TOYOU(300302)2023-04-27 16:00Financial Performance - The company reported a significant loss in the fiscal year 2022, with specific reasons and countermeasures detailed in the management discussion section[4]. - The company plans not to distribute cash dividends, issue bonus shares, or increase capital from reserves[5]. - The company’s operating revenue for 2022 was ¥435,285,507.54, an increase of 11.35% compared to ¥390,908,671.41 in 2021[21]. - The net profit attributable to shareholders was -¥20,209,666.90, representing a decrease of 67.34% from -¥12,077,369.73 in the previous year[21]. - The cash flow from operating activities was -¥18,135,270.57, a decline of 115.18% compared to ¥119,476,826.87 in 2021[21]. - The total assets at the end of 2022 were ¥1,897,250,974.56, reflecting a growth of 4.71% from ¥1,811,954,708.51 at the end of 2021[21]. - The company reported a basic earnings per share of -¥0.0416, down 67.07% from -¥0.0249 in 2021[21]. - The company reported a net profit of -RMB 20.21 million, a decrease of RMB 8.13 million year-on-year, but operating profit, excluding investment losses, was RMB 15.52 million, showing a year-on-year increase[53][55]. - The company reported a net cash flow from operating activities decreased by 115.18% year-on-year, resulting in a net outflow of ¥18,135,270.57 in 2022 compared to a net inflow of ¥119,476,826.87 in 2021[91]. - The company reported an investment loss of ¥38,988,790.58, which accounted for 167.07% of total profit, primarily due to increased losses from joint ventures[95]. Revenue and Market Position - The company is positioned in the rapidly growing storage industry, driven by advancements in cloud computing and artificial intelligence, with a focus on flash and distributed storage technologies[32]. - The company experienced significant fluctuations in quarterly performance, with a net profit of ¥9,143,079.38 in Q1, but losses in subsequent quarters, culminating in a Q4 loss of -¥23,618,530.05[24]. - The company secured contracts for significant projects, including a RMB 123 million centralized storage project and a RMB 102 million distributed storage project[47]. - Revenue from government clients was ¥337,969,643.31, accounting for 77.64% of total revenue, with a year-on-year increase of 47.37%[74]. - Revenue from non-government clients decreased by 39.77% to ¥97,315,864.23, representing 22.36% of total revenue[74]. - Distributed storage systems revenue surged by 790.77% to ¥121,981,950.52, while solid-state storage revenue fell by 31.63% to ¥135,701,309.82[74]. - The company achieved a revenue of RMB 435.29 million, representing a year-on-year growth of 11.35%[53]. - The system-level storage revenue reached RMB 299.58 million, with a year-on-year increase of 55.69%, becoming the main driver of revenue growth[54]. Research and Development - The total R&D investment over the past three years has approached 200 million yuan, with an average annual R&D investment accounting for over 15% of revenue[40]. - The company has accumulated over 200 intellectual property rights, showcasing its comprehensive R&D capabilities from chips to systems[40]. - The company has established a "121" overall R&D system with four research centers, enhancing R&D efficiency and focus[40]. - R&D investment amounted to approximately RMB 70.76 million, accounting for 16.26% of total revenue, reflecting the company's commitment to innovation[54]. - The company has established a research and development team of over 100 people, focusing on storage systems and SSD infrastructure development[49]. - The company has launched self-developed products NCS15000 and ACS11000, targeting high-security users such as government departments and military[88]. - The company is developing a next-generation autonomous NVMe end-to-end all-flash integrated high-end storage hardware platform to enhance its market position[88]. - The company has made significant advancements in distributed storage systems, enhancing performance and functionality to meet market demands[88]. Governance and Management - The company has established a governance structure consisting of a shareholders' meeting, board of directors, supervisory board, and management team, ensuring compliance with relevant laws and regulations[127]. - The board of directors comprises 7 members, including 3 independent directors, and operates in accordance with legal requirements and internal regulations[128]. - The company has implemented a transparent performance evaluation and incentive mechanism for senior management, ensuring compliance with legal standards[128]. - The company has maintained a high level of information disclosure, ensuring that all shareholders have equal access to information[129]. - The company has a complete and independent operational structure, with no controlling shareholder or actual controller[132]. - The company has established a fair and transparent mechanism for the appointment of senior management, ensuring compliance with legal requirements[128]. - The company appointed Yang Xiaoran as the new CFO on February 24, 2022, following the resignation of the previous CFO, Fang Yifu[136]. - The company has a diverse board of directors with members holding various professional backgrounds, including finance, engineering, and management[139]. Strategic Focus and Future Plans - The company has established a strategic focus on "self-controllable, flash memory, and cloud computing" for 2023[109]. - The company aims to deepen its market presence in key sectors such as power, oil, and transportation, targeting "8+2" industry clients[110]. - The company plans to enhance its sales team and develop a systematic sales model to cover the market comprehensively[110]. - The company intends to upgrade its existing products to improve security, stability, and cost structure[112]. - The company aims to achieve a comprehensive replacement of foreign X86 architecture storage products with its own solutions[111]. - The company is focusing on the development of next-generation self-controllable distributed storage systems[111]. - The company is leveraging capital markets to expand its industrial layout, forming a complete storage industry chain from core components to systems, and exploring new investment opportunities through capital operations[115]. Social Responsibility and Compliance - The company actively engages in social responsibility initiatives, including significant donations to educational institutions, exceeding one million in scholarships[193]. - The company has achieved certifications in quality, environmental, and occupational health safety management systems, enhancing its corporate image[193]. - The company maintains strong relationships with customers and suppliers through rigorous procurement management and a commitment to quality service[192]. - The company has not reported any major environmental issues or penalties during the reporting period, indicating compliance with environmental regulations[189]. - Employee welfare is prioritized, with full compliance in labor contracts and benefits such as health check-ups and performance-based compensation systems[192]. Risks and Challenges - The company faces macroeconomic risks due to geopolitical tensions and trade protectionism, which could impact its production plans and operational performance[118]. - The company acknowledges the risk of management challenges as it expands through acquisitions and builds its storage base, necessitating effective integration and oversight[122]. - The company is addressing potential market risks related to the implementation of national strategies for self-sufficiency, which could affect market opportunities if progress is slower than expected[124]. - The company is under investigation by the China Securities Regulatory Commission, which may impact its operations and stock transfer activities[200].