Minami(SZ:301383)2025-04-17 13:10Dividend Policy - The company plans to distribute a cash dividend of 4 RMB per 10 shares to all shareholders, based on a total of 162,870,000 shares[6]. - The cash dividend represents 100% of the total profit distribution amount, with the distributable profit amounting to 354,698,758.70 RMB[152]. - The company commits to a cash dividend policy where at least 10% of the distributable profit will be distributed in cash if conditions are met[147]. - In a mature development stage with no major capital expenditures, the cash dividend proportion should be at least 80% of the profit distribution[147]. - The company will adjust its cash dividend distribution based on its financial condition and major investment plans[146]. - The company has outlined a three-year shareholder dividend return plan post-IPO, ensuring continuous and stable profit distribution[145]. - The company plans to distribute at least 10% of the distributable profits as cash dividends annually, provided it meets cash dividend conditions[178]. - In mature stages without significant capital expenditure, cash dividends should constitute at least 80% of the profit distribution; if there are major expenditures, this minimum drops to 40%[178]. - For growth stages with significant capital expenditures, cash dividends should be at least 20% of the profit distribution[178]. - The board will consider shareholder opinions and the company's financial needs when proposing dividend plans[180]. - Any adjustments to the profit distribution policy must comply with regulations and require approval from the board and shareholders[180]. - The company will actively communicate with shareholders, especially minority shareholders, to gather their opinions on dividend proposals[180]. - The company may issue stock dividends if it deems the stock price misaligned with its capital structure[180]. - The company reported a net profit insufficient to cover previous years' losses after statutory reserves were utilized[182]. - The net cash flow from operating activities has been below 20% of the distributable profit for three consecutive years[182]. - The company will adjust its cash dividend ratio in response to specific adverse conditions, including natural disasters and significant operational losses[182]. Financial Performance - The company's operating revenue for 2024 reached ¥2,227,346,071.01, representing a 26.85% increase compared to ¥1,755,918,637.49 in 2023[24]. - Net profit attributable to shareholders for 2024 was ¥211,750,174.63, a 55.59% increase from ¥136,096,684.25 in 2023[24]. - The net cash flow from operating activities surged to ¥238,359,288.41, a remarkable increase of 3,782.58% compared to ¥6,139,200.12 in 2023[24]. - Basic earnings per share for 2024 were ¥1.30, up 35.42% from ¥0.96 in 2023[24]. - Total assets at the end of 2024 amounted to ¥2,756,828,141.11, reflecting a 7.89% increase from ¥2,555,295,589.15 at the end of 2023[24]. - The company achieved a total operating revenue of CNY 2,227,346,071.01, representing a year-on-year increase of 26.85%[52]. - Net profit attributable to shareholders reached CNY 21,175.02 million, up 55.59% year-on-year, while the net profit after deducting non-recurring gains and losses was CNY 16,514.97 million, an increase of 31.17%[50]. - The company’s cash flow from operating activities showed a net inflow of CNY 23,835.93 million, a significant increase of 3782.58% year-on-year[51]. - The company’s operating costs reached CNY 180,925.64 million, reflecting a year-on-year increase of 29.29%[50]. Market and Product Development - The company has a focus on developing new audio technologies, including LE Audio and True Wireless Stereo (TWS) applications[18]. - The company is committed to enhancing its market presence through new product development and potential acquisitions[19]. - The company is focusing on the consumer electronics sector, particularly in smart wearable devices, which include TWS/OWS headphones and smart glasses[33]. - The global TWS smart wireless headphones shipment reached approximately 280 million units in 2024, with a year-on-year growth of about 14%[34]. - In China, the Bluetooth headphone market is projected to ship 11.35 million units in 2024, marking a 19.0% increase year-on-year[34]. - The company anticipates significant growth in the AR market, with a projected 143.9% increase in 2025 compared to 2024[35]. - The development of AI large models is expected to enhance the interaction experience in voice and visual recognition, driving growth in the smart glasses market[35]. - The company has expanded its product offerings to include health medical products such as hearing aids, hearing assistance devices, smart rings, AR glasses, AI glasses, and smart speakers, which are expected to become new profit growth points[38]. - The company is actively developing new products, including smart glasses and various audio solutions, to enhance market competitiveness[60]. - Future outlook includes expanding into new markets and enhancing product lines, particularly in the health and automotive sectors[62]. Research and Development - The company has a dedicated investor relations email (IR@minamiacoustics.com) for inquiries from investors[21]. - The company’s research and development expenses amounted to CNY 12,819.29 million, accounting for 5.76% of operating revenue[51]. - The company’s R&D personnel count increased by 21.76% to 582, with a notable rise in the number of master's degree holders by 133.33%[62]. - The R&D investment as a percentage of operating revenue decreased to 5.76% from 6.48% in 2023[63]. - The company has obtained Class II medical device production licenses and registration certificates, allowing it to produce both consumer audio products and health medical acoustic products[43]. - As of December 31, 2024, the company holds a total of 527 patents, including 52 invention patents, and has added 7 new invention patents in 2024[44]. - The company has made a significant investment of RMB 158,009,937.34 in the research and development of audio products, with the investment period extending into 2024[75]. Corporate Governance - The company has established a complete and independent financial accounting