建龙微纳(688357) - 2024 Q4 - 年度财报(更正)

Section I Definitions This section provides definitions of key terms used throughout the report Section II Company Profile and Key Financial Indicators This section presents the company's fundamental information and a summary of its key financial performance over the past three years Company Basic Information and Contact Details This chapter provides the company's basic registration information, office address, website, and contact details for the Board Secretary and Securities Affairs Representative - The company's full Chinese name is Luoyang Jianlong Micro-Nano New Materials Co., Ltd., with stock abbreviation 'Jianlong Weina', and legal representative Li Jianbo[17] Key Accounting Data and Financial Indicators for the Last Three Years In 2024, the company's performance faced short-term pressure with revenue decreasing by 19.90% and net profit attributable to shareholders declining significantly by 51.15%, primarily due to revenue reduction and rigid operating expenses, though operating cash flow improved notably due to enhanced supply chain and receivables management Key Accounting Data | Key Accounting Data | 2024 (CNY Million) | 2023 (CNY Million) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 778.75 | 972.24 | -19.90 | | Net Profit Attributable to Shareholders of Listed Company | 74.76 | 153.03 | -51.15 | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Gains/Losses) | 60.77 | 136.89 | -55.61 | | Net Cash Flow from Operating Activities | 118.89 | -97.84 | N/A | | Net Assets Attributable to Shareholders of Listed Company | 1,796.01 | 1,778.67 | 0.98 | | Total Assets | 2,948.14 | 3,029.14 | -2.67 | Key Financial Indicators | Key Financial Indicators | 2024 | 2023 | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (CNY/Share) | 0.75 | 1.53 | -50.98 | | Diluted Earnings Per Share (CNY/Share) | 0.68 | 1.45 | -53.10 | | Weighted Average Return on Net Assets (%) | 4.14 | 9.06 | Decrease of 4.92 percentage points | | R&D Investment as % of Operating Revenue (%) | 4.54 | 4.71 | Decrease of 0.17 percentage points | - Net cash flow from operating activities significantly improved, primarily due to the company strengthening supply chain management, enhancing inventory and accounts receivable management efficiency, and reducing cash paid for goods and services[26] Quarterly and Non-recurring Gains/Losses Data In 2024, the company's performance showed a weakening trend quarter by quarter, with Q1 net profit attributable to shareholders being the highest at CNY 31.64 million, followed by approximately CNY 14 million in the subsequent three quarters, and total non-recurring gains/losses of CNY 13.99 million, mainly from fair value changes of financial assets and government grants Quarterly Data | Quarter | Operating Revenue (CNY Million) | Net Profit Attributable to Shareholders of Listed Company (CNY Million) | | :--- | :--- | :--- | | Q1 | 191.73 | 31.64 | | Q2 | 185.11 | 14.76 | | Q3 | 188.84 | 14.13 | | Q4 | 213.07 | 14.22 | - Total non-recurring gains and losses in 2024 amounted to CNY 13.99 million, primarily comprising fair value changes from financial assets and liabilities (CNY 14.90 million) and government grants recognized in current profit or loss (CNY 3.50 million)[30][31] Section III Management Discussion and Analysis This section provides a comprehensive analysis of the company's operational performance, business segments, industry landscape, and future development strategies Discussion and Analysis of Operations During the reporting period, the company's operating revenue decreased by 19.90% to CNY 779 million, and net profit attributable to shareholders declined by 51.15% to CNY 74.76 million, mainly due to weak demand in industrial gas and normalized household oxygen, though overseas sales grew by 13.36% to 25.55% of total revenue, with future focus on petrochemical, energy chemical, renewable energy, and renewable resources sectors Business Segment Performance | Business Segment | 2024 Revenue (CNY Million) | Revenue Share | YoY Change | | :--- | :--- | :--- | :--- | | Gas Separation | 301.84 | 38.76% | -15.55% | | Adsorption Drying | 251.08 | 32.24% | 11.76% | | Life and Health | 125.74 | 16.15% | -57.82% | | Raw Powder and Others | 100.09 | 12.85% | 8.73% | - Revenue in the Life and Health segment significantly declined by 57.82%, primarily due to the normalization of medical oxygen demand and downstream customers entering an inventory digestion period, while the Gas Separation segment saw a 15.55% demand decrease due to slow industrial economic recovery[38][40] - Overseas market expansion yielded significant results, with 2024 international sales revenue reaching CNY 199 million, a 13.36% year-on-year increase, raising its proportion of total revenue to 25.55%, and the Thai subsidiary became a crucial global market hub, with revenue and net profit growing by 9.00% and 26.82% respectively[41][43] - The