NBJF(SH:603997)2025-03-28 09:30Financial Performance - The company's operating revenue for 2024 reached ¥22.26 billion, a 3.17% increase from ¥21.57 billion in 2023[23]. - The net profit attributable to shareholders for 2024 was a loss of ¥566.80 million, compared to a profit of ¥203.87 million in 2023[23]. - The net cash flow from operating activities decreased by 83.64% to ¥269.63 million in 2024 from ¥1.65 billion in 2023[23]. - The total assets of the company increased by 12.99% to ¥20.28 billion at the end of 2024, up from ¥17.95 billion at the end of 2023[23]. - The net assets attributable to shareholders rose by 13.33% to ¥4.65 billion at the end of 2024, compared to ¥4.10 billion at the end of 2023[23]. - The basic earnings per share for 2024 was -¥0.46, down from ¥0.18 in 2023[24]. - The weighted average return on equity for 2024 was -12.38%, a decline from 5.42% in 2023[24]. - The company did not propose any cash dividends or stock bonuses for 2024 due to a negative net profit[6]. Segment Performance - The Jifeng segment achieved revenue of RMB 6.431 billion, a year-on-year increase of 60.27%, with a net profit of RMB 279 million, up 41.82%[40]. - The Grammer segment's revenue was RMB 16.104 billion, down 9.14% year-on-year due to economic downturns in Germany and weak automotive market demand[43]. - In 2024, the company delivered 330,000 sets of passenger car seats, achieving revenue of 3.11 billion yuan, a year-on-year increase of several times from 655 million yuan[49]. - The smart air vent business generated revenue of 405 million yuan in 2024, a rapid increase from 281 million yuan in the previous year, with an EBIT of 44 million yuan[53]. Strategic Adjustments - The company faced significant losses due to the downturn in the German economy and weak demand in the automotive market[24]. - The company is undergoing strategic adjustments in response to market conditions, including personnel optimization measures in Europe[24]. - The company is actively expanding its production capacity for passenger car seats, with new bases in Changzhou, Wuhu, and Fuzhou completed and operational in 2024[50]. - The integration of the European business with the company is expected to enhance operational efficiency and reduce costs in the European region[48]. Research and Development - Research and development expenses rose by 24.59% to RMB 525.6 million, reflecting a commitment to innovation[85]. - The company has increased its R&D personnel for passenger car seats by approximately 175 people by the end of 2024, focusing on enhancing technical capabilities[52]. - The company has a robust R&D system and has developed a central control system for autonomous driving, positioning itself for future technological advancements[67]. - The company focuses on innovative R&D in both passenger and commercial vehicle sectors, developing new materials and technologies to meet diverse customer needs[75]. Market Trends - The penetration rate of new energy vehicles in China reached 40.9% in 2024, with production and sales of 12.888 million units, up 34.4% year-on-year[34]. - The global automotive market saw a mild growth in 2024, with total sales reaching 90.6 million units, a year-on-year increase of 2%[56]. - The automotive parts industry is moving towards product integration and modularization to enhance production efficiency and vehicle performance[120]. - There is a growing emphasis on lightweight and energy-efficient automotive components to address global energy consumption and environmental concerns[122]. Financial Management - The company has implemented a comprehensive cost management system, continuously improving cost assessment across various roles to lower production costs[78]. - The cost of raw materials in the automotive parts industry increased by 7.07% year-on-year, accounting for 74.54% of total costs[93]. - The company has established long-term partnerships with global clients, enhancing project expansion and product quality[79]. - The company has a structured approach to evaluate and determine the remuneration of directors and senior management[158]. Corporate Governance - The company has established a robust corporate governance structure, adhering to relevant laws and regulations to protect shareholder rights[143]. - The board of directors consists of 9 members, including 3 independent directors, ensuring diverse oversight through various specialized committees[146]. - The company emphasizes investor relations management, providing multiple channels for communication and timely responses to investor inquiries[151]. - The company has implemented a strict insider information management system to protect investor interests and ensure fair information disclosure[150]. Risk Management - The company is actively managing risks associated with competition and currency fluctuations to maintain its market position and financial stability[139][140]. - The company recognizes the risk of product price declines due to strong bargaining power from automakers, which may impact profitability[135]. - The company faces significant market competition risks, particularly in pricing and product quality, which may impact sales if competitors have more capital resources[139]. Employee Management - The company has a total of 18,182 employees, with 1,353 in the parent company and 16,829 in major subsidiaries[169]. - The company aims to build a talent pool through systematic training programs to enhance internal capabilities and talent development[172]. - The company has implemented measures to reduce carbon emissions, including the use of clean energy and sustainable product solutions[188].