system and management procedures, ensuring financial independence from the controlling shareholder[115]. - The company has established a comprehensive governance structure, adhering to relevant laws and regulations to enhance governance levels[105]. - The company has maintained independence in personnel management, with senior management not holding positions in the controlling shareholder's other enterprises[114]. - The company has established an independent corporate governance structure, including a shareholders' meeting, board of directors, and supervisory board, ensuring clear responsibilities and independent operations[116]. - The company has a total of seven directors, including three independent directors, complying with legal and regulatory requirements[108]. - The company has no current or past penalties from securities regulatory agencies for directors, supervisors, or senior management in the last three years[130]. - The remuneration decision-making process involves recommendations from the Compensation and Assessment Committee, followed by board approval and submission to the shareholders' meeting[130]. - The company has established mechanisms to ensure minority shareholders can express their opinions and protect their rights[182]. - The company emphasizes compliance with regulations regarding cash dividend policies and their execution[182]. Risk Management - The company emphasizes the importance of risk awareness regarding future plans and performance forecasts, indicating that these do not constitute commitments to investors[6]. - The company faces macro market risks due to global political and trade uncertainties, which may impact product demand and performance[97]. - Increased competition in the consumer electronics sector poses a risk to the company's operational performance if it cannot maintain its competitive advantages[97]. - The company is exposed to currency exchange rate fluctuations, primarily with revenues denominated in USD, which could affect competitiveness and profit margins[98]. - High customer concentration risk exists, as the top five customers represent a significant portion of revenue, making the company vulnerable to changes in their purchasing behavior[98]. - The company has achieved steady business expansion and product diversification, but management capabilities must keep pace with growth to avoid operational risks[100]. Community and Environmental Responsibility - The company has implemented the ISO 50001 energy management system to enhance energy efficiency and reduce emissions[169]. - The company has committed to carbon neutrality and has taken specific measures to reduce energy consumption and pollution[169]. - The company actively engages in community support, purchasing 30,000 jin of local oranges to assist impoverished farmers[171]. - The company has created nearly 500 job opportunities for impoverished laborers, with over 108 new hires in 2024[170]. - The company has employed 284 disabled individuals as of December 31, 2024, with 34 new hires in 2024[170]. - The company sponsored local events with a total contribution of 16,500 RMB to support community activities[171]. - The company has not faced any administrative penalties related to environmental issues during the reporting period[167]. Shareholder Commitments - The actual controller and shareholders have committed to not transferring or entrusting their shares for 36 months from the date of the company's stock listing, with ongoing compliance[174]. - The company has a share reduction commitment where shareholders can only transfer up to 25% of their shares annually after the lock-up period, with a maximum of 50% within six months post-termination of their term[176]. - Shareholders are required to announce any share reduction plans three trading days in advance, ensuring compliance with relevant regulations[176]. - The company has ongoing commitments to maintain shareholding stability and adhere to regulatory requirements regarding share transfers[176]. - The company has outlined specific conditions for share price adjustments in case of corporate actions like dividends or stock splits[176]. - The commitments are part of a broader strategy to maintain investor confidence and stabilize share prices during the lock-up period[176]. - The company is actively managing its shareholder commitments to align with market regulations and investor expectations[176]. Internal Control and Compliance - The company reported no significant defects in internal control for the 2024 fiscal year, ensuring effective risk management and compliance[161]. - The internal control evaluation report indicated that 100% of the total assets and operating income of the evaluated units were included in the consolidated financial statements[163]. - The company maintained effective internal control over financial reporting as of December 31, 2024, according to the internal control audit report[164]. - There were no significant deficiencies or important deficiencies identified in non-financial reporting during the reporting period[164]. - The company continues to enhance its internal control system and strengthen internal audit supervision to promote sustainable development[161]. Management and Employee Development - The company has established a comprehensive compensation and benefits system to support long-term incentives for key personnel[160]. - The company is focusing on systematic training and talent development to build a high-quality management team for sustainable growth[144]. - The company aims to strengthen its internal talent pool through targeted training and recruitment of fresh graduates[143]. - The total number of employees at the end of the reporting period is 3,111, with 503 in the parent company and 2,608 in major subsidiaries[140]. - The total number of employees receiving compensation during the period is 6,698[140]. - The professional composition includes 2,159 production personnel, 55 sales personnel, 582 technical personnel, 29 financial personnel, and 286 administrative personnel[140]. - The educational background of employees shows 1 with a doctorate, 26 with a master's degree, 380 with a bachelor's degree, and 2,704 with an associate degree or below[140].