JIDONG CEMENT(000401)2025-03-27 13:20Dividend and Profit Distribution - The company plans to distribute a cash dividend of 1 RMB per 10 shares (including tax) to all shareholders, based on a total share count excluding 26.58 million repurchased shares[4]. - The company reported a cash dividend of 1.00 yuan per 10 shares, totaling 263,163,501.10 yuan (including tax), which represents 100% of the total profit distribution[141][142]. - The total distributable profit for the reporting period was 6,808,246,453.01 yuan[141]. Financial Performance - The company's operating revenue for 2024 was CNY 25.29 billion, a decrease of 10.44% compared to CNY 28.24 billion in 2023[21]. - The net profit attributable to shareholders for 2024 was a loss of CNY 991.02 million, an improvement of 33.14% from a loss of CNY 1.50 billion in 2023[21]. - The net cash flow from operating activities increased by 6.74% to CNY 3.18 billion in 2024, compared to CNY 2.99 billion in 2023[21]. - The total assets at the end of 2024 were CNY 59.31 billion, a decrease of 1.77% from CNY 59.92 billion at the end of 2023[21]. - The net assets attributable to shareholders decreased by 4.58% to CNY 27.66 billion at the end of 2024, down from CNY 28.72 billion at the end of 2023[21]. - The company reported a basic earnings per share of -CNY 0.373 for 2024, improving by 32.67% from -CNY 0.564 in 2023[21]. - The company achieved operating revenue of CNY 25.287 billion in 2024, a year-on-year decrease of 10.44%[58]. - The company reported a net profit attributable to shareholders of CNY -0.991 billion, a year-on-year reduction in losses of 33.14%[58]. Operational Performance - The company experienced a quarterly revenue of CNY 3.34 billion in Q1 2024, followed by CNY 7.88 billion in Q2, CNY 7.34 billion in Q3, and CNY 6.73 billion in Q4[26]. - The net profit attributable to shareholders in Q2 2024 was CNY 292.50 million, while Q3 reported CNY 509.40 million, but Q1 and Q4 showed losses[26]. - The company reported a 12.58% decrease in cement sales volume to 7,547,000 tons in 2024 compared to 2023[43]. - The clinker production capacity is 110 million tons, with a utilization rate of approximately 62.07% in 2024, while the cement production capacity is 180 million tons with a utilization rate of about 45.85%[43]. - The company added aggregate production capacity of 11.7 million tons and concrete production capacity of 7.35 million cubic meters during the reporting period[52]. - The company sold 8.148 million tons of high-belite cement in the mid-to-high-end market, significantly enhancing its revenue-generating capacity[60]. Market and Industry Trends - In 2024, the company's cement sales volume reached 84.4 million tons, a year-on-year decrease of 9.48%, aligning with the industry trend[32]. - National cement production in 2024 is expected to decline by 9.5% year-on-year, exacerbating supply-demand imbalances and leading to a continued decrease in cement prices[32]. - The company is focusing on cost control and market price stabilization strategies to navigate the challenging external environment[32]. - The company aims to maintain stable market share and improve profitability through industry ecosystem construction and supply chain collaboration in the Shaanxi region[39]. Risk Management and Governance - The company emphasizes the importance of risk awareness regarding forward-looking statements related to operational plans and development strategies[4]. - The company has outlined potential risks in the section discussing future development prospects, urging investors to read carefully[4]. - The board of directors has confirmed the accuracy and completeness of the annual report, ensuring no false statements or significant omissions[3]. - The financial report for the reporting period (January 1, 2024, to December 31, 2024) is guaranteed to be true and accurate by the responsible executives[3]. - All directors attended the board meeting that reviewed this report, indicating full governance participation[4]. - The company has established a market value management system and disclosed a valuation enhancement plan, detailing specific measures and risk warnings associated with the plan[105]. Environmental Compliance and Sustainability - The company has implemented organized emission controls across multiple facilities, ensuring that all emissions are below the specified thresholds[154]. - The company is actively monitoring and managing its emissions to align with regulatory requirements and environmental sustainability goals[154]. - The company has invested approximately 310 million yuan in environmental governance and protection efforts in 2024[173]. - The company has established automatic monitoring for pollutants such as particulate matter, nitrogen oxides, and sulfur dioxide at kiln exhaust outlets[172]. - The company has successfully maintained pollutant emission levels below the standards set by the "Air Pollutants Emission Standards for the Cement Industry" (GB4915-2013)[170]. - The company has not faced any administrative penalties related to environmental issues during the reporting period[175]. Leadership and Management Changes - Liu Yu has been appointed as the new Chairman of the Board, replacing Kong Qinghui, who resigned due to work adjustments[117]. - Wei Weidong has been appointed as the new General Manager, previously serving as Deputy General Manager[117]. - The company has experienced a leadership transition with multiple key personnel changes, including the resignation of Wang Xiangdong as a Director[118]. - The current management team includes professionals with extensive backgrounds in finance, law, and engineering, enhancing the company's strategic capabilities[119][120]. - The company is focused on maintaining stability during this transition period, ensuring continuity in operations and governance[117]. Research and Development - The company has 209 invention patents and 2,017 utility model patents, demonstrating its strong R&D capabilities[53]. - The company is focusing on developing high-activity belite cement to achieve significant energy savings and emissions reductions[74]. - R&D investment amounted to ¥128,843,928.18 in 2024, reflecting a 2.08% increase from ¥126,223,798.65 in 2023, with R&D investment as a percentage of revenue increasing to 0.51%[75]. - R&D personnel increased to 649 in 2024, a growth of 1.72% from 638 in 2023, with the proportion of R&D personnel rising to 3.10%[75]. Compliance and Transparency - The company is committed to transparency and has made all relevant documents publicly available on the designated website of the China Securities Regulatory Commission[9]. - The company disclosed over 150 reports and documents in designated media, ensuring transparency and compliance with disclosure regulations[111]. - The company maintains complete independence from its controlling shareholder in terms of business, personnel, assets, and finance[112]. - The company has established an independent financial department with a separate accounting system and does not share bank accounts with the controlling shareholder[113]. Employee Welfare and Training - The company completed 2,360 training projects, training 174,000 participants for a total of 1,289,000 learning hours during the year[139]. - The company has 4,949 retired employees for whom it bears costs, indicating a significant commitment to employee welfare[136]. - The professional composition includes 11,158 production personnel, 1,004 sales personnel, and 5,894 technical personnel, highlighting a diverse workforce[136].