SUZHOU BEARING FACTORY CO.(BJ:430418)2025-04-07 12:00Awards and Recognitions - The company was selected for the "Hang Seng A-Share Specialized and Innovative 50 Index" on January 22, 2024[6]. - The company won five awards, including "Outstanding Growth Enterprise" and "Excellent Overall Index Enterprise," at the 8th North Exchange & New Third Board Enterprise Awards on December 19, 2024[6]. - The company received the "2024 Jiangsu Province Mechanical Industry Technology Progress Award (Third Prize)" for the development of high-precision long-life roller needle bearings on December 10, 2024[7]. - The company was awarded the "2023 Excellent Quality Award" by BorgWarner on May 18, 2024[8]. - The company was recognized with the "Jiangsu Province Mechanical Industry Patent Award (First Prize)" for its elastic needle bearings used in electric vehicle steering systems on December 16, 2024[8]. - The company was included in the "Top 10 Value Listed Companies on the North Exchange" by the Securities Times on October 24, 2024[6]. - The company was recognized as a national high-tech enterprise and received several awards, including the "Excellence Quality Award" from BorgWarner in 2024[39]. - The company received the first prize for the "Research and Development of Hydraulic Torque Converter Needle Bearings for Transmission Systems" at the 2024 Jiangsu Machinery Industry Science and Technology Progress Awards[102]. Financial Performance - The company's operating revenue for 2024 reached ¥715,441,331.42, representing a year-over-year increase of 12.42% compared to ¥636,373,344.88 in 2023[29]. - The net profit attributable to shareholders for 2024 was ¥150,649,152.07, marking a 21.32% increase from ¥124,178,012.31 in 2023[29]. - The gross profit margin improved to 37.29% in 2024, up from 36.67% in 2023[29]. - The total assets increased by 15.30% to ¥952,065,054.81 at the end of 2024, compared to ¥825,699,303.13 at the end of 2023[31]. - The total liabilities rose by 16.29% to ¥134,432,033.46 at the end of 2024, up from ¥115,604,255.50 at the end of 2023[31]. - The net assets attributable to shareholders increased by 15.14% to ¥817,633,021.35 at the end of 2024, compared to ¥710,095,047.63 at the end of 2023[31]. - The basic earnings per share for 2024 was ¥1.11, a 21.32% increase from ¥0.92 in 2023[29]. - The company generated a net cash flow from operating activities of ¥151,577,773.76 in 2024, a 6.16% increase from ¥142,779,030.50 in 2023[32]. - The company achieved operating revenue of 715.44 million yuan, an increase of 79.07 million yuan, or 12.42% year-on-year[53]. - Operating costs amounted to 448.66 million yuan, up 45.67 million yuan, or 11.33% year-on-year, with the increase in costs being lower than that of revenue due to enhanced cost control measures[54]. - Net profit reached 150.65 million yuan, an increase of 26.47 million yuan, or 21.32% year-on-year, driven by global market expansion and higher gross margins compared to the domestic market[54]. Research and Development - The company obtained 14 authorized patents in 2024, including 3 invention patents[8]. - The company holds a total of 59 patents, including 11 invention patents, an increase from 48 and 8 respectively in the previous period[91]. - The company has ongoing R&D projects aimed at enhancing product performance and market competitiveness, including the development of high-speed cylindrical roller bearings for electric vehicles[92]. - The company is actively pursuing technological innovation and has increased R&D investment to meet diverse customer needs[41]. - Research and development expenses decreased by 7.78% to ¥38,390,604.28, reflecting a shift in investment strategy[64]. - The total number of R&D personnel decreased from 116 to 113, with the proportion of R&D staff to total employees increasing from 19.58% to 20.31%[90]. - The company has not capitalized any R&D expenditures, maintaining a 0% capitalization rate for both current and previous periods[88]. - The company aims to enhance its rolling bearing technology through strategic partnerships and procurement of components from its subsidiaries[84]. - The company is actively pursuing tax incentives related to R&D expenses, allowing for a 100% deduction of eligible R&D costs from taxable income[86]. Market and Sales - The company focuses on becoming a leading supplier of needle bearings and cylindrical roller bearings, establishing stable partnerships with renowned companies like Bosch and ZF[40]. - The company is committed to enhancing its international presence and has signed framework agreements with key clients to ensure stable supply and pricing[49]. - Domestic sales grew by 10.13% to ¥404,123,478.78, driven by new projects from key clients[74]. - Foreign sales increased by 15.55% to ¥311,317,852.64, attributed to rapid project growth from overseas clients[74]. - The company plans to increase its international sales revenue, which is expected to account for 45.62% of its main business income in 