CHIPPACKING(688216)2024-03-29 16:00Guarantees and Credit Lines - The total guarantee amount (including guarantees for subsidiaries) is 76,833.33 million yuan, accounting for 103.09% of the company's net assets[1] - The total guarantee amount for subsidiaries during the reporting period is 96,833.33 million yuan, with a balance of 76,833.33 million yuan at the end of the period[1] - The total guarantee amount for shareholders, actual controllers, and related parties, as well as for entities with a debt-to-asset ratio exceeding 70%, and the portion exceeding 50% of net assets, is 39,568.32 million yuan[1] - The unused credit line as of December 31, 2023, is 42,420.05 million yuan, including 21,197.00 million yuan in long-term loans and 10,481.00 million yuan in short-term loans[1] Raised Funds and Investments - The total amount of funds raised from the initial public offering is 393,767,400.00 yuan, with a net amount of 338,224,573.85 yuan after deducting issuance costs[9] - The cumulative investment in raised funds as of the reporting period is 341,884,849.27 yuan, achieving an investment progress of 101.08%[9] - The annual investment in raised funds is 36,846,408.72 yuan, accounting for 10.89% of the total raised funds[9] - The company used up to 250 million RMB of idle raised funds for cash management from July 6, 2021, to July 5, 2022, with a maximum balance of 135 million RMB during the period[16] - The company replaced 80.67 million RMB of self-raised funds previously invested in fundraising projects with raised funds on July 6, 2021[13] - The company's balance of idle raised funds used for purchasing financial products was 0.00 RMB as of December 31, 2023[15] Financial Performance and Ratios - The company's total assets increased from 1,788.08 million RMB at the beginning of the reporting period to 1,865.43 million RMB at the end, with total liabilities rising from 898.30 million RMB to 1,119.87 million RMB, resulting in a debt-to-asset ratio increase from 50.24% to 60.03%[20] - Revenue for 2023 was RMB 554.3 million, a 2.58% increase compared to 2022[78] - Net profit attributable to shareholders in 2023 was a loss of RMB 130.97 million, compared to a loss of RMB 58.56 million in 2022[78] - R&D expenditure as a percentage of revenue decreased to 8.47% in 2023 from 9.44% in 2022[80] - Total assets increased by 4.33% to RMB 1.87 billion in 2023 compared to 2022[78] - Operating cash flow turned positive in 2023 at RMB 37.19 million, compared to a negative RMB 74.03 million in 2022[78] - Q4 2023 revenue was RMB 148.81 million, with a net loss of RMB 29.85 million[83] - Q4 2023 operating cash flow was RMB 37.49 million, the highest among all quarters[83] - The company's net loss widened due to lower product prices, increased depreciation, higher labor costs, and increased electricity expenses[80] - The company's weighted average ROE was -16.06% in 2023, compared to -6.15% in 2022[79] - Basic earnings per share in 2023 was -1.24 yuan, compared to -0.55 yuan in 2022[79] - Non-current asset disposal gains in 2023 amounted to 142,352.64, a significant decrease from 2,578,138.68 in 2022[85] - Government subsidies recognized in 2023 totaled 28,924,939.50, up from 13,518,487.81 in 2022[85] - Fair value changes and disposal losses of financial assets and liabilities resulted in a loss of 213,198.75 in 2023, compared to a gain of 2,164,402.91 in 2022[85] - Other non-operating income and expenses showed a loss of 2,109,562.54 in 2023, compared to a gain of 255,938.17 in 2022[86] - Total non-recurring gains and losses for 2023 were 22,650,226.33, up from 15,739,632.44 in 2022[86] - Revenue for the reporting period reached 554.30 million yuan, a slight increase of 2.58% year-on-year[96] - Net profit attributable to shareholders was -130.97 million yuan, with losses expanding by 72.40 million yuan compared to the previous year[96] - Operating costs increased by 19.99% to 626.21 million yuan, significantly outpacing revenue growth[98] - R&D expenses decreased by 7.91% to 46.96 million yuan, reflecting a reduction in innovation investment[98] - Gross margin for integrated circuit packaging and testing decreased by 17.98 percentage points to -16.94%[100] - Domestic revenue declined by 6.47% to 462.05 million yuan, while overseas revenue surged by 99.88% to 59.28 million yuan[101] - Production volume of integrated circuit packaging and testing increased by 8.29% to 8.93 billion units[102] - Financial expenses skyrocketed by 625.29% to 15.31 million yuan, indicating increased debt servicing costs[98] - Operating cash flow turned positive at 37.19 million yuan, a significant improvement from the previous year's -74.03 million yuan[98] - Inventory of integrated circuit packaging and testing decreased by 17.96%, reflecting efforts to manage stock levels[102] - The company's total owner's equity at the beginning of the year was 710,023,799.42 RMB, with a decrease of 13,091,881.83 RMB during the period[108] - The company's accounts receivable financing decreased by 3,836,544.36 RMB from the beginning to the end of the period, with