Financial Performance - In 2023, the company achieved a revenue of 1.4 billion RMB, representing a year-on-year growth of 16.04% despite a significant drop in order volume due to clients entering a destocking phase[6]. - In 2024, the company expects to surpass 1.798 billion RMB in revenue and achieve a net profit of 215 million RMB, both setting historical highs[9]. - The company's operating revenue for 2024 reached ¥1,797,586,628.90, representing a 34.41% increase compared to ¥1,337,363,156.74 in 2023[33]. - Net profit attributable to shareholders for 2024 was ¥215,118,666.29, up 108.34% from ¥103,255,134.65 in 2023[33]. - The basic earnings per share for 2024 increased to ¥1.18, a rise of 110.71% compared to ¥0.56 in 2023[33]. - The total assets at the end of 2024 were ¥2,195,357,433.26, reflecting a 10.81% growth from ¥1,981,188,593.76 at the end of 2023[33]. - The net cash flow from operating activities for 2024 was ¥222,938,812.79, which is a 10.12% increase from ¥202,442,650.52 in 2023[33]. - The company reported a weighted average return on equity of 11.76% for 2024, up from 5.70% in 2023, indicating improved profitability[33]. - The net profit after deducting non-recurring gains and losses for 2024 was ¥191,434,288.00, a 75.09% increase from ¥109,332,444.12 in 2023[33]. - The fourth quarter of 2024 saw a net profit of ¥64,186,988.58, showing consistent quarterly growth throughout the year[38]. Market Position and Strategy - The company maintains a market share of over 30% in the total export value of similar domestic products, solidifying its position as a core supplier in the international market[11]. - The company aims to accelerate domestic market expansion in response to increased tariffs, aligning with national policies to boost domestic demand[12]. - The company plans to continue expanding its market presence and investing in new product development to sustain growth[33]. - The company operates primarily in the disposable hygiene care products and non-woven fabric sector, with pet hygiene products accounting for 94.02% of revenue[43]. - The company’s sales are primarily directed towards international markets, with significant sales in the US, Japan, and Europe, where the market for pet disposable hygiene products is well-established[87]. - The company has over 20 years of experience in the production and sales of pet hygiene products, focusing on high quality and steady development, with products sold in nearly 40 countries including the US, Japan, and Canada[82]. Product Development and Innovation - The company has developed over 1,000 functional pet care products, focusing on core functions such as antibacterial, quick-drying, and deodorizing[11]. - The company plans to continue its commitment to innovation and quality in pet hygiene products, marking its 35th anniversary in 2025[15]. - The company has completed several R&D projects, including the development of eco-friendly pet hygiene products and odor-absorbing pads, aimed at enhancing product comfort and market competitiveness[115]. - The company aims to enhance its product structure and market competitiveness through the application of new materials and innovative designs in its R&D initiatives[115]. - The company has a strong focus on innovation, continuously exploring market trends and product dimensions in the pet hygiene sector[92]. Investment and Expansion Plans - The company plans to invest in a wholly-owned subsidiary in Cambodia, which is expected to commence production by the end of April 2025, enhancing its global capacity strategy[9]. - The company aims to achieve an annual production capacity of 4.6 billion pet pads and 200 million pet pants by 2025, aiming to enhance production efficiency and market share[153]. - The first overseas production base will be established in Cambodia by 2025, with an expected annual production capacity of 270 million pet pads, enhancing global trade risk management[153]. Financial Management and Cost Control - The total cost of goods sold for disposable pet hygiene products in 2024 reached ¥1,339,793,977, representing a 30.28% increase from ¥1,028,378,745 in 2023[108]. - Direct materials for disposable pet hygiene products accounted for 77.15% of the total cost in 2024, up from 76.32% in 2023, with a total amount of ¥1,114,677,188, reflecting a 31.60% increase[108]. - The company reported a 16.72% increase in sales expenses, totaling ¥31,602,833.91 in 2024 compared to ¥27,075,293.50 in 2023[114]. - The company has strengthened cost control and management throughout the project implementation process[142]. Risk Management - The company is exposed to exchange rate fluctuations, primarily using USD for exports, which may impact profitability[157]. - Changes in export tax rebate policies could increase costs and affect the company's export performance[157]. - The company is monitoring international market conditions, as changes in trade policies could impact its business operations[157]. - The company faces labor cost risks as wages continue to rise, which may impact its competitiveness in international markets[156]. - Raw material costs account for over 80% of the company's main business costs, exposing it to risks from price fluctuations[155]. Corporate Governance and Compliance - The company has established a complete internal audit system, with an internal audit department reporting to the board's audit committee[165]. - The company maintains independence in assets, personnel, finance, and operations from its controlling shareholder[166]. - The company has a robust investor relations management system, utilizing multiple channels for communication with investors[165]. - The company ensures fair treatment of all shareholders, particularly minority shareholders, through effective communication channels[162]. - The company has disclosed its decisions and changes in funding allocation through official announcements, ensuring compliance with regulatory requirements[147]. Employee Management and Development - The company has implemented a training program to enhance employee skills and ensure the achievement of operational goals[198]. - The company has a total of 1,531 employees, with 1,098 in production, 75 in sales, 93 in technical roles, 14 in finance, and 251 in administration[196]. - The company has established a comprehensive training system to improve team quality and operational efficiency[198].
依依股份(001206) - 2024 Q4 - 年度财报