Great Power(300438)2025-04-23 15:10Financial Performance - The company's operating revenue for 2024 was CNY 7,960,507,262.13, representing a 14.83% increase compared to CNY 6,932,475,479.75 in 2023[17]. - The net profit attributable to shareholders for 2024 was a loss of CNY 252,455,728.32, a significant decline of 685.72% from a profit of CNY 43,102,038.12 in 2023[17]. - The net cash flow from operating activities for 2024 was a negative CNY 244,423,466.18, down 158.87% from CNY 415,156,740.69 in 2023[17]. - The total assets at the end of 2024 amounted to CNY 16,868,462,160.09, an increase of 7.66% from CNY 15,668,702,956.22 at the end of 2023[17]. - The company's basic and diluted earnings per share for 2024 were both CNY -0.50, a decrease of 655.56% from CNY 0.09 in 2023[17]. - The weighted average return on equity for 2024 was -4.80%, down from 0.97% in 2023, indicating a decline in profitability[17]. - The net assets attributable to shareholders at the end of 2024 were CNY 5,087,553,498.86, a decrease of 5.82% from CNY 5,402,128,970.94 at the end of 2023[17]. Revenue and Market Performance - In Q1 2024, the company reported revenue of approximately $1.60 billion, with Q2 revenue increasing to about $2.18 billion, followed by Q3 at $1.87 billion, and Q4 reaching $2.31 billion[19]. - The net profit attributable to shareholders was $16.36 million in Q1, $25.32 million in Q2, $18.82 million in Q3, but showed a significant loss of $312.96 million in Q4[19]. - The company achieved a ranking in the top 9 globally for energy storage lithium battery shipments and ranked 2nd in China for commercial and industrial energy storage systems[27]. - The global energy storage battery market is projected to grow significantly, with a 60% year-on-year increase in shipments expected in 2024, reaching 314.7 GWh[28]. - The consumer battery market in China saw a 14% increase in shipments, exceeding 55 GWh, driven by advancements in AI technology and consumer electronics[29]. - The global electric vehicle battery installation volume is expected to reach 894.4 GWh in 2024, reflecting a 27.2% year-on-year growth[30]. Research and Development - The company has over 900 registered and applied patents and collaborates with multiple universities for research and development[35]. - The company is focused on developing sodium-ion batteries for energy storage and light-duty applications[39]. - The company successfully developed a new generation of solid-state batteries with an energy density of 280Wh/kg and a working temperature range of -20℃ to 85℃[40]. - The company is in the experimental stage of developing flexible ultra-thin solid electrolytes for solid-state batteries, aiming for a thickness of less than 20 μm and an ionic conductivity of at least 10⁻³ S/cm[56]. - The company aims to enhance the stability and performance of lithium iron phosphate (LFP) batteries under high-temperature conditions, targeting a lifespan of 1,000 cycles at 90% end-of-life (EOL) standard[61]. Corporate Governance - The board of directors consists of 9 members, including 3 independent directors, ensuring compliance with legal and regulatory requirements[101]. - The company has established a performance evaluation and incentive system for directors, supervisors, and senior management, in line with legal regulations[102]. - The company maintains independence from its controlling shareholder in terms of business, personnel, assets, and finance, ensuring autonomous operations[106]. - The company strictly adheres to information disclosure regulations, ensuring timely and accurate communication with investors[103]. - The company has implemented measures to enhance governance structures, aligning with the requirements of the Corporate Governance Code[105]. Investment and Financial Management - The company raised a total of 1,504 million CNY in 2023, with 645.99 million CNY directly invested in projects during the year[79]. - The company has committed to the construction of a 10GWh energy storage battery manufacturing base, with an investment of 106 million CNY planned for 2023[81]. - The company has established multiple new subsidiaries, indicating a strategy for market expansion and diversification[51]. - The company has committed to a cash distribution policy where annual cash distributions should not be less than 10% of the distributable profit for the year, and the cumulative cash distribution over the last three years should be at least 30% of the average annual distributable profit[161]. - The company plans to strengthen fundraising management to ensure effective use of raised funds and enhance future shareholder returns[160]. Employee and Social Responsibility - The total number of employees at the end of the reporting period was 11,021, with 1,788 in the parent company and 9,233 in major subsidiaries[135]. - The company has a strong commitment to employee rights, ensuring compliance with labor laws and providing various benefits and training opportunities[157]. - The company actively engages in social responsibility by adhering to tax regulations and supporting charitable initiatives, promoting sustainable and harmonious development[157]. - The company conducted a comprehensive employee training program, including onboarding, safety production, and professional skills training[138]. - The company has no retired employees requiring pension expenses, indicating a focus on current workforce management[135].