2025-03-27 10:35Financial Performance - The total sales revenue for 2024 reached RMB 57.8 billion, representing a year-on-year growth of 28%[14] - The company's operating revenue for 2024 reached CNY 57,795,570, representing a 27.7% increase compared to CNY 45,250,425 in 2023[24] - In 2024, the company achieved a main business revenue of RMB 57,107.7 million, an increase of 28.1% year-on-year[41] - The wafer foundry business revenue was RMB 53,246.1 million, reflecting a year-on-year growth of 30.3%[41] - The net profit attributable to shareholders for 2024 was CNY 3,698,665, a decrease of 23.3% from CNY 4,822,814 in 2023[24] - The EBITDA for 2024 was CNY 31,562,315, showing a 16.1% increase from CNY 27,179,998 in 2023[24] - The net profit margin for 2024 was 9.3%, a decline of 4.8 percentage points compared to 14.1% in 2023[25] - The company's operating costs rose by 33.1% to RMB 47,051.3 million compared to the previous year[93] - The company reported a significant increase in revenue, achieving a year-over-year growth of 15% in Q3 2023, totaling $1.2 billion[186] Assets and Liabilities - As of the end of 2024, total assets amounted to approximately RMB 353.4 billion[14] - The company’s total assets increased to CNY 353,415,296 at the end of 2024, up 4.4% from CNY 338,463,197 at the end of 2023[24] - The company's net debt at the end of the reporting period was RMB -24,205.2 million, indicating a reduction in net debt compared to RMB -46,111.4 million last year[105] - The net debt-to-equity ratio improved to -10.6% from -21.1% year-on-year, indicating a stronger equity position[116] - The company has no real estate or machinery as collateral for its borrowings, indicating a low level of asset-backed financing[112] Research and Development - The R&D expenditure as a percentage of operating revenue was 9.4% in 2024, down 1.6 percentage points from 11.0% in 2023[25] - The company achieved a total R&D expenditure of RMB 5,447,122 thousand in the current year, representing a 9.1% increase from RMB 4,991,551 thousand in the previous year[58] - The company filed 614 new invention patents and obtained 471 patents during the reporting period, bringing the cumulative totals to 18,216 applications and 12,112 granted patents[56] - The number of R&D personnel decreased to 2,330 from 2,363, while the proportion of R&D personnel in the total workforce increased to 12.1% from 11.7%[62] - The company is committed to reducing the R&D to mass production cycle to meet market demands for product innovation and rapid iteration[63] Market and Industry Trends - The semiconductor market is showing signs of recovery, with demand in emerging markets like smart wearables and IoT devices continuing to expand[40] - The global semiconductor industry is showing signs of recovery in 2024, with a notable growth in demand for logic chips driven by leading industries[48] - The semiconductor demand in the automotive sector is entering a cyclical adjustment phase, with inventory digestion slowing down amid increasing competition in the electric vehicle market[48] - The semiconductor industry is experiencing a trend towards regionalization, with countries expanding local wafer foundry capacities to mitigate geopolitical risks[132] Risk Management - The company faces supply chain risks due to reliance on a limited number of qualified suppliers for critical materials and components, which could affect production if shortages occur[77] - The company is exposed to performance volatility risks due to macroeconomic fluctuations and changes in industry demand, which may impact sales revenue and profit margins[78] - The company has established a currency risk management system to mitigate the impact of foreign exchange fluctuations on its financial performance[80] - The company faced geopolitical risks due to tightening export controls affecting the semiconductor industry[85] - The company is committed to maintaining a comprehensive risk management system to protect natural resources and ensure operational continuity[91] Corporate Governance - The company has adopted a corporate governance policy since January 25, 2005, with the latest revision on February 10, 2022, to comply with the Corporate Governance Code[169] - The company has established a structured board of directors with specialized committees, including an audit committee, compensation committee, nomination committee, and strategy committee[170] - The company complies with all relevant laws and regulations that significantly impact its business and operations[166] - The company has implemented a structured approach to investor relations, allowing shareholders to submit proposals at the annual general meeting if they hold at least 3% of the voting shares[180] Future Outlook - The company aims for sales revenue growth above the average of comparable peers for 2025, with capital expenditures expected to remain flat compared to the previous year[134] - The company is committed to optimizing production, operations, and related services to enhance customer service and create long-term shareholder value[133] - The company is focusing on developing a platform-based ecosystem service model, providing comprehensive integrated circuit solutions[133] - Future outlook remains positive, with management expressing confidence in achieving a J% increase in overall performance metrics by the end of the fiscal year[190]