S佳通(600182) - 2024 Q4 - 年度财报(更正)

Financial Performance - The company achieved a revenue of ¥4,668,393,022.04 in 2024, representing a 12.11% increase compared to ¥4,164,066,008.07 in 2023[22] - The net profit attributable to shareholders was ¥174,292,308.28 in 2024, a decrease of 4.76% from ¥182,995,822.98 in 2023[22] - The cash flow from operating activities increased by 49.50% to ¥573,037,594.97 in 2024, up from ¥383,293,184.51 in 2023[22] - The total assets of the company reached ¥4,343,578,723.02 at the end of 2024, an increase of 11.73% from ¥3,887,538,239.81 at the end of 2023[22] - The company reported a net profit excluding non-recurring gains and losses of ¥174,916,985.30 in 2024, down 3.79% from ¥181,815,732.90 in 2023[22] - Basic earnings per share for 2024 decreased by 4.76% to CNY 0.5126 compared to CNY 0.5382 in 2023[23] - The weighted average return on equity dropped to 13.93% in 2024, down 2.25 percentage points from 16.18% in 2023[23] - The net profit for the year was 351 million RMB, a decrease of 4.21% compared to the previous year[42] Dividend Distribution - The company plans to distribute a cash dividend of ¥0.59 per share, totaling ¥200,600,000.00, based on the total share capital as of December 31, 2024[5] - The company intends to retain ¥110,682,818.74 of the distributable profits for future periods after the dividend distribution[5] - The cumulative cash dividends for the year will amount to 309,400,000.00 CNY (including tax), representing 177.52% of the net profit attributable to shareholders[129] - The company plans to distribute a cash dividend of 108,800,000.00 CNY (including tax) for the 2024 mid-year, equating to 0.32 CNY per share[129] Market and Industry Trends - The global tire industry is facing challenges such as rising raw material prices and geopolitical uncertainties, yet the domestic market shows resilience due to supportive policies[29] - The anticipated economic growth in China for 2025 is projected at 4.8%, slightly down from 4.9% in 2024, which may impact tire demand[30] - The production and sales of new energy vehicles in China grew significantly, with production reaching 12.88 million units and sales at 12.87 million units, reflecting year-on-year growth of 34.4% and 35.5% respectively[34] - The market for new energy vehicles in China reached a penetration rate of 40.9%, significantly impacting tire consumption[36] - Trade protectionism has increased, with various countries imposing restrictions on Chinese tire exports, prompting companies to expand production overseas[36] Production and Sales - The production volume of tires reached 1.749 million units, with a sales volume of 1.752 million units, marking increases of 15.10% and 15.26% respectively[49] - The domestic sales of semi-steel radial tires increased by 16.5% in 2024, with 18-inch and above specifications rising by 35.5%[37] - The export volume of passenger car tires increased by 13.7%, while the export volume of truck and bus tires decreased by 0.7%[34] - The total export volume of rubber tires from China reached 9.32 million tons in 2024, with an export value of approximately 164.49 billion yuan, marking a year-on-year increase of 5.6%[33] Research and Development - Research and development expenses increased by 22.10% to approximately 30 million RMB, driven by the expansion of R&D projects[44] - The company has established stable partnerships with major automotive manufacturers, including Mercedes-Benz and BMW, enhancing its market presence[39] - The company is focusing on developing new products, including tires for light rail vehicles and engineering vehicles, to enhance its competitive edge[39] - The company plans to launch over 170 new products in 2025, including more than 40 green new energy tire products, to enhance its product structure and increase the proportion of green products[90] Environmental Initiatives - The company invested CNY 1,535.9 million in environmental protection during the reporting period[140] - The company has successfully completed the ultra-low emission transformation of its coal-fired boilers and has obtained a new pollutant discharge permit[141] - The company has reduced carbon emissions by 10,067 tons per year through the use of clean energy generation from its rooftop solar photovoltaic project, which generated 18,760,679 kWh in 2024[154] - The company has implemented a wastewater treatment process using a combination of sedimentation and flotation, with facilities operating normally[147] Corporate Governance - The company has established an internal control management system covering key business areas, focusing on financial reporting[96] - The company has a performance-based compensation system for senior management, which is influenced by the company's operational performance and market standards[109] - The company has experienced a regulatory warning from the Shanghai Stock Exchange on September 30, 2022, involving several current and former directors[111] - The company has appointed a new secretary to the board, replacing the previous one due to a re-election[110] Related Party Transactions - Giti Tire has significant related party transactions with various parties, which poses a risk of incomplete disclosure in financial statements[191] - The management has implemented internal controls to identify and disclose related party relationships, including regular reviews and reconciliations[192] - Related party transactions include significant sales and purchases, which are analyzed for pricing consistency with market rates[194] Financial Controls and Audit - The audit report confirms that the financial statements fairly reflect the company's financial position as of December 31, 2024[188] - The audit was conducted in accordance with Chinese CPA auditing standards, ensuring independence and adherence to ethical responsibilities[189] - The company has maintained effective internal control over financial reporting, with no significant deficiencies identified as of the internal control evaluation report date[137]