Gifore(300022)2025-04-09 11:05Industry Performance - The corn planter industry is experiencing short-term demand weakness and intensified competition, leading to a decline in the manufacturing segment's performance compared to the same period last year [4]. - The agricultural machinery industry is undergoing a complex transformation, with government policies supporting high-end and intelligent machinery, which is expected to stimulate market demand [8]. - The overall agricultural machinery industry is at a critical stage of transformation and product upgrading, with a trend towards high-end, intelligent, and green machinery [8]. - The agricultural machinery industry in China experienced a decline in domestic sales, with a year-on-year decrease of over 10% due to low grain prices and reduced farmer income [38]. - The industry is shifting towards intelligent, comprehensive, and full-process development, driven by changes in agricultural production methods and structural adjustments [39]. Company Financials - The company's operating revenue for 2024 was ¥2,708,953,689.15, representing a 2.24% increase compared to ¥2,649,650,783.71 in 2023 [25]. - The net profit attributable to shareholders for 2024 was -¥30,812,760.96, a decrease of 283.36% from ¥16,804,213.39 in 2023 [25]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥20,788,673.57, down 260.48% from ¥12,953,732.18 in 2023 [25]. - The cash flow from operating activities for 2024 was ¥52,493,878.45, a decline of 19.06% from ¥64,856,334.74 in 2023 [25]. - The total assets at the end of 2024 were ¥1,874,382,508.90, an increase of 1.89% from ¥1,839,607,584.39 at the end of 2023 [25]. Strategic Initiatives - The company plans to continue optimizing its brand structure and enhancing service capabilities to strengthen its core competitiveness in response to market challenges [7]. - The company is expected to benefit from ongoing policy support aimed at enhancing agricultural productivity and technological transformation in the industry [36]. - The company plans to launch multiple new products in the market, including air-driven electric control products, while actively developing overseas markets [59]. - The company is actively pursuing mergers and acquisitions in the southwestern region, successfully integrating local dealers to expand market share [69]. - The company is committed to seizing opportunities presented by the national rural revitalization strategy to increase its market share in the agricultural machinery sector [112]. Risk Management and Governance - The company emphasizes risk management and internal controls to ensure its ongoing operational capabilities are not adversely affected [10]. - The company has established an internal control system to ensure compliance with laws and regulations, enhancing governance and operational efficiency [127]. - The company maintains independence from its controlling shareholders in terms of assets, personnel, and operations [129]. - The audit committee oversees the implementation of internal controls and the accuracy of financial disclosures [127]. - The company is committed to maintaining the legal rights of all shareholders through effective supervision mechanisms [152]. Research and Development - Research and development expenses increased by 92.45% to ¥9,894,939.22, driven by investments in new technology projects [86]. - The company is developing new agricultural machinery, including a high-performance no-till seeder and a new adjustable ridging machine, aimed at enhancing market competitiveness [87]. - R&D investment amounted to ¥9,894,939.22 in 2024, representing 0.37% of operating revenue, an increase from 0.19% in 2023 [89]. - The company aims to achieve mass production of new equipment, such as high-performance precision fertilization seeders, to stabilize market share [87]. - The company is working on projects that fill domestic gaps in agricultural machinery, which is expected to positively impact sales and profits [88]. Employee Engagement and Training - The company has a comprehensive salary system that includes various compensation structures tailored to different roles, ensuring competitive salary levels [164]. - In 2024, the company plans to conduct a total of 110 training sessions covering various topics including product maintenance, sales skills, and management training [167]. - The company emphasizes a training strategy that combines practical experience with theoretical knowledge to develop skilled talent for sustainable growth [165]. - The training program for new employees includes onboarding sessions covering corporate culture, employee manuals, and software applications [166]. - The company is committed to enhancing employee engagement through a fair and reasonable compensation scheme [164]. Shareholder Relations - The company has not experienced any administrative regulatory measures from supervisory authorities during the reporting period [118]. - The company ensures that all shareholders, especially minority shareholders, have equal rights and opportunities to participate in meetings [119]. - The company is committed to transparency in its financial reporting and governance practices [1]. - The company actively engages with stakeholders to balance interests among shareholders, employees, and society [128]. - The company has a dedicated investor relations management system to ensure transparency and timely information disclosure [126].