Financial Data and Key Metrics Changes - The company's consolidated revenue increased by over 2% while adjusted EBITDA declined by 9% from $165.8 million to $151.4 million [9] - Earnings per common share from continuing operations increased by 33% to $0.44 compared to $0.33 in the same quarter of the prior year [9] - The company ended the quarter with $1.8 billion of debt outstanding and $53.2 million of cash on the balance sheet [16] Business Line Data and Key Metrics Changes - The inpatient rehab division saw a 16% increase in revenue, 15% in adjusted EBITDA, and a 6% increase in average daily census compared to the first quarter of last year [9] - The outpatient division's revenue increased by 1% despite challenges, with net revenue per visit rising from $99 to $102 [11] - The critical illness recovery hospitals experienced a 3% decline in revenue, driven by a 2% decrease in rate per patient day and a 1% decline in patient days [12] Market Data and Key Metrics Changes - The outpatient division was impacted by severe weather events, estimated to have a $4 million effect on revenue [11] - The critical illness recovery hospital division faced challenges due to regulatory changes, including a significant increase in the high-cost outlier threshold [5][12] Company Strategy and Development Direction - The company plans to open several new rehab hospitals and units, including a 45-bed rehab hospital in Temple, Texas, and a 63-bed rehab hospital in Ozark, Missouri, among others [7][8] - The outpatient division added 10 de novo clinics while strategically closing or consolidating 13 locations to optimize resources [8] - The company is focused on improving patient access, productivity, and investing in technology within the outpatient division [5] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the outpatient division's outlook despite recent challenges, citing a strong finish to the quarter [5] - The company is adjusting its business outlook for 2025, expecting revenue in the range of $5.3 billion to $5.5 billion and adjusted EBITDA between $510 million and $530 million [19] - Management is actively engaging with regulatory bodies to address challenges related to high-cost outlier impacts and transmittal rules [33][50] Other Important Information - The company repurchased almost 650,000 shares at an average price of $17.52, totaling $11.4 million [14] - A cash dividend of $6.625 per share was declared, payable on May 29, 2025 [15] Q&A Session Summary Question: How should occupancy be thought of for the rest of the year with new capacity coming online? - Management expects occupancy to remain around 85% plus, even with new business coming online [21] Question: Was the miss in LTACH related to internal expectations or consensus? - The impact from high-cost outlier was higher than anticipated, with a 100% increase compared to the previous year [22][24] Question: Any updates on mitigation strategies regarding high-cost outlier and transmittal rule? - Management indicated that Q1 typically has higher acuity patients, and they expect a drop in high-cost outlier impacts as the year progresses [30][31] Question: What do startup costs look like this year versus last year? - Startup losses are relatively the same from last year to this year [38] Question: Any initiatives in outpatient rehab to improve margins? - The company is implementing technology changes and seeing benefits, with expected increases in commercial rates [42][44] Question: Plans to accelerate growth in rehab to diversify away from LTACH? - Management confirmed that there are plans to accelerate growth in rehab, with several projects already signed and under construction [48]

截至2025年4月30日，创业板1376家上市公司披露了2024年年报。 总体来看，创业板上市公司业绩稳步修复。2024年，创业板1376家上市公司合计实现营业收入4.03万亿 元，平均营业收入29.29亿元，整体营业收入持续增长；合计实现归属净利润（下称"净利润"）2074.57 亿元，平均净利润1.51亿元。 超七成创业板公司实现盈利，近五成公司净利润同比增长，77家公司实现扭亏为盈；整体毛利率为 23.39%，较上年同期提升0.23个百分点，盈利能力增强；经营活动现金净流量为4556.85亿元，同比增 长7.68%，造血能力增强。 大市值公司夯实压舱石地位 在创业板，大市值公司的压舱石地位进一步夯实，其营收净利双增，对板块的稳定健康发展起到关键引 领作用。 比如，创业板市值排名前百公司2024年合计实现营业收入1.80万亿元，同比增长4.63%，营收占比近五 成；合计实现净利润1786.97亿元，同比增长14.20%，净利润占比超八成。其中，93家盈利，60家净利 润增长，34家净利润增速超过30%。 超七成创业板公司实现盈利，近五成公司净利润同比增长，77家公司实现扭亏为盈。 大市值公司争当分红"优等 ...

