QHHD(600243)2024-04-15 10:28Financial Performance - Revenue for 2023 was 356 million yuan, a decrease of 33.46% compared to the previous year's 535 million yuan[15] - Operating costs decreased by 31.60% to 333.95 million yuan from 488.26 million yuan in the previous year[15] - Sales expenses dropped significantly by 70.01% to 5.6 million yuan from 18.66 million yuan[15] - Management expenses decreased by 41.80% to 50.88 million yuan from 87.42 million yuan[15] - R&D expenses remained stable with a slight increase of 0.94% to 14.78 million yuan[15] - Total revenue for 2023 decreased by 33.46% to 356 million, with a net loss of 159.258 million[30] - Net profit attributable to the parent company in 2023 was -159.26 million yuan, and the undistributed profit of the parent company was -1.02 billion yuan[41] - Net cash flow from operating activities was -77.9307 million yuan, primarily due to increased employee settlement expenses[6] - Net cash flow from investing activities was 110.1006 million yuan, a decrease from the previous period due to reduced cash received from the disposal of subsidiaries[6] - Revenue for 2023 was RMB 3.56 billion, a decrease of 33.46% compared to 2022[69] - Net profit attributable to shareholders in 2023 was a loss of RMB -159.26 million, compared to a loss of RMB -152.69 million in 2022[69] - Total assets at the end of 2023 were RMB 1.09 billion, a decrease of 20.96% compared to the end of 2022[69] - The company's operating cash flow for 2023 was negative RMB -77.93 million, compared to negative RMB -26.77 million in 2022[69] - The company's equity attributable to shareholders at the end of 2023 was RMB 728.76 million, a decrease of 18.37% compared to the end of 2022[69] - The company's revenue in Q4 2023 was RMB 84.48 million, with a net loss attributable to shareholders of RMB -130.89 million[71] - The company's revenue in Q2 2023 was RMB 104.08 million, the highest among the four quarters[71] - The company's net loss attributable to shareholders in Q1 2023 was RMB -15.71 million, the smallest loss among the four quarters[71] - Net loss for the year 2023 was RMB -166,883,221.12, compared to RMB -165,451,700.65 in 2022[184] - Total comprehensive income for 2023 was RMB -171,670,043.05, compared to RMB -165,464,404.67 in 2022[185] - Basic earnings per share for 2023 were RMB -0.36, compared to RMB -0.35 in 2022[185] - Revenue for 2023 was RMB 9,995,321.14, a significant increase from RMB 3,972,918.96 in 2022[187] - Operating loss for 2023 was RMB -170,890,757.52, compared to RMB -128,846,507.69 in 2022[187] - Net loss attributable to parent company shareholders was RMB -159,257,552.49 in 2023, compared to RMB -152,693,513.18 in 2022[184] - Credit impairment loss for 2023 was RMB -9,515,550.24, compared to RMB -7,833,416.98 in 2022[184] - Asset impairment loss for 2023 was RMB -101,917,575.14, compared to RMB -109,150,728.02 in 2022[184] - Cash received from sales of goods and services in 2023 was RMB 325,746,021.62, down from RMB 494,575,716.21 in 2022[191] - Other comprehensive income after tax for 2023 was RMB -4,786,821.93, compared to RMB -12,704.02 in 2022[184] - 2023 annual revenue was 356.043 million yuan[197] R&D and Innovation - R&D investment totaled 14.7774 million yuan, accounting for 4.15% of the company's operating revenue[3] - The company has 100 R&D personnel, making up 14.45% of the total workforce[4] - Guangdong Jingchuang's R&D investment increased by 2.43 million yuan in 2023, a year-on-year growth of 27.6%[34] Subsidiaries and Investments - The company established a wholly-owned subsidiary, Guangzhou Zhongrong Technology Co., Ltd., with a registered capital of 10 million yuan in February 2023[13] - In May 2023, the company formed a joint venture, Guangzhou Dingkang Medical Equipment Technology Co., Ltd., with a registered capital of 10 million yuan, holding a 70% stake[13] - The company sold its 70% stake in Guangzhou Dingkang Medical Equipment Technology Co., Ltd. in March 2024[13] - Company established two new subsidiaries in 2023: Shenzhen Yahua Supply Chain Co., Ltd. (51% ownership) and Guangzhou Tianxiang Supply Chain Co., Ltd. (100% ownership)[27] - Company completed the sale of its wholly-owned subsidiary, ceasing production of machine tool products[24] - The company completed the sale of its wholly-owned subsidiary Qinghai Qingyi, and will no longer produce machine tools or be involved in the machine tool business[32] - The company