Financial Performance - Revenue for the year ended December 31, 2024, was RMB 12,197.4 million, a decrease of approximately 8.7% compared to RMB 13,352.8 million in 2023[4] - Net profit attributable to shareholders was RMB 675.9 million, a decline of approximately 47.9% from RMB 1,297.4 million in 2023[4] - Basic and diluted earnings per share were both RMB 0.89, down from RMB 1.71 in 2023[6] - The company's net profit attributable to ordinary shareholders for 2024 is CNY 675,878,799, a decrease of 48.1% compared to CNY 1,297,437,793 in 2023[23] - The company's pre-tax profit for 2024 was $592.90 million, a decrease from $1.22 billion in 2023, leading to an expected income tax of $148.23 million based on a 25% tax rate[14] Revenue Breakdown - Domestic revenue decreased by approximately 10.4%, while overseas revenue decreased by approximately 5.1% compared to the previous year[4] - Revenue from optical transmission products was RMB 7,867,135,458 in 2024, down 12.8% from RMB 9,021,240,873 in 2023[13] - Revenue from the optical interconnect components segment increased by 3.7% to approximately RMB 2,116.0 million, representing 17.3% of total revenue[63] Profitability and Margins - Gross profit was RMB 3,330.1 million with a gross margin of 27.3%, up from 24.5% in 2023[4] - The gross margin of the company's optical transmission product segment increased from 29.7% in 2023 to 31.7% in 2024[100] Assets and Liabilities - Total assets as of December 31, 2024, amounted to RMB 31,726.7 million, an increase from RMB 29,142.3 million in 2023[7] - The company reported a total liability of RMB 16,145,428,036 in 2024, an increase of 9.5% from RMB 14,744,846,456 in 2023[8] - Shareholders' equity totaled RMB 15,581,291,889 in 2024, up 8.2% from RMB 14,397,497,437 in 2023[8] Cash Flow and Expenses - Cash and cash equivalents were RMB 3,292.6 million, down from RMB 3,895.8 million in 2023[7] - Research and development expenses for the year were RMB 787.2 million, slightly up from RMB 775.0 million in 2023[5] - The company incurred significant expenses, including CNY 874,935,239 in depreciation and amortization across its segments[29] Dividends - The board proposed a final dividend of RMB 0.268 per share for the year ended December 31, 2024, down from RMB 0.514 per share in 2023[4] - The proposed final dividend for the year ending December 31, 2024, is RMB 0.268 per share (before tax), totaling RMB 203,118,569, compared to RMB 0.514 per share (before tax) and RMB 389,563,226 in 2023[109] Taxation - The income tax expense for 2024 was $11.65 million, significantly lower than $39.49 million in 2023, primarily due to a deferred tax change of $(180.37) million in 2024 compared to $(113.97) million in 2023[14] - The company holds high-tech enterprise certificates that allow for a reduced tax rate of 15% until November 2026 for several subsidiaries, enhancing its tax efficiency[15][16][17][18][19][20] Market Position and Strategy - The company is focused on expanding its market presence and enhancing its product offerings in the optical communication industry[27] - The company has rapidly expanded its new fiber optic product business, with G.654.E fiber optic products maintaining a leading market share in domestic operators[100] - The company has established eight overseas bases and over 50 overseas offices, enhancing its international presence and ability to respond to market demands[104] Acquisitions and Investments - The group established Changfei Guangfang (Xiangyang) Technology Co., Ltd. with a registered capital of RMB 100 million for software development and new materials technology research[85] - The acquisition of Radio Frequency Systems GmbH and its subsidiaries was completed in April 2024, with their financial performance included in the group's consolidated financial statements from that date[87] Employee and Operational Metrics - The total employee cost for the group was approximately RMB 1,562.0 million, down from RMB 1,781.7 million in 2023, with a workforce of about 9,616 full-time employees[83] - The company has adjusted its operating segments to better reflect its business strategy, now reporting under two segments: Optical Transmission Products and Optical Interconnect Components[61] Governance and Compliance - The audit committee has reviewed and discussed the annual performance for the year ending December 31, 2024, including the consolidated financial statements[117] - The company has adopted all provisions of the corporate governance code and complied with it throughout the fiscal year ending December 31, 2024[119]
长飞光纤光缆(06869) - 2024 - 年度业绩