company is adjusting its development direction, focusing on four new areas: petrochemicals (aromatics adsorption separation), energy chemicals (low-concentration coalbed methane enrichment), renewable resources (Sustainable Aviation Fuel SAF), and renewable energy (adsorption compression energy storage)[47][48][49][50] Main Business, Operating Model, Industry Overview, and R&D Explanation The company specializes in R&D, production, and sales of molecular sieve adsorbents and catalysts, primarily using a direct sales model with production based on procurement, and is a leading player in the global molecular sieve market, ranking first domestically and third globally in capacity, with R&D focusing on high-value-added areas like SAF and new energy storage - The company is one of the leading players in China's molecular sieve industry, with a formed molecular sieve production capacity of 47,000 tons at the end of 2022, ranking first domestically and third globally[62][63] - New industry technologies and business models are extending into high-value-added fields, with the company strategically focusing on emerging sectors such as Sustainable Aviation Fuel (SAF), aromatics adsorption separation, and new energy storage[65][67][68][70] R&D Investment | R&D Investment | Current Year (CNY Million) | Prior Year (CNY Million) | Change (%) | | :--- | :--- | :--- | :--- | | Total R&D Investment | 35.35 | 45.78 | -22.79 | | R&D Investment as % of Operating Revenue (%) | 4.54 | 4.71 | Decrease of 0.17 percentage points | - During the reporting period, the company and its subsidiaries obtained 2 new authorized invention patents and 8 utility model patents[74] Core Competencies and Risk Factors The company's core competencies include technological leadership, quality assurance, full industry chain integration, scale advantages, and extensive customer resources, while facing significant risks such as performance decline, challenges to core competitiveness (product iteration, technology industrialization, talent retention), operational risks (market competition, raw material prices, environmental safety), financial risks (tax incentives, exchange rate fluctuations), and macroeconomic uncertainties - The company's core competencies include: technological advantage (product iteration strategy), quality advantage (ISO certification), full industry chain advantage (from raw powder to finished products), scale advantage (domestic leader), and customer resource advantage (including PetroChina, Hangyang Group, etc.)[81][82][83][84][85] - The company faces a significant risk of performance decline, with net profit attributable to shareholders decreasing by 51.15% year-on-year in 2024, primarily due to slowing industrial gas demand and normalized household oxygen demand, coupled with increased expenses from expanding operations[87] - Operational risks primarily include: market competition from international giants like Honeywell UOP and Arkema; price increases for key raw materials such as lithium salt and sodium hydroxide; environmental and safety production risks; and the risk of digesting new production capacity[91][92][93] Main Business Analysis During the reporting period, the company's operating revenue decreased by 19.90%, operating costs by 17.68%, and the comprehensive gross profit margin slightly declined by 1.93 percentage points to 28.35%, with core molecular sieve material revenue down 20.19%, domestic revenue down 27.23%, and overseas revenue up 13.36%, while direct material costs decreased due to lower raw material prices Key Financial Items | Item | Current Period (CNY Million) | Prior Period (CNY Million) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 778.75 | 972.24 | -19.90 | | Operating Cost | 557.94 | 677.80 | -17.68 | | Administrative Expenses | 83.50 | 70.79 | 17.96 | | Net Cash Flow from Operating Activities | 118.89 | -97.84 | N/A | | Net Cash Flow from Investing Activities | -430.81 | -107.83 | N/A | | Net Cash Flow from Financing Activities | -65.09 | 665.26 | -109.78 | Main Business by Region | Main Business by Region | Operating Revenue (CNY Million) | Operating Cost (CNY Million) | Gross Profit Margin (%) | YoY Change in Operating Revenue (%) | | :--- | :--- | :--- | :--- | | Domestic | 579.74 | 425.59 | 26.59 | -27.23 | | Overseas | 199.01 | 132.35 | 33.50 | 13.36 | - Sales to the top five customers accounted for 16.85% of total annual sales, and purchases from the top five suppliers accounted for 32.17% of total annual purchases, indicating no significant reliance on any single customer or supplier[110][114] Assets, Liabilities, and Investment Status As of the end of the reporting period, total assets were CNY 2.95 billion, a 2.67% decrease, with total liabilities at CNY 1.15 billion and an asset-liability ratio of 39.08%, while cash and equivalents significantly decreased by 62.55% due to investments in wealth management