GUILIN FUDA (603166)2024-04-18 09:56Employment and Community Support - The company provided over 300 job positions for rural laborers, with total wages and benefits amounting to 13.5 million RMB in 2023[11]. - The company invested 1 million RMB in vegetable planting development for rural revitalization, with 390,000 RMB already disbursed, creating over 100 job opportunities for local farmers and increasing their income by nearly 500,000 RMB[11]. - The company sourced agricultural products worth 920,000 RMB from local rural revitalization demonstration points for employee welfare and cafeteria supplies[11]. - In 2023, the company donated a total of 375,000 RMB to various community activities, including 100,000 RMB to the "Yutu Linchun Lantern Festival" event[25]. - The company has invested 1,481,000 RMB in poverty alleviation and rural revitalization projects, benefiting approximately 2,700 individuals[28]. - The company has actively engaged in volunteer activities, including supporting retired veterans in nearby villages[27]. Environmental Initiatives - The company established a sewage treatment facility with a capacity of 1,440 tons per day, ensuring compliance with the wastewater discharge standards[18]. - The company implemented a noise management program, ensuring that factory noise emissions meet the GB12348-2008 Class 3 standards[18]. - The company allocated 1.325 million RMB for environmental protection initiatives during the reporting period[14]. - The company has developed a smart gas monitoring cloud platform to enhance real-time monitoring capabilities through digital transmission modules[8]. - The company has established an environmental management mechanism to ensure compliance with environmental regulations and standards[14]. - The company has upgraded its equipment and implemented technological modifications to reduce carbon emissions[9]. - The company has implemented various measures to reduce carbon emissions, including energy-saving initiatives and process optimization, contributing to a sustainable development path[24]. - The company has established a "green manufacturing" standard system and has been recognized as a national "green factory" by various subsidiaries[24]. Financial Performance and Management - The company's cash and cash equivalents decreased by 31.18% compared to the beginning of the period, primarily due to dividend distributions and cash outflows for long-term asset investments[37]. - The company's trading financial assets at the end of the period amounted to 103,923.82 RMB, down from 112,051.94 RMB at the beginning of the period[38]. - The total accounts receivable amounted to ¥411,220,728.31, with a bad debt provision of ¥21,188,995.85, resulting in a provision ratio of 5.15%[55]. - The company reported a bad debt provision for bank acceptance bills of ¥2,024,314.42, with a provision ratio of 5.99%[47]. - The company has no significant credit risk associated with the bank acceptance bills held, indicating a stable financial position[47]. - The aging analysis of accounts receivable shows that the amount overdue for more than 5 years is ¥206,280.86, fully provisioned[55]. - The company has a provision ratio of 100% for accounts receivable overdue for more than 5 years, reflecting a conservative approach to credit risk management[55]. - The company has committed to using the proceeds from its non-public offering strictly for specified projects, including the addition of 5,000 marine engine crankshafts[61]. - The company has implemented measures to reduce related party transactions, ensuring fairness and compliance with market standards[61]. - The company has maintained a consistent approach to bad debt provisioning, with no significant changes in methodology reported[48]. Shareholder and Equity Management - The company implemented a cash dividend policy, distributing a total of RMB 101,826,773.08, which accounts for 98.35% of the net profit attributable to shareholders in 2023[147]. - The cash dividend for the 2022 fiscal year was RMB 0.10 per share, totaling RMB 64,620,865.10, distributed in April 2023[143]. - For the first three quarters of 2023, the company distributed a cash dividend of RMB 0.08 per share, totaling RMB 51,056,692.08, to be implemented in January 2024[143]. - The company’s profit distribution plan ensures that cash dividends will not be less than 15% of the distributable profits for the year, with a minimum of 80% of the distribution being cash if there are no major capital expenditures[143]. - The company has committed to a shareholder return plan for the next three years (2023-2025), emphasizing cash dividends as the primary method of profit distribution[143]. - The company has repurchased 8,000,000 shares, representing 1.2380% of the total share capital, at a total cost of RMB 50,770,081[146]. - The company’s board of directors has ensured that the dividend distribution process is transparent and that minority shareholders have the opportunity to express their opinions[148]. Internal Control and Compliance - The company has established a robust internal control management system to enhance decision-making efficiency and ensure compliance with legal regulations[174]. - The company has implemented continuous improvements to its internal control system, achieving its expected internal control objectives[174]. - The company has not experienced any significant internal control deficiencies during the reporting period[174]. - The company has not made any changes to its share capital structure during the reporting period[182]. - The company has not received any penalties or corrective actions related to legal violations from its directors, supervisors, or senior management[72]. Project Investments and Developments - The company has committed a total investment of CNY 45,400 million for the new 5,000 marine engine crankshaft project, which has been postponed[113]. - The Guilin crankshaft product upgrade and intelligent transformation project has achieved a cumulative investment of CNY 17,053.54 million, reaching 101.51% of the planned investment[113]. - The company reported a profit increase of CNY 1,193.05 million in 2023 compared to the full year of 2015, due to the completion of the Guilin crankshaft project[114]. - The heavy-duty and passenger vehicle clutch upgrade project has a total investment of CNY 7,500 million, with a cumulative investment of CNY 5,829.84 million, achieving 106.00% of the planned investment[114]. - The annual production line project for 400,000 crankshafts has a total investment of CNY 25,000 million, with a cumulative investment of CNY 25,213.80 million, achieving 100.86% of the planned investment[114]. - The company’s large crankshaft production line project has a total investment of CNY 4,000 million, with a cumulative investment of CNY 4,033.15 million, achieving 100.83% of the planned investment[114]. - The new energy vehicle electric drive system project has a total investment of CNY 28,307.15 million, with a cumulative investment of CNY 16,306.76 million, achieving 79.79% of the planned investment[114]. - The company’s projects have faced challenges, with the heavy-duty vehicle clutch project showing a profit difference of CNY 2,249.42 million compared to expected benefits due to market conditions[120]. - The company’s commercial vehicle crankshaft production line project has a profit difference of CNY -1,294.88 million, indicating underperformance in market expectations[120]. Tax and Financial Recognition - The company will enjoy a preferential corporate income tax rate of 15% for the years 2023-2025 as a recognized high-tech enterprise[165]. - The company has received high-tech enterprise recognition for multiple subsidiaries, allowing them to benefit from the same preferential tax rate[168]. - The company qualifies for a corporate income tax reduction policy for small and micro enterprises, with a tax rate of 20% applicable to taxable income between 1 million and 3 million RMB for the year 2023[169]. - The company is recognized as an advanced manufacturing enterprise and is eligible for a 5% VAT deduction on payable VAT from January 1, 2023, to December 31, 2027, according to the announcement by the Ministry of Finance and the State Taxation Administration[169].