Core Viewpoint - The company reported a significant decline in revenue and an increase in net losses for the year 2024, indicating ongoing challenges in its financial performance [2]. Financial Performance - In 2024, the company achieved revenue of 29.488 billion yuan, a year-on-year decrease of 10.04% - The net profit attributable to shareholders was -2.903 billion yuan, with a year-on-year loss increase of 80.79% - The net profit after deducting non-recurring gains and losses was -3.025 billion yuan, reflecting a year-on-year loss increase of 63.37% - In Q4 2024, the company recorded revenue of 7.965 billion yuan, a year-on-year decrease of 1.90% but a quarter-on-quarter increase of 20.44% - The net profit attributable to shareholders for Q4 was -1.065 billion yuan, with a year-on-year loss increase of 89.04% and a quarter-on-quarter loss increase of 12.92% [2]. Operational Insights - The company sold 644,000 tons of plant protection products in 2024, a slight year-on-year decrease of 1.3%, with an average price drop of 9.5% - Sales of fine chemical products reached 1.429 million tons, a year-on-year decrease of 8.5%, while the average price increased by 6.2% - Regionally, sales in EAME, Latin America, and Asia-Pacific markets declined by 8.1%, 19.2%, and 12.3% respectively, while North America saw a sales increase of 5.0% [3]. Profitability and Cash Flow - The company's gross margin improved by 2.1 percentage points to 22.9% in 2024, attributed to the depletion of high-cost raw material inventory and improved product mix quality - Operating cash flow net amount increased by 43.7% year-on-year to 3.76 billion yuan - The increase in sales, management, R&D, and financial expense ratios was due to the implementation of the "Advancement" plan, which incurred additional restructuring costs - The company recognized asset impairment losses of 961 million yuan and credit impairment losses of 99.71 million yuan, which pressured overall performance [3]. Product Development - The company is focusing on "value innovation" in niche markets to enhance agricultural productivity by improving the value of non-patented raw materials through proprietary formulation technologies - In 2024, the new product introduction rate reached 22%, indicating a strong contribution from products launched between 2020 and 2024 - New products such as Forpido?, Edaptis?, and Matos? were launched in overseas markets, alongside the expansion of the Asorbital? formulation technology for certain products [4].