2024[115]. - The company aims to enhance its technological innovation capabilities and develop high-tech, high-value-added bearing products to maintain competitive advantages in the market[113]. - The company will continue to strengthen its market expansion capabilities, targeting industries such as new energy vehicles, aerospace, and industrial automation[113]. Operational Efficiency - The company has implemented comprehensive budget management and digital management improvements to enhance operational efficiency and reduce costs[54]. - The company emphasizes a "sales-driven production" model, ensuring production aligns with confirmed customer orders to meet delivery and quality requirements[46]. - The company has initiated a digital management integration upgrade project, "Kingdee Cloud Star," to enhance information sharing across various business systems[101]. - The company is advancing the construction of a 5G "fully connected" factory, demonstrating its commitment to digital transformation and modernization[101]. - The company has established a comprehensive internal control system to effectively manage operational risks[184]. Corporate Governance - The company has established a new corporate governance system during the year[161]. - The company held 8 board meetings during the reporting period, discussing significant matters including the approval of the 2023 annual report and financial statements[167]. - The company revised its articles of association twice during the reporting period, addressing changes in registered capital and business scope[166]. - The company established a strategic committee and a nomination and remuneration committee under the board to enhance governance structure[166]. - The company ensured all shareholders had equal rights and protections, including access to information and voting rights during shareholder meetings[163]. - The company reported no violations or significant deficiencies in its major decision-making processes during the reporting period[165]. - The company has three independent directors who meet the qualifications set by relevant regulations and have no conflicts of interest[179]. - The company has not faced any major risk issues as per the supervisory activities of the supervisory board during the reporting period[180]. Environmental and Social Responsibility - The company disclosed its first "2023 Environmental, Social, and Governance (ESG) Report," emphasizing its commitment to sustainable development and social responsibility[101]. - The company invested a total of 2.5375 million yuan in environmental protection in 2024, with no environmental violations reported[106]. - The company has established a comprehensive EHS management system to strengthen environmental risk prevention and support global climate action[103]. - The company is actively exploring green production and environmentally friendly products to align with global environmental awareness trends[108]. - The company has set energy management goals to improve energy efficiency and reduce fuel consumption, achieving total control of energy consumption intensity indicators in 2024[106]. - The company achieved a 100% completion rate for occupational health check-ups in 2024, with zero suspected or confirmed cases of occupational diseases[104]. Shareholder Information - The total number of shareholders as of December 31, 2024, was 6,741, with the majority being individual shareholders[129]. - The company plans to distribute a cash dividend of 4.50 yuan (including tax) for every 10 shares, totaling an expected cash distribution of 43,524,000 yuan, along with a capital increase of 38,688,000 shares[136]. - The annual equity distribution plan was approved by the board on April 3, 2024, and will be implemented on May 20, 2024[137]. - The largest shareholder, Chuangyuan Technology Co., Ltd., holds 57,934,800 shares, representing 42.79% of total shares[127]. - The actual controller of Chuangyuan Group is Suzhou State-owned Capital Investment Group, which holds 90% of the shares in Chuangyuan Group[133]. - The company has not reported any significant changes in major risks during the reporting period[116]. Audit and Compliance - The audit report for 2024 was issued by Tianheng Accounting Firm, confirming compliance with auditing standards and the effectiveness of internal controls[100]. - The audit report did not contain any reservations, indicating a clean opinion on the financial statements[191]. - The audit procedures included testing the effectiveness of internal controls and performing analytical procedures on revenue and costs[197]. - The company identified revenue recognition as a key audit matter due to its inherent risk of material misstatement[196]. - The management's assessment of the recoverability of accounts receivable involves significant judgment, making it a critical audit area[198]. - The company has implemented internal controls related to revenue recognition and accounts receivable impairment[197][199].