萤石网络(688475) - 2023 Q4 - 年度财报

Financial Performance - Revenue for 2023 reached RMB 4,839,744,865.55, a year-on-year increase of 12.39%[17] - Net profit attributable to shareholders of the listed company in 2023 was RMB 562,940,763.10, up 68.80% year-on-year[17] - Net cash flow from operating activities in 2023 was RMB 970,566,189.69, a 31.95% increase compared to the previous year[17] - Total assets at the end of 2023 were RMB 8,192,575,262.24, a 14.05% increase from the previous year[17] - Basic earnings per share (EPS) for 2023 was RMB 1.00, a 35.14% increase year-on-year[18] - Revenue in Q4 2023 was RMB 1,331,566,781.68, the highest among all quarters[21] - Net profit attributable to shareholders in Q4 2023 was RMB 161,474,601.53[21] - Non-recurring gains and losses in 2023 amounted to RMB 9,626,637.74[24] - The company achieved a total operating revenue of 4.84 billion yuan, a year-on-year increase of 12.39%[27] - Net profit attributable to shareholders of the listed company reached 563 million yuan, a year-on-year increase of 68.80%[27] - Net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses was 553 million yuan, a year-on-year increase of 86.90%[27] - Revenue for the reporting period reached 4,839.74 million yuan, a year-on-year increase of 12.39%[104] - Net profit attributable to shareholders of the listed company was 562.94 million yuan, a year-on-year increase of 68.80%[104] - Total assets as of December 31, 2023, were 8,192.58 million yuan, an increase of 14.05% compared to the beginning of the year[104] - Shareholders' equity attributable to the listed company was 5,264.99 million yuan, an increase of 8.31% compared to the beginning of the year[104] - Operating costs increased by 1.01% to 2,765.81 million yuan[105] - Sales expenses increased by 28.42% to 696.73 million yuan[105] - Management expenses increased by 9.35% to 160,961,654.03 yuan[106] - R&D expenses increased by 21.18% to 730,711,983.10 yuan[106] - Net cash flow from operating activities increased by 31.95% to 970,566,189.69 yuan[106] - Net cash flow from investing activities decreased by 134.63% to -790,312,038.70 yuan[106] - Smart home products revenue increased by 10.09% to 3,959,904,032.54 yuan[108] - IoT cloud platform revenue increased by 27.79% to 856,346,920.23 yuan[108] - Domestic revenue increased by 8.14% to 3,303,772,752.78 yuan[109] - Overseas revenue increased by 24.79% to 1,512,478,199.99 yuan[109] - Online sales revenue increased by 22.52% to 1,218,073,349.35 yuan[109] - Production of smart home cameras increased by 22.56% to 19,429,258 units[111] - Smart home camera direct material costs decreased by 8.60% to 1,554,185,110.32 yuan, accounting for 84.66% of total costs[113] - Smart home product outsourcing processing fees decreased by 40.02% due to increased production capacity at the Chongqing base[113] - IoT cloud platform costs increased by 10.82% to 204,754,529.05 yuan, accounting for 7.45% of total costs[113] - Top five customers accounted for 28.16% of total sales, with the top customer contributing 14.39% of sales[115][116] - Top five suppliers accounted for 22.56% of total procurement, with the top supplier contributing 7.65%[117][118] - R&D expenses increased by 21.18% to 730,711,983.10 yuan due to increased investment in new products and technologies[119][120] - Operating cash flow increased by 31.95% to 970,566,189.69 yuan, driven by sales growth[121][122] - Investment cash flow decreased by 134.63% to -790,312,038.70 yuan due to increased capital expenditure in the Chongqing base and smart home product industrialization projects[121][122] - Accounts receivable increased by 20.11% to 860,351,858.04 yuan, accounting for 10.50% of total assets[123] - Other receivables increased by 174.80% to 23,816,037.03 RMB, mainly due to uncollected export tax refunds[124] - Inventory increased by 17.69% to 694,770,094.37 RMB, driven by adjustments in stockpiling strategy and increased safety stock[124] - Other current assets rose by 65.64% to 80,551,686.20 RMB, primarily due to increased VAT input tax credits from procurement and construction projects[124] - Construction in progress surged by 231.00% to 1,217,719,113.72 RMB, mainly due to increased investments in the Chongqing base for fluorite intelligent manufacturing and smart home product industrialization projects[124] - Accounts payable increased by 67.26% to 1,307,459,168.11 RMB, driven by higher procurement and construction project payments[124] - Long-term loans grew by 40.18% to 319,337,031.25 RMB, mainly due to increased investments in smart home product industrialization projects[124] - Overseas assets amounted to 185,451,385.27 RMB, accounting for 2.26% of total assets[125] - Restricted assets totaled 43,464,551.25 RMB, including 19,687,501.25 RMB in cash for various guarantees and 23,777,050.00 RMB in intangible assets pledged for long-term loans[126] Dividend and Shareholder Information - The company plans to distribute a cash dividend of 5 yuan per 10 shares (tax included) and a capital reserve of 4 shares per 10 shares, totaling 281,250,000 yuan (tax included), accounting for 49.96% of the net profit attributable to shareholders in 2023[5] - The total share capital of the company is 562,500,000 shares as of December 31, 2023, and will increase to 787,500,000 shares after the capital reserve transfer[5] - The company's stock is listed on the Shanghai Stock Exchange's STAR Market under the stock code 688475[14] - The company's 2022 annual report and financial statements were approved at the annual general meeting held on May 9, 2023[136] - The company's Chairman and General Manager, Jiang Haiqing, held 1,316,000 shares throughout 2023 with no changes, and received a