FREEWON(SH:688678)2025-04-24 14:00Financial Performance - The company's operating revenue for 2024 reached approximately ¥1.29 billion, representing a 29.60% increase compared to ¥991.63 million in 2023[19]. - Net profit attributable to shareholders decreased by 38.38% to ¥54.53 million in 2024 from ¥88.49 million in 2023[19]. - The basic earnings per share fell by 49.02% to ¥0.26 in 2024, down from ¥0.51 in 2023[19]. - The net cash flow from operating activities decreased by 67.21% to ¥53.98 million in 2024, compared to ¥164.62 million in 2023[19]. - Total assets increased by 7.19% to approximately ¥3.57 billion at the end of 2024, up from ¥3.33 billion at the end of 2023[19]. - The company reported a significant decline in net profit in the fourth quarter, reporting a loss of ¥10.63 million compared to profits in previous quarters[23]. - The company achieved a total revenue of 1,285.18 million RMB in 2024, representing a 29.60% increase compared to the same period in 2023[109]. - The cost of goods sold was 971.44 million RMB, which is a 36.67% increase year-over-year[109]. - The gross margin for the 3C segment was 32.00%, a decrease of 1.54 percentage points compared to the previous year[111]. - The automotive segment reported a gross margin of 14.22%, an increase of 2.77 percentage points year-over-year[111]. - The electric tools segment had a gross margin of 13.90%, which decreased by 4.01 percentage points compared to the previous year[111]. Research and Development - The company's R&D expenditure as a percentage of operating revenue was 9.53% in 2024, slightly down from 9.94% in 2023[19]. - The company increased its R&D expenditure to CNY 122.43 million, a 24.22% year-on-year growth, and recruited 149 new R&D personnel, a 42.33% increase compared to the previous year[45]. - The company is committed to increasing R&D investment to enhance product design and production processes, aiming for sustainable growth[34]. - The company has developed 13 core technologies, including high-precision metal forming and injection molding techniques, which are crucial for long-term high-quality development[92]. - The company is currently working on 16 R&D projects, with a total expected investment of ¥15,000 million, of which ¥8,000 million has been invested so far[87]. - Total R&D expenses increased by 24.22% year-over-year, reaching ¥122,425,783.65, while the ratio of R&D expenses to operating revenue decreased by 0.41 percentage points to 9.53%[85]. Market and Industry Trends - The global consumer electronics market is projected to grow from $864.73 billion in 2025 to $1,467.94 billion by 2032, with a compound annual growth rate (CAGR) of 7.85%[60]. - In 2023, China's consumer electronics market reached ¥1,920.1 billion, expected to grow to ¥1,977.2 billion in 2024, with a CAGR of 3.33%[60]. - The automotive industry in China achieved a record production and sales volume of 31.28 million and 31.44 million vehicles in 2024, respectively, representing year-on-year growth of 3.7% and 4.5%[65]. - New energy vehicles in China saw production and sales reach 12.88 million units in 2024, with year-on-year growth of 34.4% and 35.5%[65]. - The global photovoltaic industry is expected to see new installations exceed 520 GW in 2024, with domestic installations reaching 277.17 GW, a year-on-year growth of approximately 28%[71]. Dividend and Shareholder Information - The company plans to distribute a cash dividend of RMB 1.00 per 10 shares, totaling RMB 25,926,883.60, which represents 47.55% of the net profit attributable to shareholders for the fiscal year 2024[4]. - The cumulative cash dividend over the last three fiscal years amounts to RMB 129,009,895.60, with an average net profit of RMB 101,656,230.16 during the same period[176]. - The company plans to grant 5 million shares to no more than 89 core employees under its 2024 restricted stock incentive plan, aligning interests among shareholders, the company, and employees[47]. Environmental and Sustainability Initiatives - The company has invested RMB 259.32 million in environmental protection during the reporting period[187]. - The company reported a total carbon dioxide equivalent emission of 26,787.45 tons from purchased electricity, 594.04 tons from fixed combustion sources, and 431.42 tons from mobile combustion sources during the reporting period[190]. - The company has implemented carbon reduction measures, achieving a reduction of 2,237.29 tons of CO2 equivalent emissions[195]. - The photovoltaic rooftop project, initiated in October 2021, involved an investment of RMB 12.63 million, with an expected installed capacity of 2.13MW and projected electricity generation of approximately 2,405,108.14 kWh in 2024, reducing CO2 emissions by about 1,551.54 tons[195]. Governance and Management - The company has established a clear governance structure and effective internal control systems, complying with the Company Law and relevant regulations[145]. - The board of directors convened 6 meetings, consisting of 7 members, including 3 independent directors, complying with legal requirements[147]. - The total remuneration for the chairman and general manager, Xu Huijun, was 1.14 million yuan during the reporting period[151]. - The total remuneration for the vice general manager, Wang Zeng, was 977,200 yuan during the reporting period[151]. - The company has established a robust information security management system to ensure the confidentiality, integrity, and availability of its information assets, complying with relevant laws and regulations[199].