雅迪控股 原文 20240710_ 2024年07月11日13:27 发言人 00:00 报告，然后雅婷其实最近整个股价回调比较多，我们觉得主要的原因还是上半年整个销售有一 定的承压，所以说在这个界面比较弱的情况下，股价也是有一个比较明显的一个回调。但是我 们，认为从目前的，整个股价位置，或者说从目前的估值来看，雅迪已经是处于一个，最近的 这个几年来看，一个评估的一个底部，所以说我们，也是在近期发了这个底部，发了这个养鱼 的这个深度，也是想看好后续的这个公司后续的行情然后这次汇报我们主要是从三个方方面， 去汇报一下雅迪这个公司。第一个就是可能大家，比较关注的行业的三个问题。第一个就是这 个行业规模未来，到底去怎么去增长。第二个的话就是，公司的这个份额和未来，还能够或者 说行业的这个集中度未来还能不能够提升。然后第三个的话就是利润率的这个角度转到国际行 动之后，这个行业利润率还有没有进一步向上的空间。 发言人 01:22 然后第二个维度的话就是从公司的这个维度，也是分三个方向。第一个就是从管理市场来看， 公司的这个份额这个天花板在哪里。然后第二个的话，公司的这个产业链一体化，能够带来多 大的一个利润率的提升。然 ...

| 买入(首次) | | |-------------------------------|----------| | 所属行业:非必需性消费 / 汽车 | | | 当前价格 ( 港币 ) : 9.89 元 | | | 证券分析师 | 投资要点 | | 毕先磊 | | | 资格编号: S0120524030001 | | | 邮箱: bixl3 @ tebon.com.cn | | 研究助理 李陌凡 邮箱:limf3@tebon.com.cn 市场表现 雅迪控股 恒生指数 -57% -46% -34% -23% -11% 0% 11% 2023-07 2023-11 2024-03 2024-07 | 恒 生 指 数 对 比 | 1M | 2M | 3M | |---------------------|--------|--------|--------| | 绝对涨幅 (%) | -17.34 | -32.58 | -15.17 | | 相对涨幅 (%) | -16.79 | -31.32 | -21.35 | 资料来源:德邦研究所,聚源数据 相关研究 雅迪控股(01585.HK):政策+市场驱动行 业加 ...

1、公司基本情况 公司是电动两轮车行业的龙头企业，参与产业时间长，表现领先。公司在多个维度上表现出 色，包括早期拿到执照、参与海外市场、积极布局产业链上下游等。公司产销量规模大，表现 出色。 从2017年到2023年，雅迪控股的收入和业绩复合增速分别达到28%和37%。虽然2020年之 前盈利中枢不高，但逐步提升至7-8的水平，主要原因是规模扩张和原材料成本波动。 2、行业现状与内销市场 电动两轮车行业主要解决短距离和中距离出行问题，内销仍是主要市场，占据大部分比例。 虽然出口市场增长预期较快，但目前内销仍是核心投资逻辑。 2017年后，电动两轮车行业内销量从3000万辆提升至5000万辆，增长主要来自商用需求 （如外卖、共享单车）和民用需求（如家庭、个人）。商用需求占比约20%，未来增长稳健。 3、国内市场核心逻辑与格局优化 电动两轮车行业的格局优化加速，从2016年的CR3二十多提升至2023年的60多，雅迪市场 份额达30%。这种集中度提升主要受成本上升和新国标出台等外力影响。 未来行业集中度将继续提升，龙头企业与中小品牌的实力差距拉大。雅迪通过全方位的经营 能力提升，包括销售渠道、供应链和产品研发，巩 ...

雅迪控股(01585) 雅迪控股公司深度: 国内领航,迈向国际 雅迪国内领航,稳步迈向国际 雅迪控股是电动两轮车行业的领航者,主营电动自行车、电动踏板车、电 池等业务。2017-2023 年公司收入、业绩复合增速分别达到 28%、37%,成 绩傲人;收入快速增长的同时,公司盈利中枢在 2020 年后明显提升,2023 年净利率达到 7.6%。行业层面,当下中国占全球电动两轮车消费的绝大部 分,但海外市场近年来迎来新的发展机遇,预计未来空间广阔;雅迪收入 仍以内销为主,随着公司开始积极布局海外开拓新增长力,后续发展可期。 国内:行业格局优化,走向集中 我们预计电动两轮车当前正处于格局加速集中的黄金阶段:一方面,以雅 迪为代表的龙头自身实力大幅增强,龙头积极在渠道质量提升、供应链垂 直整合、产品研发等层面大幅投入,巩固经营壁垒,优势逐渐扩大;另一 方面,2024 年行业有望迎来政策大年,全国大范围设备"以旧换新"提振 更新需求,且行业已出台新规范文件,叠加后续新国标落地,企业经营标 准趋严背景下,中小企业预计进一步出清,雅迪等龙头份额有望加速提升。 海外:政策驱动,市场空间广阔 海外市场在政策驱动下,两轮车开始电 ...

