KingShine(SZ:300903)2025-04-24 16:00Financial Performance - The net profit attributable to shareholders for 2024 was negative, with specific details and measures for improving profitability discussed in the management analysis section [3]. - The company plans not to distribute cash dividends, issue bonus shares, or increase capital from reserves [4]. - The company's operating revenue for 2024 was ¥3,395,863,920.34, representing a 14.63% increase from ¥2,962,486,886.77 in 2023 [17]. - The net profit attributable to shareholders for 2024 was -¥343,655,259.68, a decline of 115.71% compared to -¥159,314,507.47 in 2023 [17]. - The net cash flow from operating activities for 2024 was -¥26,665,642.96, a significant decrease of 439.98% from ¥7,843,256.20 in 2023 [17]. - The total assets at the end of 2024 were ¥7,350,593,212.93, an increase of 10.29% from ¥6,664,638,748.11 at the end of 2023 [17]. - The net assets attributable to shareholders decreased by 15.65% to ¥1,854,262,828.59 at the end of 2024 from ¥2,198,247,520.91 at the end of 2023 [17]. - The basic earnings per share for 2024 was -¥0.8303, a decline of 116.11% from -¥0.3842 in 2023 [17]. - The weighted average return on equity for 2024 was -17.00%, down from -6.98% in 2023 [17]. - The company reported a quarterly operating revenue of ¥637,343,774.33 in Q1 2024, with a net profit attributable to shareholders of -¥68,999,358.94 [20]. Market and Industry Outlook - The global PCB market is projected to reach $73.57 billion in 2024, with a year-on-year growth of 5.8% [30]. - The PCB industry in mainland China is expected to grow by 9.0% in 2024, reaching a market value of $41.21 billion [30]. - The compound annual growth rate (CAGR) for the global PCB market from 2024 to 2029 is estimated at 5.2% [31]. - The server/data storage segment is anticipated to grow at a CAGR of 11.6% from 2024 to 2029, driven by infrastructure upgrades and AI technology demands [31]. - The automotive electronics sector is projected to grow at a CAGR of 4.0% from 2024 to 2029, reflecting the increasing penetration of ADAS in new energy vehicles [31]. Company Operations and Strategy - The company operates multiple wholly-owned subsidiaries and joint ventures, enhancing its market presence and operational capabilities [10]. - The company specializes in high-density PCB products, including HDI boards and metal substrates, catering to sectors such as automotive electronics and renewable energy [35]. - The company employs a competitive bidding procurement model to source raw materials, enhancing negotiation power and reducing supply chain risks [39]. - The production process is organized based on customer orders, utilizing an ERP system for efficient management of production and quality control [44]. - The company primarily utilizes a direct sales model, engaging directly with customers for contract negotiations and sales execution [45]. - The company has established strategic partnerships with major logistics firms to enhance delivery efficiency [61]. - The company is focusing on high-end HDI development and rapid delivery to meet the growing demand in the high-end PCB market [59]. Research and Development - R&D investment amounted to 199 million yuan, representing 5.86% of total revenue, with a year-on-year growth of 10.76% [53]. - The company applied for 25 patents in 2024, with 11 new patents granted, including 5 invention patents and 6 utility model patents [53]. - The company achieved a breakthrough in 77GHz millimeter-wave radar technology, successfully passing Aptiv customer certification [54]. - The company has developed 30/30μm line width and spacing technology for optical modules, reducing transmission loss by 18% [55]. - The company aims to reduce system operation costs by 20% and improve market response speed by 30% in 2025 through AI-driven decision-making and industrial internet platform development [58]. Financial Management and Compliance - The company emphasizes the importance of accurate financial reporting and accountability from its management team [3]. - The report includes a directory of documents available for review, ensuring transparency and compliance with regulatory requirements [8]. - The company’s fundraising management includes a special account for raised funds, ensuring proper allocation and usage [101]. - The company’s fundraising activities have been verified by Zhonghua Accounting Firm, ensuring compliance and accuracy in financial reporting [98]. - The company has a commitment to use the raised funds for specific projects, maintaining transparency in fund allocation [102]. Governance and Management - The board of directors consists of 8 members, including 4 independent directors, and has established specialized committees to ensure compliance with relevant laws and regulations [132]. - The company maintains an independent financial department with dedicated financial personnel, ensuring compliance with financial management and accounting standards [143]. - The company has implemented a performance evaluation and incentive mechanism for its directors and senior management, ensuring transparency in the hiring process [135]. - The company has established a robust internal management and control mechanism to ensure effective governance and compliance with legal requirements [130]. - The company actively engages with investors and ensures timely and accurate information disclosure to enhance transparency [136]. Employee Management and Welfare - The total number of employees at the end of the reporting period is 5,069, with 730 in the parent company and 4,339 in major subsidiaries [180]. - The employee composition includes 3,430 production personnel, 1,027 technical personnel, and 156 sales personnel [180]. - The company has established a comprehensive employee welfare system, including social insurance and housing subsidies, to ensure competitive compensation [182]. - The training plan for 2024 includes onboarding, departmental training, and external training to enhance employee skills and efficiency [183]. Environmental Compliance - The company has complied with environmental protection regulations and has obtained necessary approvals for its environmental impact assessments [199]. - The company is classified as a key pollutant discharge unit by environmental protection authorities [199]. - The company has established pollution prevention facilities that have passed environmental inspections and obtained discharge permits [199]. - The company adheres to various environmental laws and standards, including the Environmental Protection Law and the Air Pollution Prevention Law [199].