ZXFC(SZ:002915) Xin Lang Cai Jing·2025-04-21 20:49Core Viewpoint - Zhejiang Zhongxin Fluorine Material Co., Ltd. reported a revenue increase in 2024 but continued to face net losses, indicating significant challenges in profitability and operational efficiency [1][2][3]. Financial Performance Summary - Revenue: The company achieved a revenue of 1,404,478,358.56 CNY in 2024, a 4.54% increase from 1,343,528,068.38 CNY in the previous year [1]. - Net Profit: The net profit attributable to shareholders was -185,526,314.34 CNY, a slight improvement from -188,179,014.98 CNY, indicating ongoing losses [1]. - Cash Flow: The net cash flow from operating activities was -74,765,694.92 CNY, an improvement of 62.46% compared to the previous year [3]. Revenue Breakdown - Basic Chemicals: Revenue of 473,564,401.31 CNY, accounting for 33.73%, increased by 11.40% [1]. - Fine Chemicals: Revenue of 803,611,413.51 CNY, accounting for 57.21%, increased by 26.24% [1]. - Refrigerants: Revenue of 107,483,262.72 CNY, accounting for 7.65%, decreased by 58.12% [1]. Expense Analysis - Sales Expenses: Decreased by 28.61% to 22,005,335.13 CNY due to reduced sales commissions [2]. - Management Expenses: Increased by 12.43% to 101,775,833.20 CNY, primarily due to higher employee compensation and travel costs [2]. - Financial Expenses: Increased by 54.21% to 31,247,427.33 CNY, mainly due to increased loan interest [2]. - R&D Expenses: Increased by 47.88% to 43,090,907.11 CNY, reflecting a focus on technological innovation [2]. Cash Flow Analysis - Operating Cash Flow: Improved to -74,765,694.92 CNY from -199,141,335.95 CNY, indicating better cash collection from sales [3]. - Investment Cash Flow: Cash inflow from investment activities increased significantly to 202,610,566.65 CNY [3]. - Financing Cash Flow: Cash inflow from financing activities grew by 7.60% to 1,057,674,180.00 CNY, indicating stable financing operations [3]. R&D and Talent Investment - R&D Investment: Increased to 43,090,907.11 CNY, representing 3.07% of revenue, up from 2.17% [4]. - R&D Personnel: Increased from 74 to 120, a growth of 62.16%, enhancing the company's innovation capabilities [6]. Management Compensation - Executive Compensation: The chairman received 981,000 CNY, the general manager 1,291,000 CNY, and the CFO 1,377,000 CNY, reflecting a compensation structure linked to company performance [10].