CHENGTIAN WEIYE(SZ:300689)2025-04-23 15:00Corporate Governance - The financial report is guaranteed to be true, accurate, and complete by the company's management, including the chairman and accounting head[3]. - The company has established a governance structure that complies with relevant laws and regulations, ensuring effective decision-making processes[109]. - The company has a board of directors consisting of 5 members, including 2 independent directors, complying with legal and regulatory requirements[112]. - The supervisory board comprises 3 members, with 2 being employee representatives, also meeting legal and regulatory standards[113]. - The company maintains independence from its controlling shareholders in terms of assets, personnel, finance, and operations, ensuring a complete business system[117]. - The company has established independent financial management systems, including separate bank accounts and tax reporting, ensuring financial autonomy[121]. - The company operates independently in its business activities, focusing on smart cards and specialized chips, with no current competition or unfair transactions with controlling shareholders[123]. - The company has a diverse board of directors, including independent directors with legal and financial expertise[131][137]. - The company has a total of three supervisors, two of whom are employee representatives, ensuring internal oversight[132]. - The company has seen no dismissals or resignations of senior management during the reporting period[127]. - The company’s independent directors have a maximum tenure of six years, which is being adhered to[128]. - The company’s board and supervisory committee underwent a complete re-election process on December 5, 2024[128]. - The company received a warning letter from the China Securities Regulatory Commission due to inaccurate financial data disclosed in the 2023 annual performance forecast[137]. - The current management team includes a general manager, a deputy general manager, and a financial officer, with key personnel having extensive industry experience[134]. - The company has been involved in various subsidiaries and partnerships, including roles in multiple technology and investment firms[136]. - The company has faced regulatory scrutiny, with specific measures taken against the chairman and general manager for financial reporting issues[137]. - The company has a history of leadership in the printing and technology industries, with key figures holding multiple roles across different companies[136]. - The company is actively involved in the development of new technologies and products, aiming for market expansion[136]. Financial Performance - The company’s operating revenue for 2024 was ¥360,189,004.69, a decrease of 8.65% compared to ¥394,279,154.06 in 2023[19]. - Net profit attributable to shareholders increased by 29.77% to ¥11,572,839.74 in 2024 from ¥8,917,630.54 in 2023[19]. - The cash flow from operating activities decreased by 56.05% to ¥31,268,562.35 in 2024, down from ¥71,147,967.07 in 2023[19]. - Basic earnings per share rose by 25.00% to ¥0.10 in 2024, compared to ¥0.08 in 2023[19]. - Total assets at the end of 2024 were ¥790,091,192.20, reflecting a 0.95% increase from ¥782,686,977.53 at the end of 2023[19]. - The company reported a significant increase in net profit excluding non-recurring items, with a loss of ¥645,461.52 in 2024, an improvement of 71.12% from a loss of ¥2,234,940.57 in 2023[19]. - The company achieved a total revenue of CNY 360,189,004.69 in 2024, representing a decrease of 8.65% compared to CNY 394,279,154.06 in 2023[53]. - The net profit attributable to shareholders increased by 29.77% to CNY 11,572,839.74 in 2024, despite market demand fluctuations and intensified industry competition[53]. - Revenue from smart card products was CNY 260,727,285.94, accounting for 72.39% of total revenue, down 12.62% from the previous year[55]. - The semiconductor products revenue plummeted by 91.99% to CNY 3,891,435.41, significantly impacting overall performance[55]. - The total sales amount from the top five customers was ¥280.06 million, representing 77.75% of the annual sales total[63]. - The total procurement amount from the top five suppliers was ¥186.43 million, accounting for 62.02% of the annual procurement total[64]. - The company reported a total of 19.23 million shares held by board members at the end of the reporting period, with a net increase of 0.01 million shares[127]. - The company reported a total cash dividend amount of CNY 19,964,246.30, which is equivalent to 172.51% of the net profit attributable to shareholders for 2024[158]. Market Outlook - The semiconductor industry is projected to grow by 19.1% in 2024, with global sales reaching $627.6 billion[32]. - The smart card market is experiencing stable growth, with the number of bank cards in China reaching 9.913 billion, a year-on-year increase of 1.29%[30]. - The semiconductor industry is projected to grow from $525.89 billion in 2023 to $751.60 billion by 2027, with a CAGR of 9.34%[33]. - The Asia-Pacific semiconductor market is expected to increase from $366.34 billion in 2023 to $529.86 billion by 2027, achieving a CAGR of 9.67%[33]. - The AI chip market is experiencing explosive growth with a CAGR exceeding 40%, significantly increasing demand for computing power[33]. - The company anticipates further market expansion opportunities in overseas smart card markets, particularly in Southeast Asia, the Middle East, and Africa[31]. Product Development and Innovation - The company aims to become a leading provider of smart cards, dedicated chips, semiconductor packaging materials, AIOT products, and digital energy thermal management solutions[34]. - The company has achieved independent design and mass production of lead frames for semiconductor packaging, covering MOSFET, IGBT, SiC, and power module packaging needs[37]. - The company is advancing its AI server thermal management products, currently in pre-mass production preparation, to meet high stability and long-term operational requirements[38]. - The company is focusing on the digital and energy thermal management sector, developing modular and customized solutions for high heat load applications like AI servers[38]. - The company is leveraging the trend of domestic chip substitution to enhance its competitive advantage in the smart card chip market, particularly in NFC-SIM cards[42]. - The company is expanding its product line in digital energy, IoT, and information security, aiming for business diversification and new growth points[42]. - The company is developing a non-contact smart card chip detection method based on RFID technology, aiming to improve maintenance efficiency and reduce operational difficulties by enabling automatic error