JINSHENG(SZ:300849)2025-04-28 17:10Financial Performance - The company reported a loss during the reporting period due to asset impairment provisions and increased depreciation expenses from the completion of a new production facility for cosmetic packaging containers, which has reached a usable state [5]. - The company’s core business and financial indicators did not experience significant adverse changes during the reporting period [5]. - The company’s main financial indicators and core competitiveness remain stable despite the reported losses [5]. - The company's operating revenue for 2024 was ¥333,004,659.70, representing a 28.15% increase compared to ¥259,857,941.97 in 2023 [25]. - The net profit attributable to shareholders for 2024 was -¥22,647,508.76, a slight improvement of 5.14% from -¥23,874,906.99 in 2023 [25]. - The cash flow from operating activities increased by 112.01% to ¥42,708,601.10 in 2024, up from ¥20,144,239.74 in 2023 [25]. - The total assets at the end of 2024 were ¥732,383,214.73, a decrease of 14.08% from ¥852,355,845.49 at the end of 2023 [25]. - The company's basic and diluted earnings per share improved to -¥0.15 in 2024 from -¥0.16 in 2023, reflecting a 6.25% increase [25]. - The net profit after deducting non-recurring gains and losses was -¥31,879,299.67 for 2024, a 2.79% improvement from -¥32,794,006.53 in 2023 [25]. - The total revenue from core business operations for 2024 was ¥325,568,641.09, compared to ¥252,639,457.47 in 2023, indicating growth [26]. Strategic Focus and Future Outlook - The company plans to enhance profitability by focusing on R&D for new processes and products, improving existing product quality, and expanding its customer base through increased marketing efforts [6]. - The company emphasizes the importance of risk awareness regarding forward-looking statements in its strategic planning and future outlook [8]. - The company is committed to optimizing business processes and enhancing internal control management to improve overall operational profitability [6]. - The company’s strategic focus includes continuous improvement in management levels and operational efficiency [6]. - The company’s future development outlook includes potential risks and corresponding countermeasures as detailed in the management discussion section [8]. Market and Product Development - The company has over 1,000 product specifications in cosmetic plastic packaging, primarily using materials such as PMMA, PETG, ABS, AS, and PP [43]. - Acrylic (PMMA) has become a major choice for high-end cosmetics packaging due to its excellent optical properties and high-end feel, comparable to glass [39]. - The cosmetic plastic packaging industry is less affected by economic cycles, with stable consumption patterns due to the diversification of cosmetic brands and an expanding consumer base [40]. - The company has been a supplier for well-known cosmetic brands such as Estée Lauder and Shanghai Jahwa, establishing a strong reputation in the industry [43]. - The company employs a make-to-order production model, ensuring efficient order delivery and maintaining low inventory levels [56]. - The company has invested in product design and technology development to enhance competitiveness against overseas rivals [42]. - The company’s main products include cream jars and lotion bottles, designed for various cosmetic applications [46]. - The company achieved operating revenue of 333.00 million yuan in 2024, an increase of 28.15% compared to the previous year [71]. Research and Development - The company has 78 patents, showcasing strong research and development capabilities [65]. - R&D investment for 2024 amounted to ¥13,356,889.10, representing 4.01% of operating revenue, a decrease from 4.91% in 2023 [87]. - The number of R&D personnel increased by 2.47% to 83, with the proportion of R&D staff to total employees slightly decreasing to 9.89% [87]. - The company completed the development of new product structures aimed at reducing production costs and extending packaging lifespan, enhancing market competitiveness [87]. Governance and Compliance - The company held its annual general meeting with a participation rate of 57.66% on May 28, 2024 [131]. - The board of directors consists of eight members, including three independent directors, ensuring compliance with governance standards [126]. - The company has established independent financial, personnel, and operational systems, ensuring no interference from the controlling shareholder [129]. - The company has a complete production, supply, and sales system for cosmetic containers, demonstrating its independent market operation capability [130]. - The company has revised its articles of association and governance policies to align with the latest regulatory requirements [125]. - The supervisory board consists of three members, including one employee representative, fulfilling legal requirements for oversight [127]. - The company has a dedicated financial department with an independent accounting system and bank accounts, ensuring financial autonomy [129]. - The company actively communicates with stakeholders to balance interests and promote sustainable development [128]. Environmental and Social Responsibility - The company has implemented various energy-saving measures, including the use of photovoltaic low-voltage distribution cabinets and solar panels, to reduce carbon emissions [176]. - The company has not faced any administrative penalties related to environmental issues during the reporting period [176]. - The company emphasizes shareholder rights protection by adhering to legal regulations and enhancing communication with investors through various channels [178]. - Employee rights are prioritized, with a focus on providing a safe and healthy work environment and competitive benefits [178]. - The company is committed to environmental protection and sustainable development, promoting clean production and the use of new technologies [180]. - There were no significant environmental issues reported, and the company complied with all relevant environmental laws and regulations [177]. Shareholder and Investor Relations - The company will not distribute cash dividends for the fiscal year 2023, with a total distributable profit of ¥101,794,345.09, resulting in a cash dividend ratio of 0.00% [164]. - The company plans to revise its cash dividend management system and has approved a three-year shareholder return plan for 2024-2026 [164]. - The company has committed to compensating investors for any losses incurred due to unfulfilled commitments made in the IPO prospectus [188]. - The company prioritizes cash dividends over stock dividends in its profit distribution strategy [189]. - The company has a differentiated cash dividend policy, with a minimum cash dividend ratio of 80% for mature companies without significant capital expenditure plans [190]. Internal Control and Audit - The internal control evaluation for 2024 found no significant defects in financial and non-financial reporting controls [169]. - The company has established a comprehensive internal control system in accordance with relevant laws and regulations, ensuring clear responsibilities among governance and management bodies [169]. - The company maintained effective internal control over financial reporting as of December 31, 2024, according to the internal control audit report [173]. - There was one significant internal control deficiency identified in the financial reporting process, but no major deficiencies were reported [172]. - The company has engaged Zhonghui Certified Public Accountants for internal control audit services, with a fee of 150,000 RMB (including tax) [197]. Management and Leadership - The company has a strong management team with diverse backgrounds in finance, law, and operations, including Mr. Chang Haifeng, who has been the Executive Director and General Manager of Shanghai Kofeng Technology since January 2016 [139]. - The company has seen a stable leadership structure with independent directors like Mr. Chen Ruifeng and Mr. Wu Sihua, who bring expertise in finance and law to the board since November 2022 [140]. - The company is focused on enhancing its operational efficiency and market presence through strategic appointments and management restructuring [144]. - The management team is committed to driving growth and innovation, leveraging their extensive industry experience to explore new market opportunities [142].