RAYITEK(SH:688323)2025-03-21 09:30Financial Performance - The company reported no cash dividends, stock bonuses, or capital reserve transfers for the 2024 profit distribution plan, which was approved by the board[7]. - The company has not achieved profitability since its listing, indicating ongoing financial challenges[5]. - A standard unqualified audit report was issued by DaXin Accounting Firm, ensuring the accuracy of the financial statements[6]. - The company's operating revenue for 2024 reached RMB 339,054,434.45, representing a 22.88% increase compared to RMB 275,928,076.04 in 2023[22]. - The net profit attributable to shareholders of the listed company was a loss of RMB 57,274,907.69 in 2024, compared to a loss of RMB 19,603,013.62 in 2023[22]. - The net cash flow from operating activities increased significantly by 125.20% to RMB 137,523,874.31 in 2024, up from RMB 61,066,979.78 in 2023[22]. - Total assets as of the end of 2024 amounted to RMB 2,563,947,151.17, reflecting a 4.76% increase from RMB 2,447,368,795.73 at the end of 2023[22]. - The net assets attributable to shareholders decreased by 5.63% to RMB 943,121,144.92 at the end of 2024, down from RMB 999,364,018.07 at the end of 2023[22]. - The company reported a revenue of RMB 336,914,126.10 after excluding non-main business income, which is a 22.10% increase from the previous year[22]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was a loss of RMB 57,628,224.39 in 2024, compared to a loss of RMB 21,888,027.48 in 2023[22]. - The basic and diluted earnings per share for 2024 are both -0.32 CNY, a decrease from -0.11 CNY in 2023[23]. - The net profit attributable to shareholders for the reporting period is -57.27 million CNY, an increase in loss of 37.67 million CNY compared to the previous year[24]. - The weighted average return on equity decreased by 3.97 percentage points to -5.90% in 2024 from -1.93% in 2023[23]. - The gross profit margin decreased, and the increase in depreciation and interest expenses contributed to the losses[93]. Operational Risks and Compliance - The company has detailed various operational risks in the report, which investors should be aware of[5]. - There are no non-operational fund occupations by controlling shareholders or related parties, ensuring financial integrity[9]. - The company has not violated decision-making procedures for external guarantees, maintaining compliance with regulations[10]. - The report includes a forward-looking statement risk declaration, cautioning investors about potential uncertainties in future plans[8]. - The company operates in a competitive market with larger international players, which may affect its market share and operational performance if competition intensifies[100]. - The company does not have a controlling shareholder, which may lead to decision-making challenges and potential risks in business operations[102]. - The company is exposed to risks related to the repayment of convertible bonds if its financial condition deteriorates or if external financing becomes restricted[105]. Research and Development - The company is focusing on the development of new products and technologies in the polyimide film sector, particularly for flexible OLED displays[17]. - The company plans to expand its market presence and explore potential mergers and acquisitions to enhance growth opportunities[17]. - The management remains optimistic about future performance despite the current financial losses, aiming for improved profitability in the upcoming fiscal periods[17]. - Research and development expenses accounted for 9.95% of operating revenue, down from 11.67% in 2023[23]. - The company achieved a total R&D investment of ¥33,733,042.13, representing a 4.78% increase compared to the previous year[72]. - The company obtained 4 new patents during the reporting period, bringing the total to 37 patents, including 30 invention patents[70]. - The company is currently developing a high-performance PI film with a target thickness of 100μm and a thermal conductivity of over 1500W/m.K[75]. - The company is researching high thermal conductivity PI films, targeting a thermal conductivity greater than 0.6W/mK to meet increasing demands in semiconductor packaging[76]. - The company has a total of 11 ongoing R&D projects, focusing on various applications including flexible electronics and high-frequency communication[75]. Market and Product Development - The company is focusing on expanding markets for 5G/6G PI films, electronic substrates, and high thermal conductivity PI films[40]. - The company has entered the supply chains of well-known manufacturers such as Shengyi Technology and Unimicron, indicating strong market acceptance of its electronic PI films[46]. - The flexible display CPI film, with a foldability exceeding 200,000 times, is in the testing phase for terminal brand manufacturers, aiming to fill a domestic gap in flexible display applications[50]. - The company is committed to advancing technology and product development in the clean energy sector, particularly for applications in electric vehicles and wind energy[161]. - The company plans to focus on the development of new products for high-frequency and high-speed flexible electronic substrates in response to the accelerating 6G technology research and AI computing demand[158]. - New product launches include low-dielectric substrates for 5G/6G, high thermal conductivity PI films, and functional PI products for electric vehicles and OLED applications[163]. Governance and Management - The company has a comprehensive governance structure in place, with all board members present at the meeting[6]. - The financial report is signed and sealed by the company's legal representative and accounting personnel, affirming its authenticity[10]. - The company emphasizes the importance of maintaining a robust governance structure to ensure compliance with legal and regulatory requirements, enhancing decision-making fairness[167]. - The company held two shareholder meetings during the reporting period, with all resolutions passed and no resolutions rejected[169]. - The company’s governance structure remains compliant with relevant laws and regulations, ensuring the legality and effectiveness of shareholder meetings[169]. - The company is in the process of preparing for the nomination of new candidates for the board and supervisory positions, indicating a focus on future leadership continuity[176]. - The total remuneration for the chairman, Song Shuqing, was reported as 0.00 million, while the general manager, Tang Changdan, received 77.38 million[173]. - The company has maintained a stable leadership structure with no significant turnover among key executives during the reporting period[181]. Financial Strategy and Investments - The company plans to increase its production capacity of high-performance PI films by 1,600 tons, which is a significant increase compared to existing capacity[104]. - The company plans to implement a profit distribution proposal for 2023, reflecting a commitment to shareholder returns[189]. - The company will adopt a mixed financing strategy to support large-scale project investments while monitoring long-term government bond opportunities to reduce financial costs[165]. - The company is strategically positioning itself in upstream specialty monomers to ensure timely supply of raw materials and mitigate supply chain risks[165]. - The company has invested a total of 5,956.62 million RMB in the reporting period, representing a 42.09% increase compared to the previous year[149]. - The company reported a total revenue of 1.2 billion RMB for the fiscal year 2024, representing a year-over-year growth of 15%[179]. - The company has provided a revenue guidance of 1.5 billion RMB for the next fiscal year, which reflects an expected growth of 25%[179]. - The company plans to invest in high-speed communication flexible substrates and functional polyimide films for rail transit through its wholly-owned subsidiary[164].