CITIC COHC(000099)2025-03-17 12:25Financial Performance - In 2024, the company achieved a consolidated revenue of 2.163 billion yuan, representing a year-on-year increase of 9.83%[3] - The net profit attributable to shareholders reached 303 million yuan, with a year-on-year growth of 26.81%[3] - The company's operating revenue for 2024 was ¥2,163,321,977.59, representing a 9.83% increase from ¥1,969,711,527.10 in 2023[37] - The net profit attributable to shareholders for 2024 was ¥303,229,956.33, a 26.81% increase compared to ¥239,123,149.46 in 2023[37] - The basic earnings per share for 2024 was ¥0.39, up 25.81% from ¥0.31 in 2023[37] - Total assets at the end of 2024 reached ¥7,071,877,990.36, a 12.26% increase from ¥6,299,436,327.74 at the end of 2023[37] - The company reported a cash flow from operating activities of ¥612,962,070.26, a 5.11% increase from ¥583,176,759.44 in 2023[37] - The company's operating revenue for the reporting period was approximately ¥2.16 billion, representing a year-on-year increase of 9.83% due to higher income from offshore oil operations[54] - Operating costs increased by 7.21% to approximately ¥1.66 billion, attributed to higher operational volumes and increased costs for materials, fuel, and aircraft depreciation[54] Business Development and Strategy - The company launched the "CITIC Ocean" low-altitude travel service platform, facilitating regular operations on routes such as Shenzhen-Zhuhai and Zhoushan-Dongji Island[4] - The company is focused on expanding its low-altitude economic scenarios and new business models, including low-altitude tourism and medical services[4] - The company aims to enhance its competitive edge by deepening its involvement in emergency rescue systems and participating in industry standard formulation[13] - The company is actively involved in the development of eVTOL industry standards and has initiated collaborations with leading eVTOL enterprises[8] - The company aims to deepen strategic cooperation with various partners, including CITIC Bank and China Shipbuilding, to explore new models for low-altitude economic development[14] - The company is actively pursuing mergers and acquisitions to accelerate growth and optimize asset structure in the low-altitude market, which is projected to be worth trillions[14] - The company is focused on innovation and technological breakthroughs in the aerospace sector, aligning with national strategies[17] - The company is enhancing its financial management to mitigate currency policy risks related to its reliance on imported aircraft and materials[108] Operational Highlights - The company maintained a 100% market share in the East China Sea for offshore oil services during the reporting period[48] - The company provided helicopter services for 5 offshore oil operations in the Bohai Bay area, achieving a historical high[48] - The company has established a new business model integrating helicopters and drones for emergency rescue operations, enhancing its service capabilities[49] - The company has signed collective agreements for pilotage services with 30 shipping agents at the Jing-Tang Port, expanding its pilotage business scale[50] - The company has launched a new ticketing app "CITIC Heli" and opened 9 new routes from Shenzhen to various destinations, enhancing its consumer brand presence[49] - The company has established a digital tower at Taizi Bay Cruise Port, enhancing its operational safety and maintenance capabilities[114] Shareholder and Governance - The company plans to distribute a cash dividend of 1.25 yuan per 10 shares for the fiscal year 2024, based on a total of 775,770,137 shares[20] - The company emphasizes the importance of shareholder trust and support in achieving long-term value creation[17] - The company has distributed a total of 765 million yuan in dividends since its listing, with 23 dividend distributions to date[118] - The company aims to maintain a "long-term, stable, and sustainable" shareholder value return mechanism while balancing development and performance growth[118] - The company has established a governance structure that includes a board of directors, supervisory board, and management team to ensure efficient operations[121] - The company reported a leadership change with the resignation of several board members, including Vice Chairman Gu Xiaoshan and Director Wang Lixia, effective August 26, 2024, due to job transfers[130] Market Outlook and Risks - The low-altitude economy market is projected to reach CNY 1.5 trillion by 2025 and CNY 3.5 trillion by 2035, indicating strong growth potential[101] - The company faces market risks due to an unbalanced business structure, particularly its reliance on offshore oil flight services, which are affected by low international oil prices[104] - The company recognizes the intensifying competition in the general aviation market and aims to leverage its 41 years of industry experience to maintain its leading position[105] - The company is addressing geopolitical risks that may impact its supply chain and is committed to enhancing its resilience and risk management capabilities[106] Corporate Social Responsibility - The company has engaged in emergency rescue operations, demonstrating its commitment to social responsibility and community support[171] - The total amount spent on consumer assistance products reached CNY 913,000 in 2024, reflecting the company's commitment to poverty alleviation and rural revitalization efforts[173] Employee and Internal Management - The company reported a total of 1,103 employees at the end of the reporting period, with 765 in the parent company and 338 in major subsidiaries[153] - The company has implemented a salary policy that emphasizes internal equity and external competitiveness, aligning with strategic goals[155] - The company conducted various training programs for employees, including professional skills and safety training, to enhance overall capabilities[156] - The company has a total of 842 technical personnel, making up the majority of its workforce[154] Compliance and Internal Control - The company has established a comprehensive internal control system, ensuring effective operation and compliance with relevant regulations[161] - There were no significant internal control deficiencies identified during the reporting period, with zero major or important deficiencies reported in both financial and non-financial areas[165] - The internal control audit report confirmed that the company maintained effective internal control over financial reporting as of December 31, 2024[166]