Kiwi Instruments(688045)2025-03-14 12:10Financial Performance - The company reported no profit distribution for the fiscal year 2024, with no cash dividends or stock bonuses planned, and retained earnings will be carried forward to the next year[6]. - The company has not achieved profitability since its listing, indicating ongoing investment in growth and development[4]. - The financial report includes a comprehensive overview of the company's financial performance and key indicators, which will be discussed in detail in subsequent sections[12]. - The company's operating revenue for 2024 reached ¥688,291,018.89, an increase of 18.98% compared to ¥578,471,063.67 in 2023[25]. - The net profit attributable to shareholders was -¥17,170,922.88 in 2024, showing an improvement from -¥19,072,672.11 in 2023[25]. - The net cash flow from operating activities was ¥3,415,609.95, a significant recovery from -¥14,971,530.12 in the previous year[25]. - The company's net assets attributable to shareholders increased by 2.20% to ¥1,355,209,778.39 compared to ¥1,326,035,275.03 in 2023[25]. - The basic earnings per share for 2024 was -¥0.25, an improvement from -¥0.28 in 2023[26]. - The diluted earnings per share also improved to -¥0.24 from -¥0.27 in the previous year[26]. - The weighted average return on equity increased by 0.17 percentage points to -1.22% in 2024[26]. Research and Development - Research and development expenses accounted for 25.60% of operating revenue, a decrease of 1.94 percentage points from 27.54% in 2023[26]. - The company invested CNY 176.19 million in R&D, accounting for 25.60% of its revenue, with R&D expenses increasing by CNY 16.91 million compared to the previous year[37]. - The total R&D expenditure for the year reached ¥176,190,595.95, an increase of 10.62% compared to ¥159,282,185.47 in the previous year[75]. - The company obtained a total of 225 domestic and international patents, including 113 invention patents, with 57 new authorized patents during the reporting period[72]. - The total number of R&D personnel reached 282, making up over 71% of the total workforce, enhancing the company's competitive strength[37]. - The core R&D team consists of individuals with backgrounds from prestigious universities and experience in leading technology companies, ensuring a high level of expertise[85]. Market and Product Development - The company expanded its market share in fast charging, server/data center power, smart home appliances, and industrial energy sectors, achieving over 50% revenue growth in these areas[36]. - The company launched a new direct-drive GaN chip, significantly reducing external component size[40]. - The company is actively developing high-current (above 8A) and high-voltage (above 60V) products[42]. - The company has established a complete battery management system solution, primarily applied in portable and wearable electronics, electric tools, drones, and energy storage systems, indicating a broad market presence[49]. - The company plans to enhance its product offerings in power management, including AC-DC, LED drivers, and new products like DC-DC and battery management systems, to meet diverse customer needs[140]. Governance and Compliance - A standard unqualified audit report was issued by the accounting firm, ensuring the accuracy and completeness of the financial statements[5]. - The company has established a governance structure that complies with relevant laws and regulations, ensuring transparency and protecting shareholder rights[143]. - The company has not violated decision-making procedures in providing guarantees, maintaining compliance with regulations[9]. - The company has established a clear governance structure with specialized committees for audit, nomination, remuneration, and strategy[159]. - The company emphasizes its commitment to ESG principles, integrating them into all business operations to ensure sustainable and high-quality development[188]. Risks and Challenges - The company has identified potential risks in its operations, which are detailed in the management discussion section of the report[4]. - The company faces risks related to market competition, product quality, and potential talent loss, which could impact future performance[89][90]. Employee and Talent Management - The company emphasizes a strong talent management strategy to maintain a stable workforce and enhance governance[86]. - The total compensation for R&D personnel reached CNY 10.61 million, with an average salary of CNY 37.62 thousand[83]. - The educational background of employees includes 4 with doctoral degrees, 102 with master's degrees, 244 with bachelor's degrees, and 43 with associate degrees or below[164]. Environmental and Social Responsibility - The company promotes energy conservation and resource-saving practices, advocating for green office initiatives and reducing paper consumption[193]. - The company has implemented measures to reduce carbon emissions, including promoting paperless offices and developing energy-efficient products[197]. - The company designs high-performance power management chips that comply with EU RoHS and REACH regulations, aimed at reducing energy consumption in various applications[198].