JINCHEN MACHINERY(SH:603396)2025-04-25 10:10Financial Performance - The company's operating revenue for 2024 was CNY 2,529,781,381.86, representing a 12.39% increase compared to CNY 2,250,878,791.96 in 2023[25]. - Net profit attributable to shareholders decreased by 29.15% to CNY 63,703,019.21 from CNY 89,918,348.47 in the previous year[25]. - The basic earnings per share fell by 38.96% to CNY 0.47, down from CNY 0.77 in 2023[26]. - The weighted average return on equity decreased by 3.42 percentage points to 2.61% from 6.03% in 2023[26]. - The net cash flow from operating activities was negative CNY 67,379,934.43, a decline of 287.69% compared to a positive CNY 35,899,721.19 in 2023[25]. - The company reported a significant increase in cash flow from financing activities, which rose to CNY 954,510,729.30, up 522.92% from CNY 153,232,581.38 in 2023[25]. - The net profit attributable to shareholders for the fourth quarter was negative CNY 4,566,335.70, indicating a decline in profitability during that period[29]. - The total assets at the end of 2024 were CNY 5,626,878,550.59, a slight increase of 0.55% from CNY 5,596,306,419.33 at the end of 2023[25]. - The company's total assets reached 5,626.88 million yuan, a year-on-year increase of 0.55%, while the net assets attributable to shareholders grew by 67.12% to 2,555.55 million yuan[38]. - The company's operating revenue increased by 12.39% to approximately ¥2.53 billion compared to the previous year[54]. Dividend Distribution - The company plans to distribute a cash dividend of 1.50 CNY per 10 shares, totaling approximately 20,779,121.70 CNY (including tax) based on a total share capital of 138,527,478 shares as of December 31, 2024[6]. - The cash dividend for the fiscal year 2023 is set at CNY 0.20 per share, totaling CNY 27.72 million, which represents 30.83% of the net profit attributable to shareholders[158]. - The adjusted cash dividend for 2023, based on the total share capital of 138,584,808 shares, is CNY 0.20001 per share, totaling CNY 27.72 million, maintaining the same percentage of 30.83% of net profit[158]. - For the fiscal year 2024, the proposed cash dividend is CNY 1.50 per 10 shares, totaling CNY 20.78 million, which is 32.62% of the net profit attributable to shareholders[159]. - The cumulative cash dividend and repurchase amount over the last three fiscal years is CNY 68.25 million[164]. - The average net profit over the last three fiscal years is CNY 72.80 million, resulting in a cash dividend ratio of 93.74%[164]. Audit and Compliance - The company has received a standard unqualified audit report from Rongcheng Accounting Firm, ensuring the financial report's authenticity and completeness[5]. - There are no non-operating fund occupations by controlling shareholders or related parties, nor any violations in decision-making procedures for external guarantees[8]. - The company has not disclosed any significant risks that would prevent the board from ensuring the accuracy and completeness of the annual report[9]. - The company has confirmed that all board members attended the board meeting, ensuring collective responsibility for the report's content[4]. - The internal control audit report issued by the accounting firm is a standard unqualified opinion for the year 2024[175]. - The company has not faced any risks of delisting or bankruptcy reorganization[191]. - The company has not encountered any major accounting errors that required correction during the reporting period[188]. - The company has not engaged in any communication with previous accounting firms regarding audit opinions[188]. Research and Development - The company is focusing on the transition from P-type to N-type battery technology, which is expected to become the market mainstream due to its higher efficiency and profitability potential[37]. - The company has increased its investment in R&D to shorten technology iteration cycles and maintain its technological leadership in the industry[37]. - The company has developed a series of high-efficiency HJT and PERTOP technology-related core equipment, with most performance parameters surpassing those of competitors[44]. - The company has a diverse product supply capability, providing turnkey solutions for photovoltaic component and battery manufacturing equipment[50]. - The company has established a strategic development research institute to analyze industry trends and support long-term strategic planning[48]. - The company is focusing on the development of HJT, PERTOP, perovskite, and hydrogen equipment technologies to enhance its market position[48]. - The company has a strong focus on research and development, with