GRANDWALL(SH:603897)2025-04-01 08:50Financial Performance - The company's operating revenue for 2024 reached RMB 12,985,437,181.09, an increase of 17.21% compared to RMB 11,079,205,104.70 in 2023[23]. - The net profit attributable to shareholders of the listed company was RMB 236,097,071.77, reflecting a growth of 9.05% from RMB 216,507,055.38 in the previous year[23]. - The basic earnings per share for 2024 was RMB 1.14, up 8.57% from RMB 1.05 in 2023[25]. - The main business revenue reached CNY 12,711,703,584.80, with a year-on-year growth of 17.23%[45]. - The main business cost was CNY 12,173,479,606.66, which increased by 17.37% year-on-year[46]. - The company's net profit margin improved, with net profit for 2024 showing a significant increase compared to the previous year, although specific figures were not provided in the documents[189]. Cash Flow and Assets - The net cash flow from operating activities showed a significant decline, amounting to -RMB 3,519,320.60, a decrease of 102.15% from RMB 163,362,450.94 in 2023[23]. - The total assets of the company increased by 8.01% to RMB 6,496,995,385.35 at the end of 2024, compared to RMB 6,015,166,463.77 at the end of 2023[23]. - The company's cash and cash equivalents increased significantly to CNY 1,988,413,764.57 in 2024 from CNY 1,125,220,396.78 in 2023, representing a growth of about 77%[182]. - The total current liabilities increased to CNY 3,886,141,215.85 in 2024 from CNY 3,184,634,916.74 in 2023, marking a rise of around 22%[183]. - The company's short-term borrowings rose to CNY 993,638,903.79 in 2024, compared to CNY 575,477,836.41 in 2023, reflecting an increase of approximately 73%[183]. Production and Sales - The production volume of electromagnetic wire products reached 176,300 tons, up 6.79% year-on-year[33]. - The sales volume of electromagnetic wire products was 177,800 tons, reflecting a year-on-year increase of 7.36%[33]. - The company maintains a diverse product range with over a thousand specifications, covering temperature grades from 130 to 240 and wire diameters from 0.07mm to 5.20mm[37]. Research and Development - The total R&D expenditure for the period amounted to ¥79,815,677.96, representing 0.61% of the operating revenue[54]. - The company employed 97 R&D personnel, accounting for 13.06% of the total workforce[55]. - The company is focusing on high-quality development and technological innovation to enhance competitiveness in the global market[36]. Governance and Compliance - The company held 1 annual general meeting and 2 extraordinary general meetings in 2024, ensuring transparency and fairness in decision-making for all shareholders, particularly minority shareholders[78]. - The board of directors consists of 7 members, including 3 independent directors, and has held 5 meetings in 2024, adhering to legal and regulatory requirements[79]. - The company has implemented a long-term mechanism to prevent the controlling shareholder from occupying company assets and infringing on the interests of the listed company[78]. Environmental and Social Responsibility - The company is committed to green and sustainable development, actively researching eco-friendly insulation materials and optimizing electromagnetic design for energy efficiency[36]. - The company has achieved ISO 14001:2015 environmental management system certification and was recognized as a national green factory in 2021[126]. - The company invested 1,067.47 million CNY in environmental protection during the reporting period[119]. Market and Industry Trends - The electromagnetic wire industry has entered a mature phase with slow growth due to oversupply and severe product homogeneity, while new application areas like electric vehicles and renewable energy are expected to drive future growth[69]. - The industry is experiencing rapid growth due to strong demand from emerging sectors such as new energy vehicles, smart grids, and AI data centers[36]. Risk Management - The company faces market risks due to dependence on sectors like home appliances and automotive, which are sensitive to economic fluctuations[75]. - The company recognizes funding risks inherent in the capital-intensive electromagnetic wire industry, particularly related to accounts receivable from major clients[75]. - The company has established a comprehensive environmental management system to comply with current domestic environmental requirements, but faces risks of increased environmental standards and costs due to stricter regulations[76].