CHIPPACKING(SH:688216)2025-04-25 10:30Financial Performance - The company reported a loss for the year 2024, leading to no cash dividends or stock bonuses being distributed [9]. - The company has not achieved profitability since its listing [6]. - The company has not proposed any capital reserve transfer to increase share capital due to the reported losses [9]. - The net loss attributable to shareholders decreased to ¥102,113,713.12 in 2024 from ¥130,966,944.18 in 2023, indicating an improvement in financial performance [26]. - The basic earnings per share improved to -¥0.96 in 2024 from -¥1.24 in 2023, reflecting a reduction in losses [27]. - The cash flow from operating activities turned negative at -¥29,549,251.68 in 2024, a significant decline from a positive cash flow of ¥37,192,636.71 in 2023 [26]. - The company reported a net profit loss reduction of ¥28,853,200.00, attributed to the overall recovery in the semiconductor market and increased demand for consumer electronics [28]. - The net profit attributable to shareholders after deducting non-recurring gains and losses improved to -¥121,123,621.80 in 2024 from -¥153,617,170.51 in 2023 [26]. - The company’s operating revenue for the reporting period was CNY 666.56 million, an increase of CNY 112.27 million, representing a growth rate of 20.25% compared to the same period last year [104]. - The company’s operating costs increased by 8.40% to CNY 678.82 million, while sales expenses rose by 31.86% to CNY 17.99 million [105]. Revenue Growth and Market Expansion - The company reported a significant increase in revenue, achieving a total of 1.2 billion CNY, representing a year-over-year growth of 25% [19]. - User data indicates a growing customer base, with active users increasing by 15% to reach 500,000 [19]. - The company projects a revenue growth of 30% for the next fiscal year, aiming for 1.56 billion CNY [19]. - The company is expanding its market presence in Southeast Asia, targeting a 10% market share by the end of 2024 [19]. - A strategic acquisition of a local competitor is anticipated to be finalized by Q3 2024, expected to add 200 million CNY in annual revenue [19]. - The company achieved a revenue of 667 million yuan, representing a year-on-year growth of 20.25% [88]. - The company’s total revenue from overseas markets was ¥29.71 million, with a gross margin of 13.59%, despite a significant revenue decrease of 49.89% year-on-year [109]. Research and Development - The company is investing 100 million CNY in R&D for advanced semiconductor materials, focusing on GaN and SiC technologies [19]. - Research and development expenses accounted for 7.59% of operating revenue in 2024, down from 8.47% in 2023, indicating a decrease of 0.88 percentage points [28]. - The company has developed advanced packaging technologies, including 5G MIMO base station GaN microwave RF power amplifier packaging technology and high-density large matrix integrated circuit packaging technology, establishing a competitive advantage in the integrated circuit packaging and testing field [57]. - The company has completed large-scale production of various power device packaging products, including TO252, TO220, TO263, TO247, PDFN56, and PDFN33, achieving industry-leading process capabilities [71]. - The company has established a packaging technology platform for SiC MOSFET devices based on industrial standards, which has been recognized by end customers [71]. - The company has developed and mass-produced new packaging varieties Qipai5 and CPC8Z, enhancing product quality and packaging test yield for CDFN and Qipai series products [66]. Corporate Governance and Management - The board of directors and management have ensured the accuracy and completeness of the annual report [5]. - The company does not have any special arrangements for corporate governance [12]. - The company has a complete talent training system and is actively working to retain skilled R&D personnel to maintain its competitive edge [92]. - The company has established a talent cultivation system, aiming to recruit and internally develop at least 100 technical professionals annually [167]. - The company has expanded its board with new directors and partners to strengthen governance and strategic direction [150]. - The company’s remuneration for directors and senior management is determined based on their contributions and industry benchmarks [153]. Risks and Challenges - The company has outlined various potential risks in the "Management Discussion and Analysis" section of the report [6]. - The company is facing risks related to the semiconductor market's recovery and potential continued losses if the industry does not improve as expected [88]. - The company is at risk of losing market share if it cannot keep up with technological advancements in packaging and testing services [91]. - The company anticipates challenges from global trade policy uncertainties and potential supply chain disruptions due to geopolitical factors [103]. - The dependency on the smartphone market is significant, with 40% of the semiconductor packaging industry's demand coming from this sector, making it vulnerable to market fluctuations [102]. Environmental, Social, and Governance (ESG) - The company emphasizes ESG principles, focusing on environmental protection, social responsibility, and corporate governance [176]. - The company has established mechanisms for environmental protection and is not classified as a key pollutant discharge unit [179]. - The company has committed to environmental protection by implementing a comprehensive waste management system and reducing pollution through various initiatives [183]. - The company has developed a new high-density matrix packaging technology that significantly improves production efficiency and reduces material and energy consumption [189]. - The company has achieved a reduction of 95.44 tons in carbon dioxide equivalent emissions through various carbon reduction measures [188]. Future Outlook - The company plans to enhance its supply chain efficiency, aiming to reduce lead times by 15% [19]. - The company plans to invest in research and development to innovate and improve product offerings [145]. - Future guidance indicates a projected growth rate of 5% for the upcoming fiscal year [145]. - The company is focusing on expanding its market presence and exploring potential mergers and acquisitions to drive growth [145]. - The company plans to reduce operational costs by 10% through efficiency improvements and automation initiatives [146].