股票研究 海外公司 （中国香港 证 证券研究报告 国泰君安证券 GUOTAIJUNAN SECURITIES 雅迪控股（1585） 深耕产品直面竞争，出海征途再进一程 评级： 当前价格：（港元） 耐用消费品 增持 12.44 雅迪控股更新报告 2024.06.10 刘佳昆(分析师) 王佳(分析师) 021-38038184 010-83939781 liujiakun029641@gtjas.com wangjia025750@gtjas.com 登记编号S0880524040004 S0880524010001 本报告导读： 交易数据 52周内股价区间（港元) 10.68-18.52 当前股本（百万股） 3,064 当前市值（百万港元） 38,114 行业将迈入以产品为核心的高质量竞争阶段，公司技术积累深厚，冠能6代新品显著 选代升级，有望凭借强产品力持续提升份额，产品结构改善带动盈利释放可期。 投资要点： 结论：维持公司2024-2026年EPS预测分别为1.04/1.20/1.39元，维 持目标价18.76元人民币，维持“增持”评级。 产品为王，行业迈向高质量竞争。截至2023年末，我国电动两轮车 保有 ...

最近发的一个亚迪的一个深度报告首先就是从这个公司的一个简要的介绍确实是一个深耕两轮电动车领域也是这个行业龙头然后其实成立于其实也是20多年了也是最早的两轮电动车的企业之一 那从他的这个股东结构来看呢其实就是还是相对来说比较集中的啊包括这个董事长夫妻啊这个是实控人啊然后对于整个的这个经营管理呢其实这个核心骨干呢也就是做了相应的这种的股权基地的这样一个绑定包括这边呢其实我们也做了一个相应的就是说这个股权基地这样的一个 形成这样的一个目标收入和利润端所以其实对于未来成长性其实我们也是觉得整个公司其实也体现出了一个比较强的信心 那基本的这样的一个财务数据呢就简单过一下就主要的这个呃产品结构呢其实就是几个嘛一个是那个两轮的电动自行车还有一个是这个电动的踏板车啊然后就是一些其他的这些啊电池之类的这充电器等等的一些配件吧 那从过往的这个增速来看呢确实因为这个受这个新国标的影响所以整个其实2020年的这个增速其实是相对来说非常高的包括21年 那后面其实毁落到一个比较持续的增速以后其实我们也是能够看到整个公司这种α能力其实还是比较强的那从利润的角度来看无论是毛利率还是公司的净利率其实都是有一个逐步向上的趋势 那这个背景的底层呢 ...

本次电话会议仅服务于国泰居安证券正式签约客户会议音频及文字记录的内容仅供国泰居安证券客户内部学习使用不得外发并且必须经国泰居安证券研究所审核后方可留存国泰居安证券未授权任何媒体转发此次电话会议相关内容未经允许和授权 转载转发均属侵权国泰均安证券将保留追究其法律责任的权利国泰均安证券不承担因转载转发引起的任何损失及责任市场有风险投资需谨慎提请广大投资者谨慎做出投资决策 大家好欢迎参加国军军防雅迪控股深度汇报目前所有参会者均处于静音状态下面有请主持人讲话谢谢哎好呀那个会议秘书这边能听清是吧可以听清好那我这个这样的就是调翻页也都能正常看到是吧喂会议秘书 翻译这都是正常的是吧翻译正常的好的 行啊 那个各位投资者大家好我是国泰军安轻工仿储的手游分析师刘家坤然后这边就是向各位投资者汇报一下我们最近发的一个雅迪的一个深度报告 首先就是从这个公司的一个简要的介绍确实是一个深耕两轮电动车领域也是这个行业龙头然后其实成立于也是20多年了也是最早的两轮电动车的企业之一 那从他的这个股东结构来看呢其实就是还是相对来说比较集中的啊包括这个董事长夫妻啊这个是实控人啊然后对于整个的这个经营管理呢其实这个核心骨干呢也其实做了相应的这种的股权 ...

