Hisense V.T.(600060)2025-03-30 07:55Dividend and Financial Policy - The company plans to distribute a cash dividend of 8.80 RMB per 10 shares, totaling approximately 1.15 billion RMB based on a total share capital of 1,304,972,254 shares as of December 31, 2024[6]. - The company has not proposed any bonus shares or capital reserve transfers to increase share capital in the profit distribution plan[6]. - The company has maintained a cash dividend ratio of 50% of net profit over the past three years, with a total cash dividend of 3.04 billion yuan, ensuring long-term returns for shareholders[87]. - The company implemented a cash dividend policy, distributing a total of ¥1,148,375,583.52, which represents 51.12% of the net profit attributable to ordinary shareholders in the consolidated financial statements[197]. - Over the last three accounting years, the cumulative cash dividend amount (including tax) reached ¥3,039,180,027.83, with an average annual net profit of ¥2,007,060,204.46, resulting in a cash dividend ratio of 151.42%[199]. - In 2023, the company maintained a clear and specific cash dividend policy, ensuring the protection of minority shareholders' rights and incorporating their feedback in the decision-making process[195]. Financial Performance - The company achieved operating revenue of RMB 58.53 billion in 2024, representing a year-on-year increase of 9.17%[23]. - The net profit attributable to shareholders reached RMB 2.25 billion, up 7.17% compared to the previous year[23]. - The net cash flow from operating activities was RMB 3.59 billion, reflecting a significant increase of 22.79% year-on-year[23]. - The weighted average return on equity rose to 11.91%, an increase of 0.50 percentage points from the previous year[24]. - The company reported a basic earnings per share of RMB 1.716, which is a 5.80% increase from 2023[24]. - The company's revenue for the reporting period reached ¥5,853,024.17 million, representing a 9.17% increase compared to ¥5,361,555.87 million in the previous year[122]. - Operating costs increased by 9.93% to ¥4,936,555.49 million from ¥4,490,635.71 million, while the net cash flow from operating activities rose by 22.79% to ¥359,465.49 million[122]. Audit and Compliance - The company reported a standard unqualified audit opinion from Xinyong Zhonghe Accounting Firm, ensuring the accuracy and completeness of the financial report[5]. - There are no non-operating fund occupations by controlling shareholders or related parties, nor any violations in decision-making procedures for external guarantees[8]. - The company has not faced any risks regarding the inability of a majority of directors to guarantee the authenticity and completeness of the annual report[9]. - The report includes forward-looking statements, which do not constitute a substantive commitment to investors, highlighting the need for caution regarding investment risks[7]. - There were no penalties from securities regulatory agencies in the past three years, indicating compliance with regulations[172]. Technological Advancements - The company has developed the RGB-Mini LED liquid crystal module and the AI quality chip H7, achieving a significant leap in liquid crystal display technology with RGB three-color backlighting and a 70% improvement in scene perception and quality optimization capabilities[37]. - The ULED technology platform's new generation RGB-Mini LED products are over 20% more energy-efficient compared to QD-OLED and traditional Mini LED, while achieving high quality and low carbon emissions[38]. - The company has applied for a total of 2,806 patents in the laser projection display field, with 1,350 granted, showcasing its technological leadership and industry benchmark status[44]. - The company has established a vertical technology system for Micro LED, covering five core areas from chip development to image quality restoration, leading to industry benchmark levels[45]. - The company launched a new generation of AI picture quality chips at CES 2025, enhancing clarity, contrast, and color representation in visual displays[52]. - The AI optimization system improved resource allocation efficiency by 25%, overall system smoothness by 15%, and response speed in key scenarios reached industry-leading levels[53]. - The company is focused on accelerating the development and application of new technologies such as Mini LED, Micro LED, and AI-driven innovations to strengthen its operational capabilities[114]. Market Performance and Expansion - The global market share of Hisense televisions reached 13.95%, an increase of 0.99 percentage points year-on-year, maintaining the second position worldwide for three consecutive years[54]. - In the high-end television market in China, Hisense's retail market share reached 40.97% in 2024, with Mini LED products capturing 34.91% of retail volume[58]. - The company's overseas revenue grew at a compound annual growth rate of 14.44% from 2019 to 2024, supported by brand competitiveness[59]. - In Japan, Hisense televisions achieved a market share of 38.6% in volume and 31.5% in sales revenue, both increasing by over 5 percentage points year-on-year[63]. - The company expanded its core channels in the ASEAN market, adding 97 core channels and over 2,000 stores, leading to a 48% year-on-year increase in shipments of 75-inch and larger products, and a staggering 399% increase for 98-inch and above products[64]. - The company reported a 40% year-on-year increase in shipments in the Latin America market, with Mini LED sales growing by 232% and 85-inch and above sales increasing by 435%[66]. - The company is undergoing a comprehensive digital transformation to enhance operational efficiency across the entire value chain, integrating AI and digital technologies[81]. Corporate Governance and Management - The board of directors has been restructured, with proposals for the election of independent directors and non-independent directors[160]. - The company has proposed to continue the appointment of the accounting firm for the year 2024[160]. - The company has established a comprehensive "end-cloud-chip" AI capability system, positioning itself as a leader in the AI television sector[53]. - The company is implementing an employee stock ownership plan to align employee interests with company performance[173]. - The board established an ESG (Environmental, Social, and Governance) committee to enhance corporate governance practices[173]. - The company has approved the 2023 annual social responsibility report and the 2023 environmental, social, and governance report[185]. Employee and Training Initiatives - The total number of employees in the parent company is 5,414, while the main subsidiaries employ 12,683, resulting in a total of 18,097 employees[187]. - The professional composition includes 7,545 production personnel, 5,642 sales personnel, 3,933 technical personnel, 300 financial personnel, 501 administrative personnel, and 176 procurement personnel[187]. - The company conducted over 2,500 internal training sessions in 2024, with more than 70,000 participants, achieving a training satisfaction rate exceeding 90%[191]. - The company has established a three-year training plan for new hires, focusing on cultural integration and skill enhancement through a dual-mentor system[189]. - A total of 152 qualification standards and 195 learning maps have been developed to enhance professional skills across core sequences, ensuring comprehensive coverage of R&D and supply chain[191]. Strategic Investments and Acquisitions - The company completed a strategic acquisition of a tech startup for 100 million USD, enhancing its capabilities in AI technology[166]. - The company has strategically invested in two upstream chip companies, enhancing vertical integration in the display industry and accelerating technological innovation[78]. - The company plans to establish a joint venture in Vietnam as part of its market expansion strategy[173]. Risks and Challenges - The company faces risks from international trade uncertainties, including potential export tariff barriers and geopolitical tensions[151]. - The company is addressing market demand fluctuations in the black appliance sector by deepening its global strategy and innovating product technology[152]. - The company is utilizing foreign exchange hedging tools to mitigate risks associated with currency fluctuations in its international operations[154].