Financial Performance - The company's operating revenue for 2024 was ¥1,945,804,113.70, a decrease of 17.51% compared to ¥2,358,966,311.28 in 2023[6]. - The net profit attributable to shareholders for 2024 was ¥102,078,465.08, down 27.73% from ¥141,243,814.99 in 2023[6]. - The net cash flow from operating activities decreased by 31.15% to ¥165,340,589.41 in 2024 from ¥240,157,909.85 in 2023[6]. - The basic earnings per share for 2024 was ¥0.5835, a decline of 44.92% compared to ¥1.0593 in 2023[6]. - Total revenue for 2024 was approximately ¥1.95 billion, a decrease of 17.51% compared to ¥2.36 billion in 2023[67]. - Revenue from the electrical machinery and equipment manufacturing sector accounted for 96.78% of total revenue, totaling approximately ¥1.88 billion, down 19.17% year-over-year[67]. - The domestic revenue decreased by 31.66% to approximately ¥1.22 billion, while overseas revenue increased by 25.85% to approximately ¥730 million[67]. - The sales volume of refrigerators decreased by 18.01% to 872,437 units in 2024, compared to 1,064,055 units in 2023[70]. - The gross profit margin for the refrigerator segment was 11.89%, a slight decrease of 0.51% from the previous year[68]. Market and Industry Trends - The home appliance industry continues to grow, driven by increasing consumer demand and improvements in living standards[31]. - In 2024, China's GDP reached 134.91 trillion yuan, with a year-on-year growth of 5.0%[33]. - The domestic white goods market retail sales in the first half of 2024 were 231.9 billion yuan, a year-on-year decline of 7.0%[33]. - The retail sales of household appliances and audio-visual equipment in China reached 1,030.7 billion yuan in 2024, with a year-on-year growth of 12.3%[33]. - The refrigerator market in China achieved retail sales of 143.4 billion yuan in 2024, with a year-on-year growth of 7.6%[36]. - Online retail sales of refrigerators saw a year-on-year increase of 8.4%, while offline retail sales grew by 6.8%[36]. - The export value of household appliances in 2024 reached 712.2 billion yuan, with a year-on-year growth of 15.4%[33]. - The sales volume of light commercial refrigeration equipment in China was 9.376 million units in 2024, a year-on-year decline of 7.2%[39]. - The global market for light commercial refrigeration equipment reached 40.88 million units in 2023, with a year-on-year growth of 8.7%[39]. Company Operations and Strategy - The company has expanded its operations by acquiring a controlling subsidiary, Wuliang (Hefei) Intelligent Technology Co., Ltd., which specializes in electronic intelligent controllers[30]. - The company is focused on the research, production, and sales of large refrigerators and commercial display cabinets, providing ODM services to domestic and international brands[30]. - The company primarily engages in the research, production, and sales of refrigerators and commercial display cabinets, with a production capacity exceeding 1 million units across four highly automated production lines[45]. - The company has established long-term stable partnerships with leading clients such as Midea Group, BSH, Hisense Group, and Electrolux, covering over 100 countries and regions globally[45]. - The company has launched a new subsidiary, Wuliang (Hefei) Intelligent Technology Co., Ltd., through a non-controlling merger in July 2024, focusing on electronic intelligent controllers[46]. - The company currently operates 15 production lines for SMT and DIP, demonstrating flexible manufacturing capabilities for PCBA and rapid delivery[47]. - The company has a diverse product offering that includes large-capacity refrigerators, commercial display cabinets, and PCBA, catering to both domestic and international markets[48]. - The company is committed to continuous innovation and expansion in the smart appliance sector, leveraging its technological expertise to enhance product performance and user experience[47]. Research and Development - The company emphasizes independent research and development, holding 10 patents and 27 software copyrights, positioning itself as a recognized ODM supplier in the home refrigerator manufacturing sector[45][47]. - The company has obtained a total of 323 patents, including 14 invention patents, 181 utility model patents, and 128 design patents, enhancing its innovation capabilities[60]. - The company has a dedicated R&D team with extensive experience, focusing on product design and development, which has significantly shortened the time from R&D to mass production[60]. - The company is in the trial production phase for several new product development projects, including an embedded wine cabinet and a 3G cross-door refrigerator[78]. - The company plans to continue its market expansion and product development strategies, focusing on maintaining a neutral exchange rate risk through hedging[95]. Governance and Management - The board of directors consists of 7 members, including 3 independent directors, complying with legal and regulatory requirements[129]. - The supervisory board is composed of 3 members, including 1 employee representative, meeting legal requirements[130]. - The controlling shareholder and actual controller, Mr. Gu Wei, have not changed during the reporting period, ensuring independent operation of the company[131]. - Independent directors have actively participated in all board meetings and committees, contributing to the company's stable development[133]. - The company emphasizes information disclosure, ensuring timely and fair access to information for all shareholders[134]. - The company maintains independence in assets, personnel, finance, institutions, and business from the controlling shareholder[137]. - The company has independent financial management, with no shared bank accounts with the controlling shareholder[141]. - The company operates independently without interference from the controlling shareholder in its organizational structure[142]. - The company has a complete and independent R&D, supply, production, and sales system, ensuring no reliance on the controlling shareholder for operations[143]. Employee and Talent Management - The total number of employees at the end of the reporting period is 1,121, with 829 from the parent company and 292 from major subsidiaries[173]. - The professional composition includes 715 production personnel, 171 technical personnel, 43 sales personnel, 34 financial personnel, and 158 administrative personnel[174]. - The educational background of employees shows 4 with master's degrees, 194 with bachelor's degrees, 235 with associate degrees, and 688 with vocational or lower education levels[174]. - The company has established a comprehensive salary structure that combines basic wages with performance assessments to enhance productivity and motivate management staff[175]. - The company plans to optimize its talent structure and strengthen human resource management to improve employee capabilities and overall operational efficiency[176]. Environmental and Social Responsibility - The company has implemented measures to reduce carbon emissions, including the construction of distributed photovoltaic power stations on factory rooftops[198]. - The company actively promotes energy conservation and environmental protection, enhancing employee awareness of low-carbon practices[198]. - The company has not faced any administrative penalties related to environmental issues during the reporting period[199]. - The company continues to fulfill its social responsibilities, providing employment and adhering to legal regulations[200]. - The company emphasizes sustainable development and shareholder communication, aiming to share operational growth with stakeholders[200].
雪祺电气(001387) - 2024 Q4 - 年度财报