[Table_MainInfo] 公司研究/造纸轻工/轻工制造 证券研究报告 雅迪控股（1585）公司年报点评 2024年04月12日 [ Table_InvestInfo] 电动两轮车产品升级推动销量增长，电池 等业务释放成长性 [Table_Summary] 投资要点：  公司发布2023年年度业绩公告：2023年全年，公司实现营业收入347.6亿元， 同比增长11.9%；归母净利润26.4亿元，同比增长22.2%。2023年H2，公司 实现营业收入177.2亿元，同比增长4.2%；归母净利润14.5亿元，同比增长 15.1%。 分产品来看，电动两轮车产品升级迭代推动销量增长，电池业务实现差异化  竞争优势。 1） 电动两轮车产品升级与结构调整驱动销量增长：公司2023年电动两轮车 及相关配件业务实现营收345.4亿元，较22年同比增长13.6%。2023年 H2，公司电动两轮车及相关配件业务实现营收175.0亿元，同比增长7.0%。 2023 年公司电动两轮车产品销量实现明显增长，电动踏板车及电动自行 车总销量 1652 万台，同比增长 17.9%。我们认为，公司电动两轮车产品 销量能够实现快速增长 ...

股 票 研 究 [Table_industryInfo] 耐用消费品 [ Table_Main[ 雅I Tnaf 迪bol]e 控_Ti 股tle] （ 1585） [评Tab级le_：Inv est] 增持 当前价格（港元）： 15.16 全链布局夯实优势，品牌出海大有可为 2024.05.06 海 ——雅迪控股（1585.HK）首次覆盖报告 [ 交Ta易bl数e_M据a rket] 外 刘佳昆(分析师) 王佳(分析师) 52周内股价区间（港元） 10.68-18.52 公 021-38038184 010-83939781 当前股本（百万股） 3,064 当前市值（百万港元） 46,447 liujiakun029641@gtjas.com wangjia025750@gtjas.com 司 证书编号 S0880524040004 S0880524010001 （ [ Table_PicQuote] 52周内股价走势图 中 本报告导读： 公司在两轮车领域布局完善，掌握电池研发核心环节，依靠技术迭代引领行业变 雅迪控股 恒生指数 国 革，有望凭借电池后装和品牌出海打开增量。 香 6% 摘要： -3% 港 - ...

Financial Performance - Revenue for 2023 reached RMB 34,762.76 million, a significant increase from RMB 31,059.44 million in 2022[7] - Gross profit for 2023 was RMB 5,885.24 million, up from RMB 5,614.01 million in 2022[7] - Net profit attributable to owners of the company for 2023 was RMB 2,640.16 million, compared to RMB 2,161.09 million in 2022[7] - Revenue increased by 11.9% to RMB 34,762.8 million in 2023 from RMB 31,059.4 million in 2022, driven by strong sales of electric bicycles, batteries, and chargers[10][12] - Gross profit increased by 4.8% from RMB 5,614.0 million in 2022 to RMB 5,885.2 million in 2023, while the gross profit margin decreased from 18.1% in 2022 to 16.9% in 2023[16] - Net profit increased by 20.9% from RMB 2,183.0 million in 2022 to RMB 2,640.2 million in 2023[16] - Revenue for the year increased to RMB 34,762,757 thousand, up from RMB 31,059,443 thousand in the previous year[124] - Gross profit rose to RMB 5,885,240 thousand, compared to RMB 5,614,011 thousand in 2022[124] - Operating profit improved to RMB 3,132,082 thousand, up from RMB 2,707,591 thousand in the prior year[124] - Net profit attributable to the company's owners increased to RMB 2,640,158 thousand, compared to RMB 2,161,094 thousand in 2022[124] - Basic earnings per share grew to RMB 88.5 cents, up from RMB 74.0 cents in the previous year[124] - Total comprehensive income for the year was RMB 2,622,419 thousand, compared to RMB 2,235,948 thousand in 2022[126] Assets and Liabilities - Total assets as of December 31, 2023, were RMB 25,660.10 million, up from RMB 24,952.69 million in 2022[8] - Total liabilities as of December 31, 2023, decreased to RMB 17,258.89 million from RMB 18,310.09 million in 2022[8] - Total equity as of December 31, 2023, increased to RMB 8,401.21 million from RMB 6,642.59 million in 2022[8] - Cash and cash equivalents increased by 16.7% from RMB 6,782.6 million at the end of 2022 to RMB 7,913.8 million at the end of 2023[16] - Total assets increased to RMB 25,660,098 thousand, compared to RMB 24,952,686 thousand at the end of 2022[127] - Cash and cash equivalents rose to RMB 7,913,807 thousand, up from RMB 6,782,622 thousand in the prior year[127] - Property, plant, and equipment increased to RMB 3,940,277 thousand, compared to RMB 3,291,228 thousand in 2022[127] - Inventory decreased to RMB 955,438 thousand, down from RMB 1,458,049 thousand at the end of the previous year[127] - Total liabilities decreased to RMB 17,258,892 thousand in 2023 from RMB 18,310,092 thousand in 2022[128] - Non-current liabilities increased to RMB 862,602 thousand in 2023 from RMB 789,706 thousand in 2022[128] - Current liabilities decreased to RMB 16,396,290 thousand in 2023 from RMB 17,520,386 thousand in 2022[128] - Net asset value increased to RMB 8,401,206 thousand in 2023 from RMB 6,642,594 thousand in 2022[128] - Total equity increased to RMB 8,401,206 thousand in 2023 from RMB 6,642,594 thousand in 2022[128] - Retained earnings increased to RMB 4,631,819 thousand in 2023 from RMB 2,161,094 thousand in 2022[130] - Other reserves decreased to RMB (185,819) thousand in 2023 from RMB (243,596) thousand in 2022[130] - Share-based payment reserve increased to RMB 176,509 thousand in 2023 from RMB 186,431 thousand in 2022[130] - Translation reserve increased to RMB 52,313 thousand in 2023 from RMB 70,052 thousand in 2022[130] - Legal reserve increased to RMB 280,065 thousand in 2023 from RMB 227,220 thousand in 2022[130] Production and Distribution - The company's annual production capacity for electric two-wheelers reached 20 million units as of