invested 10,000,000 RMB in a private equity fund, Zhuhai Hexie Kangteng Investment Enterprise (Limited Partnership), with no reported gains or losses in 2023[63] - The company dissolved its subsidiary, JuLi Machinery, due to long-term inactivity and lack of operational necessity[82] Costs and Expenses - The top five suppliers accounted for 64.677 million yuan in procurement, representing 28.66% of the total annual procurement[2] - Sales expenses decreased by 70.01% to 5.5968 million yuan due to a reduction in the scope of consolidation[2] - Industrial sector raw material costs decreased by 16.84% to 242.535 million, accounting for 73.83% of total costs[22] - Industrial sector labor costs decreased by 12.38% to 36.043 million, accounting for 10.97% of total costs[22] - Elevator parts raw material costs increased by 0.39% to 184.595 million, accounting for 74.28% of total costs[22] - Gear products raw material costs increased by 25.42% to 31.701 million, accounting for 74.40% of total costs[23] - Machine tool products raw material costs decreased by 68.19% to 26.240 million, accounting for 74.68% of total costs[23] Market and Sales - Top five customers accounted for 73.55% of total sales, with Hitachi Elevator Group contributing 63.11%[25][26] - The industrial sector's revenue decreased by 18.47% to 347.15 million yuan, with a gross margin of 5.37%, down by 2.45 percentage points[18] - Elevator components revenue decreased by 2.02% to 262.74 million yuan, with a gross margin of 5.42%, down by 1.79 percentage points[18] - Guangdong Jingchuang produced 97,600 sets of elevator components in 2023, a year-on-year decrease of 8.03%[34] - Guangdong Jingchuang achieved operating revenue of 265 million yuan in 2023, a year-on-year decrease of 2.70%[34] Corporate Governance and Management - The company's actual controller, Wang Feng, increased his shareholding by 3% (13.1655 million shares) from December 25, 2023, to January 18, 2024[74] - Key management changes include the appointment of a new chairman, Wang Feng, who holds 1,009,500 shares, and other executives with varying shareholdings and compensation details[88] - The company's governance structure ensures equal rights for all shareholders, especially minority shareholders, and maintains independence from controlling shareholders in decision-making and operations[86] - The company's executives and board members have no significant changes in shareholdings, with some new appointments and departures reported in the annual report[88] - The company received a warning letter from the China Securities Regulatory Commission Qinghai Bureau on December 29, 2022, for regulatory violations[92] - The company was issued a regulatory warning by the Shanghai Stock Exchange on January 20, 2023, for violations involving the company, its then chairman and CEO, and its then CFO[92] - The company held 5 audit committee meetings during the reporting period, focusing on the 2022 annual report, financial statements, and internal control evaluation[94] - The company's 8th Board of Directors held 15 meetings in 2023, covering topics such as quarterly reports, annual reports, and the sale of a subsidiary[93] - The audit committee reviewed and approved the 2022 annual report, financial statements, and internal control evaluation report during its March 25, 2023 meeting[94] - The company's board of directors approved the sale of a wholly-owned subsidiary on December 25, 2023[93] - The company's audit committee communicated with external auditors regarding the scope, progress, and key areas of the 2022 audit[94] - The company's board of directors reviewed and approved the 2023 first-quarter report on April 27, 2023[93] - The company's board of directors reviewed and approved the 2023 semi-annual report on August 21, 2023[93] - The company's audit committee recommended the reappointment of the external auditor for the 2023 financial report and internal control audit[94] - The company adjusted the independent director's allowance to align with industry standards and regional economic conditions, aiming to enhance their diligence and work enthusiasm, which is beneficial for the company's stable development[95] - The company formulated a three-year dividend plan (2023-2025) to improve and maintain a scientific, sustainable, and stable dividend decision-making and supervision mechanism, which was approved at the annual shareholders' meeting on April 18, 2023[96] - The