SACRED SUN(002580)2025-04-25 11:20Financial Performance - The company's operating revenue for 2024 reached ¥3,015,107,458.49, representing a 7.17% increase compared to ¥2,813,298,823.81 in 2023 [19]. - Net profit attributable to shareholders for 2024 was ¥205,256,961.84, an 18.25% increase from ¥173,575,975.54 in 2023 [19]. - The net profit after deducting non-recurring gains and losses was ¥174,110,329.95, up 19.88% from ¥145,238,368.26 in 2023 [19]. - The net cash flow from operating activities improved significantly to ¥118,648,801.26, a 310.08% increase from a negative cash flow of ¥56,477,182.51 in 2023 [19]. - Basic earnings per share for 2024 were ¥0.45, an increase of 18.42% compared to ¥0.38 in 2023 [19]. - Total assets at the end of 2024 were ¥3,643,728,243.33, reflecting a 14.21% increase from ¥3,190,453,570.15 at the end of 2023 [19]. - Net assets attributable to shareholders increased by 8.13% to ¥2,184,229,547.06 at the end of 2024, compared to ¥2,019,961,486.70 at the end of 2023 [19]. - The company reported a weighted average return on equity of 9.75% for 2024, up from 8.92% in 2023, an increase of 0.83 percentage points [19]. - The company achieved a production output of 511.28 million KVAh/KWh in 2024, a 10.08% increase from 464.46 million KVAh/KWh in 2023 [55]. - The company reported a total of 1,477 million in revenue for the current reporting period, with a significant increase of 34.1% compared to the previous period [130]. Market Trends - The global lead-acid battery market is estimated to exceed 52 billion USD in 2024, with a year-on-year growth of approximately 4% [30]. - The domestic lead-acid battery market in China is projected to surpass 160 billion CNY in 2024, reflecting a growth rate of about 6.67% [30]. - The global lithium battery shipment volume is expected to reach 1,545.1 GWh in 2024, representing a year-on-year increase of 28.5% [32]. - The shipment volume of energy storage lithium batteries is forecasted to grow by 64.9% to 369.8 GWh in 2024 [32]. - The electric forklift market is experiencing a shift towards lithium batteries, with a global market penetration rate exceeding 70% [91]. - The electric tools sector is expected to see a shipment volume of 570 million units in 2024, representing a year-on-year growth of 24.8% [92]. - The global market for cordless electric tools is projected to reach $16.4 billion by 2025, with a CAGR of 9.8% from 2021 to 2025 [92]. - The sales revenue of the cleaning appliance industry in China is forecasted to be 42.3 billion yuan in 2024, a year-on-year increase of 24.4% [93]. - The sales revenue of robotic vacuum cleaners is expected to reach 19.36 billion yuan in 2024, growing by 41.1% year-on-year [93]. Risk Management - The company acknowledges various risks including macroeconomic fluctuations, industry policy changes, and raw material price volatility, which could impact future performance [5]. - The company has implemented a risk management framework with three lines of defense, including an audit committee and a compliance management system [164]. - The company is exposed to foreign exchange risks due to overseas operations primarily settled in USD and EUR, and will enhance foreign exchange risk management through various measures [106]. - The company has established a comprehensive internal control system to enhance risk management and compliance, ensuring effective execution of internal controls [164]. - The company plans to continue monitoring and improving its internal control systems to prevent future deficiencies [167]. Research and Development - The company has a robust R&D platform with over 400 patents, including 36 invention patents, enhancing its competitive edge in technology [40]. - The company has focused on developing new lithium battery products, achieving breakthroughs in niche markets such as electric tools and cleaning appliances [46]. - The company’s R&D investment for 2024 reached CNY 97.31 million, a year-on-year increase of 6.91% [48]. - The company has several ongoing R&D projects aimed at developing new products, including a deep-cycle long-life battery and a high-temperature lead-acid battery [60][61]. - The company is advancing sodium-ion battery product testing, which has outperformed competitors in specific application scenarios [49]. Corporate Governance - The company has established an independent financial department and accounting system, ensuring compliance with public company requirements and independent tax obligations [126]. - The board of directors consists of 9 members, including 3 independent directors, and has established various committees to enhance governance [115]. - The company has a clear strategy for maintaining shareholder engagement through regular meetings and disclosures [127]. - The company has maintained a stable management team, with no significant changes in shareholding among key executives during the reporting period [129]. - The company is committed to independent financial operations, free from interference by controlling shareholders or related enterprises [126]. Environmental Compliance - The company is classified as a key pollutant discharge unit by environmental protection authorities [170]. - The company has established an industrial wastewater treatment facility with a design capacity of 1,980 m³/d, with over 85% of treated wastewater reused in production [173]. - The company has achieved compliance in all wastewater monitoring results during the reporting period, with no exceedances reported [174]. - The company has implemented a multi-stage treatment process for exhaust gases, ensuring compliance with emission standards [175]. - The company has invested CNY 7.315 million in environmental governance and paid CNY 16,947.10 in environmental protection tax in 2024 [181]. Shareholder Engagement - The company plans to distribute a cash dividend of 0.4 RMB per 10 shares to all shareholders, based on a total of 453,868,993 shares [5]. - The company held 4 shareholder meetings, ensuring compliance with regulations and protecting minority shareholders' rights [113]. - The participation rate for the 2024 first extraordinary shareholders' meeting was 8.55%, while the 2023 annual shareholders' meeting had a participation rate of 26.58% [127]. - The second extraordinary shareholders' meeting in 2024 had a participation rate of 26.85%, and the third extraordinary meeting had a participation rate of 26.80% [127]. - The company emphasizes a fair and competitive compensation system, aligning employee performance with the company's annual business goals [160]. Strategic Initiatives - The company is focusing on market expansion and product innovation to increase sales revenue based on market demand [60][61]. - The company is committed to expanding its market presence in overseas regions, particularly in the Middle East and emerging markets [96]. - The company aims to enhance product performance and expand its product spectrum through new product developments [60][61]. - The company will enhance its operational efficiency through smart manufacturing and digital management tools [98]. - The company is actively pursuing strategic initiatives to enhance its competitive edge in the market [135]. Related Party Transactions - The company engaged in related party transactions with Qingdao Zhonghai Development, involving procurement of marine biological resources, with a transaction amount of 2.93 million yuan, accounting for 2.62% of similar transaction amounts [200]. - The approved transaction amount for related party transactions was 35 million yuan, and the actual transaction did not exceed this approved limit [200]. - The pricing principle for the related transactions was based on market prices, ensuring compliance with fair market standards [200]. - The company maintains transparency in its related party transactions, as indicated by the published announcements and disclosures [200]. - The company is committed to adhering to regulatory requirements regarding related party transactions, as evidenced by the approval process [200].