Jinfu Technology(SZ:300128)2025-04-29 02:30Financial Performance - The company reported a significant loss for the fiscal year, with specific reasons and improvement measures detailed in the management discussion section[4]. - The company plans not to distribute cash dividends, issue bonus shares, or increase capital from reserves[5]. - The company's operating revenue for 2024 was CNY 1,797,491,094.52, representing a 3.13% increase compared to CNY 1,742,945,953.02 in 2023[22]. - The net profit attributable to shareholders was a loss of CNY 267,170,910.35 in 2024, which is a 19.27% increase in loss from CNY 224,007,511.01 in 2023[22]. - The cash flow from operating activities showed a net outflow of CNY 323,722,459.50, a significant decline of 78.48% from CNY -181,375,998.95 in the previous year[22]. - The total assets at the end of 2024 were CNY 3,219,162,137.93, down 18.11% from CNY 3,931,061,272.55 at the end of 2023[22]. - The net assets attributable to shareholders decreased by 32.44% to CNY 785,885,586.07 in 2024 from CNY 1,163,262,525.58 in 2023[22]. - The basic and diluted earnings per share for 2024 were both CNY -0.2082, reflecting a 4.89% increase in loss compared to CNY -0.1985 in 2023[22]. - The company reported a total of CNY 150,304,699.53 in non-recurring gains and losses for 2024, compared to CNY 109,278,919.94 in 2023[28]. - The company experienced a significant increase in non-recurring gains from the disposal of non-current assets, amounting to CNY 56,950,045.89 in 2024, compared to CNY 1,138,861.45 in 2023[28]. Market and Industry Trends - The global commercial display market is projected to grow from $56.71 billion in 2024 to $79.51 billion by 2029, driven by digital transformation and smart city initiatives[32]. - Global tablet shipments are expected to reach 39.9 million units in Q4 2024, with an annual total of 147.6 million units, reflecting a year-on-year growth of 9.2%[33]. - The Chinese PC monitor market is forecasted to see total shipments of 27.05 million units in 2024, representing a year-on-year increase of 3.3%[34]. - The Chinese TV market is projected to have retail sales of 30.86 million units in 2024, with a slight decline of 1.8%, but retail revenue is expected to grow by 15.7%[35]. - The global smartphone market is anticipated to grow by 7% in 2024, reaching total shipments of 1.22 billion units, with China's market expected to see a 4% increase to 285 million units[36]. - AI-enabled smartphones are projected to account for 16% of global smartphone shipments in 2024, with a compound annual growth rate of 63% from 2023 to 2028[37]. - The global wearable device market is expected to see a shipment of 190 million units in 2024, with China's market growing by 19.3% to 61.16 million units[38]. - The Chinese lithium battery market is projected to see a shipment of 1,545.1 GWh in 2024, with a year-on-year growth of 28.5%, and China's share is expected to be 78.6%[40]. - The smart manufacturing equipment market in China is expected to grow from 3.2 trillion yuan in 2023 to 3.4 trillion yuan in 2024, with growth rates of 19.4% and 6.3% respectively[39]. Business Strategy and Operations - The company is focusing on expanding its market presence and developing new technologies, particularly in the fields of lithium batteries and advanced materials[4]. - The company has optimized its business structure by divesting from power equipment maintenance and installation services, focusing on consumer electronics and new energy sectors[44]. - The main products include lithium battery components, which enhance the safety performance of new energy vehicles by preventing thermal runaway[44]. - The company is developing new products such as graphene heating films for automotive seats, which offer high efficiency and safety[45]. - The company is focusing on optimizing the supply chain and reducing costs for graphene heating products, which are currently limited to high-end vehicle applications[54]. - The company plans to enhance its automation production lines and improve product testing integration to ensure quality and reliability while reducing costs[58]. - The company aims to expand its product line by introducing new materials and enhancing customer offerings, particularly in the automotive sector[87]. - The company is focusing on improving its cash flow management due to the significant discrepancies between operating cash flow and net profit[90]. Research and Development - The company’s R&D investment amounted to ¥75,619,606.17 in 2024, representing 4.21% of operating revenue, a decrease from 4.59% in 2023[87]. - The company is developing a multi-functional testing fixture for smartphone screens, aiming to enhance revenue opportunities in the smartphone testing field[85]. - A new VR virtual image distance testing system has been completed, improving testing accuracy and providing revenue opportunities in the VR device testing sector[86]. - The company is advancing a high-performance graphene heat dissipation film, targeting applications in smartphones and electric vehicles, which presents new material revenue opportunities[86]. - The company is developing a fluorine-free lithium battery binder, with small-scale trial production underway, aimed at providing new revenue opportunities in the new energy sector[86]. Corporate Governance and Management - The company has appointed Zhongshun Zhonghuan Accounting Firm as its auditor for the reporting period[21]. - The company’s management team has been strengthened through elections and external recruitment, ensuring a solid foundation for long-term development[63]. - The board of directors consists of 1 internal director, 2 external directors, and 2 independent directors, complying with regulatory requirements[139]. - The company has established a fair and effective performance evaluation and incentive mechanism for senior management[140]. - The company ensures timely and accurate information disclosure, with a designated board secretary responsible for investor relations[140]. - The company has a diverse board with members holding various professional backgrounds, including finance and law[148]. - The company is focused on maintaining stability in its leadership to support ongoing business operations[146]. Environmental and Social Responsibility - The company has implemented various pollution control measures, including a waste gas treatment facility with a capacity of 10,000 m³/h[186]. - The company has established a wastewater treatment station with a processing capacity of 500 tons per day[186]. - The company utilizes an automatic online monitoring system for wastewater and waste gas discharge, ensuring real-time data upload to regulatory platforms[187]. - The company has filed an emergency response plan for environmental incidents with the Tai Xing Ecological Environment Bureau on June 16, 2022, which includes an environmental risk assessment report and emergency resource investigation report[188]. - Environmental governance expenditures include CNY 120,000 for air pollution control, CNY 96,100 for wastewater treatment, CNY 175,100 for hazardous waste disposal, and CNY 6,308.9 for environmental protection tax[188]. Future Outlook and Goals - The company aims to achieve a sales revenue of CNY 2.7 billion (27,000.00 million) in 2025, focusing on consumer electronics, new energy, and chemical materials businesses[126]. - The company plans to control sales costs within CNY 2.23 billion (223,000.00 million) for 2025[126]. - The total expenses for 2025, including taxes, sales, management, R&D, and financial expenses, are projected to be CNY 450 million (45,000.00 million)[127]. - The company intends to secure bank loans totaling CNY 1.5 billion (150,000.00 million) in 2025 to support its operational goals[127]. - The company will enhance management efficiency by optimizing organizational structure and human resource allocation, aiming for improved operational decision-making efficiency[122].