company plans to revitalize or securitize non-core businesses, traditional manufacturing, and auxiliary assets affected by regional factors to enhance overall profitability, while actively seeking new growth points and exploring extensions into other industries[97] - The company faces risks from fluctuations in raw material prices and potential shortages of R&D and technical talent, with measures including dynamic procurement price control and strengthening management team construction to mitigate these risks[98] - The company emphasizes the importance of internal information control, with the board of directors frequently conducting legal education and timely registration and reporting of insider information[99] - The company ensures strict compliance with laws and regulations in information disclosure, maintaining transparency and equal access to information for all shareholders[100] - The company held its first and second extraordinary general meetings in 2023, with resolutions disclosed in the Shanghai Securities News and Securities Times on March 14 and December 30, respectively[100] - Yu Shiguang served as the company's Chairman from August 1998 to February 21, 2023, and as CEO from May 28, 2016, to May 20, 2022[103] - Shi Ke has been the Executive Director of Qinghai Yifeng Technology Investment Co., Ltd. since January 2023 and became the company's Chairman on March 13, 2023[103] - Niu Yueqian has been serving as the company's Director, President, and CFO since March 13, 2023[103] - Wu Wei has been a company Director since March 13, 2023, and is also the CEO of Xinzhibo Times (Beijing) Technology Co., Ltd.[103] - Zhong Yang has been an independent director of the company since November 24, 2017[103] - Tong Chenglu has been an independent director of the company since November 24, 2017, and is also a partner at Wuxin Accounting Firm (Special General Partnership) Qinghai Branch[103] - Li Xiangjun has been the company's Board Secretary and head of the Securities and Legal Affairs Department since April 2016[103] - Cheng Biao has been the Assistant to the President of Qinghai Huading since April 2023[103] - Wang Zhanwan has been the Executive Director of Guangzhou United Property Management Co., Ltd. since July 2009[103] - The company released its 2023 Annual Report[104] - Li Zhenghua has been an associate professor at Sun Yat-sen University Law School since June 2000 and a part-time lawyer at Guangdong Lingnan Law Firm since 1989[106] - Zhang Bin has been the director of the Accounting Department at Yangzhou University since September 2006 and an independent director at Jiangsu Lianhuan Pharmaceutical Co., Ltd. since May 2020[106] - Xue Wei has been a partner at Tianyuanquan Accounting Firm (Special General Partnership) since October 2013 and the chairman of Hubei Zhonghengxin Engineering Cost Consulting Co., Ltd. since September 2007[106] - Xue Wei has also been the chairman of Hubei Zhonghengxin Real Estate Asset Evaluation Co., Ltd. since April 2002[106] - The company completed the re-election of some directors and independent directors at the first and second extraordinary general meetings of shareholders in 2023[105] - The total actual remuneration obtained by all directors, supervisors, and senior management at the end of the reporting period was 2.2873 million yuan[107] - The number of employees in the parent company is 13, while the number of employees in major subsidiaries is 679, totaling 692 employees[114] - The company has 414 production personnel, 41 sales personnel, 100 technical personnel, 19 financial personnel, 62 administrative personnel, and 56 auxiliary and other personnel[114] - The independent director allowance was adjusted from 36,000 yuan per year to 60,000 yuan per year starting from March 13, 2023[107] - The company's board of directors held 10 meetings during the year, with no instances of directors failing to attend two consecutive meetings[111] - The company's financial reports for the first quarter, half-year, and third quarter of 2023 were reviewed and approved, with the financial statements deemed to fairly reflect the company's financial status, operating results, and cash flow[112] - The company's 2023 annual internal audit work plan and scheme were approved, with strict adherence to the plan and scheme required[112] - The company's remuneration policy is based on fairness, competition, motivation, economy, and legality, implementing a post-performance