no impact on current profits[116] - The company's revenue in 2023 was 554.2963 million yuan, with a slight increase of 2.58% year-on-year. However, the net profit attributable to shareholders was -130.9669 million yuan, a loss increase of 72.4042 million yuan compared to the previous year[124] - Advanced packaging accounted for only 32.49% of the company's main business revenue in 2023, with traditional packaging forms like SOP and SOT still dominating[126] - The company's revenue in the reporting period was 554 million yuan, a year-on-year increase of 2.58%, but net profit attributable to shareholders was -130.97 million yuan, a year-on-year decrease of 72.4 million yuan[137] - The company achieved sales volume of 8.982 billion units, a year-on-year increase of 9.62%[138] - The company's inventory balance as of December 31, 2023, was 117.53 million RMB, with an inventory impairment provision of 14.43 million RMB, which impacts profitability[153] - The company's monetary funds decreased from RMB 153.15 million in 2022 to RMB 43.18 million in 2023, a significant drop of 71.8%[165] - Accounts receivable increased from RMB 100.62 million in 2022 to RMB 109.71 million in 2023, a growth of 9.0%[165] - Inventory decreased from RMB 113.08 million in 2022 to RMB 103.10 million in 2023, a reduction of 8.8%[166] - Total current assets decreased from RMB 441.52 million in 2022 to RMB 347.59 million in 2023, a decline of 21.3%[166] - Fixed assets increased from RMB 1.08 billion in 2022 to RMB 1.13 billion in 2023, a growth of 4.7%[166] - Construction in progress increased significantly from RMB 151.78 million in 2022 to RMB 236.98 million in 2023, a growth of 56.1%[166] - Total assets increased slightly from RMB 1.79 billion in 2022 to RMB 1.87 billion in 2023, a growth of 4.3%[166] - Short-term borrowings decreased from RMB 250.99 million in 2022 to RMB 245.95 million in 2023, a reduction of 2.0%[166] - Accounts payable increased significantly from RMB 193.53 million in 2022 to RMB 319.46 million in 2023, a growth of 65.1%[166] - Total current liabilities increased from RMB 469.63 million in 2022 to RMB 751.40 million in 2023, a significant growth of 60.0%[166] - Total liabilities increased to 1.119 billion RMB in 2023 from 898.3 million RMB in 2022[167] - Total assets decreased slightly to 959.03 million RMB in 2023 from 974.15 million RMB in 2022[170] - Operating revenue grew to 554.3 million RMB in 2023 from 540.38 million RMB in 2022[173] - Long-term loans increased significantly to 199.81 million RMB in 2023 from 107.84 million RMB in 2022[167] - Current liabilities rose to 802.79 million RMB in 2023 from 712.16 million RMB in 2022[167] - Non-current liabilities increased to 317.08 million RMB in 2023 from 186.14 million RMB in 2022[167] - Owner's equity decreased to 745.56 million RMB in 2023 from 889.78 million RMB in 2022[167] - Short-term borrowings decreased to 70.07 million RMB in 2023 from 201.22 million RMB in 2022[170] - Accounts receivable increased to 26.36 million RMB in 2023 from 21.99 million RMB in 2022[170] - Inventory decreased to 7.54 million RMB in 2023 from 8.68 million RMB in 2022[170] - Operating cash flow for 2023 was RMB 37.19 million, a significant improvement from a negative RMB 74.03 million in the previous year[174] - Investment cash outflow in 2023 was RMB 245.46 million, a decrease from RMB 644.75 million in 2022[174] - Financing cash inflow in 2023 was RMB 373.55 million, slightly higher than RMB 351 million in 2022[174] - Total operating costs increased to 743,126,371.60, up from 624,970,667.61 in the previous year[200] - Research and development expenses decreased to 46,963,869.56, down from 50,995,394.83[200] - Financial expenses surged to 15,310,191.51, a significant increase from 2,110,906.60[200] - Net profit loss widened to -130,999,882.64, compared to -58,565,798.03 in the previous year[200] - Sales expenses rose to 13,647,573.57, up from 12,196,123.42[200] - Management expenses increased to 38,287,956.25, up from 35,044,677.08[200] - Other income improved to 34,552,153.29, up from 13,172,554.08[200] - Investment losses were recorded at -236,632.44, compared to a gain of 2,053,301.56 in the previous year[200] - Credit impairment losses increased to -972,683.13, up from -42,917.99[200] - Asset impairment losses rose to -2,696,608.05, compared to -12,396,582.13 in the previous year[200] Shareholder and Stock Incentive Information - The company issued 903,500 restricted shares to 125 incentive recipients at a price of 13.73 RMB per share as part of the 2023 Restricted Stock Incentive Plan[25] - The company's total share capital increased from 106,270,000 shares to 107,173,500 shares due to the issuance of 903,500 shares under the 2023 Restricted Stock Incentive Plan[20] - The company's limited-sale shares increased from 62,763,000 shares (59.06%) to 63,373,500 shares (59.13%) after the issuance of 903,500 new shares and a reduction of 293,000 shares[19] - The company's unrestricted circulating shares increased from 43,507,000 shares (40.94%) to 43,800,000 shares (40.87%) due