HMD(002947)2025-03-28 11:45Corporate Governance and Structure - The company has maintained its main business operations without any changes since its listing [17]. - The company has no changes in its major shareholders since its listing [17]. - The company’s registered address is located at 1568 Shipaida Road, Bancheng Town, Kunshan City, Jiangsu Province, with a postal code of 215312 [14]. - The company’s website is http://www.hengmingda.com/ [14]. - The company’s legal representative is Jing Tianping [14]. - The company has no changes in its registered address history [14]. - The company has established an independent organizational structure with fully operational governance bodies, including the shareholders' meeting, board of directors, and supervisory board [139]. - The company has an independent financial department capable of making autonomous financial decisions and operates separate bank accounts [139]. - The board of directors consists of 12 members, including 4 independent directors, and has held 8 board meetings and various committee meetings to ensure effective governance [128]. - The company emphasizes a governance structure that complies with legal regulations, enhancing internal controls and risk management capabilities [116]. - The company has established a complete decision-making process for its cash dividend policy, ensuring transparency and compliance with regulations [185]. - The board has been actively involved in ensuring compliance and governance, with regular assessments of independent directors' independence [161]. Financial Performance - The company's operating revenue for 2024 reached ¥2,486,211,022.64, representing a 36.74% increase compared to ¥1,818,262,223.79 in 2023 [6]. - Net profit attributable to shareholders increased by 62.36% to ¥456,854,970.90 in 2024 from ¥281,389,362.75 in 2023 [6]. - The basic earnings per share rose by 55.28% to ¥1.91 in 2024, compared to ¥1.23 in 2023 [6]. - Total assets grew by 41.26% to ¥3,958,683,616.29 at the end of 2024, up from ¥2,802,455,359.66 at the end of 2023 [6]. - The company's total revenue for 2024 reached ¥2,486,211,022.64, representing a 36.74% increase compared to ¥1,818,262,223.79 in 2023 [55]. - Manufacturing accounted for 98.50% of total revenue, with a revenue of ¥2,449,032,108.66, up 37.28% from ¥1,783,937,570.93 in the previous year [55]. - The overseas revenue constituted 66.81% of total revenue, amounting to ¥1,660,981,412.31, which is a 35.19% increase from ¥1,228,583,981.83 in 2023 [55]. - The company reported a net cash flow from operating activities of ¥271,240,913.44, a slight increase of 1.52% from ¥267,182,334.96 in 2023 [6]. - The company received government subsidies amounting to ¥1,602,422.80 in 2024, down from ¥2,877,381.00 in 2023, indicating a shift in non-operating income sources [24]. Research and Development - The company has invested significantly in R&D, resulting in multiple patents and software copyrights, ensuring a technological edge in the market [46]. - The company is committed to increasing R&D investment to enhance technological innovation and improve product reliability and performance standards in response to market demands [95]. - R&D expenses grew by 31.78% to ¥112,611,365.05, reflecting increased investment in research and development [61]. - The number of R&D personnel increased by 16.96% from 230 in 2023 to 269 in 2024, while the proportion of R&D personnel decreased slightly from 12.45% to 11.84% [66]. - The company is developing a multi-functional swing-arm microscope to enhance detection efficiency and precision in measuring blade edges [66]. - The company is in the research phase of a high-precision narrow material slitting machine to enhance product quality and production efficiency [65]. Market Expansion and Strategy - The company is actively expanding in the consumer electronics, communication, and new energy sectors, leveraging AI technology for innovation [27][28]. - The company aims to enhance its core competitiveness through technological innovation and strategic collaboration across three major business segments: consumer electronics, communications, and new energy [90]. - The company plans to strengthen its internal control management system and capture new development opportunities in 2025, focusing on high-quality development in its three main business areas [92]. - The company will deepen its strategic layout in the communication business, particularly in the supply of precision metal structural components for data centers and communication networks [93]. - The company is committed to expanding its new energy business, focusing on energy storage systems and key components for electric vehicles, while contributing to national "dual carbon" strategic goals [94]. - The company is exploring potential mergers and acquisitions to bolster its market position, as suggested by the discussions with institutional investors [108]. Shareholder Returns and Dividends - The company plans to distribute a cash dividend of 6 CNY per 10 shares to all shareholders, based on a total of 255,012,636 shares [4]. - The company has established a shareholder dividend return plan for 2023-2025, focusing on maintaining stable dividends to enhance investor satisfaction [101]. - The company has a profit distribution policy that requires a minimum cash dividend ratio of 20% during its growth phase with significant capital expenditures [185]. - The company plans to distribute a cash dividend of RMB 6 per 10 shares, totaling RMB 153,007,581.60, which represents 33.49% of the net profit attributable to ordinary shareholders [187]. - The total distributable profit for the period is RMB 648,747,853.85, with the cash dividend amounting to 100% of the total profit distribution [185]. Operational Efficiency and Cost Management - Direct materials cost increased by 36.76% to ¥1,250,663,956.15, accounting for 76.08% of operating costs in 2024 [59]. - Direct labor cost rose by 36.73% to ¥220,351,277.91, representing 13.41% of operating costs [59]. - The company aims to reduce production costs by 5% through the development of new adhesive technologies [62]. - The company has completed the development and acceptance of an automatic waste cleaning device for film cutting, improving production efficiency and product yield by 10% [63]. - The company has successfully developed a tape application device that facilitates the packaging of cartons of various sizes, improving production efficiency and product yield by 10% [63]. Employee Management and Compensation - The total number of employees at the end of the reporting period is 2,272, with 773 in the parent company and 1,499 in major subsidiaries [169]. - The professional composition includes 1,559 production personnel, 97 sales personnel, 408 technical personnel, 24 financial personnel, and 184 administrative personnel [169]. - The company implements a fair and reasonable compensation policy based on performance targets and job responsibilities, ensuring employee motivation and career development [170]. - The compensation system includes fixed and performance-based pay, with a diversified model tailored to different job functions and levels [170]. - Total pre-tax compensation for directors, supervisors, and senior management amounted to CNY 20.80 million [159]. Risk Management and Compliance - The company is addressing foreign exchange risks by closely monitoring international currency market dynamics and optimizing transaction processes to increase the proportion of RMB settlements [106]. - The company emphasizes the importance of internal control systems, ensuring compliance with laws and regulations, and optimizing governance to mitigate risks [198]. - Continuous improvement of internal control self-evaluation and enhancement efforts are being made across various departments [200].