December 31, 2023[5] - The domestic distribution network covered nearly all administrative regions in China, with over 40,000 sales points as of December 31, 2023[5] - The company has established distribution channels in over 90 countries across Europe, Southeast Asia, South America, and Central America[5] - Total sales of electric two-wheelers reached 16.5 million units in 2023, a 17.9% increase from the previous year, including 4.9 million electric scooters and 11.6 million electric bicycles[10] - The company launched 33 new electric bicycle models and 16 new electric scooter models in 2023, featuring enhanced design, smart functions, and advanced performance[10] - Yadea introduced its first-generation sodium-ion battery, "Extreme Sodium 1," in 2023, offering superior safety, longer lifespan, faster charging, and excellent low-temperature durability[10] - The company expanded its distribution network to over 90 countries, including Europe, Southeast Asia, South America, and Central America[11] - Yadea's domestic distribution network in China included over 4,000 distributors and more than 40,000 sales outlets as of December 31, 2023[11] - The company plans to establish a new production facility in Vietnam with an annual capacity of 2 million electric motorcycles, with 30% of production targeted for export to Southeast Asian markets[11] - Revenue from electric bicycles accounted for 45.9% of total revenue in 2023, with sales reaching 11.56 million units, a 28.8% increase from 2022[13] - Battery and charger sales contributed 26.6% of total revenue in 2023, with battery sales reaching 17.27 million units and charger sales reaching 15.28 million units[13] - Electric scooter sales decreased by 1.5% from approximately 5,034,000 units in 2022 to approximately 4,960,000 units in 2023, while electric bicycle sales increased by 28.8% from approximately 8,976,000 units in 2022 to approximately 11,561,000 units in 2023[14] - Total segment revenue increased from RMB 31,059.4 million in 2022 to RMB 34,762.8 million in 2023, with the electric two-wheel vehicle and accessories segment contributing RMB 34,543.6 million and the battery segment contributing RMB 4,631.3 million[15] Research and Development - The company holds over 1,900 patents and employs more than 1,000 R&D experts[5] - R&D expenses increased by 7.8% from RMB 1,105.8 million in 2022 to RMB 1,192.0 million in 2023[16] - The company plans to focus on R&D for core component technologies to enhance product differentiation and cost efficiency[83] Financial Expenses and Costs - Financial expenses decreased by 25.5% from RMB 59.4 million in 2022 to RMB 44.2 million in 2023, primarily due to reduced interest expenses from decreased bank borrowings[17] - Sales and distribution expenses increased by 5.7% from RMB 1,358.2 million in 2022 to RMB 1,435.5 million in 2023[16] - Administrative expenses increased by 23.4% from RMB 896.1 million in 2022 to RMB 1,105.4 million in 2023[16] - The company's total borrowings as of December 31, 2023, were RMB 267.3 million, with interest rates ranging from 0.9% to 2.02%[16] - Total employee costs increased by 16.9% to RMB 2,707.6 million in 2023, driven by higher headcount and average salaries[18] Cash Flow - Operating cash flow for the year ended December 31, 2023, was RMB 3,992,126 thousand, an increase from RMB 3,375,012 thousand in 2022[132] - Net cash from operating activities in 2023 was RMB 3,580,146 thousand, compared to RMB 3,078,429 thousand in 2022[132] - Net cash used in investing activities in 2023 was RMB 430,314 thousand, a significant decrease from RMB 2,055,994 thousand in 2022[132] - Net cash used in financing activities in 2023 was RMB 2,036,894 thousand, compared to RMB 379,389 thousand in 2022[132] - Cash and cash equivalents at the end of 2023 were RMB 7,913,807 thousand, up from RMB 6,782,622 thousand at the end of 2022[132] Corporate Governance - The board of directors consists of 8 members, including 3 executive directors, 1 non-executive director, and 4 independent non-executive directors[27] - Three new independent non-executive directors, Chen Mingyu, Ma Chenguang, and Liang Qin, were appointed on June 16, 2023[28] - The company renewed service contracts with executive directors Dong Jingui, Qian Jinghong, and Shen Yu for three years starting from May 19, 2022[29] - Three independent non-executive directors, Li Zongwei, Wu Biguang, and Yao Naisheng, resigned on June 16, 2023[30] - All directors participated in continuous professional development in 2023, including attending courses/seminars and reading regulatory materials[31] - The attendance of directors at