JINMING MACHINERY(300281)2024-03-19 16:00Financial Performance - The company's operating revenue for 2023 was ¥454,491,061.92, a decrease of 3.79% compared to ¥472,408,649.42 in 2022[23]. - The net profit attributable to shareholders in 2023 was ¥6,715,535.37, a significant increase of 525.26% from a loss of ¥1,579,172.97 in 2022[23]. - The cash flow from operating activities in 2023 was ¥23,677,675.61, representing a 226.81% increase from ¥7,245,190.95 in 2022[23]. - Basic earnings per share for 2023 were ¥0.016, up 500% from a loss of ¥0.004 in 2022[23]. - The total assets at the end of 2023 were ¥1,500,073,355.98, an increase of 1.35% from ¥1,480,050,133.18 at the end of 2022[23]. - The company reported a weighted average return on equity of 0.53% in 2023, compared to -0.12% in 2022[23]. - The revenue after deducting non-recurring gains and losses was ¥420,107,835.12 in 2023, compared to ¥391,842,037.82 in 2022, indicating a growth of 7.25%[23]. - The company received government subsidies amounting to ¥4,907,315.25 in 2023, compared to ¥4,860,096.15 in 2022[29]. - The company reported a total of ¥21,168,648.14 in non-recurring gains in 2023, compared to ¥18,759,976.12 in 2022[29]. - The total operating revenue for 2023 was ¥454,491,061.92, a decrease of 3.79% compared to ¥472,408,649.42 in 2022[74]. - The plastic machinery sector generated ¥277,714,384.29, accounting for 61.10% of total revenue, with a year-on-year increase of 3.42%[74]. - Revenue from plastic products decreased by 14.98% to ¥165,370,518.02, representing 36.39% of total revenue[74]. - The company achieved a significant increase in software revenue, which rose by 140.93% to ¥1,121,353.10, contributing 0.25% to total revenue[74]. - The overseas business accounted for 36.11% of total revenue, increasing by 50.86% from the previous year[74]. - The gross profit margin for the plastic machinery sector was 25.16%, while the plastic products sector saw a gross profit margin of -2.60%[76]. - The company reported a net profit attributable to ordinary shareholders of 6,715,535.37 yuan for the year 2023[166]. - The total distributable profit as of December 31, 2023, was 316,113,011.91 yuan, with a capital reserve of 498,648,419.63 yuan[166]. - A cash dividend of 0.2 yuan per 10 shares (including tax) was proposed, totaling 8,378,471.60 yuan, which represents 100% of the total profit distribution[165]. Market and Industry Trends - The global demand for plastic films shows significant regional differences, with high-end film production mainly concentrated in Germany, Japan, and South Korea, while emerging markets present substantial growth potential[33]. - The soft packaging industry in China is expected to grow at a CAGR of 3.3%, reaching a market size of 55.9 billion) in 2019 to 2.603 million tons (11.013 billion in 2018 to $15.475 billion in 2022, with a CAGR of 8.88%[35]. - The domestic market for biaxially oriented polyester (BOPET) films in China has seen a steady increase in production capacity, with supply-demand gaps reaching a five-year high in 2023[36]. - The demand for high-performance biaxially oriented films is expanding into new sectors, including renewable energy, driven by technological advancements and evolving downstream requirements[36]. Company Strategy and Development - The company is focusing on developing "recyclable and biodegradable" packaging solutions in response to the growing trend of environmental sustainability[34]. - The company aims to enhance its production capabilities through the establishment of a "special multifunctional smart factory," positioning itself as a key player in the biaxially oriented film industry[37]. - The company adopts a production model of "sales-driven production," ensuring timely delivery based on customer orders and market trends[42]. - The company specializes in high-end customized plastic machinery, focusing on intelligent equipment manufacturing and integrating R&D, design, production, and sales[43]. - The company has successfully developed advanced coating and composite production lines, leading in the domestic market and exporting to over 50 countries[44]. - The company is expanding its market presence in Southeast Asia and Europe, targeting high-end sectors such as aerospace and renewable energy[44]. - The company is committed to continuous innovation and product line expansion to meet diverse customer needs in various industries[44]. - The company plans to enhance its core business through product upgrades and technological innovation to drive high-quality development[72]. - The company plans to focus on intelligent manufacturing and high-value-added products, aiming to enhance product quality and brand competitiveness[107]. - The company will continue to implement a green development strategy, focusing on the circular packaging industry and upgrading intelligent plastic machinery products to meet higher energy-saving and environmental requirements[108]. Risks and Challenges - The company faces risks including macroeconomic fluctuations, market competition, raw material price volatility, technology leakage, and exchange rate fluctuations[4]. - The company acknowledges risks from macroeconomic fluctuations and plans to strengthen market expansion while seeking new business growth points[113]. - The company faces increased competition in the plastic machinery industry and aims to enhance product quality and core technology to maintain its competitive edge[114]. - The company is exposed to raw material price fluctuations, particularly steel, which could impact production costs and operating performance, and will continue to monitor and manage supplier relationships[115]. - The company recognizes the risk of technology leakage due to employee turnover and is enhancing employee engagement and welfare to mitigate this risk[116]. - The company is aware of exchange rate fluctuations affecting its operations and will manage import/export activities and utilize financial tools to mitigate risks[117]. Governance and Compliance - The company emphasizes the importance of ensuring the accuracy and completeness of the financial report, with all board members present for the meeting[4]. - The company is committed to meeting industry disclosure requirements and maintaining compliance with regulatory standards[48]. - The company has established a transparent and fair performance evaluation and incentive mechanism for senior management, ensuring compliance with legal regulations[127]. - The board of directors consists of 7 members, including 3 independent directors, and has established specialized committees to enhance governance[125]. - The company maintains independence in business, personnel, assets, institutions, and finance, ensuring no interference from the controlling shareholder[131]. - The company has a clear asset ownership structure and does not provide guarantees for the controlling shareholder or its subsidiaries[132]. - The company strictly adheres to information disclosure regulations, providing timely and accurate information to all shareholders[128]. - The company has a dedicated financial department and independent financial management system, ensuring financial independence[132]. - The company actively respects and protects the rights of stakeholders, promoting balanced interests among shareholders, employees, and society[130]. - The governance structure of the company aligns with the requirements of the Corporate Governance Code and relevant regulations[130]. Environmental Compliance - The company strictly adheres to environmental protection laws and regulations, including the Environmental Protection Law of the People's Republic of China[175]. - The company holds valid pollution discharge permits, with the latest expiring on June 16, 2026[176]. - The company is committed to maintaining compliance with the "Electroplating Pollutants Discharge Standards" (GB21 900-2008)[178]. - The organization has implemented measures to ensure that its wastewater emissions do not exceed the specified limits for ammonia nitrogen, which was recorded at 0.092 tons per annum[178]. - The company is focused on enhancing its wastewater treatment processes to further reduce pollutant emissions in the future[179]. - The company reported zero environmental pollution incidents in 2023, demonstrating effective management of environmental risks[188]. - The company has implemented strict pollution prevention measures across all operational stages, from procurement to sales[188]. - The company has established an environmental management system and completed the emergency response plan for environmental accidents, which has been filed with the environmental protection bureau[188]. - The company invested CNY 603,900 in environmental protection efforts in 2023, covering costs for environmental technology upgrades, hazardous waste treatment, and maintenance of environmental equipment[194]. - The company is committed to continuous improvement in its emission control strategies and compliance with relevant standards[184].