key personnel having extensive backgrounds in engineering and technology[134]. - Research and development investments have increased by 40%, focusing on automation and production efficiency improvements[135]. Market Expansion - The company is actively expanding its overseas market presence, establishing service centers in India, Turkey, Europe, and the United States[41]. - The overseas market sales revenue increased by 45.20% compared to 2023, reinforcing the company's competitive position in the industry[36]. - The company is optimistic about the future growth of the new energy intelligent equipment industry, supported by national policies[53]. - The company is expanding its market presence in Southeast Asia, targeting a 10% market share by the end of 2024[135]. - New marketing centers have been established in the U.S. and Singapore to improve marketing efficiency and expand market share in emerging photovoltaic markets in Europe, North America, and the Middle East[113]. Governance and Management - The company has established a sound governance structure with a board of 7 directors, including 3 independent directors, and has set up various committees to enhance operational efficiency[125]. - The company has independent financial departments and accounting systems, ensuring financial independence from its controlling shareholders[127]. - The company has no significant differences in governance practices compared to regulations set by the China Securities Regulatory Commission[126]. - The company has conducted multiple shareholder meetings, including a significant one on May 16, 2024, to approve the 2023 annual financial report and budget for 2024[129]. - The company has independent research, production, and sales systems, allowing it to operate without interference from controlling shareholders[128]. - The company has a clear delineation of assets, ensuring independence from its controlling shareholders and their other enterprises[126]. - The company has implemented measures to maintain the independence of its management team, with no overlapping roles in controlling entities[127]. - The company has revised its articles of association and governance documents to comply with the latest regulations[126]. Legal Matters - The company received civil rulings from the Jiangsu Provincial High People's Court regarding a lease contract dispute, with the case undergoing retrial and the execution of the original judgment suspended[192]. - The company was ordered to pay 14.91 million RMB in a civil lawsuit, including a penalty of 710,000 RMB for breach of contract[194]. - The company won a ruling requiring the defendant to pay 4.6 million RMB in overdue payments and 630,000 RMB in penalties, with the defendant also responsible for arbitration fees of 79,150 RMB[195]. - The company confirmed that it is owed a total of CNY 7,703,304.9 in unpaid goods and a penalty of CNY 296,340 from Fengyang Beihe Zhu Ri Technology Co., Ltd. and Fengyang Zhu Ri Energy Technology Co., Ltd.[196]. - The court ruled that Wuxi Suntech Power Co., Ltd. must pay the company CNY 15,808,000 in overdue payments and a penalty of CNY 790,400, totaling CNY 16,598,400[197]. - The company has no outstanding court judgments or significant overdue debts, ensuring a stable financial standing[199]. Employee and Compensation - The total number of employees at the parent company and major subsidiaries is 1,638, with 278 at the parent company and 1,360 at subsidiaries[153]. - The company emphasizes a competitive and fair compensation system, linking employee salaries to performance evaluations and regional economic conditions[154]. - The company has established a training system to enhance employee skills, including pre-employment and on-the-job training programs[155]. - The total remuneration for all directors, supervisors, and senior management during the reporting period amounted to 16.2446 million yuan[139]. - The remuneration for directors and senior management is determined based on job responsibilities, performance, and industry standards[139]. - The company’s senior management compensation and evaluation mechanisms are being implemented effectively[172]. Environmental and Social Responsibility - The company invested 753,400 RMB in environmental protection during the reporting period[177]. - The company has passed the ISO 14001 environmental management system certification[178]. - The company has implemented effective measures to prevent and control environmental impacts, achieving compliance with relevant laws and regulations[178]. - The company made a total donation of 50,000 RMB to disaster-affected individuals in Huludao City[181].