TIANSHENG(SZ:300169)2025-04-28 15:35Financial Performance - The company reported a loss for the current period, primarily due to a slight decrease in sales revenue compared to the previous year, although gross profit increased significantly, leading to a substantial narrowing of the loss [4]. - Financial expenses were burdensome, with total interest expenses amounting to 39.68 million yuan for the year [4]. - The company recognized an asset impairment loss of 18.73 million yuan during the reporting period [4]. - The company's operating revenue for 2024 was ¥531,198,867.82, a decrease of 7.49% compared to ¥574,227,880.18 in 2023 [26]. - The net profit attributable to shareholders for 2024 was -¥58,651,825.17, showing an improvement of 63.40% from -¥160,229,146.99 in 2023 [26]. - The cash flow from operating activities for 2024 was -¥69,452,143.35, a significant decline of 146.92% compared to ¥148,026,985.02 in 2023 [26]. - The total assets at the end of 2024 were ¥853,923,855.32, down 26.39% from ¥1,160,041,808.31 at the end of 2023 [26]. - The company's basic earnings per share for 2024 were -¥0.1799, improving by 63.40% from -¥0.4915 in 2023 [26]. - The company reported a total of ¥529,167,054.03 in main business revenue for 2024, down from ¥570,341,419.42 in 2023 [26]. - The total revenue for 2024 was approximately ¥531.20 million, a decrease of 7.49% compared to ¥574.23 million in 2023 [55]. Business Strategy and Operations - The company is undergoing product structure upgrades and operational strategy adjustments for some subsidiaries [4]. - The company aims to provide comprehensive solutions in the soft foam materials sector, which is widely used in electronics, home appliances, and automotive industries [35]. - The company is optimistic about the future performance of the soft foam product industry, focusing on the development of high-end rubber and plastic products to enhance competitiveness and profitability [36]. - The company aims to strengthen its capabilities in non-wind power sectors, such as construction panels and camp vehicles, while optimizing product structure and enhancing R&D capabilities [40]. - The company is expanding its market presence in high-end fields such as silicon wafers, high-end display devices, and new energy lithium batteries through continuous product iteration [37]. - The company is committed to developing new products and enhancing service capabilities to meet the growing demand for noise barrier solutions in urban and transportation infrastructure [41]. - The company has established partnerships with universities and research institutions to enhance its innovation capabilities and tackle technical challenges [38]. - The company aims to enhance product competitiveness through the mass production of new materials, such as the P300 foam board [69]. - The company is focusing on expanding its product range to include environmentally friendly materials and solutions for noise control [69]. Research and Development - The company has developed proprietary functional components with applications in insulation, damping, and noise reduction, certified by multiple quality management systems including ISO9001 and IATF16949 [37]. - The company has successfully developed solvent-free, environmentally friendly adhesive products that improve production efficiency and reduce costs, contributing to green product solutions [39]. - R&D investment for 2024 is CNY 11,865,184.34, a decrease of 16.5% from CNY 14,115,650.51 in 2023 [70]. - The number of R&D personnel decreased by 15.38% from 39 in 2023 to 33 in 2024 [70]. - The company is developing new materials and technologies, including a new type of sound-absorbing barrier and low-carbon emission adhesives [69]. Market and Sales - Revenue from the manufacturing sector was ¥513.93 million, accounting for 96.75% of total revenue, down 9.16% from ¥565.75 million in 2023 [55]. - Revenue from foam materials and applications increased by 6.98% to ¥480.14 million, representing 90.39% of total revenue [55]. - Domestic sales accounted for 84.50% of total revenue at ¥448.84 million, down 10.86% from the previous year [55]. - The company achieved a 16.44% increase in foreign sales, totaling ¥82.36 million [55]. Governance and Compliance - The company has complied with all relevant laws and regulations regarding corporate governance, with no significant discrepancies identified [107]. - The company has established a KPI performance evaluation system for senior management, ensuring transparency and compliance with legal regulations [105]. - The company operates independently from its major shareholders, with no reliance on them for business operations, personnel, assets, or finances [108]. - The company has a dedicated financial and auditing department, ensuring independent financial management and compliance with tax obligations [108]. - The company actively respects and protects the rights of stakeholders, promoting balanced interests among shareholders, employees, and society [106]. Risks and Challenges - The company has faced uncertainty regarding its ability to continue as a going concern, as indicated by negative net profits over the past three years [26]. - The company faces risks related to the potential loss of core technical personnel, which could impact its competitive advantage in the polymer foaming industry, and has implemented measures to attract and retain talent [97]. - The company acknowledges the risks associated with new product development, including high costs and the potential for failure, and has established a robust R&D mechanism to ensure continuous innovation [98]. - The company is actively pursuing international market expansion, which involves risks related to geopolitical factors and local regulations, and is enhancing its management of overseas operations [100]. Employee and Talent Management - The company emphasizes the importance of talent development, focusing on recruiting and nurturing R&D, management, marketing, and sales personnel to enhance its core competitiveness and meet sustainable development needs [97]. - The company plans to enhance its salary policy to ensure internal fairness and external competitiveness based on market conditions and employee performance [135]. - The company has established a dual career path for employee development, ensuring a robust talent pipeline [137]. Environmental and Social Responsibility - The company strictly adhered to environmental laws and regulations, ensuring compliance and avoiding administrative penalties related to environmental issues [148]. - The company actively fulfilled its social responsibilities while balancing the interests of stakeholders, including employees, customers, and suppliers [149]. - The company has a comprehensive safety management system in place, with designated responsibilities for safety production at all levels [150]. Subsidiaries and Investments - The company established Jiangxi Haotian New Materials Co., Ltd. on August 4, 2024, with a registered capital of ¥3,800,000 [64]. - The company disposed of Tian Sheng Optical Film Technology (Qingdao) Co., Ltd. on April 28, 2024, with a registered capital of ¥3,000,000 [64]. - The subsidiary Changzhou New Qi Sheng High Polymer Technology Co., Ltd. reported a net profit of RMB 16.03 million, contributing over 10% to the company's net profit [86]. - The company’s subsidiary Tian Sheng Composite continued its operations in structural foam material production and sales after the division [193]. Financial Management - The company reported a negative distributable profit of -¥1,084,442,951.65 for the year, leading to no cash dividends or capital reserve transfers in 2024 [139]. - The cash dividend total, including other methods, is reported as ¥0, representing 0.00% of the total profit distribution [139]. - The internal control system was continuously improved and optimized to adapt to changes in the external environment and internal management requirements [141]. - There were no significant internal control deficiencies identified during the reporting period [144].