Company Listing and Recognition - Jiangsu Lintex Advanced Materials Co., Ltd. officially listed on the Beijing Stock Exchange on December 18, 2024, after receiving registration approval from the China Securities Regulatory Commission on November 21, 2024[6]. - The company is recognized as a national high-tech enterprise and has won several awards, including the Jiangsu Province Science and Technology Award[43]. - The company has been recognized as a "high-tech enterprise" and has received provincial-level recognition for its specialized and innovative capabilities[49]. Financial Performance - The company's operating revenue for 2024 reached ¥312,580,958.30, representing a 51.33% increase compared to ¥206,560,173.18 in 2023[30]. - The net profit attributable to shareholders for 2024 was ¥81,043,199.68, a 64.78% increase from ¥49,182,336.26 in 2023[30]. - The gross profit margin improved to 43.70% in 2024, up from 42.07% in 2023[30]. - Total assets increased by 46.76% to ¥561,511,861.06 in 2024, compared to ¥382,608,669.58 in 2023[31]. - The company's net assets attributable to shareholders rose by 67.58% to ¥441,082,068.49 in 2024, up from ¥263,202,747.52 in 2023[31]. - The cash flow from operating activities for 2024 was ¥49,699,492.35, a 19.50% increase from ¥41,588,707.84 in 2023[31]. - The basic earnings per share increased to 2.44 in 2024, up 64.86% from 1.48 in 2023[30]. Market Expansion and Product Development - The company plans to continue expanding its market presence and investing in new product development in the automotive parts sector[21]. - The company successfully launched the Geely DHT160 project in November 2024, with the Chery Automobile DHT project also progressing well during the year[6]. - The company provided 1.317 million sets of automatic transmission friction plates to BYD for plug-in hybrid vehicles by the end of 2024, marking a significant entry into the new energy vehicle market[53]. - The revenue from the new energy vehicle sector has rapidly increased, becoming a new growth point for the company's performance[53]. - The company plans to continue expanding its presence in the engineering machinery, high-end agricultural machinery, and special vehicles sectors, which are expected to drive future growth[54]. Research and Development - The company is developing wet friction materials for various automatic transmission systems, including AT, DCT, CVT, and hybrid vehicles, to enhance market competitiveness[102]. - The company is conducting research on wet friction materials suitable for electric vehicle multi-speed transmissions to maintain its technological leadership in the industry[103]. - The company is enhancing the mechanical and corrosion resistance properties of MAX phase ceramic friction materials for new energy vehicle transmissions[103]. - The company is developing high-power, anti-thermal vibration wet friction plates to address friction heating issues in automatic transmissions[103]. - The company has implemented substantial analysis procedures to assess the reasonableness of revenue and gross margin fluctuations in light of industry policy changes[106]. Supply Chain and Partnerships - The company has established stable supply relationships with major domestic automatic transmission manufacturers and vehicle manufacturers, including BYD and Geely[43]. - The company has entered the supply chain of global automotive parts supplier Magna and received mass production approval for automatic transmission friction plates[43]. - The company aims to become a global leader in the supply of automatic transmission friction plates, having already achieved significant market competitiveness[44]. Risks and Challenges - The company faces risks from fluctuations in the automotive industry due to macroeconomic conditions and national industrial policies, which could adversely impact production and profitability[131]. - The company has experienced significant fluctuations in raw material prices, which could impact gross margin and profitability if not passed on to downstream customers[131]. - The company reported a significant risk of bad debts if the financial conditions of major customers deteriorate[131]. Shareholder and Governance Information - The actual controller, Liu Jian, holds a total of 29.04% of the company's shares, which may affect the stability of the company's control and governance[131]. - The company has a total of 39,000,000 shares outstanding after a public offering of 5,850,000 shares, increasing from 33,150,000 shares[158]. - The company’s senior management and core employees participated in a strategic placement plan, acquiring 585,000 shares, which is 10% of the total shares issued[146]. Employee and Management Structure - The company has a total of 285 employees at the end of the reporting period, an increase of 48.4% from 192 at the beginning[197]. - The total remuneration for directors, supervisors, and senior management in 2024 is projected to be 5.3221 million yuan, based on the company's performance and industry standards[195]. - The company has implemented a systematic training plan for employees, focusing on internal promotions and skill development[199].
林泰新材(920106) - 2024 Q4 - 年度财报