Financial Performance - The pre-tax profit increased by approximately 6.3% from about RMB 366 million for the year ended December 31, 2021, to about RMB 389 million for the year ended December 31, 2022, mainly due to increased gains from forward foreign exchange contracts[3]. - The net profit margin rose from approximately 1.7% for the year ended December 31, 2021, to approximately 2.6% for the year ended December 31, 2022[4]. - The company's gross profit decreased by approximately 7.9% from about RMB 283.8 million for the year ended December 31, 2021, to about RMB 261.4 million for the year ended December 31, 2022, primarily due to a decrease in revenue and rising raw material prices[70]. - The company's revenue for the year ended December 31, 2022, was approximately RMB 917.8 million, a slight decrease of about 1.4% compared to 2021, primarily due to a significant decline of approximately 40% in the revenue from the power transmission and distribution sector[85]. - Other income and gains increased significantly by approximately 73.4% to about RMB 69.7 million for the year ended December 31, 2022, compared to RMB 40.2 million in 2021, primarily due to increased gains from forward foreign exchange contracts[122]. - Total comprehensive income attributable to owners of the parent increased by approximately 37.3% from about RMB 18.5 million for the year ended December 31, 2021, to about RMB 25.4 million for the year ended December 31, 2022, primarily due to increased gains from forward foreign exchange contracts[181]. Inventory and Trade Management - The average inventory turnover days decreased from about 147 days for the year ended December 31, 2021, to about 112 days for the year ended December 31, 2022, primarily due to a reduction in stock at the end of the period[5]. - Trade payables increased by approximately 37.7% to about RMB 250.8 million as of December 31, 2022, compared to RMB 182.1 million as of December 31, 2021, primarily due to account period management[129]. - Trade receivables and notes receivable increased by approximately 26.8% from about RMB 629.3 million as of December 31, 2021, to about RMB 798.2 million as of December 31, 2022, mainly due to slower collections affected by the pandemic[182]. - The average turnover days for trade payables and notes payable increased from approximately 102 days for the year ended December 31, 2021, to approximately 118 days for the year ended December 31, 2022, primarily due to account period management[183]. Debt and Capital Structure - Interest-bearing bank borrowings decreased by approximately 28.5% from about RMB 204.1 million as of December 31, 2021, to about RMB 146.0 million as of December 31, 2022, mainly due to adjustments in the capital structure[8]. - The capital debt ratio decreased from approximately 11.3% as of December 31, 2021, to about 7.6% as of December 31, 2022, mainly due to a reduction in the bank loan balance[131]. - Cash and cash equivalents increased by approximately 5.4% from RMB 587.2 million on December 31, 2021, to RMB 618.8 million on December 31, 2022, primarily due to net cash inflow from operating activities and increased financing during the period[154]. - As of December 31, 2022, cash and bank balances amounted to approximately RMB 429.0 million, down from RMB 485.8 million in the previous year[154]. Corporate Governance - The company has adopted the standard code of conduct for securities trading as per the listing rules, confirming compliance by all directors for the year ended December 31, 2022[26]. - The board of directors consists of three executive directors, one non-executive director, and three independent non-executive directors, ensuring a balance of skills and experience necessary for effective leadership and independent decision-making[27]. - The audit committee consists of three independent non-executive directors, ensuring adequate financial and accounting expertise[32]. - The company has established a nomination committee to oversee the nomination process for directors and ensure compliance with independence requirements[54]. - The company has a formal and transparent process for selecting and appointing directors, including succession planning[55]. - The company has made improvements in handling and disclosing insider information to prevent potential mishandling[44]. - The audit committee members are not former partners of the company's current external auditors, ensuring independence[32]. Research and Development - Research and development costs increased by approximately 7.1% to about RMB 90.1 million for the year ended December 31, 2022, mainly due to higher costs associated with self-produced IGBT development[147]. - The company emphasizes the importance of clean energy technology research and innovation as a driving force for sustainable development[74]. - The company is focused on core components and innovative technologies for the new energy industry chain, which is expected to maintain rapid growth in 2023[86]. Market and Product Development - In 2023, the company will focus on the market development of the i20 series 1700V IGBT chips and ST packaging modules, aiming to launch new products including automotive-grade HEEV and EVD packaged silicon carbide MOSFET modules within the year[74]. - The company has signed contracts with seven European and domestic customers for a total of 46 marine solid-state DC circuit breakers across 12 projects[69]. - The company's flexible DC transmission support capacitors became the first domestically produced products to be applied in bulk in the 220 kV Zhongbu-Tingshan flexible low-frequency transmission demonstration project[78]. - New product developments, such as the i20 series IGBT chips and integrated busbars, have received customer recognition and contributed to revenue growth exceeding RMB 10 million[101]. - Revenue from the electrification transportation sector surged by 119% to RMB 80.7 million in 2022, driven by strong demand for self-developed IGBT chips and modules[136]. Risk Management - The company has implemented strict internal control measures, including separation of incompatible duties and authorization controls, to enhance risk management[44]. - The board is responsible for the group's risk management and internal control systems, aiming to provide reasonable assurance against material misstatements[43]. - The company has completed a comprehensive annual audit of its internal control system, which includes an independent assessment of the effectiveness and adequacy of the risk management and internal control systems[62].
赛晶科技(00580) - 2022 - 年度财报