Core Insights - The company reported a total revenue of 13.296 billion yuan in 2024, representing a year-on-year increase of 15.77%, but the net profit attributable to shareholders was only 450 million yuan, a significant decline of 41.63% [1] Global Operations and Market Expansion - The company continued to advance its global operational management system, aiming for over 95% global coverage of systems like SAP and CRM by the end of 2029 [4] - Significant progress was made in building a global marketing network, entering new markets such as Mexico, Australia, and Italy, and launching the Rainbow brand [4] - The company obtained over 1,000 new pesticide registrations, bringing the total to over 7,700 domestically and internationally [4] - High operational costs and management expenses were key factors in the decline of net profit, exacerbated by currency fluctuations and debt default risks in emerging markets like Brazil and Argentina [4] Business Structure Adjustment and Gross Margin Changes - The revenue share of the TOC business (targeting end customers) increased from 33.82% in 2023 to 37.65% in 2024, with a slight gross margin increase to 28.99% [5] - Revenue share from the EU and North America rose from 5.69% to 9.75%, while the share of insecticide and fungicide business slightly increased from 25.41% to 25.71% [5] - The establishment of a global bioproducts team achieved sales of approximately 10 million dollars in its first year [5] - Despite some improvements in specific business margins, overall gross margin did not significantly improve due to fluctuations in raw material prices and high energy costs, which account for over 30% of total production costs [5][6] Future Outlook and Potential Risks - For 2025, the company anticipates increased operational uncertainty due to rising trade protectionism, particularly regarding tariffs and market access policies [6] - The company expects a gradual recovery in terminal market prices and gross margins, with an increase in gross margins for most subsidiaries in target countries [6] - Ongoing challenges include currency fluctuations, debt default risks, and raw material price volatility, particularly in emerging markets [6] - Increased investments in environmental protection and compliance may further raise operational costs, especially in environmental assessments and qualification maintenance [6]
润丰股份2024年财报：营收增长15.77%，净利润却暴跌41.63%