Company Overview - T-MAX successfully listed on the Beijing Stock Exchange on September 2, 2022[4]. - The company was recognized as a national-level "specialized, refined, distinctive, and innovative" small giant enterprise, valid from July 1, 2022, to June 30, 2025[5]. - The company is a high-tech enterprise with a reduced corporate income tax rate of 15%, applicable until the end of 2022[14]. - The company maintained its status as a national-level high-tech enterprise and a "specialized, refined, and innovative" small giant enterprise[48]. Financial Performance - The company's operating revenue for 2022 was CNY 165,308,051.60, a decrease of 12.92% compared to CNY 189,834,776.86 in 2021[29]. - The net profit attributable to shareholders for 2022 was CNY 44,022,459.45, representing a growth of 22.48% from CNY 35,942,960.14 in 2021[29]. - The total assets increased by 98.33% to CNY 419,416,025.05 in 2022, compared to CNY 211,477,462.51 in 2021[31]. - The company's gross profit margin improved to 41.49% in 2022, up from 36.94% in 2021[29]. - The basic earnings per share for 2022 was CNY 1.19, an increase of 9.17% from CNY 1.09 in 2021[29]. - The company's total liabilities decreased by 7.56% to CNY 48,844,176.65 in 2022, down from CNY 52,838,450.91 in 2021[31]. - The cash flow from operating activities for 2022 was CNY 27,095,598.79, a significant increase of 341.76% compared to CNY 6,133,508.27 in 2021[34]. - The net profit growth rate for 2022 was 22.48%, compared to 25.28% in 2021[35]. - Non-operating income for 2022 amounted to ¥11,162,253.41, a significant increase from ¥2,704,938.72 in 2021, reflecting a growth of approximately 312%[40]. - Government subsidies recognized in the current period reached ¥10,157,060.01 in 2022, compared to ¥5,050,786.58 in 2021, indicating a year-over-year increase of about 101%[40]. Customer and Market Dynamics - Sales revenue from the top five customers accounted for 61.49% of total sales, with the largest customer contributing 27.25%[13]. - The company has established long-term partnerships with major automotive manufacturers such as Great Wall Motors and Dongfeng Motor, enhancing its market position in the automotive modification sector[43]. - The automotive modification market is being driven by both the aftermarket and the original equipment manufacturer (OEM) segments, with the OEM market becoming a significant revenue growth point for the company[43]. - The company is expanding its business scale and enhancing its core competitiveness by entering multiple nodes in the automotive modification industry chain[43]. - The company has a high reliance on export sales, which are significantly affected by fluctuations in the USD exchange rate[13]. Cost and Risk Management - Direct material costs constitute approximately 80% of the main business costs, with fluctuations in prices of aluminum and copper posing risks[13]. - The company has identified foreign exchange rate fluctuations as a potential risk factor affecting its operations[103]. - The company has a high reliance on export sales, with an export tax rebate rate of 13%, and any reduction or cancellation of this rebate could harm cash flow and operating results[105]. - The company plans to enhance inventory procurement management and optimize product structure to mitigate the impact of raw material price fluctuations on profitability[104]. Research and Development - The company has established a strong focus on intellectual property protection through patents and trademarks[13]. - The company developed new products including shock absorbers and hydraulic jacks, enhancing its product portfolio[52]. - The company’s R&D expenses increased by 8.10% to 12.19 million yuan, reflecting its commitment to innovation[60]. - The company is developing several new products, including an upgraded electric winch and a high-voltage brushless motor winch, aimed at expanding its product range and increasing sales revenue[90]. Governance and Shareholder Structure - The actual controllers of the company hold over 70% of the voting rights, which may impact corporate governance[13]. - The company has established an effective internal control management system to ensure compliance and proper operation[155]. - The board of directors consists of 7 members, while the supervisory board has 3 members[138]. - The company has made significant efforts to enhance its governance structure in line with the requirements of the Beijing Stock Exchange[156]. - The company has committed to ensuring equal rights for all shareholders, particularly minority shareholders, in its governance practices[164]. Audit and Compliance - The audit report issued by Tianjian Accounting Firm confirmed no reservations, indicating a clean audit opinion for the financial statements[181]. - The company has not experienced any significant accounting errors or omissions during the reporting period, maintaining high standards of information disclosure[175]. - The audit identified revenue recognition as a key audit matter due to the inherent risk of management's inappropriate revenue recognition practices[185]. - The company is responsible for ensuring that financial statements are prepared in accordance with accounting standards and reflect a true and fair view[190].
天铭科技(836270) - 2022 Q4 - 年度财报