YODON(002406)2025-04-08 09:05Financial Performance - The company's operating revenue for 2024 was CNY 1,276,539,760.76, a decrease of 2.34% compared to CNY 1,307,113,650.14 in 2023[20] - Net profit attributable to shareholders for 2024 increased by 25.76% to CNY 118,341,164.58, up from CNY 94,097,541.75 in 2023[20] - The net profit after deducting non-recurring gains and losses was CNY 81,829,532.84, representing a 48.05% increase from CNY 55,271,092.84 in 2023[20] - The net cash flow from operating activities surged by 247.00% to CNY 108,316,168.82, compared to CNY 31,214,661.22 in the previous year[20] - Basic earnings per share rose to CNY 0.16, an increase of 14.29% from CNY 0.14 in 2023[20] - Total assets at the end of 2024 were CNY 4,817,858,249.29, a slight increase of 0.14% from CNY 4,811,188,306.76 at the end of 2023[20] - Net assets attributable to shareholders increased by 1.14% to CNY 4,026,203,486.23 from CNY 3,980,884,829.85 in 2023[20] Dividend Distribution - The company plans to distribute a cash dividend of CNY 1.5 per 10 shares, based on a total share capital of 730,225,082 shares[6] - The total cash dividend amount is 109,533,762.30 yuan, which represents 100% of the total profit distribution amount[145] - The profit distribution policy prioritizes cash dividends, with a minimum of 20% of distributable profits to be distributed in cash if conditions are met[139] - The company aims for a cash dividend proportion of at least 80% for mature stage companies without major capital expenditure plans[140] - The company has not proposed any stock bonus or capital reserve conversion to share capital in this profit distribution plan[147] Market Challenges and Risks - The company faces risks including fluctuations in the commercial vehicle and engineering machinery industries, rising raw material prices, and challenges in international market expansion[5] - The company reported a decline in profits for its subsidiaries, mainly due to a decrease in operating income influenced by the strategies of some major manufacturers[84] - The company’s main raw materials, including steel, account for over 60% of its operating costs, making it vulnerable to price volatility in the materials market[93] - The company recognizes the increasing market concentration and competitive pressure in the industry, with larger firms gaining an advantage in customer acquisition and market share[86] - The company faces risks related to the inability to achieve expected benefits from fundraising investment projects, which could adversely affect its operating performance[97] Production and Capacity - The company has an annual production capacity of 6 million sets of non-constant velocity drive shafts and 1 million sets (planned to increase to 2 million sets) of constant velocity drive shafts[37] - The company is advancing its plan to expand production capacity for high-end drive shafts, targeting an annual output of 200,000 sets, to align with the growing demand for new energy vehicles[32] - The company aims to increase the production capacity of constant velocity drive shafts to 1 million sets per year to meet the growing demand from the new energy vehicle market[90] - The company plans to build a production line with an annual capacity of 2 million high-end drive shafts, enhancing its market development capabilities[97] Research and Development - Research and development expenses amounted to ¥66,949,399.90, a decrease of 8.92% from ¥73,506,014.37 in the previous year, representing 5.24% of total revenue[58][60] - The company is increasing its investment in technology research and development to launch innovative and differentiated products[96] - The company will prioritize the research and development of new products for the new energy vehicle chassis components as a key focus for 2025[90] - The company has completed prototype testing for several new lightweight materials and components aimed at meeting carbon neutrality goals, which are expected to foster new profit growth points[59] Environmental and Social Responsibility - The company was fined RMB 1.18 million for violating the Water Pollution Prevention Law due to improper operation of pollution control facilities[156] - Significant investments were made in environmental equipment to ensure compliance with air emission standards, contributing to the company's goal of becoming a zero-waste factory[158] - The company constructed sedimentation tanks to treat wastewater, ensuring compliance with the Class III wastewater discharge standards[159] - A donation of RMB 600,000 was made to support rural revitalization efforts through a charity event[160] - The company has committed to training all employees on environmental protection to enhance awareness and compliance[156] Corporate Governance - The company maintains independence from its controlling shareholders in terms of personnel, assets, finance, organization, and business operations[106] - The company has established an independent accounting system and financial management practices, ensuring no interference from shareholders in financial decisions[107] - The board of directors held six meetings during the reporting period, with all resolutions passed unanimously[128] - The audit committee reviewed and approved the 2023 annual financial report and profit distribution plan[132] - The company has not faced any objections from directors regarding company matters during the reporting period[130] Shareholder Information - The total number of shares is 730,225,000, with 100% being common shares[193] - Liu Yansheng holds 21.39% of shares, totaling 156,194,787 shares[196] - The company has a total of 68,592 common shareholders at the end of the reporting period[196] - The largest shareholder, Liu Yansheng, has not changed his holdings during the reporting period[196] - The company has not experienced any changes in its controlling shareholder during the reporting period[199]