Sanmei(SH:603379)2025-04-28 13:00Financial Performance - The company's operating revenue for 2024 reached ¥4,039,536,038.94, representing a year-on-year increase of 21.17% compared to ¥3,333,788,239.24 in 2023[23]. - Net profit attributable to shareholders for 2024 was ¥778,536,624.05, a significant increase of 178.40% from ¥279,644,841.86 in 2023[23]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥748,496,190.93, reflecting a year-on-year growth of 257.74%[23]. - The net cash flow from operating activities increased by 46.52% to ¥708,863,907.93, primarily due to an increase in cash received from sales of goods and services[26]. - The company's net assets attributable to shareholders rose by 9.31% to ¥6,441,177,295.74 at the end of 2024, compared to ¥5,892,485,705.60 at the end of 2023[24]. - Total assets increased by 6.11% to ¥7,140,168,177.79 at the end of 2024, up from ¥6,728,954,607.88 in 2023[24]. - Basic earnings per share for 2024 were ¥1.28, a 178.26% increase from ¥0.46 in 2023[25]. - The weighted average return on equity for 2024 was 12.61%, an increase of 7.78 percentage points from 4.83% in 2023[25]. Dividend Distribution - The company plans to distribute a cash dividend of 4.50 yuan per 10 shares (including tax) to all shareholders, totaling approximately 273,040,171.65 yuan (including tax) based on 606,755,937 shares available for distribution[4]. - The company has not proposed any stock dividends or capital reserve transfers to increase share capital in the profit distribution plan[4]. - The cash dividend represents 35.07% of the net profit attributable to ordinary shareholders in the consolidated financial statements, which was RMB 778,536,624.05[186]. - Over the last three accounting years, the cumulative cash dividend paid was RMB 559,351,344.11, exceeding the average annual net profit of RMB 514,584,887.32, resulting in a cash dividend ratio of 108.70%[187]. - The company’s profit distribution policy emphasizes a minimum cash dividend of 20% of the audited net profit if conditions are met, with higher percentages for mature companies without major capital expenditures[181]. Risk Management - The company has disclosed potential risks in the report, including specific risks and countermeasures in the section on future development[7]. - The report includes forward-looking statements that may differ significantly from actual future results due to various factors[5]. - The company has confirmed that there are no non-operating fund occupations by controlling shareholders or related parties[6]. - The company has not violated decision-making procedures for providing guarantees[6]. - The company has no instances of more than half of the directors being unable to guarantee the authenticity of the annual report[6]. Production and Capacity - The production of refrigerants reached 162,574.97 tons in 2024, a 3.86% increase compared to 2023[39]. - The company is actively expanding its production capacity, with projects like the 6,000 tons/year lithium hexafluorophosphate project in Fujian now in trial production[35]. - The company has a production capacity of 65,000 tons for HFC-134a, with a 2024 production quota of 51,500 tons, accounting for 23.88% of the national production quota[53]. - The production capacity for HCFC-141b is 35,600 tons, with a production quota of 14,500 tons for 2024, representing 68.92% of the national quota[55]. - The company holds a capacity of 22,100 tons for anhydrous hydrofluoric acid (AHF), which is essential for the production of fluorinated refrigerants and foaming agents[58]. Environmental and Safety Measures - The company is focusing on safety and environmental management, conducting regular inspections and training for employees[36]. - The company has established environmental protection mechanisms and is classified as a key pollutant discharge unit[193]. - The total emissions of nitrogen oxides from the boiler and various workshops amounted to 8.5268 tons, with a concentration of 3.33 mg/m3, well below the standard of 50 mg/m3[194]. - The total emissions of sulfur dioxide were recorded at 1.287 tons, with a concentration of 4.75 mg/m3, also below the standard of 35 mg/m3[194]. - The company has implemented comprehensive pollution control measures, ensuring that all wastewater treatment facilities and online monitoring systems are functioning normally[200]. Research and Development - Research and development expenses increased by 52.57% to CNY 80,948,868.53 due to the expansion of R&D projects[67]. - The company invested in 32 R&D projects, focusing on optimizing production processes and developing new products, including environmentally friendly refrigerants and fine chemicals[108]. - The company holds 123 authorized patents, including 59 invention patents, with a focus on its main products such as AHF, HFC-125, and HFC-134a[108]. - The proportion of R&D personnel to total employees is 13.70%, with a total of 279 R&D staff[80]. Governance and Compliance - The board of directors has ensured the authenticity, accuracy, and completeness of the annual report[3]. - The company has established a remuneration committee to provide recommendations based on industry and regional standards[164]. - The company has not reported any significant deficiencies in internal control during the reporting period[192]. - The company has maintained stable leadership with no changes in key management personnel during the reporting period[161]. - The company has not reported any penalties from securities regulatory agencies in the past three years[165]. Market and Competitive Landscape - The company is focusing on enhancing market positioning and customer relationship management to increase market share and brand influence[142]. - The company faces significant export risks due to rising global trade protectionism, with investigations into HFCs refrigerants by the US, India, and Argentina impacting export operations[150]. - The company is monitoring foreign exchange risks and plans to use forward foreign exchange contracts or currency swaps to mitigate potential impacts on export business[150]. - The fluorochemical industry is cyclical, with significant fluctuations influenced by macroeconomic factors and downstream demand, impacting product prices[146]. Employee Engagement and Compensation - The company has implemented a performance-based salary system for employees, with adjustments based on monthly and annual performance[191]. - The total compensation for the company's executives during the reporting period amounted to 6.9421 million CNY[158]. - The company has a total of 2,036 employees, with 988 in the parent company and 1,048 in major subsidiaries[176]. - The company emphasizes performance-oriented compensation, which includes base salary, performance pay, bonuses, and various allowances[178].