Financial Performance - In 2024, the company's operating revenue reached ¥155,589,100.33, representing a 59.68% increase compared to ¥97,440,837.26 in 2023[25]. - The net profit attributable to shareholders was ¥32,962,350.61, up 23.22% from ¥26,750,188.06 in the previous year[25]. - The basic earnings per share increased to ¥0.53, a rise of 23.26% from ¥0.43 in 2023[25]. - The gross profit margin improved to 33.40%, compared to 30.28% in 2023[25]. - The company reported a significant increase in net profit after deducting non-recurring gains and losses, reaching ¥27,342,016.94, a 123.88% increase from ¥12,213,072.82 in 2023[25]. - Net profit attributable to shareholders increased by 27.46% to ¥32,962,350.61, with a basic earnings per share of ¥0.53[28]. - Operating revenue grew by 59.68% to ¥155,589,100.33 compared to the previous year[28]. - The company reported a net profit of ¥33,902,144.52 for 2024, a 27.46% increase compared to ¥26,599,177.16 in 2023[53]. - Total operating revenue for 2024 reached ¥155,589,100.33, a significant increase of 59.7% compared to ¥97,440,837.26 in 2023[196]. - Total operating costs for 2024 were ¥125,770,063.90, up 50.6% from ¥83,538,560.87 in 2023[196]. - Net profit for 2024 was ¥33,902,144.52, representing a 27.5% increase from ¥26,599,177.16 in 2023[197]. - Earnings per share for 2024 were ¥0.53, compared to ¥0.43 in 2023, reflecting a growth of 23.3%[198]. Assets and Liabilities - Total assets increased by 6.81% to ¥559,575,871.73 compared to the end of 2023[27]. - Total liabilities rose by 13.80% to ¥88,906,377.86 compared to the end of 2023[27]. - Total assets at the end of the reporting period reached ¥559,575,871.73, an increase of 6.81% compared to the beginning of the period[45]. - Total current assets increased to ¥372,898,633.83 in 2024 from ¥367,941,688.71 in 2023, representing a growth of approximately 0.26%[189]. - Cash and cash equivalents decreased to ¥95,984,171.92 in 2024 from ¥113,410,090.71 in 2023, a decline of about 15.36%[189]. - Accounts receivable rose to ¥106,597,253.48 in 2024, up from ¥95,436,424.67 in 2023, indicating an increase of approximately 11.93%[189]. - Total liabilities increased to ¥88,906,377.86 in 2024 from ¥78,124,286.79 in 2023, reflecting a growth of about 13.36%[191]. - Total equity attributable to shareholders rose to ¥464,796,494.48 in 2024 from ¥440,832,341.18 in 2023, an increase of approximately 5.43%[192]. - Non-current assets totaled ¥186,677,237.90 in 2024, compared to ¥155,948,144.74 in 2023, marking an increase of about 19.66%[190]. - Inventory increased to ¥60,419,052.44 in 2024 from ¥51,045,815.50 in 2023, representing a growth of approximately 18.38%[190]. Cash Flow - The company's cash flow from operating activities showed a significant decline of 168.93%, resulting in a net outflow of ¥12,254,499.97[27]. - The net cash flow from operating activities for 2024 was -¥12,254,499.97, a decrease of 168.93% compared to ¥17,778,971.36 in 2023[68]. - The net cash flow from investing activities improved by 29.47%, from -¥26,162,050.71 in 2023 to -¥18,452,035.51 in 2024[68]. Research and Development - Research and development expenses increased by 33.33% to ¥9,705,998.06, aimed at enhancing product competitiveness and meeting market demands[54]. - R&D expenses for the current period were ¥9,705,998.06, representing 6.24% of operating revenue, down from 7.47% in the previous year[77]. - The total number of R&D personnel increased from 33 to 36, with R&D staff now accounting for 11.50% of the total workforce[78]. - The company holds 31 patents, including 9 invention patents, an increase from 7 in the previous period[79]. - The company is developing new products, including high-reliability tracks and precision gear manufacturing technologies, to meet customer demands and expand production capacity[81]. - The company aims to improve its R&D capabilities and operational management to increase production efficiency and product value[95]. Market and Competition - The agricultural machinery gear industry is supported by government policies promoting mechanization, leading to increased demand for agricultural machinery[48]. - The company is recognized as a "specialized, refined, distinctive, and innovative" enterprise at the national level, enhancing its competitive edge[44]. - The gear manufacturing