TOSPO(603303)2025-03-07 10:50Financial Performance - The company's operating revenue for 2024 was CNY 4,431,187,196.34, a decrease of 5.66% compared to CNY 4,696,985,949.72 in 2023[21]. - The net profit attributable to shareholders for 2024 was CNY 347,296,751.23, down 7.53% from CNY 375,582,242.11 in the previous year[21]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 298,995,195.88, a slight increase of 0.83% from CNY 296,528,715.78 in 2023[21]. - The net cash flow from operating activities decreased by 25.31% to CNY 585,276,328.06 from CNY 783,636,599.92 in 2023[21]. - The total operating revenue for 2024 was CNY 4,431,187,196.34, a decrease of 5.64% compared to CNY 4,696,985,949.72 in 2023[189]. - The total operating costs for 2024 were CNY 4,041,294,206.53, down from CNY 4,280,429,509.39 in 2023, reflecting a reduction of 5.59%[189]. - The net profit for 2024 was CNY 344,614,428.37, a decline of 8.81% from CNY 378,001,357.36 in 2023[190]. - The earnings per share (EPS) for 2024 was CNY 0.7353, compared to CNY 0.7875 in 2023, indicating a decrease of 6.38%[191]. Assets and Liabilities - The total assets at the end of 2024 were CNY 5,951,518,568.06, an increase of 6.36% compared to CNY 5,595,676,578.73 at the end of 2023[21]. - Total liabilities rose to CNY 2,323,714,924.87 in 2024 from CNY 2,047,806,636.60 in 2023, marking an increase of 13.43%[184]. - The total equity attributable to shareholders rose to CNY 3,563,064,992.87 in 2024 from CNY 3,486,367,371.08 in 2023, an increase of 2.21%[184]. - Current assets increased to CNY 4,749,766,135.16 in 2024 from CNY 4,367,193,403.81 in 2023, representing a growth of 8.76%[182]. - Cash and cash equivalents rose to CNY 2,818,296,810.11 in 2024, up from CNY 2,485,517,849.30 in 2023, an increase of 13.39%[182]. - Accounts receivable increased to CNY 1,167,513,460.41 in 2024, compared to CNY 1,115,073,656.59 in 2023, reflecting a growth of 4.69%[182]. - Non-current assets decreased to CNY 1,201,752,432.90 in 2024 from CNY 1,228,483,174.92 in 2023, a decline of 2.19%[183]. - Inventory decreased to CNY 481,578,028.88 in 2024 from CNY 526,962,911.04 in 2023, a reduction of 8.59%[182]. Research and Development - The company focused on enhancing its research and development capabilities, emphasizing "green and intelligent" product concepts[32]. - The company added 123 new authorized patents during the reporting period, including 32 invention patents, 69 utility model patents, and 22 design patents[34]. - Research and development expenses amounted to CNY 171.65 million, representing 3.87% of total operating revenue[60]. - The company has established over 30 R&D teams focused on lighting products, enhancing its product development capabilities[44]. - Research and development expenses for 2024 were CNY 171,646,764.06, slightly down from CNY 172,192,431.35 in 2023[190]. Market Position and Strategy - The company maintained its leading position in the consumer lighting sector, with a balanced global market development[32]. - The company achieved a record high in new designated projects in the automotive lighting sector during the reporting period[32]. - The company is focusing on the "vehicle control + vehicle lighting" sector, which is positioned upstream in the automotive supply chain[36]. - The company is committed to developing high-quality, intelligent, and low-carbon lighting systems as a path for future growth[36]. - The company aims to strengthen its position in the consumer lighting sector while actively developing commercial lighting through customization, intelligence, and specialization[76]. Governance and Compliance - The company has established a governance structure that complies with the requirements of the Company Law and the Securities Law, ensuring independent operations and decision-making processes[82]. - The board of directors consists of 7 members, including 3 independent directors, and operates in accordance with established rules and regulations[83]. - The company has implemented strict measures to prevent related party transactions that could harm the interests of the company and its shareholders[82]. - The company has maintained a transparent information disclosure process, ensuring that all shareholders receive timely and accurate information[85]. - The company has not reported any significant differences in governance practices compared to the requirements set by the China Securities Regulatory Commission[86]. Shareholder Information - The company plans to distribute a cash dividend of CNY 7.40 per 10 shares, totaling CNY 346,067,687.38[4]. - The total number of ordinary shareholders as of the end of the reporting period is 9,643, down from 10,510 at the end of the previous month[148]. - The top ten shareholders hold a total of 49.27% of the shares, with the largest shareholder, Hengdian Group Holdings Co., Ltd., owning 235,008,000 shares[150]. - The company has a repurchase account holding 9,285,538 shares, which accounts for 1.95% of the total share capital[151]. - The company has a structured compensation scheme for directors and senior management, which is based on company performance and individual performance assessments[95]. Risks and Challenges - The company faces risks from market competition, particularly in the mature general lighting market, where it competes with established international brands and numerous domestic players[77]. - The company is exposed to risks related to raw material shortages and price fluctuations, which could significantly impact operating costs and profitability[77]. - The company's export-oriented business is subject to exchange rate fluctuations, which may affect the attractiveness of its products in international markets[79]. - The logistics system faces instability due to geopolitical factors, potentially impacting operational efficiency and costs[79]. Social Responsibility - The company actively participated in social responsibility initiatives, donating CNY 18.65 million, including CNY 1 million in cash and CNY 17.65 million worth of lighting products[126]. - The company invested CNY 2,963,000 in environmental protection during the reporting period[120]. - The company reduced carbon emissions by 5,916.90 tons through the use of solar photovoltaic green electricity and green office practices[124].