024 from 14.10% in 2023[19]. - The company reported a significant decline in net profit, with the lowest of total profit, net profit, and net profit after deducting non-recurring gains and losses being negative for the most recent accounting year[20]. Business Operations and Strategy - The company has undergone changes in its main business operations, shifting from cement manufacturing to include building materials, biopharmaceuticals, and private equity fund management[18]. - The company aims to enhance its core capabilities through organic growth and external investments, focusing on high-growth areas such as biotechnology[33]. - The company is committed to sustainable development and aims to achieve dual carbon goals, aligning with national policies on green development[33]. - The company is actively implementing a carbon reduction plan and researching new cement technology to achieve high-quality development[38]. - The company has established a solid foundation for future drug supply by collaborating deeply with innovative pharmaceutical companies from the product development stage[67]. Market Conditions - In 2024, China's cement production reached 1.825 billion tons, a year-on-year decrease of 9.5%, marking the lowest output since 2010[34]. - National real estate development investment fell by 10.6% year-on-year, with new housing starts declining by 23.0%[34]. - The company maintained a leading market share in the regional market, benefiting from strong brand recognition and stable partnerships with major projects[41]. - The company's aggregate business faced price declines throughout the year, but experienced a recovery towards the end due to environmental regulations and increased self-discipline among leading enterprises[35]. - The cement and aggregate market demand in the company's production area remained weak in 2024, with product sales prices significantly declining compared to the same period last year[80]. Research and Development - The company has established a comprehensive R&D system with over 210 personnel, focusing on advanced chemical synthesis processes for peptide drugs[71]. - The company has over 20 ongoing peptide research projects, with significant progress in global registration, including multiple DMF filings in the US and Korea[93]. - The company has received FDA First Adequate Letter for its acetate degarelix raw material, indicating compliance with US regulatory standards[66]. - The company has developed a peptide separation and purification platform that integrates various advanced chromatography technologies, significantly enhancing the efficiency of peptide production[112]. - The company has invested nearly 100 million yuan in a state-of-the-art R&D laboratory exceeding 7,000 square meters, equipped with advanced instruments ensuring research accuracy[114]. Investment and Financial Management - The company generated investment income of 1.545 billion yuan from two funds, with an expected additional performance fee of 1.023 billion yuan upon full exit at fair value[87]. - The company has established a strong compliance framework to ensure efficient fund operations and protect investor interests[103]. - The company is committed to supporting the real economy and contributing to high-quality economic development through its investment strategies[104]. - The company has a robust operational process and a high-efficiency team collaboration mechanism, ensuring scientific and effective decision-making[100]. - The company plans to leverage capital market tools to support the development of strategic emerging industries, including biotechnology and artificial intelligence[172]. Corporate Governance - The board of directors and management have confirmed the accuracy and completeness of the annual report, taking legal responsibility for its content[4]. - The report indicates that all board members attended the meeting to review the annual report, ensuring collective accountability[4]. - The company emphasizes the importance of understanding the differences between plans, forecasts, and commitments in its strategic outlook[4]. - The company has made provisions for future disclosures and updates through its official channels, ensuring transparency for investors[9]. - The company’s governance structure includes a board of directors and supervisory board, ensuring effective decision-making and oversight for long-term stability[33]. Environmental and Social Responsibility - The company has been recognized as a provincial-level safety culture construction demonstration enterprise, emphasizing its commitment to employee health and safety[108]. - The company has received multiple awards for product quality in its building materials manufacturing business, enhancing its brand reputation[106]. - The company has implemented the SCR ultra-low emission project, significantly reducing nitrogen oxide emissions[108]. - The company has been recognized as a provincial-level environmental integrity enterprise for four consecutive years, demonstrating its commitment to ecological protection[108]. - The company is focused on expanding its product and customer structure, aiming for breakthroughs in market regions despite a challenging economic environment[61].