pre-tax remuneration of 2.4595 million yuan[140] - Guo Xudong, a director, increased his shareholding by 25,000 shares through secondary market transactions, ending the year with 25,000 shares[140] - Guo Hangbiao, Vice President, Board Secretary, and Financial Officer, increased his shareholding by 21,045 shares through secondary market transactions, ending the year with 100,020 shares[140] - The total shareholding of directors, supervisors, and senior management increased by 45,545 shares in 2023, reaching 1,441,020 shares at year-end[141] - The total pre-tax remuneration for directors, supervisors, and senior management in 2023 was 14.554 million yuan[141] - Ge Difeng, R&D Director, reduced his shareholding by 500 shares through secondary market transactions, ending the year with 0 shares[141] - The company's independent directors each received a pre-tax remuneration of 150,000 yuan in 2023[140] - The company's Vice Presidents received pre-tax remunerations ranging from 1.1754 million yuan to 1.4046 million yuan in 2023[140] - The company's R&D Directors received pre-tax remunerations ranging from 780,200 yuan to 1.0293 million yuan in 2023[141] - The total actual remuneration for directors, supervisors, and senior management at the end of the reporting period was 8.53 million RMB[150] - The total actual remuneration for core technical personnel at the end of the reporting period was 6.02 million RMB[150] - The company plans to distribute a cash dividend of 5 RMB per 10 shares, totaling 281.25 million RMB, which accounts for 49.96% of the net profit attributable to ordinary shareholders[175] - The company's cash dividend policy requires a minimum of 10% of the distributable profit to be distributed annually, with a cumulative cash dividend ratio of at least 30% over three years[171] - The company's cash dividend policy is differentiated based on development stage and capital expenditure plans, with cash dividend ratios ranging from 20% to 80%[172] - The company's decision-making process for profit distribution involves board approval, independent director opinions, and shareholder communication, ensuring transparency and protection of minority shareholders' interests[173] - The company's cash dividend policy is compliant with regulatory requirements and has clear standards, decision-making procedures, and mechanisms in place[174] Corporate Governance and Leadership - The company's direct controlling shareholder is Hangzhou Hikvision Digital Technology Co., Ltd. (002415.SZ), and its ultimate controlling shareholder is China Electronics Technology Group Corporation[10] - The company's registered address is No. 399 Danfeng Road, Binjiang District, Hangzhou, Zhejiang Province, and its office address is No. 630 Qizhi Street, Binjiang District, Hangzhou, Zhejiang Province[11] - The company's annual report is disclosed on the Shanghai Stock Exchange website (http://www.sse.com.cn/)[13] - The company's auditor is Deloitte Touche Tohmatsu Certified Public Accountants LLP, located at 30/F, 222 Yan'an East Road, Huangpu District, Shanghai[16] - The company's sponsor for continuous supervision is China International Capital Corporation Limited, located at 27-28/F, China World Tower 2, No. 1 Jianguomenwai Avenue, Chaoyang District, Beijing[16] - Jiang Haiqing has served as the Chairman and General Manager of the company since June 2021, with extensive experience in engineering and management roles at Hikvision and other related entities[142] - Guo Xudong has been the Senior Vice President of Hikvision since July 2002 and has held various leadership roles in domestic marketing and sales[142] - Jin Yan has been the Senior Vice President and Financial Controller of Hikvision since July 2004 and has served as a director of the company since June 2021[142] - Pu Shiliang has been the Senior Vice President and President of the Research Institute at Hikvision since April 2006 and has served as a director of the company since June 2021[142] - Chen Jun has been a professor and director at Zhejiang University's School of Management since March 2019 and has served as an independent director of the company since June 2021[142] - Fang Gang has been a professor and executive director of the MBA Education Center at Hangzhou Dianzi University since April 2009 and has served as an independent director of the company since June 2021[143] - Ge Weijun has been a professor at Fudan University Law School since January 2022 and has served as an independent director of the company since January 2022[143] - Wang Dan has been the Comprehensive Director of the company since January 2021 and has served as the Chairman of the Supervisory Board since June 2021[143] - Xu Lirong has been the Employee Supervisor at Hikvision since March 2018 and has served as a supervisor of the company since June 2021[143] - Yang Ying has been a Quality Assurance Expert at Hikvision since January 2002 and has served as a supervisor of the company since June 2021[143] - Chen Guanlan has been serving as the company's Vice President since April 2023, with extensive experience in software engineering and product management at companies like NetEase and Hikvision[144] - Jin Jingyang has been the R&D Director at EZVIZ Software since January 2018, with a background in software development at Huawei and UTStarcom[144] - Ming Xu has been the R&D Director at EZVIZ Software since January 2018, with prior experience at Ricoh Software Technology and Shanda Interactive Entertainment[144] - Li Kai has been the Product Director at EZVIZ Software since January 2018, with a history of roles in design and development at companies like ZTE and Hikvision[144] - Li Fubing has been the Product Director at