Lion(SH:605358)2025-04-28 13:25Financial Performance - The company achieved operating revenue of 3,092.32 million RMB in 2024, a year-on-year increase of 14.97%[29]. - The net profit attributable to shareholders was -265.76 million RMB, a decline of 504.18% compared to the previous year[30]. - The EBITDA for the period was 636.70 million RMB, down 26.56% from the previous year[29]. - The comprehensive gross margin decreased from 19.76% in 2023 to 8.74% in 2024, a reduction of 11.02 percentage points[30]. - The net cash flow from operating activities was 810.97 million RMB, a decrease of 21.02% compared to the previous year[31]. - Total assets at the end of 2024 were 19,322.83 million RMB, an increase of 5.73% from the beginning of the year[31]. - The company's total liabilities increased by 25.87% to 1,098.91 million RMB compared to the beginning of the year[31]. - The net assets attributable to shareholders decreased by 7.96% to 733.77 million RMB at the end of 2024[31]. - The company reported a significant increase in depreciation and amortization expenses, totaling 939.07 million RMB, up 20.76 million RMB from the previous year[30]. - The company experienced a fair value loss of 20.57 million RMB on its listed equity holdings in 2024, compared to a gain of 18.23 million RMB in the previous year[30]. Audit and Compliance - The company received a standard unqualified audit report from Zhonghui Certified Public Accountants[5]. - The company’s financial report is guaranteed to be true, accurate, and complete by its responsible personnel[5]. - The company has confirmed that there are no non-operational fund occupations by controlling shareholders or related parties[7]. - The company has not provided guarantees for its controlling shareholder or related enterprises, ensuring independence in its operations and financial management[129]. - The company has established a robust internal control system in compliance with regulatory requirements, enhancing decision-making efficiency[181]. - The internal control audit report received a standard unqualified opinion[184]. Research and Development - R&D investment reached 290 million yuan in 2024, a 4% increase year-on-year, representing 9.39% of total revenue, with a research team of 563 people[35]. - The R&D team includes 32% with master's degrees or higher, reflecting a strong focus on technical innovation and market-driven development[35]. - The company has obtained 85 authorized patents, including 38 invention patents, reinforcing its technological barriers and industry leadership[37]. - The company has established a strong customer base, including major clients such as SMIC, BYD, and Toshiba, enhancing its market position[58]. - The company has successfully completed several national-level major scientific research projects, contributing to its technological advancements and industry recognition[56]. Market and Industry Trends - The global semiconductor market is projected to reach $628 billion in 2024, with a year-on-year growth of 19.10%, driven mainly by the memory and logic markets[46]. - The global power semiconductor market is expected to grow from $50.3 billion in 2023 to $52.2 billion in 2024, with China accounting for approximately 39% of the market[47]. - The demand for RF chips is expected to expand significantly in 2024, driven by the growth of 5G smartphones and IoT devices, with an estimated shipment of 286 million smartphones in China[49]. - The global photovoltaic installed capacity is expected to reach 450-480 GW in 2024, with China contributing over 250 GW, representing more than 55% of the global total[48]. Corporate Governance - The company’s board of directors and supervisory board members have all attended the board meeting[4]. - The company has conducted 15 board meetings and 1 independent director meeting during the reporting period, ensuring effective governance and decision-making processes[128]. - The company has a diverse leadership team with extensive experience in various sectors, including semiconductor manufacturing and financial management[140]. - The overall governance structure includes independent directors who provide oversight and contribute to the company's strategic direction[140]. - The company confirmed that the remuneration for directors and senior management is strictly in accordance with the company's remuneration management system and performance evaluation plan[147]. Environmental Responsibility - The company has implemented measures to manage and supervise its subsidiaries effectively, ensuring compliance with operational standards[183]. - The total wastewater discharge for the reporting period was 382.51 thousand tons, with a regulated discharge limit of 277.06 thousand tons for Jinruihong Technology and 141.36 thousand tons for Jinruihong Microelectronics[190]. - The company achieved compliance with all major pollutants, including pH at 7.4, COD at 21 mg/L, and ammonia nitrogen at 13.3 mg/L, all within their respective limits[190]. - The company has established wastewater treatment systems and air pollution control facilities, which are regularly inspected and maintained by third-party environmental monitoring companies[192]. - The company has taken measures to reduce carbon emissions, achieving a reduction of approximately 898.27 tons of CO2 equivalent through the installation of a rooftop solar power project with a capacity of 1493.85 kWp[200]. Shareholder Returns - The company plans not to distribute cash dividends or increase capital reserves through stock transfers for the 2024 fiscal year[6]. - The company’s cash dividend policy is designed to ensure transparency and stability in profit distribution, considering the interests of all shareholders[166]. - The company has established a three-year shareholder return plan for 2022-2024, emphasizing cash dividends as the primary method of profit distribution[166]. - The total cash dividend amount (including tax) was 169,983,735.32 RMB, which is 0% of the net profit attributable to shareholders[176]. - The company repurchased shares for a total of 169,983,735.32 RMB, included in the cash dividend amount[176].