reporting when discrepancies are detected[67]. - The research on the smart card encryption module's anti-side-channel attack masking technology is in the testing phase, focusing on enhancing security and reducing RAM usage in smart card password chips[68]. - The eSIM system architecture research aims to enhance the positioning accuracy and data transmission efficiency of IoT devices, contributing to the development of high-security eSIM products[69]. - The company is analyzing the application of eSIM cards in railway IoT communications, providing key technical support for secure data transmission[69]. - The development of a smart security alert system for identifying dangerous goods using X-ray images is underway, leveraging deep learning to improve recognition accuracy and speed[69]. - The company is designing an intelligent guidance system for subway security checks to optimize passenger flow and reduce waiting times[69]. - Research on multi-modal biometric matching technology is being conducted to enhance personal identity verification security and convenience across various sectors[69]. - The design of a multi-modal biometric fusion authentication algorithm based on smart cards is being developed to improve the security and accuracy of identity verification[69]. - The company is focusing on enhancing the anti-interference capabilities of non-contact smart cards through improved testing methods[68]. - The ongoing research on the eSIM card's application in smart connected vehicles aims to improve data plane positioning accuracy and network stability[69]. Employee and Management Practices - The company emphasizes training programs for employees, including onboarding, skill enhancement, and management training, to improve business capabilities and management levels[152]. - The employee composition includes 394 production personnel, 7 sales personnel, 46 technical personnel, 23 financial personnel, and 125 administrative personnel[150]. - The company has a profit distribution policy that mandates a cash dividend of no less than 20% of the distributable profit for the year, with a total cash dividend of 4.7861 million yuan distributed for the 2023 fiscal year[153]. - The cash dividend per share is set at 0.42 yuan (including tax) for every 10 shares, based on a total share count of 113,954,930 after excluding repurchased shares[153]. - The company has implemented a salary policy that combines basic salary, performance pay, and year-end bonuses, with performance pay based on company operational goals[151]. - R&D personnel decreased by 13.21% from 53 to 46, with a proportion of 7.73% in 2024 compared to 8.10% in 2023[70]. - R&D investment amounted to ¥14,618,472.26 in 2024, representing 4.06% of operating revenue, an increase from 3.88% in 2023[70]. - The total remuneration for directors, supervisors, and senior management in 2024 amounted to 1.8733 million yuan[138]. - The highest remuneration was received by the Vice President, totaling 320,400 yuan, while the Chairman received 150,000 yuan[140]. - Independent directors received minimal compensation, with each receiving 4,500 yuan[140]. Risk Management - The company has implemented effective risk assessment and control measures to identify and manage both internal and external risks[163]. - The company has established a risk-hedging mechanism to manage fluctuations in raw material prices, particularly for precious metals like copper and gold[104]. - The company does not currently face significant operational risks but acknowledges potential challenges in new product development and market competition[102]. - The company has committed to continuously improving its internal control system to promote sustainable development[164]. - The internal control audit report confirms that the company maintained effective internal controls related to financial reporting as of December 31, 2024[168]. Environmental Responsibility - The company invested CNY 1,750,700 in environmental governance and protection during the reporting period, and paid CNY 762 in environmental protection tax[176]. - The company has implemented measures to save energy and reduce carbon emissions, including using recycled water and optimizing production processes[178]. - The company has established an environmental emergency response plan and conducts annual emergency drills[174]. - The company strictly adheres to environmental standards, ensuring that wastewater and exhaust emissions meet national standards[175]. - The company has not faced any administrative penalties related to environmental issues during the reporting period[181]. Shareholder Relations - The company has a long-term commitment to avoid competition with its controlling shareholders and actual controllers[189]. - The company will hold a board meeting within 10 working days if any legal violations are confirmed by the authorities[188]. - The company has established a commitment to compensate investors for any losses incurred due to false statements in the IPO documents[189]. - The company has a commitment to disclose any direct or indirect shareholdings by its executives during their tenure and for six months after leaving[187]. - The company has committed to ensuring the authenticity and completeness of its IPO prospectus, taking legal responsibility for any inaccuracies[189]. - The company has a long-term commitment to normal performance regarding its share repurchase promises[188]. - The company has maintained a stable dividend policy over the years, reflecting its commitment to shareholder returns while balancing long-term growth needs[157]. - The company’s cash dividend total, including share repurchase, accounted for 100% of the profit distribution total[155]. - The company has fulfilled its commitments regarding shareholding changes and will report any changes annually during the tenure of its executives[187]. Internal Control and Compliance - The company has established a comprehensive internal control system that ensures compliance, asset security, and the accuracy of financial reporting[163]. - There are no significant internal control deficiencies identified in financial and non-financial reporting for the year 2024[164]. - The internal control evaluation report indicates that 100% of the total assets and operating income of the evaluated units are included in the company's consolidated financial statements[166][167]. - The internal control audit report was issued with a standard unqualified opinion, indicating no major issues were found[168]. - The company has not reported any major changes in the scope of consolidated financial statements compared to the previous year[194]. - The company has not engaged in any insider trading activities by directors, supervisors, or senior management during the reporting period[200].