GalaxyCore (SH:688728)2025-04-28 09:10Dividend Distribution - The proposed cash dividend for 2024 is CNY 0.22 per 10 shares, totaling CNY 56,565,364.33, which accounts for 30.28% of the net profit attributable to shareholders [5]. - The total amount for cash dividends and share repurchases is CNY 354,839,440.67, representing 189.95% of the net profit attributable to shareholders for the year [5]. - The company has not implemented any other forms of profit distribution, including capital reserve transfers or stock dividends, for the year [5]. - The company’s dividend distribution policy allows for profit distribution even in the presence of unallocated losses, provided it can meet its operational debt obligations [130]. - The company will not use the premium from the issuance of shares for dividend distribution, as per the commitment from the company and its controlling shareholders [132]. Financial Performance - In 2024, the company's operating revenue reached RMB 6,383,250,681, representing a year-on-year increase of 35.90% compared to RMB 4,697,177,723 in 2023 [22]. - The net profit attributable to shareholders in 2024 was RMB 186,805,894, a significant increase of 287.20% from RMB 48,244,998 in 2023 [23]. - The net profit attributable to shareholders after deducting non-recurring gains and losses increased by 14.54% to RMB 70,656,572 in 2024, compared to RMB 61,687,202 in 2023 [23]. - The net cash flow from operating activities for 2024 was RMB 957,472,963, reflecting a 136.38% increase from RMB 405,052,677 in 2023 [23]. - The company's operating cost increased to ¥4,926,348,502, reflecting a year-on-year growth of 48.92% [82]. - The comprehensive gross profit margin for the main business in 2024 was 22.79%, a decrease of 6.71 percentage points compared to the previous year [84]. Research and Development - The company's R&D expenditure as a percentage of operating revenue was 14.91% in 2024, down from 16.93% in 2023, indicating a decrease of 2.02 percentage points [22]. - Total R&D investment reached ¥951,726,818, a 19.66% increase from the previous year, while the proportion of R&D investment to operating income decreased by 2.02 percentage points to 14.91% [52]. - The company applied for 204 new intellectual property projects during the reporting period, with 58 projects granted authorization, bringing the total to 1,357 applications and 525 granted [50]. - The company has achieved international leading levels in various technologies, including low-noise pixel technology and black level correction technology, enhancing image sensor performance in low-light and high-temperature scenarios [48]. - The company is committed to increasing R&D investment to develop innovative technologies and products that meet market demands, focusing on high-pixel image sensors [58]. Market Position and Products - The company has established itself as a leading supplier of CMOS image sensors and display driver chips in both domestic and international markets [34]. - The company's sales for CMOS image sensors for mobile phones reached 99,436.15 million units with revenue of 359,766.90 million CNY, accounting for 56.39% of total revenue [36]. - The company is positioned as the second-largest supplier of mobile CMOS image sensors globally, with a market share of approximately 23% [45]. - The company is focusing on the development of AMOLED display driver ICs, which are expected to become a significant growth driver in the future [40]. - The company plans to increase its market share in high-pixel products in the security sector and is actively developing products with optimized readout circuit noise and ultra-low power consumption [120]. Governance and Compliance - The company has established a governance structure that includes a board of directors and several specialized committees to ensure effective decision-making and protect shareholder interests [125]. - The company’s governance structure is designed to ensure compliance with applicable laws and regulations, maintaining a clear division of responsibilities between the board and shareholders [133]. - The company has implemented a comprehensive internal control system that effectively covers all business activities and internal management aspects, ensuring proper execution during the reporting period [185]. - The internal control audit report for the year 2024 received a standard unqualified opinion, indicating no significant deficiencies in internal controls [186]. - The company has a commitment to maintain transparency and uphold the rights of shareholders in decision-making processes [133]. Environmental, Social, and Governance (ESG) - The company invested ¥28.86 million in environmental protection during the reporting period, demonstrating its commitment to ESG initiatives [192]. - The company was included in the "National Securities 1000 ESG Benchmark Index" and "Hang Seng A-share 300 ESG Index," reflecting its strong ESG performance [191]. - The company achieved an ESG rating of AA from China Securities Index Co., Ltd. and BBB from Shanghai Huazheng Index Information Service Co., Ltd. in 2024 and 2025 respectively [190]. - The company has developed and implemented emergency response plans for environmental incidents, with no major environmental events reported during the period [197]. - The company has established a self-monitoring scheme for environmental emissions, with all discharge indicators meeting standards by the end of the reporting period [199].