HSSM(SZ:002290)2025-03-27 09:55Financial Performance - The company's operating revenue for 2024 reached ¥2,525,931,883.02, representing a 7.93% increase compared to ¥2,340,364,839.01 in 2023[18]. - The net profit attributable to shareholders for 2024 was ¥97,909,785.45, an increase of 18.29% from ¥82,771,397.74 in 2023[18]. - The net profit after deducting non-recurring gains and losses was ¥99,260,758.74, which is a 26.40% increase from ¥78,526,784.83 in 2023[18]. - The basic earnings per share for 2024 was ¥0.39, up 18.18% from ¥0.33 in 2023[18]. - The total assets at the end of 2024 amounted to ¥1,787,165,672.36, a 1.21% increase from ¥1,765,760,768.00 at the end of 2023[18]. - The net assets attributable to shareholders increased by 13.97% to ¥804,645,702.82 from ¥706,041,627.37 in 2023[18]. - The cash flow from operating activities was ¥197,780,582.45, a decrease of 17.06% compared to ¥238,475,778.76 in 2023[18]. - The weighted average return on net assets for 2024 was 12.96%, slightly up from 12.59% in 2023[18]. Market and Industry Trends - The domestic production of refrigerators in 2024 reached 10.40 million units, a year-on-year increase of 8.3%, while air conditioners and washing machines also saw growth of 9.7% and 8.8%, respectively[27]. - The total export volume of home appliances in 2024 was 448.14 million units, reflecting a year-on-year growth of 20.8%, with total export value reaching ¥712.20 billion, up 15.4%[27]. - The retail market size for home appliances in China in 2024 was approximately ¥902.70 billion, marking a growth of 5.9% compared to the previous year[28]. - The home appliance industry is characterized by high-end demand-driven growth, policy and consumption dual pull, and accelerated technological integration, with a focus on green and intelligent upgrades[74]. Strategic Initiatives - The company has established long-term stable supply relationships with major brands such as Samsung, LG, and Panasonic, enhancing its market competitiveness[31]. - The company operates two production bases and has four PCM/VCM production lines, indicating strong production capacity in the composite materials sector[31]. - The company has established a dual-track marketing strategy focusing on both domestic and international markets, strengthening partnerships with leading home appliance brands[34]. - The company has invested in an intelligent composite materials production line to develop high-quality, high-value-added products, aligning with market demands for innovation[39]. - The company has established Shanghai Haixi Technology Co., Ltd. to focus on artificial intelligence technology, offering comprehensive solutions for intelligent computing centers[41]. Research and Development - Research and development investment amounted to CNY 85,508.27 million, a 7.49% increase from the previous year, representing 3.39% of total revenue[56]. - The company holds 83 patents, including 8 invention patents, reflecting its strong research and development capabilities in the PCM/VCM sector[36]. Risk Management - The company faces potential risks including industry competition, raw material price fluctuations, and risks in the artificial intelligence sector[4]. - The company is actively monitoring market trends and establishing long-term partnerships to mitigate risks associated with raw material price fluctuations[79]. Corporate Governance - The company has maintained independence from its controlling shareholder, ensuring no interference in decision-making or operations[86]. - The board of directors has been reduced from 9 to 7 members, with independent directors constituting over one-third of the board[87]. - The company has established a complete independent business system, including R&D, production, sales, and after-sales services, without reliance on shareholders[93]. - The company has committed to transparent information disclosure, ensuring all investors have equal access to information[89]. Employee and Management Structure - The total number of employees at the end of the reporting period is 898, with 74 in the parent company and 824 in major subsidiaries[117]. - The company has established a comprehensive internal training system, focusing on skills, emergency handling, and management tools to enhance employee capabilities[120]. - The company’s management compensation system includes a fixed salary and performance bonuses based on individual and company performance[127]. Legal and Compliance Issues - The company is involved in multiple legal disputes, with a total amount in litigation reaching approximately RMB 44.92 million related to a commercial factoring contract[159]. - The company has disclosed ongoing litigation that may impact its financial position, with potential liabilities being closely monitored[159]. Environmental Responsibility - The company has obtained pollution discharge permits for its subsidiaries, with valid periods extending until 2029 and 2026 respectively[136]. - Wastewater and waste gas are treated and discharged according to local environmental standards, with specific treatment methods outlined for both[139]. - The company invests significant funds annually to maintain the operation of waste gas and wastewater treatment facilities and pays environmental protection taxes quarterly[143]. Shareholder Relations - The company has organized three shareholder meetings and one performance briefing during the reporting period to ensure effective communication with shareholders[145]. - The company respects the rights of stakeholders while balancing interests to promote sustainable development[89]. - The company has a dedicated investor relations management system to enhance communication with investors[90].