Core Viewpoint - The Shanghai Stock Exchange's main board companies demonstrated strong resilience and stability in 2024, achieving a total operating revenue of 49.57 trillion yuan and a net profit of 4.35 trillion yuan, supported by a series of incremental policies [1][2]. Group 1: Financial Performance - In 2024, the total operating revenue of the main board companies was 49.57 trillion yuan, maintaining stability year-on-year; net profit reached 4.35 trillion yuan, with a year-on-year growth of 1.9% [2]. - Approximately 80% of companies reported profits, with 40% experiencing year-on-year net profit growth; over 230 companies saw net profit increases exceeding 30%, and 78 companies turned losses into profits [2]. - The annual trend showed a decline in net profit of 1% in the first half, followed by a significant recovery with a 5% increase in the second half; operating cash flow improved notably, with a 15% year-on-year growth in the fourth quarter [2]. Group 2: Stability and Growth - Over the past five years, the main board's operating revenue and net profit have both seen a compound annual growth rate (CAGR) of 5% [3]. - A total of 744 "long-distance running" companies achieved positive compound growth in both revenue and net profit over five years, contributing nearly 70% of total revenue and over 80% of total profit [3]. - Key sectors such as finance, energy, construction, and transportation played a significant role, contributing over 80% of profits, while emerging sectors like automotive, biomedicine, and intelligent manufacturing showed a net profit CAGR of 10% over three years [3]. Group 3: Emerging Industries - In the past decade, the proportion of companies in emerging industries such as electronics, communications, biomedicine, and automotive has risen to 40%, with the number of firms in sectors like semiconductors and new energy vehicles doubling [4]. - Emerging industries contributed over 40% of net profits in manufacturing and services, with a net profit CAGR of 11%, outperforming traditional industries by 5 percentage points [4]. - In 2024, industries such as electronics, communications, and automotive saw net profit growth of 11%, 6%, and 4% respectively, driven by trends in AI technology, cloud computing, and electrification [4]. Group 4: R&D Investment - In 2024, R&D investment by companies on the main board exceeded 1 trillion yuan, accounting for nearly 40% of national R&D expenditure [5]. - The main board's entities invested approximately 920 billion yuan in R&D, with 723 companies investing over 100 million yuan [5]. - Companies with R&D investments exceeding 1 billion yuan and a CAGR above 5% over three years saw average net profit growth outperforming the overall level by 3.6 to 6.1 percentage points [5]. Group 5: Dividends and Shareholder Returns - In 2024, 1,259 companies on the main board announced cash dividends, with a total dividend amount of 1.77 trillion yuan, reflecting a year-on-year growth of 6% [7]. - The overall dividend payout ratio reached 39%, an increase of 0.83 percentage points year-on-year, with 1,041 companies distributing over 30% of their profits as dividends [7]. - A trend of multiple dividends within a year emerged, with 366 companies implementing interim dividends totaling 574.9 billion yuan, marking a significant increase [7]. Group 6: Share Buybacks and Support Measures - In 2024, the number of disclosed share buyback plans reached 400, and important shareholder buyback plans reached 380, both doubling year-on-year [8]. - The total amount for proposed buybacks and increases reached 843 billion yuan and 537 billion yuan respectively, showing significant growth [8]. - Since the introduction of special loans in September 2024, 205 companies disclosed buyback plans utilizing these loans, with a total loan amount exceeding 52 billion yuan [8].

分红家数、规模双创新高 近年来，深市分红生态持续向好，上市公司分红的持续性和稳定性明显提升。 分红家数、分红总额均创历史新高。从分红总额来看，深市共有1884家公司披露年度分红预案，金额合 计4308.29亿元，叠加前期中期分红等，已披露年报公司2024财年共计分红5789.55亿元，同比增 14.97%，占上市公司净利润的47.72%。从平均分红金额来看，2024年度深市上市公司年度平均分红金 额3.08亿元，同比增长21.26%。 证券时报记者 吴少龙 在资本市场中，现金分红是上市公司对股东的直接回报，也是衡量企业经营质量与投资价值的关键指 标。伴随2024年年报收官，深市上市公司用真金白银交出了一份亮眼的分红成绩单。 数据显示，已披露年报公司2024财年共计分红5789.55亿元，同比增14.97%。从平均分红金额来看， 2024年度深市上市公司年度平均分红金额3.08亿元，同比增长21.26%。 常态化分红机制已形成 与此同时，民企分红家数、分红总额齐增，充分显示深市民企成长韧性足、潜力大。 2024年，1315家民企披露了分红预案，年报分红金额达2119.74亿元，2024年度分红总额3090.7亿 ...

