Greenway(SH:688345)2025-04-18 13:05Financial Performance - The net profit attributable to shareholders for 2024 is negative, leading the company to propose no cash dividends or stock bonuses for the year [7]. - The company has not achieved profitability since its listing, indicating ongoing financial challenges [5]. - The company reported a revenue of ¥1,843,992,479.32 for 2024, a decrease of 17.48% compared to ¥2,234,529,429.09 in 2023 [24]. - The net profit attributable to shareholders was -¥96,607,836.54, a significant decline from -¥33,780,223.31 in the previous year [24]. - Basic earnings per share decreased to -¥0.97 from -¥0.34 in 2023, reflecting a substantial drop in profitability [25]. - The company’s net cash flow from operating activities was ¥31,361,356.29, a decrease of 23.74% compared to the previous year [24]. - The weighted average return on equity dropped to -8.76% from -2.86% in 2023, indicating worsening financial performance [25]. - The company reported a significant decrease in cash flow from financing activities, down 123.55% to -22,391,745.24 RMB compared to the previous year [87]. - The company reported a net profit attributable to shareholders of -96.61 million RMB, primarily due to overseas inflation, intensified market competition, and inventory destocking by downstream enterprises, leading to a decline in market demand [62]. - The company’s inventory value at the end of the reporting period was 478 million RMB, accounting for 31.53% of current assets [66]. Governance and Compliance - The audit report issued by Da Xin Accounting Firm confirms the financial statements are accurate and complete [6]. - The board of directors and supervisory board members have all attended the board meeting, ensuring governance compliance [6]. - The company has not disclosed any special arrangements in corporate governance [10]. - The company has not violated decision-making procedures regarding external guarantees [11]. - There are no non-operational fund occupations by controlling shareholders or related parties [9]. - The company has maintained a stable executive team with no changes in shareholding for key personnel [122]. - The company has not faced any penalties from securities regulatory agencies in the past three years [134]. - The company has established a robust internal control system to enhance operational efficiency and risk management [155]. - The company emphasizes the protection of shareholder and creditor rights, ensuring transparency and compliance in corporate governance [180]. Research and Development - Research and development expenses accounted for 7.26% of revenue, up from 5.97% in the previous year, indicating an increased focus on innovation [26]. - In 2024, the company achieved R&D investment of 134 million yuan, accounting for 7.26% of revenue, enhancing its core competitiveness in lithium battery technology [32]. - The company has achieved multiple technological breakthroughs in battery cell, lightweight power battery, and energy storage battery fields, enhancing its core competitiveness [46]. - The company has developed a high-performance, low-cost sodium-ion battery technology, which is expected to be widely applied in energy storage and portable storage solutions [55]. - The company has launched several new products in the energy storage sector, including home storage and portable storage solutions, which have successfully entered mass production [47]. - The company has developed a complete R&D system covering battery cell principles, material systems, product design, and testing, enhancing its core competitiveness [58]. - The company has a total of 951 patent applications, including 203 invention patents, with 716 patents granted, of which 645 are domestic and 71 are international [47][48]. Market and Sales - The company’s light vehicle lithium batteries are primarily used in electric bicycles and motorcycles, with a focus on the European and Southeast Asian markets [38]. - The revenue from lithium-ion batteries for light vehicles was ¥802 million, down 7.15% year-on-year, primarily due to inventory destocking by downstream companies [31]. - The revenue from energy storage batteries fell by 72.48% to ¥138 million, largely due to decreased demand in the South African market [31]. - The company’s energy storage market remains robust, with significant growth in large-scale and household storage installations in the U.S. and Europe [39]. - The company’s sales model includes direct sales and ODM, ensuring a stable relationship with suppliers and efficient supply chain management [36]. - The company is expanding its energy storage products, including portable, residential, and commercial storage solutions, with a focus on the North American market and plans to explore new segments like RV storage and data center storage [43]. - The company is focusing on sustainability initiatives, aiming to reduce carbon emissions by 40% over the next five years [125]. Strategic Initiatives - The company aims to become a leading player in the lightweight battery sector, establishing a comprehensive manufacturing system that includes material research, cell development, structural design, BMS development, SMT, and final assembly [42]. - The company plans to enhance its competitive strength and market share through technology development and market expansion [68]. - The company is committed to enhancing its technological innovation capabilities, focusing on product performance and reliability improvements [114]. - The company plans to strengthen its organizational capabilities and foster a culture of innovation to enhance employee efficiency and cohesion [114]. - The company will continue to explore new market segments and expand its product matrix in the emerging consumer electronics sector [113]. Environmental and Social Responsibility - The company invested CNY 67.61 million in environmental protection during the reporting period [162]. - The total greenhouse gas emissions for the reporting period amounted to 14,227.71 tCO2e, with scope 1 emissions at 3,684.43 tCO2e and scope 2 emissions at 10,543.28 tCO2e [165]. - The company has established a comprehensive environmental management system in accordance with ISO 14001:2015 standards [168]. - The company actively engages in social responsibility initiatives, including environmental education activities and donations to educational funds [179]. - The company has implemented multiple energy-saving optimization projects, achieving a reduction of 5,545 tons in carbon dioxide equivalent emissions [170]. Employee and Executive Compensation - The total compensation for key executives during the reporting period amounted to 7.5952 million CNY [123]. - The general manager's compensation for the reporting period was 676,300 CNY [122]. - Total remuneration for all directors, supervisors, and senior management at the end of the reporting period amounted to 5.282 million RMB [132]. - The company has implemented a comprehensive salary and performance incentive system to enhance talent attraction and employee motivation [143]. - The company emphasizes employee training, implementing a dual-channel career development path and various training programs for different employee levels [145]. Future Outlook - The company aims to become a leading global provider of lithium battery solutions, focusing on lightweight batteries for electric vehicles, consumer electronics, and energy storage [110]. - By 2025, the company plans to enhance its R&D capabilities and product quality, responding to consumer demands for longer battery life, fast charging, and safety [112]. - The company will diversify its product line in energy storage by exploring niche markets such as marine and RV storage solutions [113]. - Future outlook includes potential new product launches and strategic partnerships to enhance market presence [124].