SHRC(600392)2025-06-03 10:00Financial Performance - The company's operating revenue for 2024 was CNY 11,371,025,717.40, a decrease of 36.39% compared to CNY 17,877,446,725.09 in 2023[22]. - The net profit attributable to shareholders for 2024 was CNY 207,196,451.93, down 37.73% from CNY 332,737,733.12 in 2023[22]. - The net cash flow from operating activities decreased by 81.47% to CNY 72,423,318.92 in 2024 from CNY 390,856,768.17 in 2023[22]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 198,260,907.70, a decrease of 26.49% from CNY 269,717,576.02 in 2023[22]. - The company's basic earnings per share for 2024 is CNY 0.1182, a decrease of 37.72% compared to CNY 0.1898 in 2023, primarily due to declining prices of rare earth and zirconium-titanium products, leading to reduced revenue and total profit[23]. - The weighted average return on equity for 2024 is 2.28%, down from 3.56% in 2023, indicating a decline in profitability[23]. - The company reported a significant drop in cash flow from operating activities, with a net cash flow of CNY 72,423,318.92, down 81.47% from the previous year[45][47]. - The company reported a net profit attributable to shareholders was CNY 20,719.65 million, down 37.73% year-on-year, primarily due to a significant decline in the market prices of key rare earth products[44][45]. Assets and Liabilities - The total assets at the end of 2024 were CNY 15,502,252,333.27, an increase of 1.15% from CNY 15,325,764,939.65 at the end of 2023[22]. - The total liabilities increased by 5.21% to CNY 5,853,453,527.67 at the end of 2024 from CNY 5,563,366,034.19 at the end of 2023[22]. - The company's net assets attributable to shareholders at the end of 2024 were CNY 8,733,639,307.82, a decrease of 3.16% from CNY 9,018,779,388.72 at the end of 2023[22]. - The company's total equity remained stable with a share capital of CNY 1,752,826,570.00, unchanged from the previous year[22]. Dividends - The proposed cash dividend for 2024 is CNY 1.00 per 10 shares, totaling CNY 175,282,657.00, which represents 101.52% of the net profit attributable to shareholders[6]. - The company plans to distribute a cash dividend of RMB 0.50 per 10 shares, totaling RMB 87,641,328.50 for the 2023 fiscal year[128]. - For the 2024 mid-year dividend, the company will distribute RMB 0.20 per 10 shares, amounting to RMB 35,056,531.40[129]. - Over the last three fiscal years, the cumulative cash dividend paid was RMB 473,263,173.90, with an average cash dividend payout ratio of 66.55%[134]. Research and Development - Research and development expenses surged by 468% to CNY 6,202,903.10, reflecting increased investment in innovation[45][47]. - The total R&D expenditure amounted to 396,025,454.08 CNY, representing 3.48% of total revenue[56]. - The company has accumulated over 410 patents by the end of 2024, with 54 new patents added during the year, including 30 invention patents, supporting high-quality development[33]. - The company is investing 200 million yuan in R&D for new technologies aimed at enhancing product efficiency and sustainability[105]. Market and Operations - The company acquired 65% equity in Jiacheng Mining (Shanghai) Co., Ltd. and 100% equity in African Resources Company, with a combined heavy mineral resource of over 27 million tons, enhancing its zirconium-titanium resource base[31]. - The first production line of the Tanzania Fungoni project is expected to be operational by the end of 2024, with an annual processing capacity of 100,000 tons of heavy minerals by September 2025[31]. - The company continues to expand its international cooperation and project collaborations, enhancing its market presence and operational capabilities[31]. - The company has established long-term supply agreements with various partners, enhancing its raw material security for rare earth processing[42]. - The company is focusing on developing overseas rare earth and zirconium-titanium resource projects to enhance its market competitiveness[87]. Environmental Responsibility - The company has invested approximately 41.23 million yuan in environmental protection during the reporting period[141]. - The company is committed to pollution prevention and has implemented necessary environmental protection facilities to comply with regulations[89]. - The company has reported a total carbon dioxide equivalent reduction of 4,290 tons through various carbon reduction measures, including the use of photovoltaic power generation expected to produce approximately 4.3068 million kWh in 2024[188]. - The company has been recognized as a "Provincial Green Factory" and a "National A-Level Environmental Protection Enterprise" in 2024[178]. - The company has implemented a third-party maintenance program for its wastewater and waste gas treatment facilities, ensuring they remain in good operational condition[185]. Governance and Compliance - The company emphasizes the importance of risk management and internal controls to enhance profitability and return to investors[91]. - The company is committed to improving governance and compliance with regulatory requirements[96]. - The company has established a governance structure in compliance with relevant laws and regulations[96]. - The company has made commitments to ensure independence in operations, finance, and assets following its major asset restructuring in 2012[97]. - The company has not reported any non-operating fund occupation by controlling shareholders or related parties during the reporting period[198]. Employee and Management - The total number of employees in the company and its main subsidiaries is 2,514, with 1,724 in production, 84 in sales, 378 in technology, 68 in finance, and 260 in administration[125]. - The company has established a competitive salary management system that links compensation to performance, aiming to attract and retain talent[126]. - The total compensation for board members during the reporting period amounted to 1,151.85 million yuan[103]. - The company has appointed several new executives, including a new financial director and deputy general managers, to enhance operational efficiency[103]. Strategic Initiatives - The company plans to achieve an annual revenue of 15 billion yuan in 2025, with the goal being subject to market demand fluctuations[87]. - The company is exploring potential acquisitions to enhance its product portfolio, with a budget of $100 million allocated for this purpose[106]. - The company plans to enter the European market in 2025, targeting a revenue contribution of 200 million yuan from this region[105]. - The company is focusing on the development of new products and technologies to stay competitive in the market[103].