industry in China has approximately 5,000 companies, with over 1,000 large-scale enterprises, indicating a highly competitive market[46]. - The company employs a direct sales model, ensuring close collaboration with clients to meet their specific needs and requirements[42]. - The company is expanding its product line from primarily agricultural machinery gears to include electric forklifts, engineering machinery gears, and large tractor gears, enhancing market competitiveness and meeting growing market demand[90]. - The company aims to solidify and expand its market share in the harvesting machine gear sector while increasing R&D investment to optimize product performance and configurations, leading to higher customer orders and sales revenue[91]. Risks and Challenges - The company has no significant risks of delisting or major changes in risk factors as noted in the report[13]. - The company relies heavily on its largest customer, Wode Agricultural Machinery, which accounted for over 50% of sales, posing a risk if Wode increases self-sourcing or changes its operational strategy[92]. - The agricultural machinery industry is cyclical, with harvesting machines and tractors experiencing market cycles of approximately 7 to 8 years, which could impact the company's performance if economic conditions worsen[93]. - The company recognizes the need to diversify its customer base as sales to the top five customers exceed 50%, aiming to reduce dependency on major clients[93]. - The company faces risks related to inventory levels, which could impact cash flow and operational efficiency if market conditions change[94]. - The company has identified risks related to potential changes in tax policies affecting high-tech enterprises and small micro enterprises, which could negatively impact future net profits[94]. Governance and Compliance - The company has established a comprehensive internal control system, including various management and operational procedures to enhance governance[145]. - The company reported no violations or irregularities in governance practices during the reporting period[146]. - The company’s governance structure ensures equal rights for all shareholders, allowing them to fully exercise their rights[147]. - The company has implemented a training program with an average of 8 hours of training per employee[138]. - The company will continue to strengthen communication with investors to enhance their understanding of the company[154]. - The company has not engaged in any share incentive plans during the reporting period[137]. - The company confirmed that all meetings complied with legal and regulatory requirements, ensuring the legitimacy and effectiveness of the proceedings[152]. Shareholder Information - The company distributed a cash dividend of 1.50 CNY per 10 shares based on a total share capital of 62,240,000 shares on July 8, 2024[123]. - The total number of unrestricted shares increased from 26,116,461 (41.96%) at the beginning of the period to 40,899,548 (65.71%) at the end of the period, reflecting a change of 14,783,087 shares[109]. - The total number of restricted shares decreased from 36,123,539 (58.04%) to 21,340,452 (34.29%), a reduction of 14,783,087 shares, indicating a shift in shareholding structure[109]. - The largest shareholder, Huang Jianmin, holds 13,812,720 shares, representing 22.19% of the total shares, with no change during the reporting period[110]. - The total number of shareholders with more than 5% ownership among the top ten shareholders is 38,073,480 shares, accounting for 61.17% of the total shares[111]. Audit and Financial Reporting - The audit report issued by Tianjian Accounting Firm confirmed that the financial statements fairly reflect the company's financial position and operating results for the year ended December 31, 2024[171]. - The audit firm has provided a clean audit opinion with no reservations, indicating no significant issues were found during the audit process[171]. - The audit procedures included testing the effectiveness of internal controls and verifying sales contracts to ensure appropriate revenue recognition[175]. - The management is responsible for ensuring the financial statements are prepared in accordance with accounting standards and for maintaining effective internal controls[180].
丰安股份(870508) - 2024 Q4 - 年度财报