products, leading to an 87.78% increase in financial assets held for trading, and overseas assets constituted 12.52% of total assets Asset and Liability Changes | Item | Current Period End (CNY Million) | Prior Period End (CNY Million) | Change (%) | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 244.20 | 652.08 | -62.55 | | Financial Assets Held for Trading | 676.00 | 360.00 | 87.78 | | Total Assets | 2,948.14 | 3,029.14 | -2.67 | | Total Liabilities | 1,152.12 | 1,250.47 | -7.86 | - As of the end of the reporting period, the company's overseas assets amounted to CNY 369 million, accounting for 12.52% of total assets[123] - The company utilized its own funds and idle raised funds for cash management (bank wealth management products), with a total outstanding balance of CNY 666 million at the end of the period[277] Future Development Discussion and Analysis The company will continue to adhere to its 'Three-Product Strategy,' 'Adsorption-to-Catalysis Strategy,' and 'Internationalization Strategy,' driven by innovation, focusing on four new areas—petrochemicals, energy chemicals, renewable energy, and renewable resources—to forge a differentiated development path and transition from a material manufacturer to a technology service provider - The core of the company's 2025 development strategy is to adhere to its three established strategies, focus on four emerging sectors, and drive the company's transformation into a technology service provider[146] Section IV Corporate Governance This section details the company's corporate governance structure, including its compliance with regulations, independence from controlling shareholders, and the composition and activities of its board and management Overview of Corporate Governance During the reporting period, the company strictly adhered to relevant laws and regulations, continuously improved its corporate governance structure and internal control system, ensuring clear responsibilities, standardized operations, and independence from its controlling shareholder, while maintaining transparent information disclosure and holding three shareholder meetings and nine board meetings - The company's corporate governance structure is well-established, maintaining independence from its controlling shareholder, with the Board of Directors, Board of Supervisors, and management operating independently[150] - During the reporting period, the company convened 3 shareholder meetings and 9 board meetings, deliberating on significant matters such as the annual report and profit distribution[150][152][166] Information on Directors, Supervisors, and Senior Management This section details the shareholding changes and remuneration of current and former directors, supervisors, senior management, and core technical personnel, noting changes in the executive team, including the departure of the President and Board Secretary and the appointment of new personnel, with Chairman Li Jianbo's pre-tax remuneration totaling CNY 1.621 million for the reporting period - During the reporting period, the company's President changed from Li Jianbo to Li Yicheng, and the Board Secretary from Li Yidan to Gao Ti; additionally, due to re-election, three independent directors resigned, and Huang Ping, Yan Wenfu, and Yang Xintao were newly elected as independent directors[165] - The total pre-tax remuneration received by the company's directors, supervisors, senior management, and core technical personnel from the company in 2024 amounted to CNY 7.6529 million[158] Profit Distribution and Equity Incentive The company has a clear cash dividend policy, having implemented two profit distributions in the reporting period for 2023 (CNY 6 per 10 shares plus 2 bonus shares) and Q1 2024 (CNY 1 per 10 shares), with the Board approving a 2024 annual profit distribution plan of CNY 2 per 10 shares, while the 2023 restricted stock incentive plan was terminated in November 2024 due to unfulfilled performance targets and changing external conditions - The company's Board of Directors approved the 2024 annual profit distribution plan: a proposed cash dividend of CNY 2 per 10 shares (including tax), totaling CNY 20.01 million, which, combined with the already implemented Q1-Q3 dividends, brings the full-year cash dividend to 40.15% of net profit attributable to shareholders[8][180][710] - The company's 2023 restricted stock incentive plan was terminated in November 2024 due to the failure to meet company-level performance assessment targets and significant changes in the external environment[189][190] Section V Environmental, Social Responsibility, and Other Corporate Governance This section outlines the company's commitment to ESG principles, detailing its environmental protection efforts, social contributions, and investor relations management ESG Overall Work and Environmental Information The company integrates 'green development' into its