SMEIC(600835)2025-03-21 09:25Financial Performance - The company's operating revenue for 2024 was CNY 20.68 billion, a decrease of 7.34% compared to CNY 22.32 billion in 2023[17]. - The net profit attributable to shareholders for 2024 was CNY 937.33 million, down 6.26% from CNY 999.92 million in 2023[17]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 732.03 million, a decline of 18.25% from CNY 895.49 million in 2023[17]. - Basic earnings per share decreased by 6.12% to CNY 0.92 in 2024 compared to CNY 0.98 in 2023[18]. - Diluted earnings per share also decreased by 6.12% to CNY 0.92 in 2024 from CNY 0.98 in 2023[18]. - The company reported a significant decrease in inventory, down 27.15% to ¥6,072,946,231.99 from ¥8,336,145,904.05[52][53]. - The company reported a total of 10 board meetings held in the year, with 5 conducted in person and 4 via communication methods[86]. - The company reported a total of 370,751,525.00 RMB in non-current financial assets at the end of the reporting period, with a fair value change gain of 18,098,240.77 RMB[57]. Cash Flow and Investments - The net cash flow from operating activities for 2024 was CNY 897.40 million, a decrease of 29.07% compared to CNY 1.27 billion in 2023[17]. - The company reported a net cash flow from operating activities of -CNY 218.13 million in Q1 2024, CNY 895.78 million in Q2, CNY 748.21 million in Q3, and -CNY 528.45 million in Q4[21]. - The company reported a cash flow net increase of -¥218,836,401.78 in 2024, contrasting with a positive increase of ¥214,399,531.05 in 2023[188]. - The net cash flow from investment activities improved to ¥142,620,461.66 in 2024, compared to a negative cash flow of -¥181,450,335.31 in 2023[188]. - Cash inflow from investment activities totaled ¥848,650,831.15 in 2024, an increase of 53.38% from ¥553,467,588.58 in 2023[188]. Assets and Liabilities - The total assets as of the end of 2024 were CNY 35.17 billion, down 5.51% from CNY 37.22 billion at the end of 2023[17]. - The company's total liabilities amounted to CNY 18.82 billion, down from CNY 21.01 billion in the previous year, reflecting a reduction of about 10.4%[176]. - Current assets decreased to CNY 28.54 billion from CNY 30.70 billion, representing a decline of approximately 7.0% year-over-year[175]. - The company's equity attributable to shareholders rose to CNY 13.72 billion, compared to CNY 13.47 billion in 2023, reflecting an increase of about 1.9%[177]. Strategic Initiatives - The company is focusing on structural adjustments in its elevator business, shifting from growth to quality improvement, which is expected to support sustainable development[5]. - The company aims to expand its service business, focusing on maintenance and modernization of existing elevators due to declining new elevator demand[26]. - The company is actively addressing market risks, particularly in the real estate sector, by enhancing technological innovation and cost control measures[5]. - The company aims to improve operational quality by enhancing management of new orders, cash flow, accounts receivable, and inventory, while also advancing financial digitalization[40]. - The company is committed to improving operational quality and monitoring cash flow, accounts receivable, and inventory management[65]. Research and Development - The company invested ¥766,251,942.88 in R&D, accounting for 3.72% of total operating revenue, with capitalized R&D expenses at ¥3,954,700.00[50]. - The company has accumulated over 1,000 patent applications and has been recognized as a high-tech enterprise and an innovative enterprise in Shanghai[34]. - Research and development expenses for 2024 were CNY 766,251,942.88, slightly down from CNY 789,349,272.49 in 2023[182]. Corporate Governance - The company has established a dedicated board committee to enhance corporate governance and protect shareholder rights[71]. - The company has implemented a rigorous information disclosure system to ensure timely and accurate communication with shareholders[72]. - The company has appointed PwC as the auditing firm for the 2024 fiscal year[74]. - The audit committee has agreed to appoint Ernst & Young Hua Ming as the auditing firm for the 2024 fiscal year, based on their qualifications and capabilities[90]. Environmental and Social Responsibility - The company invested 6.951 million RMB in environmental protection during the reporting period[111]. - The total wastewater discharge for Shanghai Mitsubishi Elevator was 106,900 tons, with a chemical oxygen demand average concentration of 17 mg/L, well below the regulatory limit[113]. - The company reduced carbon emissions by 2,349 tons through the use of clean energy and ongoing rooftop photovoltaic projects[120]. - The company reported a total donation of 570,000 RMB for public welfare projects, including 420,000 RMB in cash donations[121]. Future Outlook - The company expects to achieve approximately 20.6 billion yuan in revenue for 2025[66]. - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 12% to 15%[82]. - The company plans to focus on market expansion and new product development in the upcoming fiscal year[181].