board and committee meetings, as well as shareholder meetings, is recorded for the year ended December 31, 2023[34] - The company has established a mechanism to ensure the Board has a strong independent element, enabling effective independent judgment to better protect shareholder interests[38] - The Board consists of a majority of non-executive directors, with at least one independent non-executive director possessing appropriate professional qualifications or expertise in accounting or financial management[38] - The nomination committee annually evaluates the independence of independent non-executive directors to ensure they can continue to make independent judgments[38] - Directors, including independent non-executive directors, can seek independent professional advice at the company's expense to assist in fulfilling their duties[38] - The Board reviews the time commitment and attendance of independent non-executive directors at Board and committee meetings to ensure they dedicate sufficient time to their duties[38] - The roles of Chairman and CEO are clearly separated, with Mr. Dong Jinggui serving as Chairman and Ms. Qian Jinghong as CEO, ensuring a balance of power and authority[39] - The company has written documentation clearly defining the division of responsibilities between the Chairman and CEO[39] - The Board believes that the operation of the Board, including executive, non-executive, and independent non-executive directors, maintains a balance of power and authority[39] - The company's dividend policy aims to provide shareholders with an ideal and reasonable dividend return, considering factors such as actual and expected financial performance, legal and compliance restrictions, and overall business conditions[40] - The company's board of directors consists of seven members, including two executive directors, one non-executive director, and four independent non-executive directors[40] - The company's gender diversity ratio as of December 31, 2023, was approximately 68% male and 32% female across all employees, including senior management[42] - The company has three female directors, achieving female representation on the board[43] - The company's nomination committee is responsible for reviewing the board's structure, size, and composition, and making recommendations for any changes[40] - The company's dividend policy allows for the payment of interim dividends in cash or shares, subject to the company's available profits and compliance with the articles of association[42] - The company's board diversity policy, adopted on April 22, 2016, emphasizes the benefits of board diversity and considers factors such as professional experience, gender, age, race, and cultural background when appointing directors[42] - The company's nomination policy ensures a balanced board in terms of skills, experience, knowledge, and diverse perspectives, aligning with the company's business needs[42] - The Nomination Committee held 1 meeting in 2023 to review the structure, size, and composition of the Board, the independence of independent non-executive directors, and the qualifications of retiring directors for re-election at the 2023 Annual General Meeting[45] - The Remuneration Committee consists of 4 members, including 1 non-executive director and 3 independent non-executive directors, and held 2 meetings in 2023 to review and recommend remuneration policies, determine executive and senior management compensation, and discuss employee stock option grants[46][47] - Senior management compensation for 2023 ranged as follows: 3 individuals earned between RMB 1,500,001 and RMB 2,000,000, and 2 individuals earned over RMB 2,000,000[47] - The Audit Committee, composed of 4 independent non-executive directors and 1 non-executive director, reviewed the Group's financial reporting procedures, internal control systems, and risk management, including the consolidated financial statements for the year ended December 31, 2023[48] - The Nomination Committee evaluates candidates for directorship based on diversity, commitment, qualifications, independence, reputation for integrity, and potential contributions to the Board[44] - The Remuneration Committee's terms of reference were revised and adopted by the Board on December 2, 2022, and are available on the company's website and the Stock Exchange's website[46] - The Audit Committee is responsible for overseeing the financial reporting process, internal control systems, and risk management, and ensuring arrangements are in place for employees to report concerns about financial reporting or other misconduct[48] - The Nomination Committee