Jia Yuan Technology(SH:688388)2025-04-28 13:30Financial Performance - The net profit attributable to shareholders for 2024 is -238,831,043.21 RMB, indicating a loss for the year[6]. - The company does not meet the conditions for cash dividends due to the negative net profit for 2024, and thus will not distribute cash dividends or issue bonus shares[7]. - The company's operating revenue for 2024 reached ¥6,522,268,970.73, representing a year-on-year increase of 31.27% compared to ¥4,968,597,194.80 in 2023[22]. - The net profit attributable to shareholders for 2024 was -¥238,831,043.21, a significant decrease of 1,354.99% from the previous year's profit of ¥19,030,463.94[22]. - The net cash flow from operating activities decreased by 288.12% to -¥1,253,809,704.26 in 2024, compared to ¥666,503,327.48 in 2023[22]. - The basic earnings per share for 2024 was -¥0.56, a decrease of 1,500.00% from ¥0.04 in 2023[24]. - The company's net assets attributable to shareholders decreased by 3.67% to ¥6,902,055,004.19 at the end of 2024, compared to ¥7,165,167,621.25 at the end of 2023[23]. - The company reported a significant decline in gross margin due to intensified market competition and fluctuations in raw material prices[25]. - The company reported a net profit attributable to shareholders of -238.83 million yuan, a year-on-year decline of 1,354.99%[100]. - The net profit after deducting non-recurring gains and losses was -284.20 million yuan, a decrease of 25.64 million yuan year-on-year[100]. Shareholder Actions - The company repurchased a total of 3,312,857 shares at a total cost of 51,981,269.02 RMB from January 1, 2024, to December 31, 2024[6]. - The company distributed cash dividends of RMB 0.15 per share (including tax), totaling RMB 6.34 million, which accounts for 33.31% of the net profit attributable to shareholders for the year[46]. - The company repurchased a total of 3,312,857 shares for a total payment of RMB 51.98 million, reflecting confidence in future development and recognition of company value[46]. Research and Development - The total R&D investment reached RMB 274 million, representing a year-on-year increase of 16.44%, with R&D personnel accounting for 11.24% of the total workforce[41]. - The company has obtained a total of 422 authorized technology patents, including 198 invention patents and 224 utility model patents, as of the end of the reporting period[40]. - The company has developed new copper foil products with tensile strength of 300-800 MPa and elongation rates of 3%-20%[39]. - The company has successfully developed 5μm and 4.5μm ultra-thin lithium battery copper foil for mass production, and has mastered the core production technology for 3.5μm ultra-thin electrolytic copper foil, achieving mass production capability[67]. - The company has developed eight core technologies related to lithium battery copper foil production, achieving advanced industry standards, including ultra-thin and extremely thin copper foil manufacturing techniques[76]. - The company is focusing on quality management by implementing the ISO quality management system and establishing a reward mechanism to encourage employee participation in quality control[194]. Market and Industry Trends - The demand for lithium battery copper foil is increasing, with domestic sales of new energy vehicles projected to reach 11.582 million units in 2024, a year-on-year increase of 39.7%[61]. - The global lithium-ion battery shipment volume is expected to reach 1,899.3 GWh and 5,127.3 GWh in 2025 and 2030, respectively, indicating a strong growth trajectory for the industry[62]. - The electronic circuit copper foil industry is projected to grow, with the global PCB market expected to increase from 507.4 billion yuan in 2023 to 533.6 billion yuan in 2024, reflecting a compound annual growth rate of approximately 5%[64]. - The new energy storage market in China is expected to see a 136% year-on-year growth in new installed capacity, reaching 109.8 GWh in 2024[63]. - The company is positioned in a market where China is the largest producer of printed circuit boards and copper-clad laminates globally, further driving the demand for electrolytic copper foil[58]. Operational Efficiency and Production Capacity - The company has increased its annual production capacity to over 110,000 tons[37]. - The company achieved a copper foil production of approximately 67,000 tons, a year-on-year increase of 15.57%[35]. - The company is focusing on enhancing production efficiency by introducing automated production lines and upgrading equipment, which will help reduce operational costs[193]. - The company is actively developing new products, including composite copper foil and single crystal copper foil, enhancing its product structure and market competitiveness[95]. - The company is implementing a comprehensive management system to improve operational efficiency and reduce costs through lean production practices[198]. Risk Management - The company has outlined various risks and countermeasures in its report, which can be found in the "Management Discussion and Analysis" section[3]. - The company faces risks related to technological innovation and the need for continuous product development to maintain market competitiveness[102]. - The company is exposed to risks from potential changes in policies affecting the new energy vehicle industry, which could impact the demand for lithium-ion batteries and, consequently, copper foil products[119]. - The company’s ability to recover accounts receivable is closely tied to the financial health of its major customers, which poses a risk if their situations deteriorate[116]. - The company is actively managing investment risks in new business ventures to ensure operational efficiency and market expansion[111]. Strategic Investments - The company is expanding into new business areas such as solar photovoltaic and copper wire processing to supplement its main operations[111]. - The company has established a new investment fund to accelerate its development strategy in new energy and advanced manufacturing sectors[170]. - The company is exploring mergers and acquisitions to supplement its capabilities in new materials and expand its business operations[196]. - The company aims to enhance its market presence and improve its industrial layout through strategic investments in the new energy sector[170]. Customer and Supplier Relationships - The top five customers accounted for 80.41% of the company's total revenue, indicating a high customer concentration risk[108]. - The company has established long-term cooperative relationships with major customers, mitigating risks associated with customer concentration[147]. - The top five suppliers represented 57.82% of total annual purchases, with Ecosen and its affiliates being the largest supplier at RMB 134,046.07 million[148][149]. Environmental and Social Responsibility - The company is committed to social responsibility and has established a specialized company for photovoltaic and energy storage investment and services[75]. - The company has a comprehensive approach to waste management, including wastewater treatment technologies specific to copper foil production[76]. - The company is actively engaging in the photovoltaic and energy storage sectors, responding to national "dual carbon" policies, and has established partnerships with well-known domestic enterprises in these fields[75].