salary system[115] - The company's directors, supervisors, and senior management have all received their remuneration, with the total amount paid being 2.2873 million yuan[107] - The company's independent directors meet the requirements of the China Securities Regulatory Commission and the Shanghai Stock Exchange for independent directors[113] - The company has established a target responsibility assessment system to strengthen incentives and constraints for senior management, with performance evaluation determining annual incentive compensation and salary adjustments[116] - The company revised and supplemented its risk database, management and fund authorization system, and accounting system to ensure controllable and preventable business execution[117] - The company invested 120,000 yuan in environmental protection during the reporting period[119] - The company implemented carbon reduction measures, including promoting green office practices and encouraging employees to save resources and adopt green travel[120] - The company published the "Qinghai Huading 2023 Social Responsibility Report" on the Shanghai Stock Exchange website[120] - The company ensures independent personnel, assets, finance, organization, and business operations, with no illegal occupation of funds or assets by controlling shareholders[122] - The company and its controlling shareholders have no direct or indirect competition with the listed company, and have committed to avoiding any future competitive business activities[122] - Non-operational fund occupation by controlling shareholders and related parties amounted to 26.799 million yuan in 2023, with all funds recovered by the end of the year[126] - Interest of 425,800 yuan was collected in February 2024 based on a 6% annualized interest rate for the occupied funds[126] - The company implemented rectification measures to address internal control deficiencies related to fund occupation[126] - No significant litigation or arbitration occurred during the reporting year[127] - The company renewed its contract with Ernst & Young as its financial and internal control auditor for 2023[127] - The company's total guarantee balance is 5,980.00 million, with an additional 300.00 million in external guarantees (excluding subsidiaries)[130] - The company has no significant related transactions or changes in related party debt and credit during the reporting period[128] - The company held 2 meetings of the Nomination Committee and 1 meeting of the Strategy Committee during the reporting period[132][133] - The company actively conducts employee training programs to improve overall staff quality and technical skills[134] - The company's cash dividend policy complies with the articles of association and shareholder meeting resolutions, with clear standards and procedures[135] - The company conducted internal control evaluations across 22 cycles, including R&D management and asset management, and addressed defects in subsidiary operations[136] - The internal control audit report for 2023 issued by the accounting firm indicates effective financial reporting controls, with a qualified opinion due to related party fund occupation issues[137] - The actual controller of the company changed from Yu Shiguang and Zhu Sha to Wang Feng, with Wang Feng controlling 13.33% of the voting rights through Yifeng Technology and a consistent action relationship[139] - Yifeng Technology and Yu Shiguang committed to reducing and regulating related-party transactions to protect the interests of all shareholders of Qinghai Huading[139] - Anji Shiyangjin Enterprise Management Partnership and Wang Feng committed to maintaining the independence of Qinghai Huading in terms of personnel, assets, and financial aspects[139] - The company completed the industrial and commercial registration change for the equity increase of Yifeng Technology on January 20, 2023[139] - The company's assets or projects did not have applicable profit predictions during the reporting period[140] - The company did not have any performance commitments that affected goodwill impairment testing[140] - The company did not have any non-operational fund occupation by controlling shareholders or other related parties during the reporting period[141] - The company did not have any non-standard audit reports from the accounting firm[142] - The company did not have any significant changes in accounting policies or estimates[143] -