strategy, increasing environmental investment and earning the national 'Green Factory' title, utilizing digital technology and distributed photovoltaic projects to reduce carbon emissions, and as a key pollutant-discharging unit, it fully discloses compliant wastewater and exhaust gas emissions, with environmental investments totaling CNY 21.40 million and no environmental administrative penalties during the reporting period - The company was awarded the national 'Green Factory' honor and is projected to reduce carbon dioxide emissions by approximately 5,016.08 tons annually through the construction of distributed photovoltaic power generation projects[201][219] - The company is classified as a key pollutant-discharging unit, investing CNY 21.40 million in environmental protection during the reporting period, with all pollutants such as exhaust gas and wastewater meeting discharge standards and no exceedances[203][204][205] - The company developed specialized molecular sieves for low-concentration coalbed methane enrichment, enabling waste gas resource utilization and filling an industry gap, demonstrating its environmental contribution[200][201] Social Responsibility and Corporate Governance The company actively fulfills its social responsibilities through charitable donations and rural revitalization initiatives, with total related investments of CNY 1.819 million during the reporting period, while prioritizing technological innovation, intellectual property rights, data security, and investor relations management, earning multiple awards from the China Association for Public Companies, and integrating Party building into its corporate development Philanthropic Activities | Type of Philanthropic Activity | Funds Invested (CNY Million) | | :--- | :--- | | External Donations | 1.1217 | | Public Welfare Projects | 0.3973 | | Rural Revitalization | 0.30 | - The company prioritizes investor relations protection, engaging with investors through various channels, and has received honorary awards from the China Association for Public Companies for its excellent practices[240][244] - The company has a Party General Branch with three sub-branches, deeply integrating Party building work with corporate production and operations through activities such as 'Three Meetings and One Class'[238][239] Section VI Significant Matters This section covers the company's adherence to commitments, absence of major legal issues, and details on significant contracts and the utilization of raised funds Commitments and Material Contracts During the reporting period, the company and related parties strictly fulfilled all commitments made during initial public offerings, refinancing, and equity incentives, with no major lawsuits, arbitrations, illegal guarantees, or non-operating fund occupations, and a significant ordinary course contract was signed with Xinxing Huier Green Technology Co., Ltd. for hydrogen production molecular sieves totaling CNY 99 million - All commitments made by the company's actual controllers, shareholders, and the company itself, whether during or continuing into the reporting period, were timely and strictly fulfilled[250] - During the reporting period, the company signed a sales contract with Xinxing Huier Green Technology Co., Ltd. for hydrogen production molecular sieves, valued at CNY 99 million (including tax)[282] Use of Raised Funds During the reporting period, the company effectively utilized funds from two fundraising rounds: 89.36% of funds from the private placement were invested in the Adsorption Material Industrial Park Expansion Project (Phase I), and 29.09% of funds from convertible bonds were used for Phase II of the Industrial Park and the Thai subsidiary's Phase II project, with a portion of idle funds also used for cash management Raised Funds Utilization | Source of Raised Funds | Net Raised Funds (CNY Million) | Cumulative Investment as of Report End (CNY Million) | Cumulative Investment Progress (%) | | :--- | :--- | :--- | :--- | | Private Placement of Shares | 189.96 | 169.76 | 89.36 | | 2023 Convertible Bonds | 690.05 | 200.76 | 29.09 | - The raised fund investment project 'Adsorption Material Industrial Park Expansion Project (Phase I)' has reached its intended usable state, with an investment progress of 89.36%, while Phase II and the Thai Phase II projects are under construction, with investment progress of 12.83% and 76.64% respectively[286] Section VII Share Changes and Shareholder Information This section details changes in the company's share capital and provides an overview of its shareholder structure, including major shareholders Share Capital Changes and Shareholder Information During the reporting period, the company's total share capital increased from 83,381,977 shares to 100,058,399 shares due to the 2023 profit distribution (capital reserve capitalization) and convertible bond conversion, with 5,476 common