Financial Performance - The company's operating revenue for 2024 reached ¥616,382,787.39, representing a 26.31% increase compared to ¥487,987,180.26 in 2023[19]. - Net profit attributable to shareholders for 2024 was ¥48,357,399.02, a significant increase of 164.10% from ¥18,310,544.08 in 2023[19]. - The net profit after deducting non-recurring gains and losses was ¥41,632,895.08, up 181.06% from ¥14,812,957.24 in 2023[19]. - The total assets at the end of 2024 amounted to ¥1,367,019,824.99, reflecting a 31.07% increase from ¥1,042,985,916.86 at the end of 2023[19]. - The basic earnings per share for 2024 was ¥0.59, a 168.18% increase from ¥0.22 in 2023[19]. - The company reported a cash flow from operating activities of ¥27,552,272.06, which is a decrease of 49.45% compared to ¥54,510,301.27 in 2023[19]. - The total operating revenue for 2024 reached ¥616,382,787.39, representing a year-on-year increase of 26.31% compared to ¥487,987,180.26 in 2023[54]. - The revenue from the main product, the stretching shaping machine, was ¥496,759,992.33, accounting for 80.59% of total revenue, with a year-on-year growth of 34.57%[54]. - The overseas revenue surged by 621.42%, amounting to ¥65,742,653.56, compared to ¥9,112,910.73 in the previous year[54]. - The gross profit margin for the stretching shaping machine improved to 25.46%, up by 1.13% from the previous year[55]. Dividend Distribution - The company plans to distribute a cash dividend of 3 RMB per 10 shares to all shareholders, based on a total of 81,752,500 shares[4]. - The cash dividend amount for the reporting period is 24,525,750.00 CNY, which is 7.48% of the total distributable profit of 328,074,187.05 CNY[145]. - The proposed cash dividend for 2024 is 3.00 CNY per 10 shares, based on a total share capital of 81,752,500 shares[146]. Research and Development - The company has developed 138 patents, including 11 invention patents, and 33 software copyrights, indicating strong R&D capabilities and industry leadership[34]. - The company is developing AI-based visual recognition technology to enhance the automation and quality control of shaping machines[66]. - Research on multi-stage heat recovery technology for waste gas is underway to improve energy efficiency and reduce emissions[66]. - The company is optimizing the design of shaping machines to enhance operational stability and efficiency[66]. - The development of high-precision laser humidity sensors for fabric dyeing processes is in progress to improve quality control[66]. - The company's R&D investment amounted to ¥33,233,330.54 in 2024, representing an increase of 14.00% compared to ¥28,995,001.11 in 2023, with R&D expenditure accounting for 5.39% of operating revenue[67]. - The company emphasizes the training of R&D talents and collaborates with key textile universities for technical exchanges[142]. Operational Strategy - The company has adopted a direct sales model to engage with end customers, ensuring timely installation and after-sales service[39]. - The production model is based on order-driven manufacturing, allowing for flexibility in meeting customer demands[40]. - The company has established a stable supply chain with multiple qualified suppliers for raw materials, ensuring quality and timely delivery[43]. - The company aims to transition from reactive to proactive service, ensuring 24-hour real-time response and improving service quality[51]. - The company is focusing on energy-saving technologies in the textile machinery sector, particularly in the drying process to reduce energy consumption[32]. Market and Industry Trends - The textile machinery industry saw a revenue increase of 7.84% year-on-year, reaching ¥117.84 billion in 2024[30]. - The industry is expected to continue its transformation towards high-end, intelligent, and green development, driven by policy support and innovation[31]. - The company plans to expand its market share both domestically and internationally while focusing on high-quality development in the textile industry[92]. - The company has been expanding its market share due to its high product quality and competitive pricing, despite facing intense competition in the low-end segment[95]. Financial Management - The company has established an independent financial department with dedicated personnel and a complete accounting system, ensuring no shared bank accounts with controlling shareholders[111]. - The company has implemented a robust financial management system to support independent financial decision-making[111]. - The company has a clear governance structure with no overlapping roles between its management and that of controlling shareholders[108]. - The company has a strong emphasis on innovation, with several members recognized for their contributions to the textile machinery industry[118]. Governance and Compliance - The company operates independently in terms of management, business, marketing, and customer service systems, with no competition or unfair transactions with controlling shareholders[107]. - The company has a fully independent personnel management system, ensuring that senior management does not hold positions in related enterprises[108]. - The company has established independent operational and office locations, free from interference by shareholders or related parties[109]. - The company has a unified social credit code and complies with tax obligations independently[111]. - The company has not reported any penalties from regulatory authorities for board members in the last three years[129]. Employee Management - The total number of employees at the end of the reporting period is 534, with 304 in the parent company and 230 in major subsidiaries[140]. - The professional composition includes 360 production personnel, 23 sales personnel, 63 technical personnel, 9 financial personnel, and 79 administrative personnel[140]. - Employee welfare programs include supplementary medical insurance and various cultural activities to enhance employee well-being[156]. - The company has established internal and external training programs to improve employee skills and knowledge[157]. Risk Management - The company emphasizes the importance of risk awareness regarding forward-looking statements in the report[4]. - The report includes a detailed description of potential operational risks in the section on future development outlook[4]. - The company faces risks related to buyer credit sales, including potential bad debts and increased financial pressure if customers default on loans[100]. - The proportion of accounts receivable has increased, posing risks to cash flow and financial stability if customer credit conditions worsen[101]. Subsidiary Development - The company established a subsidiary, YuanYi Intelligent Equipment (Shaoxing) Co., Ltd., on February 2, 2024, with a registered capital of RMB 1 million and a 52% ownership stake[196]. - The company set up another subsidiary, QiYi Trading (Shanghai) Co., Ltd., on March 4, 2024, with a registered capital of RMB 1.5 million and a 100% ownership stake[197]. - A new subsidiary, SuNi Intelligent Equipment (Zhejiang) Co., Ltd., was established on April 18, 2024, with a registered capital of RMB 10 million and an indirect ownership stake of 51.19%[198]. - The company established a subsidiary, YuanXin Industrial (Hong Kong) Co., Ltd., on June 21, 2024, with a registered capital of HKD 1 million and a 100% ownership stake[198]. - An increase in capital was made to Indico Intelligent Equipment (Shaoxing) Co., Ltd. on August 5, 2024, with a registered capital of USD 150,000 and an indirect ownership stake of 55%[199].
远信工业(301053) - 2024 Q4 - 年度财报