TONGDA STOCK(SZ:300321)2025-04-21 14:40Financial Performance - The company's operating revenue for 2024 was CNY 373,405,226.28, representing a 13.41% increase compared to CNY 329,242,844.44 in 2023[18]. - The net profit attributable to shareholders for 2024 was CNY 8,400,085.01, a significant turnaround from a loss of CNY 7,925,113.75 in 2023, marking a 205.99% increase[18]. - The net profit after deducting non-recurring gains and losses was CNY 5,666,683.61, up 122.25% from a loss of CNY 25,471,963.86 in the previous year[18]. - The basic earnings per share for 2024 was CNY 0.0946, compared to a loss of CNY 0.0892 in 2023, reflecting a 206.05% improvement[18]. - The total assets at the end of 2024 were CNY 683,376,139.16, a 2.22% increase from CNY 668,513,811.65 at the end of 2023[18]. - The net assets attributable to shareholders increased by 1.36% to CNY 626,546,348.94 at the end of 2024, compared to CNY 618,146,263.93 in 2023[18]. - The net cash flow from operating activities for 2024 was CNY 4,761,743.44, a decrease of 85.64% from CNY 33,165,922.20 in 2023[18]. - The company reported a significant improvement in profitability metrics, indicating a positive trend in financial performance[18]. Revenue and Sales - The company's main business revenue for 2024 reached ¥356,816,128.68, representing a year-on-year increase of 19.27% compared to ¥299,167,944.75 in 2023[41]. - The total sales volume for 2024 was 1,096.45 million square meters, a 25.36% increase from 874.64 million square meters in 2023[47]. - The revenue from the microfiber base fabric product surged by 152.96% to ¥90,923,560.30, compared to ¥35,944,509.52 in 2023[43]. - The revenue from direct sales accounted for 67.71% of total sales in 2024, up from 63.33% in 2023, indicating a shift towards direct sales channels[43]. - The gross profit margin for the microfiber base fabric product was 19.39%, showing an increase of 9.63% year-on-year[46]. Research and Development - Research and development expenses increased by 18.75% to ¥15,836,999.04 in 2024, up from ¥13,336,663.21 in 2023, reflecting the company's commitment to innovation[41]. - The company has obtained 16 invention patents and 13 utility model patents, demonstrating its commitment to innovation and technology[30]. - The company completed several key R&D projects, including the development of high-performance protective materials and low-carbon footprint synthetic leather[55]. - The investment in R&D has focused on enhancing product performance and expanding application areas, such as developing environmentally friendly materials[55]. - The company aims to improve its competitive edge by introducing innovative products and technologies, including solvent-free synthetic leather[55]. Operational Efficiency - The company established a comprehensive management system covering key areas such as R&D, production management, and quality control, enhancing operational efficiency[40]. - The company has implemented a sales-driven production model, aligning production plans with customer demand to optimize efficiency[34]. - The company has made significant breakthroughs in the technology of producing ultra-fine fiber leather using recycled and bio-based materials, maintaining a competitive edge in the industry[39]. - The company aims to optimize its management structure and improve operational efficiency through modern information management[75]. Market Position and Strategy - The company is a leading manufacturer of ultra-fine synthetic leather in China, with a strong market presence and a reputation for high-quality products[30]. - The ultra-fine synthetic leather market is expected to grow due to increasing demand for eco-friendly materials and the company's focus on sustainable production practices[28]. - The company has established a strong customer base, including well-known brands such as LV, ZARA, and BMW, which supports its market position[35]. - The company intends to expand its market presence by increasing brand awareness and establishing long-term relationships with reputable clients[79]. Governance and Shareholder Engagement - The board of directors consists of 9 members, including 3 independent directors, ensuring compliance with governance requirements[92]. - The company has conducted 1 annual general meeting and 2 extraordinary general meetings during the reporting period, ensuring shareholder rights are upheld[91]. - The company actively engages with investors through various channels to enhance transparency and communication[95]. - The company has established strict knowledge property protection measures to safeguard its core technologies and prevent leaks[82]. - The company has a governance structure that includes an independent board of directors, supervisory board, and shareholders' meeting, complying with legal requirements[104]. Financial Independence and Control - The company maintains an independent business system and operational capability, ensuring no interference from the controlling shareholder in its operations[99]. - The company has independent bank accounts and does not share accounts with controlling shareholders or related enterprises, ensuring financial autonomy[103]. - The company has a complete and independent organizational structure tailored to its development needs, with clearly defined roles and responsibilities[104]. - The company has committed to maintaining independence in personnel, assets, finance, and operations, ensuring no mixed operations or asset confusion with Weikong Group[150]. Employee Management and Rights - The company reported a total of 539 employees at the end of the reporting period, with 344 in production, 22 in sales, 90 in technical roles, 7 in finance, and 76 in administration[130]. - Employee rights are protected through a comprehensive human resource management system, ensuring a healthy and harmonious work environment[145]. - The company has maintained a stable employee count with no layoffs or significant changes in workforce structure during the reporting period[130]. - The company will enhance employee training programs in 2025 to improve management, technical, and marketing capabilities, thereby increasing overall competitiveness[132]. Environmental and Social Responsibility - The company actively fulfills its social responsibilities, contributing to environmental sustainability and resource conservation[147]. - There were no administrative penalties related to environmental issues during the reporting period[144]. - The company has not disclosed any measures taken to reduce carbon emissions during the reporting period[144]. - The company has not reported any significant issues related to poverty alleviation or rural revitalization[148].