JXPCB(SH:688655)2025-03-17 11:25Financial Performance - The net profit attributable to shareholders for 2024 was -1,973,962.25 CNY, leading to a decision not to distribute profits or dividends for the year[6]. - The company's operating revenue for 2024 was CNY 474,585,010.52, representing a year-on-year increase of 2.26% compared to CNY 464,118,043.99 in 2023[23]. - The net profit attributable to shareholders of the listed company for 2024 was CNY -1,973,962.25, a decrease of 114.65% from CNY 13,469,654.44 in 2023[23]. - The net cash flow from operating activities increased by 142.80% to CNY 90,205,411.88, primarily due to an increase in bank deposits from sales of goods and services[25]. - The company's basic earnings per share for 2024 was CNY -0.01, down 110.00% from CNY 0.10 in 2023[24]. - The net assets attributable to shareholders of the listed company at the end of 2024 were CNY 680,313,768.37, a decrease of 1.73% from CNY 692,259,982.98 in 2023[23]. - The weighted average return on net assets for 2024 was -0.29%, a decrease of 2.24 percentage points from 1.95% in 2023[24]. - The company faced pressure on performance due to underutilization of production capacity and intense price competition in the industry[25]. - The company's operating profit and total profit decreased by 42.54% and 49.16% year-on-year, respectively, due to underutilized capacity and high fixed costs[127]. - The gross profit margin for the printed circuit board segment was 14.33%, down by 0.81% compared to the previous year[131]. Corporate Governance - The company has not made any profit since its listing, indicating ongoing financial challenges[5]. - The company has no special arrangements for corporate governance that would affect the report's accuracy[9]. - The company has not violated any decision-making procedures regarding external guarantees[9]. - The board of directors was fully present at the meeting to approve the annual report[6]. - The company has established specialized committees, including an Audit Committee and a Strategic Committee, to enhance governance and oversight[184]. - The board meetings were held five times in the year, all conducted through a combination of onsite and remote participation[182]. - The company has not faced any penalties from securities regulatory authorities in the past three years, indicating compliance with regulations[180]. - The company has proposed to use part of the temporarily idle raised funds for cash management, optimizing financial resources[181]. Research and Development - The company achieved a total R&D investment of ¥32,136,697.40, a decrease of 1.09% compared to the previous year[90]. - R&D investment accounted for 6.77% of total revenue, down from 7.00% in the previous year, representing a reduction of 0.23 percentage points[90]. - The company holds a total of 220 effective patents, including 40 invention patents and 180 utility model patents, with 7 new invention patents granted during the reporting period[87]. - The company has developed a new technology for 77G millimeter-wave radar with a line precision tolerance of ≤15μm and an antenna gain improvement with EA value ≤10μm[82]. - The company has established several engineering technology research centers to enhance R&D capabilities and drive innovation in key technologies[87]. - The company has implemented a new method for via hole resin sealing, optimizing parameters to improve the fullness and integrity of the sealing[83]. - The company has developed a new type of embedded copper block manufacturing method, enhancing thermal conductivity in circuit boards[82]. - The company is committed to enhancing its R&D capabilities to meet the growing demands of various high-tech applications, including 5G and smart devices[97]. Market and Industry Trends - The PCB industry is experiencing significant growth driven by the demand from downstream applications such as automotive electronics, AI servers, and IoT devices, with a notable increase in demand for high-end PCB products[155]. - The PCB market is witnessing a shift towards high-frequency, high-speed, and high-density interconnect (HDI) boards, driven by advancements in 5G, AI, and electric vehicles[156]. - The company is focusing on high-end special processes such as HDI and soft-hard combined boards to enhance product competitiveness and increase added value[158]. - The global PCB market is projected to reach $73.565 billion in 2024 and $91.1 billion by 2028, with a CAGR of 5.5%[60]. - In China, the PCB market is expected to grow from $41 billion in 2024 to $47.9 billion by 2028, reflecting a CAGR of 4.0%[60]. Production and Capacity Expansion - The company is expanding its production capacity with the new intelligent sample production base project in Zhuhai, which is currently in the installation phase[38]. - The Zhuhai smart prototype factory is set to commence production in Q2 2024, with an expected output of 60,000 square meters per month, significantly increasing the company's production capacity[161]. - The company plans to accelerate capacity ramp-up and achieve economies of scale, leveraging its three factories to enhance its one-stop service capabilities for prototypes and small-batch production[159]. - The company is focusing on innovative techniques in drilling and material processing, which are expected to set new industry benchmarks[93]. Risk Management - The company has detailed various risks it may face in the "Management Discussion and Analysis" section of the report[5]. - The company emphasizes the importance of investor awareness regarding the risks associated with forward-looking statements[7]. - The company faced risks related to raw material price fluctuations, which significantly impact production costs[113]. - The company reported a financial risk due to potential bad debts from accounts receivable management[117]. - The company is exposed to environmental risks due to the nature of PCB production, which generates waste and requires compliance with strict regulations[114]. - The PCB industry is characterized by a high degree of customization and small-batch production, with a growing trend towards diversified and personalized product demands[157]. Shareholder Engagement - The company plans to submit the profit distribution proposal to the shareholders' meeting for approval[6]. - The company has established a cash dividend policy, prioritizing cash distribution, with a minimum of 15% of distributable profits allocated to shareholders annually[195]. - The company reported a net profit of -1,973,962.25 RMB for 2024, leading to a proposal of no cash dividends or stock distributions for that year[199]. - The company launched a restricted stock incentive plan in January 2025, granting 2.9568 million shares to 129 eligible participants, representing approximately 2.22% of the company's total equity[165]. - The performance evaluation for the stock incentive plan will be based on the company's future development and revenue growth rate[165].