Financial Performance - The company's performance has declined compared to the same period last year, primarily due to the absence of asset optimization benefits from the previous year, unscaled production capacity for some products, increased sales expenses from new product promotions, and reduced interest income due to declining deposit rates[4]. - The company's operating revenue for 2024 was ¥468,495,480.07, representing a 7.69% increase compared to ¥435,060,319.09 in 2023[17]. - The net profit attributable to shareholders for 2024 decreased by 64.23% to ¥15,314,881.31 from ¥42,811,968.52 in 2023[17]. - The net profit after deducting non-recurring gains and losses was ¥12,687,064.23, down 49.68% from ¥25,214,342.99 in 2023[17]. - The net cash flow from operating activities for 2024 was ¥67,939,108.67, a decrease of 9.44% compared to ¥75,023,760.29 in 2023[17]. - The total assets at the end of 2024 were ¥1,174,736,336.92, down 7.60% from ¥1,271,402,099.07 at the end of 2023[17]. - The company's weighted average return on equity for 2024 was 1.57%, a decrease of 2.74% from 4.31% in 2023[17]. Research and Development - The company's R&D expenses amounted to 30.47 million yuan, accounting for 6.50% of its operating revenue, indicating a stable and significant investment in innovation[31]. - A total of 49 R&D projects were conducted during the reporting period, with 409 authorized patents obtained, including 43 invention patents, showcasing the company's strong innovation capabilities[31]. - The company launched 26 new products that received certification as "New Industrial Products (New Technologies)" in Zhejiang Province, reflecting its ability to innovate and expand its product offerings[32]. - The company has established a dedicated R&D team for "high-voltage DC relays for new energy applications," further diversifying its product portfolio[32]. - The company has actively expanded its product offerings in the new energy sector, introducing high-voltage direct current relays, surge protectors, and electronic energy meters, contributing to green energy and low-carbon development[61]. Market Trends and Strategy - The low-voltage electrical products industry is experiencing growth driven by fixed asset investment, with a 4.2% year-on-year increase in national fixed asset investment from January to April 2024[27]. - The market for direct current products is rapidly expanding, driven by demand in data centers, new energy vehicles, and charging facilities[28]. - The company is focusing on technological innovation and integration with new infrastructure, smart manufacturing, and renewable energy to drive future growth[28]. - The company is focusing on integrating traditional low-voltage electrical products with emerging technologies such as 5G and IoT to meet evolving customer demands[37]. - The company plans to enhance its product structure through technological innovation to achieve domestic substitution in the mid-to-high-end market[104]. Sales and Marketing - The marketing strategy has been adapted to include both online and offline channels, enhancing customer engagement and service delivery[36]. - The company established a sales system combining distribution and direct sales, signing contracts with 120 distributors nationwide during the reporting period[58]. - The company has established a nationwide distributor network with 120 distributors, enhancing product penetration and customer service capabilities[62]. - Relay sales contributed ¥226,763,678.76, accounting for 48.40% of total revenue, with a year-on-year growth of 22.70%[67]. - Domestic sales accounted for 87.15% of total revenue, with a year-on-year increase of 7.54%[67]. Cost and Expenses - The cost of raw materials for low-voltage electrical products was ¥224,193,374.74, representing 60.16% of total operating costs, with a year-on-year increase of 13.42%[71]. - Direct labor costs for low-voltage electrical products were ¥44,244,858.53, accounting for 11.87% of total operating costs, with a year-on-year increase of 9.50%[72]. - The sales expenses increased by 25.87% from ¥18,403,811.91 in 2023 to ¥23,164,855.07 in 2024[77]. - Research and development expenses decreased by 5.73% from ¥32,321,446.61 in 2023 to ¥30,468,668.56 in 2024, accounting for 6.50% of total revenue[77]. Governance and Compliance - The company has established a comprehensive performance evaluation system linking assessment results to employee compensation and promotions[121]. - The company maintains independence in assets, personnel, finance, organization, and business from the controlling shareholder, ensuring clear ownership and operational autonomy[125]. - The company has a complete personnel management system, with independent recruitment, promotion, and performance evaluation processes[127]. - The company has an independent finance department and accounting system, capable of making autonomous financial decisions[128]. - The company is committed to maintaining compliance with relevant laws and regulations in its operations[147]. Shareholder Engagement and Remuneration - The company distributed a total cash dividend of ¥35,856,660.00 (including tax) for the 2023 fiscal year, with a dividend of ¥3.5 per 10 shares[157]. - The cash dividend policy ensures a minimum of 20% of profits are distributed as cash dividends during the growth phase of the company[159]. - The total pre-tax remuneration for the chairman, Hu Zhixing, is 385,500 RMB[142]. - The total pre-tax remuneration for the vice chairman, Hu Zhilin, is 385,500 RMB[142]. - The total pre-tax remuneration for the general manager, Zhang Pengchun, is 385,500 RMB[142]. Internal Control and Audit - The internal control system was established and implemented in accordance with relevant laws and regulations, ensuring compliance and asset security[161]. - There were no significant internal control deficiencies identified during the reporting period[163]. - The internal control audit report indicated that the company maintained effective financial reporting controls in all material respects[164]. - The internal audit department was set up to supervise financial expenditures and economic activities[161]. Social Responsibility and Environmental Compliance - The company emphasizes integrity in operations and actively fulfills social responsibilities while developing its business[168]. - The company has established a stable and reliable supplier management system, ensuring quality control and customer satisfaction[170]. - The company strictly adheres to environmental regulations, implementing effective pollution control and energy-saving measures[170]. - The company actively participates in social welfare initiatives, contributing to education and community support[170].
欣灵电气(301388) - 2024 Q4 - 年度财报