Intelligent Connected Vehicles (ICV) Technology - The company focuses on intelligent connected vehicles (ICV) simulation testing technology, providing design, R&D, and related testing solutions[5]. - In 2021, the company's Sim Pro toolchain became the first globally to receive ASIL D functional safety certification under ISO 26262, enhancing its competitive edge in the Chinese market[6]. - The company launched Safety Pro, a functional safety analysis tool for ICV, which received ISO 26262 TCL 2 certification in July 2023[6]. - The company aims to reduce reliance on foreign-developed ICV simulation testing software, positioning itself as a domestic alternative[6]. - The company is committed to enhancing its technological capabilities in ICV testing, validation, and evaluation[6]. - The ICV industry is experiencing rapid growth due to government support and increasing consumer acceptance of smart vehicle features, presenting significant development opportunities for the company[23]. - The company continues to enhance its core products, Sim Pro and Safety Pro, to support the development of intelligent driving technology[20]. - The company is actively expanding its application scenarios and pushing for the safe implementation of intelligent driving technology[20]. - The company is actively exploring and developing hardware products to complement ICV simulation testing and data platforms[29]. Financial Performance - For the fiscal year 2024, the company achieved revenue of approximately RMB 221.9 million, representing a growth of 26.3% compared to fiscal year 2023[25]. - The net profit for the fiscal year 2024 was approximately RMB 55.1 million, reflecting a growth of 3.1% from the previous fiscal year[25]. - Revenue from ICV simulation testing software and platform reached RMB 133.8 million, representing a 33.1% increase compared to the fiscal year 2023[26]. - Revenue from ICV data platform and other products was approximately RMB 20.6 million, reflecting a 3.5% growth compared to the fiscal year 2023[28]. - Revenue from ICV testing and related services amounted to approximately RMB 37.9 million[33]. - Revenue from consulting and other services increased by 80.9% to approximately RMB 29.5 million compared to the fiscal year 2023[33]. - Revenue increased from RMB 175.7 million in FY2023 to RMB 221.9 million in FY2024, representing a growth of approximately 26.3%[41]. - Gross profit rose from RMB 124.6 million in FY2023 to RMB 151.8 million in FY2024, an increase of about 21.9%, while gross margin decreased from 70.9% to 68.4%[44]. Research and Development (R&D) - The company plans to enhance investment in R&D and technology innovation to improve core competitiveness and expand market share in China and overseas[35]. - Continuous investment in R&D has driven technological innovation and product upgrades, improving market competitiveness[27]. - The company is focusing on R&D for existing solutions such as Sim Pro and Safety Pro, with an investment of HKD 62.8 million[173]. - The company aims to optimize existing solutions and develop new products, focusing on tools based on the Sim Pro toolchain, including SGO Pro, DB Pro, and Cloud Pro[36]. - The company is investing $50 million in research and development for new technologies aimed at enhancing product offerings[1]. Market Expansion and Strategy - The company plans to continue innovating and expanding its product offerings in the ICV simulation testing sector[6]. - The company is strategically positioned to leverage its early market entry advantage in China's ICV simulation testing market[6]. - The company intends to expand its customer base and geographical market coverage, particularly in more cities in China and potentially establish a representative office in Hong Kong[38]. - Market expansion plans include entering three new international markets by the end of the year, targeting a 25% increase in market share[1]. - The company is actively pursuing market expansion and potential mergers and acquisitions to strengthen its market position[6]. Customer and Supplier Relationships - The company has established a strong customer base, including government entities, state-owned enterprises, and well-known automotive manufacturers[5]. - The company established long-term partnerships with several well-known automotive manufacturers and technology companies, enhancing business opportunities and growth potential[27]. - The group’s top five customers accounted for 63.5% of total revenue, with the largest customer contributing 16.2%[146]. - The group’s top five suppliers represented approximately 97.7% of total procurement, with the largest supplier accounting for 44.6%[146]. Corporate Governance and Management - The board of directors is responsible for the company's strategic direction and policy formulation, ensuring decisions are made in the best interest of shareholders[183]. - All independent non-executive directors have confirmed their independence, ensuring a balanced and independent judgment within the board[188]. - The company has established a comprehensive onboarding process for newly appointed directors to ensure they understand the business and regulatory responsibilities[190]. - The audit committee, consisting of three independent non-executive directors, is responsible for overseeing financial reporting and risk management[197]. - The supervisory board confirmed that the company's financial system is sound, with no significant omissions or false records in the financial reports, reflecting a good financial condition[178]. Sustainability and Social Responsibility - The management team emphasized a commitment to sustainability, with plans to reduce carbon emissions by 30% over the next five years[1]. - The company has established an ESG task force to oversee sustainability strategies and address related issues within its operations[121]. - The company is participating in industry standard-setting and policy research to enhance its technological capabilities and market reputation[158]. Employee and Talent Management - The company aims to increase its workforce by 15% to support growth initiatives and new projects[1]. - The total number of employees increased to 187 as of December 31, 2024, from 181 as of December 31, 2023, with employee costs approximately RMB 71.2 million in FY2024[80]. - The company plans to increase its talent pool by recruiting professionals in software development, algorithms, and project management to support business development[39]. Financial Position and Assets - The total assets of the company as of December 31, 2024, amounted to RMB 667.96 million, an increase from RMB 600.81 million in 2023[18]. - The company's total liabilities as of December 31, 2024, were RMB 110.25 million, up from RMB 99.40 million in 2023[18]. - Current assets increased from RMB 449.3 million as of December 31, 2023, to RMB 495.7 million as of December 31, 2024, primarily due to increases in cash and cash equivalents, contract fulfillment costs, and trade receivables[63]. - Cash and cash equivalents increased from RMB 118.4 million as of December 31, 2023, to RMB 208.3 million as of December 31, 2024, mainly due to the redemption of financial products[64]. Shareholder Information - The board of directors has recommended not to declare any final dividend for the fiscal year ending December 31, 2024[123]. - The company has issued a total of 133,333,400 shares, including 100,000,000 unlisted shares and 33,333,400 H-shares[136]. - Major shareholder Kongge Technology holds approximately 30.17% of the unlisted shares, equating to 30,169,382 shares[138]. - The company has a significant concentration of ownership, with Hu Dailin, Wang Yishuang, and He Feng each holding 45.44% of the unlisted shares[138].
北京赛目科技股份有限公司(02571) - 2024 - 年度财报