EZVIZ Software since January 2018, with a background in engineering at Alibaba and Hikvision[144] - Su Hui has been the R&D Director at EZVIZ Software since January 2018, with experience as an algorithm engineer at Hikvision[144] - Zheng Jianping has been the Product Director at EZVIZ Software since January 2018, with a history in hardware development at Hikvision[144] - Ge Difeng has been the R&D Director at EZVIZ Software since January 2018, with experience in embedded software engineering at Hikvision and other tech firms[144] - Guo Xudong has been serving as Senior Vice President at Hangzhou Hikvision Digital Technology Co., Ltd. since March 2021[146] - Pu Shiliang has been serving as Senior Vice President at Hangzhou Hikvision Digital Technology Co., Ltd. since March 2018[146] - Chen Guanlan was appointed as a senior executive (Vice President) following the approval of the 19th meeting of the first board of directors[151] - The company's 2023 annual director compensation standards were reviewed and approved by the Remuneration and Assessment Committee, ensuring compliance with laws and regulations[149] - The 2023 remuneration and performance assessment plan was unanimously agreed upon by the company, aligning with market salary levels and actual business conditions[150] - The company held 6 board meetings in 2023, with 5 conducted via telecommunication and 1 combining both on-site and telecommunication methods[156] - All board members attended all 6 meetings, with no absences or consecutive missed meetings[155] - The company's board committees include Audit, Nomination, Compensation, and Strategy, each with specific members and responsibilities[158] - The company's strategic committee met once in 2023 to review and approve the organizational structure adjustment plan[161] - The nomination committee met once in 2023 to approve the appointment of senior management personnel[162] - The compensation committee met once in 2023 to approve the 2023 salary and performance assessment plan[163] - The company's board approved the 2023 semi-annual report and the special report on the storage and use of raised funds[154] Research and Development - R&D investment accounted for 15.10% of revenue in 2023, an increase of 1.10 percentage points from the previous year[19] - The company released multiple new AI multi-lens cameras, including pet care cameras and 4G/battery-powered cameras, enhancing visual, scene-based, and intelligent upgrades[29] - The company launched several series of facial recognition video smart locks, leading the industry into the dual-camera + facial recognition era[30] - The company introduced the HP7 smart intercom product for overseas markets, which won the Plus X Award and German Design Award[30] - The company released two new cleaning robots, the RS20 Pro for home use and the BS1 for commercial use, both incorporating AI visual capabilities and innovative technologies[32][34] - The BS1 commercial cleaning robot uses a pure visual positioning and navigation system, replacing the mainstream LiDAR solution, improving stability and adaptability in complex environments[34] - The company upgraded its companion robot products in 2023, enhancing external perception, cloud collaboration, and cross-device communication capabilities, while exploring more usage scenarios and applications[36] - The company launched a non-intrusive sleep companion using millimeter-wave detection technology to monitor elderly users' nighttime health data, including respiratory rate, heart rate, and body movements, providing scientific sleep reports[37] - The company's open platform served over 310,000 customers by the end of 2023, with new AI digital human components introduced for roles like customer service, hosts, and receptionists[40] - The company upgraded its ERTC platform in 2023, improving compatibility, stability, and network resilience, supporting scenarios like remote diagnosis, online training, and video customer service[41] - The company introduced cloud legacy services in 2023, enabling low-cost reuse of old devices through multi-standard protocols and device hosting[42] - The company enhanced its IoT private cloud in 2023, adding video privacy protection features like face mosaic and stick figure replacements to prevent privacy leaks[43] - The company has restructured its intelligent algorithm engineering department to build a heterogeneous AI inference engine, improving the self-developed proportion of AI interaction capabilities[69] - The company has set up multiple product R&D departments focusing on smart home products and cloud services, ensuring effective management of the R&D cycle[70] - The company invested RMB 731 million in R&D in 2023, accounting for 15.10% of its revenue, with a year-on-year increase of 21.18%[79][82] - The company added 90 authorized invention patents and 3 software copyrights in 2023, bringing the total to 219 invention patents and 83 software copyrights by the end of 2023[79][81] - The company's R&D team consists of 1,352 employees, representing 31.94% of the total workforce[79] - The company is developing next-generation visual and voice interaction technologies, forming a dual-core technology system of "multi-dimensional perception + AI interaction"[79] - The company is advancing robot technology, focusing on intelligent sensing, VSLAM, obstacle avoidance, and intelligent recognition and classification[79] - The company is leveraging AI large model technology to develop differentiated and innovative products and value-added services, enhancing user experience in the smart home sector[76] - The company has invested a total of 37,000.00 million yuan in R&D projects, with a cumulative investment of