to the addition of 293,000 shares[19] - The company did not distribute cash dividends, stock dividends, or capital reserve transfers due to a loss in 2023[23] - The company's strategic placement shares of 1,328,500 shares held by Xinggui Investment Co., Ltd. became tradable on June 26, 2023[25] - The company issued 903,500 shares of RMB ordinary stock, with no impact on basic and diluted earnings per share, which remained at -1.24 RMB per share[26] - The company granted 903,500 restricted shares to 125 incentive recipients at a price of 13.73 RMB per share as part of the 2023 Restricted Stock Incentive Plan[31] - The total number of ordinary shareholders at the end of the reporting period was 7,625, an increase from 7,119 at the end of the previous month[32] - The top shareholder, Liang Dazhong, held 51,150,000 shares, representing 47.73% of the total shares, all of which were restricted[34] - The second-largest shareholder, Bai Ying, held 10,800,000 shares, accounting for 10.08% of the total shares, all of which were restricted[34] - The company's restricted stock incentive plan added 903,500 restricted shares, with the same number of shares being released from restrictions during the year[28] - The company's RMB ordinary stock was issued on November 18, 2023, with a total of 903,500 shares to be listed on May 18, 2025, May 18, 2026, and May 18, 2027[30] - The company's restricted stock incentive plan was approved on November 23, 2023, with the registration of the first batch of restricted shares completed on December 18, 2023[31] - The company's top ten shareholders included institutional investors such as China Construction Bank and Huaxia Bank, holding shares through various investment funds[34] - The company's restricted stock incentive plan included a 15-month, 27-month, and 39-month vesting schedule for the granted shares[28] - The actual controllers, Liang Dazhong and Bai Ying, collectively hold 57.80% of the company's shares[36] - The company's 2023 employee stock ownership plan holds 0.71% of the shares, with Bai Ying holding 2.86% of the plan[36][37] - China Construction Bank's Xin'ao New Energy Industry Stock Fund holds 1.21% of the company's shares[37] - Liang Dazhong holds 51,150,000 restricted shares, which will be tradable starting from June 23, 2024[39] - Bai Ying holds 10,800,000 restricted shares, which will be tradable starting from June 23, 2024[39] - The Hua Chuang Securities - Industrial Bank - Hua Chuang Securities Qipai Technology Employee Participation in the Sci-Tech Innovation Board Strategic Placement Asset Management Plan holds 1,513,446 shares[43] - Xinggui Investment Co., Ltd., a subsidiary of Hua Chuang Securities, held 1,328,500 shares, which were fully reduced during the reporting period[45] - The company's actual controllers, Liang Dazhong and Bai Ying, are spouses, and they collectively control 57.80% of the company's shares[40] - The company's 2023 employee stock ownership plan was newly added, holding 765,398 shares[37] - The company's strategic placement shares have a lock-up period of 12 months from the date of listing on the Shanghai Stock Exchange[42] - The company plans to repurchase 735,295 to 1,470,588 shares, representing 0.69% to 1.38% of the total share capital, with a repurchase amount ranging from 2,500,000 to 5,000,000 RMB[54] - As of the report date, the company has already repurchased 1,021,898 shares[54] - The repurchased shares are intended for employee stock ownership plans or equity incentives[54] - The company has no actual controller, and there were no changes in control during the reporting period[51] - The company's controlling shareholder or largest shareholder and their concerted parties have not pledged more than 80% of their shares[54] Corporate Governance and Compliance - The company's financial statements for 2023 have been audited and deemed to fairly represent its financial position and operating results[59] - The company has no instances of non-operational fund occupation by controlling shareholders or related parties[61] - There are no violations of decision-making procedures regarding external guarantees[61] - All directors attended the board meetings, and the audit report issued by the accounting firm is a standard unqualified opinion[61] - The company has no bonds, convertible bonds, or other debt financing instruments issued during the reporting period[57] - The company's financial statements comply with the latest Chinese Accounting Standards and the disclosure requirements of the CSRC's "Rules for the Compilation and Reporting of Financial Reports of Companies Issuing Securities No. 15"[112] - The company has the ability to continue operations for at least 12 months from the end of the reporting period, with no significant events affecting its ability to continue operations[111] Company Information and Contact Details - The company's registered address is located at No. 250, Pinglong West Road, Pingshan Street, Longgang District, Shenzhen, China[72] - The company's legal representative is Liang Dazhong[72] - The company's office