Kersen(SH:603626)2025-04-28 11:20Financial Performance - The company achieved operating revenue of approximately RMB 3.38 billion in 2024, representing a year-on-year increase of 30.26%[24]. - The net profit attributable to shareholders of the listed company was a loss of RMB 476.83 million, compared to a loss of RMB 281.41 million in the previous year[24]. - The net cash flow from operating activities decreased by 82.26% to RMB 109.68 million, down from RMB 618.22 million in 2023[24]. - The basic earnings per share for 2024 was -0.86 yuan, compared to -0.51 yuan in 2023[25]. - The weighted average return on net assets was -18.81%, a decline from -9.52% in the previous year[25]. - The total assets increased by 5.15% to RMB 5.55 billion compared to RMB 5.28 billion at the end of 2023[24]. - The company reported a significant decline in net assets attributable to shareholders, down 20.19% to RMB 2.25 billion[24]. - The company reported a significant decrease in long-term borrowings, down 47.55% to 443,000,000.00 RMB, reflecting a strategic shift in financing[64]. - The company recognized fixed asset impairment losses of CNY 20.57 million in 2024 due to competitive pressures in the 3C industry[180]. - The company's total liabilities reached ¥2,492,411,965.76 in 2024, up from ¥1,847,033,681.43 in 2023, reflecting higher leverage[195]. Research and Development - The company maintained high R&D investment to overcome technical bottlenecks, which negatively impacted net profit due to insufficient profit from some projects[26]. - The company invested 237 million yuan in R&D in 2024, maintaining a high level of investment to overcome technological bottlenecks[37]. - The company's R&D expenses increased by 29.06% to RMB 236.82 million, impacting profitability[50]. - Significant R&D investments are directed towards advanced technologies such as high-precision components for electric vehicles and smart devices[9]. - The company employed 676 R&D personnel, making up 13.73% of total staff[8]. - Research and development expenses increased to ¥236,818,805.04 in 2024, up 29.1% from ¥183,495,719.10 in 2023, indicating a focus on innovation[197]. Market and Product Development - The company is expanding into medical and energy storage sectors, which are expected to provide new growth points and reduce operational risks[38]. - The revenue from the new energy storage business surged by 1415.92%, reaching RMB 357.95 million[52]. - The company expanded its product applications to include medical devices and new energy vehicles, enhancing its market presence[46]. - The company plans to strengthen partnerships with leading brands in various industries to enhance its high-end precision manufacturing capabilities[81]. - By 2025, the company aims to expand its product lines to include watch cases, watch pivots, and foldable smartphone hinges, while also targeting emerging markets in Southeast Asia and the Middle East[83]. Corporate Governance - The company strictly adheres to the requirements of the Company Law and Securities Law, ensuring compliance with governance standards set by the China Securities Regulatory Commission[92]. - The board of directors consists of both non-independent and independent directors, with independent directors having backgrounds in management and finance, ensuring compliance with legal requirements[92]. - The company has a clear governance structure, with independent directors and a supervisory board ensuring accountability and transparency[92]. - The company has implemented measures to maintain the independence of its operations and governance, with no significant conflicts of interest reported[93]. - The company is committed to maintaining high standards of corporate governance and compliance with relevant laws and regulations[92]. Environmental Responsibility - The company invested 5.18 million RMB in environmental protection funds during the reporting period[123]. - The company has established wastewater treatment facilities using Fenton + A/O and MBR membrane processes, ensuring compliance with discharge standards[125]. - The company has implemented air pollution control measures, including electrostatic oil mist adsorption and bag dust removal methods, with annual third-party monitoring confirming compliance with national standards[125]. - The company has committed to continuous improvement in environmental management practices, including regular maintenance of pollution control facilities[125]. - The company has established a management process for hazardous waste, ensuring proper storage and disposal by qualified vendors[125]. Shareholder Dynamics - The top shareholder, Xu Jingen, holds 139,932,561 shares, representing 25.2% of the total shares[160]. - The second largest shareholder, Shanghai Huixiu Private Fund Management Co., Ltd., increased its holdings by 28,000,000 shares, totaling 28,000,000 shares or 5.05%[160]. - Wang Dongmei, a significant shareholder, reduced her holdings by 33,096,600 shares, now holding 24,233,400 shares or 4.37%[160]. - The company has repurchased 3,491,000 shares, which is 0.63% of the total shares, as part of its share repurchase plan[169]. - Xu Jingen and Wang Dongmei are identified as a couple, indicating a potential influence on shareholder dynamics[161]. Risk Management - The company is facing potential risks as detailed in the "Management Discussion and Analysis" section of the annual report[10]. - The company faces customer concentration risk, with its top five clients accounting for a significant portion of revenue, which could impact performance if any major client experiences operational changes[85]. - The company is exposed to market competition risks, with numerous competitors in the precision structure manufacturing sector, necessitating continuous innovation and quality improvement to maintain market position[86]. - Rising labor costs in the manufacturing sector, particularly in the Yangtze River Delta region, may impact the company's financial performance despite efforts to improve automation and processes[87]. - The company faces foreign exchange risks due to significant overseas sales, which could lead to exchange losses if the RMB appreciates during the accounts receivable collection period[90].