CSB(SZ:300718)2025-04-22 11:30Financial Performance - The company's operating revenue for 2024 was ¥1,137,451,140.06, representing a 2.89% increase compared to ¥1,105,454,895.33 in 2023[22]. - The net profit attributable to shareholders for 2024 was ¥229,095,259.29, a decrease of 5.43% from ¥242,238,760.06 in 2023[22]. - The basic earnings per share for 2024 was ¥0.77, down 4.94% from ¥0.81 in 2023[22]. - The total assets at the end of 2024 were ¥2,089,712,819.24, reflecting a 6.74% increase from ¥1,957,807,884.09 at the end of 2023[22]. - The company reported a cash flow from operating activities of ¥276,056,215.21 in 2024, a slight increase of 0.71% from ¥274,109,351.58 in 2023[22]. - The company's total revenue for 2024 reached ¥1,137,451,140.06, representing a year-on-year increase of 2.89% compared to ¥1,105,454,895.33 in 2023[61]. - The manufacturing sector accounted for ¥1,112,696,669.30, or 97.82% of total revenue, with a year-on-year growth of 2.88%[61]. - Revenue from metal-plastic polymer self-lubricating bearings increased by 15.80% to ¥423,373,308.04, making up 37.22% of total revenue[61]. - The gross profit margin for the manufacturing sector was 33.89%, a decrease of 0.70% compared to the previous year[62]. Dividend Distribution - The company plans to distribute a cash dividend of 2.35 RMB per 10 shares to all shareholders, based on a total of 297,142,430 shares[8]. - The company plans to distribute a cash dividend of RMB 2.35 per 10 shares, totaling RMB 69,905,880.05 (including tax) based on a share base of 297,471,830 shares[142]. - For the 2024 semi-annual profit distribution plan, the company will distribute RMB 1.68 per 10 shares, amounting to RMB 49,960,349.04 (including tax) based on a share base of 297,383,030 shares[142]. - The company’s cash dividends accounted for 100% of the total distributable profits during the reporting period[143]. - The company’s cash dividend policy aligns with the requirements of its articles of association and shareholder resolutions, ensuring transparency and compliance[143]. Market and Industry Insights - The global bearing industry market size was $133.99 billion in 2023, with a projected compound annual growth rate of 8.5% from 2024 to 2032, reaching $279.8 billion by 2032[32]. - The self-lubricating bearing market in China was valued at ¥173.71 billion in 2023, showing a year-on-year growth of 5.2%[32]. - The company is positioned to benefit from the growing demand in sectors such as new energy vehicles and wind power, which are expected to drive the self-lubricating bearing market[32]. - The company has identified a significant opportunity in the wind power gearbox market, where self-lubricating bearings are increasingly replacing traditional rolling bearings[32]. - In the global automotive industry, 2024 is projected to see total vehicle sales reach 90.6 million units, with new energy vehicle sales at 16.03 million units, accounting for 19.7% of total sales[38]. - In China, total vehicle production and sales for 2024 are expected to reach 31.28 million and 31.44 million units, respectively, representing year-on-year growth of 3.7% and 4.5%[39]. - New energy vehicle production and sales in China are projected to reach 12.89 million units, with a year-on-year growth of 34.4% and 35.5%, making up 40.9% of total new vehicle sales[39]. Research and Development - The company has established a strong R&D foundation, with over 119 authorized patents, including 6 international invention patents and 35 domestic invention patents[50]. - The company employed 139 R&D personnel, including 1 expert receiving special government allowances and 2 with senior titles[59]. - Research and development expenses for 2024 amounted to ¥49,817,605.00, a slight increase of 0.29% compared to ¥49,675,472.72 in 2023[71]. - The company’s R&D investment accounted for 4.38% of operating revenue in 2024, compared to 4.49% in 2023[73]. - The company plans to develop new products such as high-load self-lubricating bearings for automotive applications, which are expected to enhance market competitiveness and revenue[72]. Risk Management - The company faces significant risks from fluctuations in raw material prices, particularly copper, which directly impacts production costs and gross margins[4]. - The company is exposed to foreign exchange risks due to its export business being denominated in euros and US dollars while sourcing materials in RMB[5]. - The company acknowledges the potential impact of international trade frictions on its operations, particularly as its export volume increases[7]. - The company has established a comprehensive internal control system to enhance risk management and compliance, ensuring effective execution of internal controls[148]. - The internal control evaluation report will be disclosed on April 23, 2025, covering 100% of the company's total assets and revenue[150]. Corporate Governance - The company’s financial report has been confirmed as accurate and complete by its board and management, ensuring accountability[3]. - The board of directors convened 6 meetings, with all directors present, demonstrating active governance and oversight of company operations[107]. - The supervisory board held 5 meetings, ensuring compliance with legal and regulatory requirements in monitoring the company's financial status and major transactions[108]. - The company maintains an independent business structure, with no competition or related transactions with its controlling shareholder, ensuring operational autonomy[113]. - The company has a dedicated financial accounting department and independent financial decision-making processes, reinforcing its financial independence[113]. Employee and Management Structure - The company reported a total of 989 employees at the end of the reporting period, with 672 in the parent company and 317 in major subsidiaries[137]. - The company has a total of 1,270 employees receiving salaries during the reporting period[137]. - The company has 689 production personnel, 136 technical personnel, and 66 sales personnel among its workforce[138]. - The management team is composed of experienced professionals in technology, R&D, marketing, and production, contributing to effective strategic planning and execution[58]. - The company has seen a consistent leadership team with members holding various positions since 1996, indicating stability and experience in management[120]. Shareholder Engagement - The company conducted multiple investor communications, including a strategy meeting on May 9, 2024, and a performance briefing on May 14, 2024, to discuss operational developments[101]. - The company held 1 annual general meeting and 2 extraordinary general meetings during the reporting period, ensuring compliance with legal requirements for shareholder engagement[106]. - The annual shareholders meeting had a participation rate of 63.93% on May 16, 2024[114]. - The first extraordinary shareholders meeting had a participation rate of 64.07% on July 11, 2024[114]. - The second extraordinary shareholders meeting had a participation rate of 64.31% on September 18, 2024[114]. Environmental and Social Responsibility - The company promotes the use of photovoltaic power generation, utilizing existing factory rooftops to supply electricity directly to production[156]. - The company emphasizes the protection of shareholder rights, employee rights, and environmental sustainability in its operations[157]. - The company is committed to maintaining a multi-dimensional approach to brand development while ensuring product quality and customer satisfaction[100]. Financial Management and Investments - The company reported a total investment income of approximately $4.29 million, accounting for 1.56% of total profit, which is not sustainable[77]. - The company has established a maximum guarantee for loans up to ¥10,000,000.00 for its subsidiary Anhui Changsheng Precision Machinery Co., Ltd. with a contract valid until December 28, 2027[86]. - The company has a maximum guarantee for loans up to ¥28,000,000.00 for its subsidiary Zhejiang Changsheng Plastic Bearing Technology Co., Ltd., with no outstanding loan balance as of December 31, 2024[88]. - The company plans to apply for a comprehensive credit line from banks and financial institutions for 2024[130]. - The company has no overdue or unrecovered financial management amounts, indicating a strong liquidity position[186].