Group 1: Cost Control Measures - The company implements strict procurement management systems to reduce costs in raw material procurement through centralized purchasing and supplier tier management [2] - In production, the company adopts an "order-based production as the main, stock-based production as the auxiliary" model, utilizing ERP systems for efficient and flexible production [3] - Automation and digital transformation initiatives are in place to enhance production efficiency and reduce defect rates [3] Group 2: E-commerce Business Strategy - The e-commerce business experienced a revenue decline in 2024, prompting a strategic adjustment focused on "focusing on categories and optimizing structure" [4] - The company plans to divest inefficient assets and streamline subsidiaries to promote healthy business development [4] - Future efforts will concentrate on core product categories and multi-market strategies to enhance competitiveness [4] Group 3: R&D Investment - In 2024, the company invested 46.44 million yuan in R&D, representing a growth of over 30% compared to 2023 [4] - R&D efforts are primarily directed towards enhancing product capabilities and increasing automation in production [4] - The company will continue to focus on innovation driven by market and customer needs [4] Group 4: Customer Concentration - In 2024, the top five customers accounted for 32.20% of the company's total sales, indicating no reliance on a single customer [5] - The company aims to optimize customer structure through technological innovation and enhance risk control [5] Group 5: Financial Performance - The company reported operating revenue of 1,509.82 million yuan, a decrease of 7.13% year-on-year [5] - The net profit attributable to shareholders was a loss of 459.82 million yuan, with the loss increasing compared to the previous year [5] - Major reasons for the loss include goodwill impairment losses of 273.88 million yuan and litigation-related provisions of 123.18 million yuan [5]

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company has shown a stable main business with a total cash dividend of 245 million yuan over the last three accounting years, indicating a commitment to returning value to shareholders [3] - The frozen products business remains the primary revenue source, contributing 82.64% of total revenue in 2024, although it has seen a decline in revenue [4] - The livestock farming business is expected to expand, with projected annual output increasing to 870,000 pigs by 2025, which could enhance the company's performance [6][7] Summary by Sections Financial Performance - In 2024, the company achieved operating revenue of 2.336 billion yuan, a year-on-year decrease of 16.29%, and a net profit attributable to shareholders of 122 million yuan, down 42.79% [2] - The first quarter of 2025 saw operating revenue of 509 million yuan, a decrease of 8.54%, but net profit increased by 1.70% to 14 million yuan [2] Business Segments - The frozen products segment generated 1.930 billion yuan in revenue in 2024, down 20.66% year-on-year, while the cold storage business contributed 91 million yuan, down 6.35% [3] - The livestock farming segment reported revenue of 177 million yuan, a decrease of 4.66%, but its revenue share increased by 0.92 percentage points [3] Dividend Policy - The company plans to distribute a cash dividend of 1.20 yuan per 10 shares, totaling 70.05 million yuan, with a payout ratio of 57.53% for 2024 [3] Future Projections - Revenue forecasts for 2025-2027 are 2.530 billion yuan, 2.788 billion yuan, and 2.813 billion yuan, respectively, with net profits expected to rise to 211 million yuan, 265 million yuan, and 302 million yuan [7] - The earnings per share (EPS) are projected to be 0.36 yuan, 0.45 yuan, and 0.52 yuan for the years 2025, 2026, and 2027, respectively [7]

作 者丨李彤欣 编 辑丨叶映橙 A股上市公司2 0 2 4年年报基本披露完毕。 2 0 2 4年以来，资本市场新"国九条" "科创板八条" "并购六条"等落地实施。上交所和深交所修 改 ST 和 退 市 规 则 ， 对 分 红 和 财 务 的 要 求 进 一 步 提 升 ， 从 2 0 2 5 年 1 月 1 日 起 执 行 。 在 监 管 引 导 下，上市公司积极分红回购，持续加大股东回报。 据 2 1 数 读 × 南 财 快 讯 统 计 ， 截 至 4 月 3 0 日 1 0 时 ， A 股 共 有 5 4 0 2 家 上 市 公 司 披 露 2 0 2 4 年 年 报 ， 3 6 4 5 家 上 市 公 司 拟 进 行 现 金 分 红 ， 占 比 约 为 6 7 . 4 8 %； 预 计 分 红 总 规 模 达 1 . 6 5 万亿元。A股2 0 2 4年度累计分红规模突破2 . 3万亿元。 各家上市公司分红情况如何？哪些公司掏出"真金白银"回馈投资者？2 1数读×南财快讯带你全 景速览A股2 0 2 4年年报现金分红情况。 金融、石油石化行业年报分红金额居前 分行业来看，银行、非银金融、石油石化板块的 ...