shareholders as of the end of the period, and a stable equity structure where actual controllers Li Jianbo and Li Xiaohong and their controlled entities hold a significant combined stake - During the reporting period, the company's total share capital increased from 83,381,977 shares to 100,058,399 shares due to the capitalization of capital reserves by 16,676,398 shares and the conversion of convertible bonds by 24 shares[291][292] - As of the end of the reporting period, the company had a total of 5,476 shareholders[298] Top Shareholders | Shareholder Name | Shares Held at Period End | Proportion (%) | | :--- | :--- | :--- | | Li Jianbo | 24,108,000 | 24.09 | | Li Xiaohong | 6,720,000 | 6.72 | | Shanghai Shenyunlong Enterprise Development Co., Ltd. | 6,400,800 | 6.40 | | Henan Zhongzheng Kaiyuan Venture Capital Investment Fund (Limited Partnership) | 4,846,331 | 4.84 | - The company's controlling shareholders and actual controllers are Mr. Li Jianbo and Ms. Li Xiaohong[304][308] Section VIII Preferred Shares Information This section confirms the absence of preferred shares within the company during the reporting period Preferred Shares Information During the reporting period, the company had no preferred shares - The company has no preferred shares[314] Section IX Bond-Related Information This section provides details on the company's convertible corporate bonds, including issuance, conversion terms, and credit ratings Convertible Corporate Bonds Information The company issued CNY 700 million in six-year convertible corporate bonds, 'Jianlong Convertible Bonds,' in March 2023, with the conversion price adjusted four times during the reporting period to CNY 71.91 per share, and as of the period end, 7,154 bondholders held bonds with only 68 shares converted, representing 99.999% unconverted, while the company maintains an 'AA-' credit rating with a stable outlook, ensuring principal and interest repayment - The company's 'Jianlong Convertible Bonds' were listed on April 7, 2023, with a total issuance amount of CNY 700 million and a term of 6 years[316] - During the reporting period, the conversion price of 'Jianlong Convertible Bonds' underwent four adjustments, from CNY 87.14/share at the beginning of the year to CNY 71.91/share at year-end[321][322] - During the reporting period, CNY 2,000 of 'Jianlong Convertible Bonds' were converted into 24 company shares; as of the end of the period, a cumulative total of 68 shares had been converted, with approximately CNY 699.99 million remaining unconverted[319] - Both the company's corporate credit rating and the 'Jianlong Convertible Bonds' rating are 'AA-' with a stable outlook, and the company's operating cash flow is sufficient to ensure principal and interest repayment[323] Section X Financial Report This section presents the company's audited financial statements for 2024, including the audit report, balance sheet, income statement, cash flow statement, statement of changes in equity, and detailed notes Audit Report Lixin Certified Public Accountants (Special General Partnership) issued a standard unqualified audit opinion on the company's 2024 financial statements, affirming that they fairly present the company's financial position and operating results in all material respects, with 'revenue recognition' identified as a key audit matter due to its significance and inherent risk of management override - The auditing firm is Lixin Certified Public Accountants (Special General Partnership), which issued a standard unqualified audit opinion[326] - The key audit matter is revenue recognition, for which auditors performed procedures including internal control testing, contract examination, analytical procedures, voucher inspection, confirmations, and cut-off tests to address the associated risk[328][329] Financial Statements This section includes the company's 2024 consolidated and parent company balance sheets, income statements, cash flow statements, statements of changes in owners' equity, and detailed notes, all prepared in accordance with enterprise accounting standards on a going concern basis Balance Sheet This sub-section presents the company's financial position at the end of the reporting period, detailing its assets, liabilities, and equity Income Statement This sub-section outlines the company's financial performance over the reporting period, showing its revenues, expenses, and net profit Cash Flow Statement This sub-section details the cash inflows and outflows from operating, investing, and financing activities during the reporting period Statement of Changes in Owners' Equity This sub-section illustrates the changes in the company's equity components over the reporting period, including capital, reserves, and retained earnings Notes to Financial Statements This sub-section provides detailed explanations and supplementary information for the figures presented in the financial statements