2025-04-28 15:15Financial Performance - The company reported a revenue of 366.67 million yuan for the fiscal year 2024, with a net loss attributable to shareholders of 456.43 million yuan, representing an increase in loss of 213.23 million yuan year-on-year [3]. - The company has not achieved profitability since its listing, and the net loss for the period was primarily due to the early-stage industrialization of the fuel cell industry and increased competition leading to a decline in gross margin [4]. - The company's operating revenue for 2023 was CNY 36,667.14 million, a decrease of 54.21% compared to the previous year [23]. - The net profit attributable to shareholders of the listed company for 2023 was a loss of CNY 45,643.29 million, compared to a loss of CNY 24,320.37 million in 2022 [23]. - The net cash flow from operating activities for 2023 was a negative CNY 1,862.38 million, indicating a significant decline in cash generation [23]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was a loss of CNY 54,275.70 million in 2023 [23]. - The company reported a basic and diluted earnings per share of -1.97 CNY, a decrease of 33.13% compared to the same period last year [24]. - The weighted average return on equity was -16.19%, down 8.26 percentage points year-on-year [24]. - The gross margin for the main product, fuel cell systems, was 11.70%, a decrease of 21.19 percentage points compared to the previous year [80]. Cash Flow and Working Capital - Operating cash flow remains negative, largely due to high accounts receivable and inventory levels, which consume significant working capital [5]. - The company faces risks related to ongoing negative operating cash flow, which may lead to insufficient working capital if financing channels are not effectively expanded [5]. - The accounts receivable balance at the end of the reporting period was 219,558.09 million yuan, indicating potential cash flow issues [85]. - The company is experiencing increased pressure on cash flow due to the long collection cycle of accounts receivable, which is exacerbated by the current market conditions [85]. - The net cash flow from operating activities improved by CNY 54,201,430.00, with customer payment amounts increasing by 68.20% and daily operating cash outflows decreasing by 24.86% [93]. Research and Development - Research and development expenses accounted for 37.99% of operating revenue, an increase of 16.68 percentage points from the previous year [24]. - The total R&D investment for the year was approximately ¥139.31 million, a decrease of 18.37% compared to the previous year, primarily due to reduced research in new fields [59]. - The proportion of R&D investment to operating income increased significantly to 37.99%, up from 21.31% in the previous year, indicating a stronger focus on R&D relative to revenue [59]. - The company emphasized ongoing investment in R&D and technology innovation to enhance product performance and reliability [36]. - The company achieved a total of 126 new intellectual property rights, including 55 invention patents and 57 utility model patents, contributing to a cumulative total of 1,246 rights [57]. Market Position and Strategy - The company operates in the fuel cell vehicle sector, focusing on hydrogen fuel cell technology [14]. - The fuel cell industry is still in its early development phase, and the company is under pressure to secure sufficient orders to achieve economies of scale necessary for profitability [4]. - The company has maintained its core technologies, focusing on advanced fuel cell systems and hybrid power systems, which enhance energy management and efficiency [54]. - The company aims to become a global leader in hydrogen fuel cell technology, contributing to China's carbon peak and carbon neutrality goals [141]. - The company plans to expand its customer base and regional coverage, targeting commercial heavy-duty applications to increase market share [142]. Corporate Governance - There are no special arrangements for corporate governance or significant violations in decision-making procedures reported [9]. - The company maintains independent operations without interference from the controlling shareholder, ensuring no misuse of company funds or assets [158]. - The company strictly adheres to information disclosure regulations, ensuring timely and accurate communication with shareholders through designated media [159]. - The board of directors consists of 9 members, including 4 independent directors, and held 7 board meetings during the reporting period [155]. - The company is committed to continuous improvement of corporate governance in line with regulatory requirements, aiming for sustainable development [162]. Risks and Challenges - The company has acknowledged the risk of continued losses if market demand does not meet expectations or if competition intensifies further [4]. - The company faces risks related to high customer concentration, which may impact its independent operational sustainability [79]. - The company is facing risks related to fuel cell vehicle subsidy policies, which could adversely affect its fuel cell system business if there are changes in government support [88]. - The company has not proposed any cash profit distribution plans despite having positive distributable profits for shareholders [195]. Investments and Future Plans - The company plans to implement refined management practices to reduce unit product costs and aims to integrate upstream hydrogen supply to enhance competitiveness and risk resilience [4]. - The company plans to strengthen strategic cooperation with upstream enterprises in the industrial chain to achieve integrated development in hydrogen energy applications [151]. - Future investments will continue in core R&D areas to drive technological upgrades and product innovation [68]. - The company aims to enhance R&D capabilities and improve supply chain efficiency to mitigate risks associated with market competition and operational costs [75].