follows a structured process for recommending director appointments, including preparing a skills and experience list, sourcing candidates through various channels, conducting interviews, and making recommendations to the Board[44] - The Remuneration Committee's responsibilities include establishing transparent procedures for determining executive and senior management compensation and aligning remuneration policies with the Board's corporate objectives[46] - The Audit Committee discussed and reviewed the Group's accounting principles, risk management, internal controls, and financial reporting matters, including the consolidated financial statements for the year ended December 31, 2023[48] - The company's audit committee held three meetings during the year ended December 31, 2023, to review financial statements, annual reports, and other governance matters[50] - The company paid a total of RMB 6,749,000 to its external auditors for audit and non-audit services during the year ended December 31, 2023, with RMB 6,300,000 for audit services and RMB 449,000 for non-audit (tax) services[53] - The board of directors confirmed its responsibility for preparing the company's financial statements for the year ended December 31, 2023, and ensuring compliance with listing rules and regulatory requirements[51] - The company's risk management and internal control systems are designed to identify, assess, and report potential risks, with a focus on mitigating risks related to achieving business objectives[54] - The audit committee reviewed the company's financial reporting system, risk management, and internal control procedures for the year ended December 31, 2023[50] - The company's external auditors provided a statement on their reporting responsibilities for the financial statements in the independent auditor's report[52] - The board of directors is responsible for maintaining a robust and effective risk management and internal control system to protect shareholders' investments and company assets[54] - The company's management is responsible for providing necessary explanations and information to the board for informed assessment of financial statements[51] - The audit committee reviewed the company's unaudited interim financial statements for the six months ended June 30, 2023[50] - The company's risk management system includes a comprehensive financial accounting system to ensure compliance with relevant rules and provide performance metrics[54] - The company has established four risk categories: strategic risk, financial risk, operational risk, and legal risk, with a focus on identifying and managing these risks through qualitative and quantitative analysis[55] - The Board of Directors conducts regular reviews of the risk management and internal control systems, ensuring their effectiveness and adequacy in managing resources, employee qualifications, and training programs[55] - The company maintains effective communication with shareholders through various channels, including interim reports, annual reports, shareholder meetings, and updates on the company's website[56] - The company organizes investor engagement activities, including site visits to headquarters, production bases, and product exhibitions, to enhance investor understanding of the business[56] - The company's joint company secretaries, Mr. Shen Yu and Mr. Leung Chi Kit, have completed at least 15 hours of professional training to update their technical knowledge and skills[56] - The Board of Directors is not aware of any significant uncertainties that could cast doubt on the company's ability to continue as a going concern[57] - Shareholders holding at least 10% of the issued share capital can request the Board to convene an extraordinary general meeting within 21 days of submitting the request[58] - Shareholders can propose resolutions for consideration at general meetings by submitting written proposals to the Board, which will be reviewed for suitability and presented at the next appropriate meeting[59] - Shareholders can submit inquiries to the board via mail or email, with signed written requests required for processing[60] - No changes were made to the company's charter documents as of December 31, 2023[61] - The company has established a system for timely disclosure of insider information in compliance with regulatory requirements[61] - The company actively implements policies on environmental, social, and governance (ESG) issues and continuously reviews its sustainability efforts[62] Shareholder and Equity Information - The company's distributable reserves as of December 31, 2023, amounted to