FUJIAN EXPRESSWAY(SH:600033)2025-06-13 09:10Dividend Distribution - The company plans to distribute a cash dividend of 0.5 yuan per 10 shares (including tax), totaling 137,220,000 yuan, based on a total share capital of 2,744,400,000 shares as of December 31, 2024[4]. - The total undistributed profits carried forward to the next year amount to 2,649,303,146.97 yuan, in addition to the mid-year dividend of 0.5 yuan per 10 shares already implemented in December 2024, resulting in an annual total of 1 yuan per 10 shares[4]. - The company plans to distribute cash dividends of 1.2 RMB per 10 shares, totaling 329,328,000 RMB for the 2023 fiscal year[102]. - The cash dividend policy states that the company aims to distribute no less than 35% of the net profit attributable to shareholders in the coming three years (2024-2026) if financial conditions allow[102]. - The company has a cash dividend policy that emphasizes reasonable returns to investors, with a minimum of 30% of average distributable profits over three years to be distributed[102]. - The company’s net profit attributable to shareholders for the last fiscal year was 780,773,084.10 RMB, with cash dividends amounting to 35.15% of this profit[106]. Financial Performance - The company achieved operating revenue of CNY 3,025,880,245.40 in 2024, a decrease of 0.78% compared to 2023[22]. - Net profit attributable to shareholders was CNY 780,773,084.10, down 13.46% year-on-year[22]. - The net profit after deducting non-recurring gains and losses was CNY 792,581,778.80, reflecting a decline of 13.98% from the previous year[22]. - The company reported a net cash flow from operating activities of CNY 2,085,568,003.67, a slight decrease of 0.69% compared to 2023[23]. - The total assets increased to CNY 17,288,268,309.17, representing a growth of 3.19% year-on-year[23]. - Basic earnings per share were CNY 0.2845, down 13.47% from the previous year[24]. - The weighted average return on equity was 6.87%, a decrease of 1.31 percentage points compared to 2023[24]. - The company reported a net profit margin improvement, with operating costs decreasing while revenue remained stable[189]. - The net profit for 2024 was CNY 719,814,025.57, down 12% from CNY 817,783,051.20 in 2023[194]. - The total profit for 2024 was CNY 895,635,077.56, a decrease of 8.4% from CNY 977,757,914.87 in 2023[194]. Operational Challenges - The company faced challenges in freight logistics demand and limited passenger growth, impacting traffic volume and toll revenue[34]. - The company is focusing on enhancing service functions and optimizing project evaluations to improve operational efficiency[35]. - The company aims to enhance operational efficiency and service quality while reducing costs, focusing on the "speeding up and improving quality" initiative as part of its development strategy for the 14th Five-Year Plan[65]. - The company faces risks from macroeconomic fluctuations, which could limit demand for transportation services, and plans to mitigate this by focusing on its core highway operations and exploring ancillary economic opportunities[68]. - The company is also exposed to policy risks related to highway tolling regulations, particularly as many highways approach the end of their tolling periods, and it will closely monitor policy developments to adapt accordingly[68]. - The company recognizes the risk of dependency on toll revenue due to its single business structure and aims to diversify by exploring investments in related industries and value chains[69]. Governance and Compliance - The company has received a standard unqualified audit opinion from Huaxing Accounting Firm, ensuring the accuracy and completeness of the financial report[4]. - The company has established a robust governance structure, ensuring compliance with regulatory requirements and maintaining independence from its controlling shareholder[72]. - The company emphasizes the importance of risk assessment in investment decisions, forming a dedicated risk control team to enhance its investment decision-making process[70]. - The board consists of 11 members, including 4 independent directors, which exceeds one-third of the total board members[74]. - The company has established four specialized committees: strategy, nomination, compensation and assessment, and audit, all of which are functioning effectively[74]. - The company has implemented strict procedures for related party transactions, ensuring fairness and transparency[75]. - The company has established a comprehensive information disclosure system to maintain transparency and protect shareholder rights[75]. - The company has not experienced any insider information leaks during the reporting period, and insider information management is conducted in an orderly manner[76]. Investments and Assets - The company has invested in Xiamen International Bank, Haixia Insurance, and Industrial Bank, yielding positive investment returns[38]. - The company’s investment in stocks increased to ¥881,360,000.00, reflecting a fair value gain of ¥135,700,000.00 during the reporting period[60]. - The total capitalized R&D investment for the period was ¥961,142.48, which is 100% of the total R&D expenditure, accounting for 0.03% of operating revenue[52]. - The company is focused on evaluating the impairment of highway assets, which are significant to its total assets[173]. - The company plans to invest in new product development and technology to enhance market competitiveness[189]. Cash Flow and Liquidity - The company reported a significant increase in cash reserves, with cash and cash equivalents reaching ¥1,995,529,098.57, a 73.67% increase from the previous period[56]. - The ending balance of cash and cash equivalents for 2024 reached CNY 1,995,529,098.57, up from CNY 1,149,023,312.52 in 2023[197]. - Operating cash inflow for 2024 was CNY 3,083,734,269.38, a slight increase from CNY 3,047,957,366.06 in 2023, reflecting a growth of approximately 1.0%[196]. - Net cash flow from operating activities for 2024 was CNY 2,085,568,003.67, down from CNY 2,100,093,096.81 in 2023, indicating a decrease of about 0.7%[196]. - Cash outflow from financing activities in 2024 totaled CNY 691,742,084.77, significantly lower than CNY 1,099,766,283.69 in 2023, showing a decrease of about 37.0%[197]. Shareholder Information - The total number of common shareholders increased to 71,559 from 67,386 in the previous month, representing a growth of approximately 3.2%[139]. - The top shareholder, Fujian Provincial Highway Group Co., Ltd., holds 992,367,729 shares, accounting for 36.16% of total shares[141]. - The second-largest shareholder, China Merchants Highway Network Technology Holdings Co., Ltd., holds 487,112,772 shares, representing 17.75% of total shares[141]. - The total number of shares held by the top ten shareholders is significant, with the largest holding being 36.16% and the smallest in the top ten at 0.47%[142]. - The company does not have any strategic investors or general corporations that became top ten shareholders through new share placements[143]. Debt and Liabilities - The company has a total interest-bearing debt of 999 million RMB at the end of the reporting period, with a year-on-year increase of 0.14%[158]. - The company issued two types of corporate bonds in 2022, with a total balance of 999 million RMB, and a portion of 600 million RMB maturing between May and December 2025[159]. - The company’s debt structure includes 600 million RMB in corporate credit bonds, which account for 100% of the interest-bearing debt[158]. - The company’s current liabilities increased significantly, with non-current liabilities due within one year rising by 1688.01% to approximately 636.84 million RMB, primarily due to an increase in bonds maturing within one year[164]. - The total liabilities to assets ratio decreased by 0.81 percentage points to 18.11%, indicating a reduction in total liabilities[166].