YAPP(SH:603013)2025-04-03 09:00Financial Performance - As of December 31, 2024, the company's undistributed profits amounted to ¥2,114,583,641.87, with a distributable profit of ¥334,447,665.58 for the year[3]. - The company plans to distribute a cash dividend of ¥0.35 per share, totaling approximately ¥179,409,742.40, which represents 61.31% of the distributable profit and 41.00% of the net profit attributable to shareholders[3]. - The total cash dividend for the year, including interim distributions, is projected to be ¥205,039,705.60[3]. - The company's operating revenue for 2024 was CNY 8,075,999,877.72, a decrease of 5.91% compared to 2023[19]. - Net profit attributable to shareholders for 2024 was CNY 500,097,765.48, reflecting a year-on-year increase of 7.29%[19]. - The net cash flow from operating activities decreased by 16.20% to CNY 763,464,153.96 in 2024[19]. - Basic earnings per share for 2024 increased by 7.69% to CNY 0.98, while diluted earnings per share also stood at CNY 0.98[20]. - The weighted average return on equity for 2024 was 12.24%, an increase of 0.08 percentage points from 2023[20]. - Total assets at the end of 2024 reached CNY 6,722,341,092.61, marking a 4.61% increase from the previous year[19]. - The net assets attributable to shareholders increased by 4.73% to CNY 4,204,577,069.91 at the end of 2024[19]. - The company reported a decrease in net profit after deducting non-recurring gains and losses, which was CNY 508,650,436.81, down 4.69% from 2023[19]. Corporate Governance - The board of directors and management have ensured the authenticity and completeness of the annual report[6]. - The company has received a standard unqualified audit report from its accounting firm[6]. - The company has not violated decision-making procedures for external guarantees[5]. - The company has confirmed that there are no non-operating fund occupations by controlling shareholders or related parties[5]. - The company has not faced any penalties from securities regulatory agencies in the past three years[123]. - The company has not reported any changes in the shareholding of its directors and senior management during the reporting period[116]. - The company has scheduled multiple board meetings throughout 2024 to discuss various strategic and operational matters, demonstrating proactive governance[125]. - The company has a centralized management system that enhances efficiency across various management functions, including production and finance[147]. - The company has established a performance-based evaluation mechanism for senior management, linking compensation to performance outcomes[146]. Research and Development - R&D expenses totaled 316 million yuan, accounting for approximately 3.92% of revenue, with 23 invention patents granted during the year[28]. - The company launched 38 automation projects, significantly enhancing production efficiency and reducing reliance on equipment manufacturers[28]. - The company has made significant progress in the automotive thermal management system, achieving breakthroughs in key components and successfully launching fully automated production lines for certain projects[41]. - The company has developed lightweight and high-strength composite materials for battery pack covers, enhancing energy density and electric vehicle range, with several new projects already in mass production[42]. - The company is focusing on lean production and cost control to improve production efficiency and resource integration[100]. Market Position and Strategy - The company ranks first in the Chinese passenger vehicle fuel system market and third globally[34]. - The company is focusing on the commercialization of hybrid high-pressure fuel systems, with orders significantly exceeding those for traditional fuel systems during the reporting period[40]. - The company is actively seeking breakthroughs in mergers and acquisitions to enhance its business portfolio[39]. - The company aims to establish a dual main business development pattern of "energy storage systems + thermal management systems" during the 14th Five-Year Plan period[99]. - The company is expanding its product portfolio from energy storage to energy management, establishing new business divisions for thermal management systems, battery packs, and hydrogen storage systems[103]. Risk Management - The report includes a detailed description of potential risk factors that the company may face[5]. - The company faces risks from global economic instability, shifts in automotive consumer demand towards new energy vehicles, and intensified market competition that may affect product gross margins[108]. - The company plans to conduct financial derivatives business in 2024 to mitigate risks associated with foreign exchange settlements, exchange rate, and interest rate fluctuations, which aligns with its operational needs and long-term development goals[128]. Social Responsibility and Sustainability - The company invested 1,022 million yuan in environmental protection during the reporting period[153]. - The company implemented carbon reduction measures, resulting in a decrease of 4,333 tons of CO2 equivalent emissions[156]. - The company allocated 35 million yuan for social responsibility initiatives, including donations to educational funds[157]. - The company participated in poverty alleviation projects with a total investment of 88 million yuan[157]. - The management team emphasized a commitment to sustainability, targeting a 30% reduction in carbon emissions by 2025[117]. Shareholder Information - The largest shareholder, Guotou High-tech Investment Co., Ltd., holds 252,450,000 shares, accounting for 49.25% of the total shares[186]. - The total number of shares after the recent change is 512,599,264, with 0.25% being restricted shares[180]. - The total number of shares held by the top ten shareholders is 404,407,466, which is 78.83% of the total shares[186]. - The company has no shares under pledge, marking a stable shareholder structure[186]. - The company does not have any repurchase of shares during the reporting period[197]. Future Outlook - In 2024, global automotive sales are projected to reach 88.637 million units, a year-on-year increase of 2.1%[31]. - In 2024, China's new energy vehicle sales are expected to reach 12.888 million units, a year-on-year growth of 34.4%, with a market share of 40.9%[32]. - The company expects a maximum daily deposit balance of RMB 3 billion in Guotou Financial Co., Ltd. for 2024, with the highest single-day deposit balance during the reporting period being RMB 1.33 billion[170]. - The company is considering strategic acquisitions to bolster its supply chain, with a budget of 100 million allocated for potential deals[117].