COPTON(603798)2025-04-29 15:28Financial Performance - The company's operating revenue for 2024 was CNY 1,066,804,458.54, a decrease of 11.04% compared to CNY 1,199,129,560.37 in 2023[25] - Net profit attributable to shareholders for 2024 was CNY 54,640,602.71, an increase of 14.34% from CNY 47,789,898.89 in 2023[25] - The net profit excluding non-recurring gains and losses was CNY 46,901,736.80, reflecting a significant increase of 34.58% compared to CNY 34,851,685.49 in 2023[25] - Cash flow from operating activities reached CNY 175,795,378.83, a substantial increase of 291.39% from CNY 44,915,693.95 in 2023[25] - Basic earnings per share increased by 10.53% to CNY 0.21 in 2024 compared to CNY 0.19 in 2023[26] - The weighted average return on equity rose to 4.87% in 2024, up from 4.30% in 2023, an increase of 0.57 percentage points[26] - The company reported a net profit attributable to shareholders of CNY 42,165,807.88 in Q1 2024, a significant increase compared to CNY 3,795,847.54 in Q2 2023[28] - The total cash dividends proposed for 2024, including previously distributed dividends, will amount to CNY 27,776,633.50, representing 50.84% of the net profit attributable to shareholders[8] - The cash dividend amount for 2024 is projected to be RMB 27,776,633.50, which constitutes 50.84% of the net profit attributable to shareholders[127] Assets and Liabilities - Total assets at the end of 2024 amounted to CNY 1,383,889,809.13, representing a 1.85% increase from CNY 1,358,695,258.32 at the end of 2023[25] - Cash and cash equivalents at the end of the period were CNY 351,983,839.86, which is 25.43% of total assets, up 60.93% from the previous period[62] - The company reported a decrease in inventory from RMB 169,600,995.84 to RMB 125,652,573.07, a reduction of approximately 26%[199] - Total liabilities rose to RMB 204,359,564.37 from RMB 198,321,635.25, marking an increase of approximately 3.5%[200] - Shareholders' equity increased to RMB 1,179,530,244.76 from RMB 1,160,373,623.07, reflecting a growth of about 1.6%[200] Operational Highlights - The company launched several new products, including CK-4/10W-40 and SP/C3 0W-30 engine oils, which received positive market feedback[35] - The company achieved 19 OEM certifications from Mercedes-Benz, enhancing its product credibility in the market[36] - The company’s industrial oil products continued to gain orders in traditional industries, contributing to its market expansion[36] - The company maintained a delivery rate of over 95% throughout the year, ensuring customer satisfaction[47] - The company has established stable partnerships with major channels such as Sinopec and PetroChina, enhancing market presence[48] Research and Development - The total R&D expenditure for the period was CNY 31,556,883.98, accounting for 2.96% of operating revenue[59] - The company has increased its investment in R&D for new products and technologies to meet market demands and ensure competitiveness[69] - The company has developed and launched several market-leading products, including nano-ceramic diesel engine oil CK-4 10W-40 and MA2 series motorcycle oils[44] - The company has 37 R&D personnel, representing 9.6% of the total workforce[59] Market Trends and Strategy - The total number of motor vehicles in China reached 453 million, with a year-on-year increase of 9.53% in new registered vehicles[39] - The retail volume of passenger car lubricants is expected to reach 1.23 billion liters, representing a year-on-year growth of 2.2%[39] - The hydrogen fuel cell vehicle market in China is projected to reach approximately 10 billion yuan, primarily in commercial vehicle applications[41] - The company aims to leverage hydrogen energy as a new growth area to enhance profitability and resource allocation efficiency[86] - The company is focusing on the rapidly growing automotive aftermarket, particularly in lubricants, automotive exhaust treatment fluids, and automotive maintenance products[86] Governance and Compliance - The company has established four specialized committees: strategy, nomination, audit, and compensation, which operate according to their respective work rules[97] - The company has three independent directors, meeting the requirements set by the China Securities Regulatory Commission[97] - The company’s independent directors are required to fulfill their duties in accordance with relevant laws and regulations, ensuring compliance and independence[97] - The company has implemented a performance evaluation and incentive mechanism for senior management, with compensation decisions made based on performance standards[98] - The company respects the rights of stakeholders, including creditors and minority shareholders, ensuring equal access to information[98] Shareholder Information - The total number of ordinary shareholders increased from 15,425 to 16,802 during the reporting period, representing a growth of approximately 8.95%[162] - The largest shareholder, Hengjia Shike International (Hong Kong) Limited, holds 69,207,200 shares, accounting for 26.99% of total shares[164] - Qingdao Lubang Petrochemical Co., Ltd. is the second-largest shareholder with 63,666,290 shares, representing 24.83% of total shares[164] - The company has not experienced any changes in total share capital or share structure during the reporting period[159] Risk Management - The company has outlined potential risks in its management discussion and analysis section, emphasizing the need for investors to be aware of investment risks[11] - The company acknowledges risks related to raw material price fluctuations, particularly in crude oil, which could impact operational performance[90] - Increased competition in the automotive lubricants market necessitates timely product upgrades and market expansion to maintain competitive positioning[90] Environmental Responsibility - The company is committed to environmental responsibility by adopting eco-friendly materials and production processes[89] - The company has not established an environmental protection mechanism and did not disclose any environmental investment during the reporting period[136]