Financial Performance - The company's operating revenue for 2024 was ¥330,250,458.54, a decrease of 26.52% compared to ¥449,449,695.53 in 2023[22]. - The net profit attributable to shareholders for 2024 was ¥37,047,666.67, down 55.57% from ¥83,386,244.34 in 2023[22]. - The net profit after deducting non-recurring gains and losses for 2024 was ¥15,173,307.79, a decline of 79.46% compared to ¥73,883,975.76 in 2023[22]. - The net cash flow from operating activities for 2024 was ¥78,410,142.09, a decrease of 25.07% from ¥104,645,084.54 in 2023[22]. - The total assets at the end of 2024 were ¥1,691,031,233.85, a slight decrease of 0.39% from ¥1,697,639,962.16 at the end of 2023[22]. - The company’s basic earnings per share for 2024 were ¥0.51, down 62.50% from ¥1.36 in 2023[22]. - The weighted average return on equity for 2024 was 2.31%, a decrease of 6.07% from 8.38% in 2023[22]. - The company reported a gross margin decline due to increased competition and rising operational costs, impacting overall profitability[58]. Market and Industry Trends - The company's operating performance for 2024 saw a significant decline due to a complex regulatory environment in the electric two-wheeler market, resulting in a decrease in downstream demand and intensified industry competition[6]. - The global power device market is projected to grow from $25.9 billion in 2021 to $35.7 billion by 2025, with a compound annual growth rate of approximately 8.4%[33]. - The electric two-wheeler market saw a total domestic sales volume of 49.5 million units in 2024, representing a decline of 11.6% compared to the previous year[58]. Research and Development - The company increased its R&D personnel investment and optimized its management team, leading to higher related expenses that further compressed operating profits for the year[6]. - The company plans to continue enhancing its R&D efforts for new products and technologies, leveraging its customer base and management advantages to improve market competitiveness and expand market share[6]. - The company has established a research center for intelligent controllers in Suzhou, focusing on high-performance controllers and intelligent safety systems, with some products recognized as being at the leading level domestically[49]. - R&D investment reached ¥26,781,052.50 in 2024, representing an increase of 28.42% year-over-year, and accounted for 8.11% of operating revenue, up from 4.64% in 2023[74]. - The company is focusing on enhancing product competitiveness through the development of new technologies, including the SOC9 and SOC12 controller structures for electric bicycles[71]. - The company plans to increase R&D investment to accelerate the conversion of research results into new products, maintaining its technological advantage[116]. Product and Service Offerings - The main business focuses on the research, production, and sales of motion control products and power chips, with no significant changes during the reporting period[37]. - The product range includes wafers, packaged products, motion controllers, and motion control modules, demonstrating strong synergy among these products[38]. - The company is actively expanding its product lines in the power chip sector, including low-cost IGBT development and enhancements in MOSFET technology[50]. - The revenue from motion control products was CNY 297.06 million, accounting for 89.95% of total revenue, with a year-on-year decrease of 27.99%[59]. - The company’s revenue from power chips was CNY 33.19 million, which is 10.05% of total revenue, with a year-on-year decrease of 10.12%[59]. Operational Efficiency - The company has implemented an automated production line, significantly improving production efficiency and reducing labor costs[54]. - The production model is primarily made-to-order, with a focus on customization based on client needs, supported by a robust production management system[41]. - The procurement model involves a strict supplier evaluation system, ensuring stable supply channels and controlling raw material costs effectively[40]. - The company achieved operating revenue of CNY 330.25 million in 2024, a decrease of 26.52% year-on-year, and a net profit attributable to shareholders of CNY 37.05 million, down 55.57% year-on-year[58]. Risk Factors - The company faces various risks, including industry fluctuations, intensified competition, raw material price volatility, high customer concentration, and risks related to product R&D and technological innovation[7]. - Raw materials constitute about 80% of the company's product costs, and significant price volatility could adversely affect operations[113]. - The company faces risks related to project feasibility and potential delays due to market demand and policy changes, which could impact investment returns[117]. Corporate Governance - The company held 1 annual general meeting and 4 extraordinary general meetings during the reporting period, ensuring compliance with legal and regulatory requirements[125]. - The board of directors consists of 9 members, including 3 independent directors, and held 7 meetings in 2024, adhering to all procedural regulations[126]. - The company strictly followed information disclosure regulations, ensuring timely and accurate communication with investors through its designated website[128]. - The company respects the rights of stakeholders, balancing interests among society, shareholders, and employees to promote sustainable development[129]. Employee and Management - The company had a total of 557 employees at the end of the reporting period, with 70 in the parent company and 487 in major subsidiaries[157]. - The employee composition includes 316 production personnel, 34 sales personnel, 118 technical personnel, 7 financial personnel, and 82 administrative personnel[157]. - The company has a comprehensive employee training system, including new employee orientation and professional skills training[160]. - The total remuneration for directors, supervisors, and senior management during the reporting period amounted to CNY 4.41 million[150]. Environmental Responsibility - The company does not belong to the category of heavily polluting enterprises and has limited pollutant emissions during production[175]. - The company has implemented measures to reduce carbon emissions and actively fulfills its social responsibilities[179]. - The company's power chip products are key technologies for energy conservation and emission reduction, contributing to the green transportation industry and supporting national carbon neutrality goals[185]. Investment and Financing - The company has committed to invest a total of 42,051.22 million in various projects, with 52,942.90 million planned for investment in total[91]. - The company has raised 42,743.64 million from the issuance of shares, with plans for the use of these funds still in progress[93]. - The company plans to enhance investor relations and communication mechanisms to improve information disclosure quality and foster stable interactions with investors[110].
协昌科技(301418) - 2024 Q4 - 年度财报