YONGXING MATERIALS(002756)2025-03-26 08:10Group 1: Company Performance Overview - In 2024, the company achieved a total revenue of 8.074 billion CNY and a net profit attributable to shareholders of 1.043 billion CNY, with a net cash flow from operating activities of 788 million CNY [3][4] - As of December 31, 2024, total assets amounted to 13.799 billion CNY, and net assets were 12.359 billion CNY, resulting in a return on equity of 8.29% [3] - The lithium battery new energy business sold 26,000 tons of lithium carbonate, generating revenue of 2.415 billion CNY, while the special steel new materials business sold 302,800 tons of stainless steel, achieving revenue of 5.658 billion CNY [4] Group 2: Cost Management and Competitive Advantage - The company maintains a stable cost structure for its lithium carbonate business, leveraging its integrated supply chain from mining to deep processing [5] - In 2024, the cost of lithium carbonate decreased compared to 2023 due to improved lithium recovery rates, lower natural gas and soda ash prices, and a decline in market prices for lithium carbonate [5] - The special steel business has seen an increase in gross margin, attributed to stable profit per ton despite a decrease in product prices due to falling nickel prices [10] Group 3: Project Development and Future Plans - The company completed the change of mining license for the Chashan porcelain stone mine, increasing the production capacity from 3 million tons/year to 9 million tons/year [6] - The lithium cloud mother green intelligent high-efficiency lithium extraction project is currently under construction, with an estimated construction period of 9 months [7] - The company is cautious about overseas lithium resource investments due to low lithium carbonate prices and the current state of many overseas lithium resources being unprofitable [9] Group 4: Investor Returns and Shareholder Engagement - In 2024, the company implemented a cash dividend of 264 million CNY in the first half of the year, with an expected total dividend of 264 million CNY for the year [12] - The total amount of dividends and share buybacks since 2015 has exceeded 8.79 billion CNY, accounting for 84.28% of the net profit attributable to shareholders in 2024 [13] - The company has consistently returned profits to shareholders since its IPO, with a dividend-to-fundraising ratio exceeding 2:1, indicating effective capital management and shareholder returns [13]