WBC(SZ:200706)2025-04-28 15:30Financial Performance - The company's operating revenue for 2024 was CNY 2,053,626,920, a decrease of 6.37% compared to CNY 2,193,273,682 in 2023[16]. - The net profit attributable to shareholders for 2024 was CNY 110,212,481, reflecting a decline of 10.79% from CNY 99,478,593 in 2023[16]. - The basic earnings per share for 2024 was -0.2738 CNY, a decrease of 10.81% from -0.2471 CNY in 2023[16]. - The net profit attributable to shareholders for the fourth quarter of 2024 was CNY -61,911,695.24, indicating continued losses throughout the year[21]. - The company achieved operating revenue of CNY 205,363,000, a decrease of 6.37% compared to the same period last year, and reported a net profit attributable to shareholders of CNY -11,021,000, an increase in loss of CNY 1,073,000[29]. - The company reported a net loss of CNY -766,382,732.49, compared to a loss of CNY -656,170,250.96 in the previous year[164]. - The total comprehensive income for 2024 was a loss of approximately $73.20 million, compared to a loss of $47.17 million in 2023, indicating a worsening overall financial position[173]. Cash Flow and Liquidity - The net cash flow from operating activities increased by 25.37% to CNY 105,718,993 in 2024, compared to CNY 84,322,692 in 2023[16]. - Cash inflow from operating activities totaled ¥1,275,357,527.67, a 21.72% increase compared to the previous year[44]. - The net cash flow from investment activities decreased by 45.07%, resulting in a net outflow of ¥4,292,339.64[44]. - The ending cash and cash equivalents balance increased to CNY 160,907,298.24 in 2024 from CNY 110,664,560.63 in 2023, marking a growth of 45.4%[175]. - Cash inflow from sales of goods and services was CNY 1,219,026,500.82, compared to CNY 984,173,942.11 in 2023, representing a 24.0% increase[174]. Assets and Liabilities - Total assets at the end of 2024 were CNY 3,316,568,117, an increase of 4.28% from CNY 3,180,391,222 at the end of 2023[16]. - The company's net assets attributable to shareholders decreased by 29.71% to CNY 260,983,803 at the end of 2024, down from CNY 371,306,068 at the end of 2023[16]. - The total current assets increased to 2,684.12 million yuan from 2,534.70 million yuan at the beginning of the year, reflecting a growth of approximately 5.88%[162]. - The total liabilities reached CNY 2,807,276,300.95, an increase of 5.70% from CNY 2,655,180,780.80[167]. Research and Development - Research and development expenses decreased by 28.20% to CNY 113,321,379.95 compared to the previous year[38]. - R&D investment as a percentage of operating revenue fell to 5.52% in 2024 from 7.20% in 2023, a decline of 1.68%[40]. - The number of R&D personnel increased by 39.12% to 537 in 2024, up from 386 in 2023[40]. - The company aims to enhance product quality and market share through the development of precision angular contact bearings and precision screw bearings, expected to generate annual sales revenue of CNY 5-10 million[39]. Market and Industry Position - The company is facing challenges in the bearing industry characterized by low margins and high competition, but also sees opportunities from government policies and technological upgrades[26]. - The company has established strategic partnerships with key clients in the domestic equipment application sector, enhancing its market presence[28]. - The company has been recognized as a major drafter of industry standards, maintaining a competitive edge in technology and product development[28]. Governance and Management - The company reported a leadership change with Mr. Liu Jun resigning as Chairman on July 29, 2024, due to work relocation[67]. - The current management team includes Mr. Zhang Xinghai as Chairman and Mr. Wang Jiyuan as General Manager, both holding significant experience in the industry[68][69]. - The company is focused on maintaining stability in its management structure despite upcoming retirements and resignations of several board members in early 2025[67]. - The company has a strong board of independent directors, including Mr. Liu Yuping and Ms. Wang Yan, who bring extensive legal and academic expertise[70]. Environmental and Social Responsibility - The total energy consumption for 2024 was 12,781.94 tons of standard coal, a decrease of 2.1% year-on-year, with energy consumption per unit output at 28.72 kg of standard coal, down 5.2% year-on-year[101]. - The company actively engages in social responsibility initiatives, contributing to local economic development and environmental protection[103]. - The company has established an emergency response plan for environmental incidents, which has been filed with the relevant authorities[100]. Compliance and Risk Management - The company emphasizes the importance of risk management and compliance, as evidenced by the roles of its supervisors in these areas[72]. - The supervisory board found no risks during its oversight activities in the reporting period[84]. - The company has committed to maintaining transparency in its financial reporting and executive compensation practices[75].