OKE(SH:688308)2025-04-25 11:15Financial Performance - The company's operating revenue for 2024 reached ¥1,127,186,170.31, representing a 9.81% increase compared to ¥1,026,460,584.14 in 2023[22]. - The net profit attributable to shareholders decreased by 65.48% to ¥57,302,404.17 from ¥166,003,609.42 in the previous year[22]. - The basic earnings per share fell to ¥0.36, down 65.71% from ¥1.05 in 2023[23]. - The company's total assets increased by 2.05% to ¥3,959,655,725.47 at the end of 2024, compared to ¥3,880,234,856.83 at the end of 2023[22]. - The cash flow from operating activities showed a significant improvement, reaching ¥38,341,319.70 compared to a negative cash flow of ¥-9,154,021.93 in 2023[22]. - Operating costs rose to ¥871,776,285.14, reflecting a 20.16% increase year-over-year[81]. - The gross profit margin for the manufacturing sector decreased by 6.21 percentage points to 23.11%[84]. - Domestic sales revenue was ¥903,850,871.48, with a gross margin of 21.34%, reflecting a decrease of 6.51 percentage points[85]. - International sales revenue surged by 49.22% to ¥209,402,799.49, with a gross margin of 30.77%[85]. Research and Development - Research and development expenses accounted for 7.62% of operating revenue, an increase of 1.4 percentage points from 6.22% in 2023[24]. - The company invested CNY 85.86 million in R&D, accounting for 7.62% of revenue, an increase of 1.4 percentage points year-on-year[36]. - The company has developed various cutting tools, including the OC32 series with CVD coating technology, enhancing wear resistance[56]. - The company has filed a total of 224 patent applications, including 44 invention patents[58]. - The company has developed a series of heat-resistant stainless steel drill bits with an investment of $93.10 million, targeting turbocharger housing applications[64]. - The company has made significant advancements in R&D, particularly in basic material technologies and tool systems[58]. - The company aims to enhance its research and development efforts to stay ahead in the competitive landscape of precision tools[128]. Dividend and Profit Distribution - The company plans to distribute a cash dividend of RMB 1.5 per 10 shares, totaling approximately RMB 23.63 million, which represents 41.24% of the net profit attributable to shareholders for the fiscal year 2024[6]. - The profit distribution plan has been approved by the board and is pending approval from the annual general meeting of shareholders[7]. - The cumulative cash dividend over the last three fiscal years amounts to RMB 158,168,676.45, with an average net profit of RMB 155,130,166.65, leading to a cash dividend ratio of 101.96%[157]. - The company has maintained a clear and compliant dividend policy, ensuring that the rights of minority shareholders are adequately protected[153]. - The independent directors have fulfilled their responsibilities in the decision-making process regarding profit distribution, ensuring transparency and compliance with regulations[154]. Operational Strategy and Market Position - The company is actively promoting integrated tool solutions and expanding overseas markets, contributing to slight revenue growth despite challenges[24]. - The company is transitioning from a simple tool supplier to a comprehensive solution provider for machining processes, enhancing its service capabilities[53]. - The company aims to expand its market presence in key industries such as aerospace, new energy, and semiconductors, while enhancing brand influence through international exhibitions[117]. - The company is committed to creating a world-class brand by providing cutting solutions for global intelligent manufacturing[114]. - The company has a strong market position in the domestic hard alloy tool industry, with its serrated blade products ranking first in production scale and achieving import substitution[50]. Risks and Challenges - The company faces risks related to potential performance declines due to initial project production phases and increased costs, which could impact profit levels if market demand does not recover as expected[74]. - The company is at risk of losing core competitiveness due to intense competition from both domestic and international firms, with a significant portion of the market still dominated by imported brands[75]. - The company may encounter management risks associated with rapid expansion, which could lead to decreased management efficiency and increased costs if not properly addressed[76]. - The company is exposed to financial risks from fluctuations in raw material prices, particularly tungsten carbide, which constitutes approximately 80% of the cost of its hard alloy products[77]. - The company faces industry risks as advancements in alternative cutting materials and additive manufacturing technologies could impact the demand for hard alloy cutting tools[78]. Corporate Governance and Management - The company has confirmed that all board members were present at the board meeting[4]. - The company has established a fair and scientific compensation and performance evaluation system, ensuring timely salary payments and providing various employee benefits[146]. - The total pre-tax remuneration for the company’s directors and senior management during the reporting period amounted to 5,622,000 RMB[126]. - The company has a total of 11 core technical personnel, with varying levels of shareholding changes during the reporting period[126]. - The board of directors held five meetings during the year, all conducted through a combination of on-site and communication methods[137]. Environmental and Social Responsibility - The company is committed to achieving carbon neutrality and integrating this goal into its long-term development strategy[173]. - The company has implemented measures to reduce carbon emissions, including optimizing production processes and using distributed photovoltaic power generation with a total installed capacity of 4.55 MWp[186]. - The company focuses on social responsibility by participating in poverty alleviation and community support initiatives[175]. - The company has a robust waste management system, including a dedicated hazardous waste storage facility[183]. - The company has implemented information technology systems such as Kingdee Cloud, ERP, and paperless approval processes to enhance production management and reduce resource waste[188].