JZ GROUP(SZ:300040) Xin Lang Cai Jing·2025-04-23 15:08Core Viewpoint - Harbin Jiuzhou Group Co., Ltd. experienced significant net losses in 2024 despite a revenue increase, attributed to various factors including industry policies, raw material price fluctuations, and goodwill impairment [1][2] Revenue Growth and Structure - The company achieved a revenue of 1.481 billion yuan in 2024, a 22.09% increase from the previous year [1] - The intelligent distribution network business generated 486 million yuan, accounting for 32.81% of total revenue, with a year-on-year growth of 20.26% [1] - The new energy power generation business reported 387 million yuan, representing 26.14% of total revenue, but saw an 8.91% decline [1] - The new energy engineering business surged to 115 million yuan, a 136.41% increase [1] - The comprehensive smart energy business reached 479 million yuan, making up 32.36% of total revenue, with a 60.30% growth [1] Net Profit Decline - The net profit attributable to shareholders was -545 million yuan, a 678.26% decrease compared to 94.21 million yuan in the same period last year [2] - Factors contributing to this decline included industry policy challenges, raw material price volatility, and goodwill impairment [2] - The biomass power generation sector faced issues such as fuel shortages and cash flow problems, leading to fixed asset impairment losses of 422 million yuan and investment income losses of 68 million yuan [2] - Goodwill impairment of 26 million yuan was recorded due to delays in the construction of new energy power stations [2] - Credit impairment losses totaled 88 million yuan, with specific provisions for biomass power accounts receivable amounting to 59 million yuan [2] Expense Trends - Sales expenses increased by 35.23% to 61.08 million yuan, reflecting a larger sales team and higher personnel and travel costs [4] - Management expenses rose by 12.01% to 123 million yuan, indicating stable operational management costs with room for optimization [5] - Financial expenses decreased by 6.01% to 144 million yuan, showing some success in controlling financing costs [6] - R&D expenses fell by 24.19% to 18.16 million yuan, which may impact future innovation and competitiveness [7] Cash Flow Analysis - Operating cash flow net amount decreased by 80.06% to 126 million yuan, indicating challenges in cash recovery [10] - Investment cash flow net amount improved to -335 million yuan from -685 million yuan, suggesting reduced investment spending [11] - Financing cash flow net amount increased by 263.17% to 170 million yuan, reflecting better fundraising outcomes [12] Future Outlook - Despite the poor performance in 2024, the company aims to improve its operational status through strategic adjustments [15] - The focus will be on cost control, operational efficiency, and enhancing market competitiveness [15]