Group 1 - Company B has announced a profit distribution plan for 2024, which includes a cash dividend and a high stock transfer plan of 20 shares for every 10 shares held [1] - The market's attention on Company B's high stock transfer plan is significant as it marks a rare occurrence in the A-share market, where such plans have not been seen for years [1] - High stock transfers were once a popular method of profit distribution among listed companies, but regulatory scrutiny since 2018 has led to a decline in such practices [1][2] Group 2 - The management's advocacy for cash dividends is seen as a correction to the previous neglect of investor returns by listed companies [2] - Cash dividends are viewed as a more reliable indicator of a company's profit authenticity, as companies that consistently report profits cannot maintain long-term cash dividends if profits are fabricated [2] - There is a belief that high stock transfers and cash dividends can coexist, with the choice of distribution method depending on the company's actual situation and growth stage [3] Group 3 - Companies in mature stages are more suited for cash dividends, while growth-stage companies may require stock transfers to meet funding needs [3] - It is essential to prevent high stock transfers from becoming excessive, necessitating stricter regulations on such practices [4] - Proposed regulations include limiting stock transfer ratios to within performance growth limits and ensuring that companies maintain a minimum earnings per share post-transfer [4]

Core Viewpoint - The company reported a slight increase in revenue for 2024 but a significant decline in net profit, primarily due to falling coal prices impacting its core coal trading business [1][2]. Financial Performance - In 2024, the company achieved operating revenue of 44.709 billion yuan, a year-on-year increase of 0.86%, while net profit attributable to shareholders was 739 million yuan, a decrease of 30.25% [1]. - For Q1 2025, the company reported operating revenue of 9.949 billion yuan and net profit of 155 million yuan, representing declines of 4.91% and 35.44% year-on-year, respectively [1]. Coal Trading Business - The coal trading business, which contributes over 90% of the company's revenue, generated 41.487 billion yuan in 2024, a slight increase of 0.95% year-on-year [2]. - Coal sales volume reached 59.5837 million tons in 2024, up 7.39% year-on-year, but revenue was negatively impacted by a decrease in coal prices, resulting in a gross profit of 1.074 billion yuan, down 446 million yuan from 2023 [2]. - The gross profit margin for coal trading was 2.59%, a decrease of 1.11 percentage points year-on-year [2]. Thermal Power and New Energy Business - The thermal power generation business reported revenue of 3.135 billion yuan in 2024, a year-on-year increase of 0.29%, with a gross profit of 773 million yuan, reflecting a slight increase [3]. - The gross profit margin for the thermal power business improved to 24.68%, up 0.55 percentage points year-on-year [3]. - The new energy business generated revenue of 56 million yuan, a decrease of 7.30% year-on-year, but the gross profit margin for this segment increased significantly by 19.81 percentage points [3]. Dividend Policy - The company announced a cash dividend plan for 2024-2026, committing to distribute at least 40% of the net profit attributable to shareholders after deducting non-recurring gains and losses [4]. - In 2024, the dividend payout ratio was 45.32%, resulting in a dividend yield of 4.64% [4]. Profit Forecast and Valuation - The company is projected to achieve net profits of 4.47 billion yuan, 4.56 billion yuan, and 4.71 billion yuan for 2025-2027, with year-on-year changes of -0.03%, +2.00%, and +3.32%, respectively [4]. - The price-to-earnings (PE) ratios for the stock as of April 25, 2025, are estimated to be 9.73, 8.82, and 8.16 for the years 2025, 2026, and 2027 [4].

Core Viewpoint - The company reported a decline in net profit for both the fiscal year 2024 and Q1 2025, indicating challenges in the coal market and operational performance [1][2]. Financial Performance - For the fiscal year 2024, the company achieved a net profit of 2.808 billion yuan, a decrease of 15% year-on-year [1]. - In Q1 2025, the net profit was 512 million yuan, down 34% year-on-year and 22% quarter-on-quarter [1]. - The company’s total expenses for 2024 were 1.12 billion yuan, a reduction of 150 million yuan year-on-year, with a decrease in expense ratio by 0.8 percentage points [3]. Production and Sales - In 2024, coal production was stable at 34.67 million tons, a slight decrease of 0.1% year-on-year, while coal sales were 29.97 million tons, down 0.4% [2]. - In Q1 2025, coal production fell to 7.86 million tons, a decrease of 6.9% year-on-year, and coal sales dropped significantly by 24.3% to 5.26 million tons [2]. - The average selling price of coal in 2024 was 491 yuan per ton, down 5 yuan year-on-year, while in Q1 2025, it further declined to 451 yuan per ton, a drop of 64 yuan year-on-year [2]. Financial Health - The company has a strong balance sheet with interest-bearing liabilities of only 1.38 billion yuan and cash reserves of 14.63 billion yuan as of the end of Q1 2025 [3]. - The company announced plans to acquire mining rights and related assets, which could increase production capacity by 29% [3]. Dividend Policy - The company increased its cash dividend payout ratio by 5 percentage points to 45%, with a proposed distribution of 7.55 yuan per 10 shares, totaling 1.264 billion yuan [3]. Investment Outlook - The company is expected to achieve net profits of 1.8 billion yuan, 2.1 billion yuan, and 2.4 billion yuan for the years 2025 to 2027, with corresponding price-to-earnings ratios of 10.4X, 9.1X, and 7.9X [4].