盈方微(000670) - 2024 Q4 - 年度财报(更正)

Part I Important Notice, Table of Contents and Definitions This section provides crucial disclaimers, defines key terms, and outlines the report's structure Important Notice The company's board, supervisory board, and senior management ensure the annual report's truthfulness, accuracy, and completeness, while highlighting forward-looking statements and risks such as high supplier/customer concentration, low net assets, and goodwill impairment - The company's responsible persons, chief accountant, and accounting department head declare the financial report in the annual report is true, accurate, and complete[4] - The report highlights potential future risks including high supplier and customer concentration, low net assets, goodwill impairment, and inventory risks[4] - The company's 2024 profit distribution plan is to not distribute cash dividends, bonus shares, or convert capital reserves into share capital[6] Definitions This chapter defines key company entities, shareholder abbreviations, regulatory bodies, and financial terms used in the report, providing a foundation for understanding its content - The reporting period is defined as January 1, 2024, to December 31, 2024[11] - The company's main operating entities include wholly-owned subsidiary Shanghai Ingenic and controlling subsidiaries Huaxinke (Shenzhen Huaxinke Technology Co., Ltd.) and World Style[11] Part II Company Profile and Key Financial Indicators This section presents the company's fundamental information and a comprehensive overview of its financial performance and position Company Basic Information This chapter provides Ingenic Semiconductor Co., Ltd.'s basic business registration details, including stock code (000670), legal representative, registered and office addresses, contact information, and disclosure channels Company Basic Information | Item | Information | | :--- | :--- | | Stock Abbreviation | Ingenic | | Stock Code | 000670 | | Legal Representative | Shi Haoliang | | Registered Address | Room 1102, 1103, Jinggu Building, No. 282 Beijing Middle Road, Shashi District, Jingzhou City, Hubei Province | | Office Address | Unit 03/05, 5th Floor, No. 799 Tianshan West Road, Changning District, Shanghai | - The company's appointed accounting firm is Tianjian Certified Public Accountants (Special General Partnership)[17] Key Accounting Data and Financial Indicators In 2024, the company achieved RMB 4.081 billion in operating revenue, a 17.72% increase, but net loss attributable to shareholders widened by 3.19% to RMB -61.97 million, while operating cash flow significantly improved to RMB 210 million 2024 Key Financial Data | Indicator | 2024 (RMB) | 2023 (RMB) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 4,081,308,642.91 | 3,466,949,892.09 | 17.72% | | Net Profit Attributable to Parent Company Shareholders | -61,970,390.25 | -60,057,541.89 | -3.19% | | Net Cash Flow from Operating Activities | 209,921,634.67 | -143,303,957.67 | 246.49% | | Basic Earnings Per Share (RMB/share) | -0.0759 | -0.0735 | -3.27% | | Total Assets | 1,783,275,882.79 | 2,001,072,330.07 | -10.88% | | Net Assets Attributable to Parent Company Shareholders | 47,317,783.82 | 37,172,661.95 | 27.29% | Quarterly Key Financial Indicators The company recorded net losses in all four quarters of 2024, with Q4 showing the largest loss, while operating revenue peaked in Q4 and cash flow from operations was positive for the year 2024 Quarterly Financial Indicators (Unit: RMB) | Indicator | Q1 | Q2 | Q3 | Q4 | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 970,218,416.49 | 874,273,388.13 | 1,082,534,266.79 | 1,154,282,571.50 | | Net Profit Attributable to Parent Company Shareholders | -3,276,270.44 | -19,126,126.68 | -14,118,165.11 | -25,449,828.02 | | Net Cash Flow from Operating Activities | 94,210,066.09 | 109,952,219.95 | -100,929,260.14 | 106,688,608.77 | Non-recurring Gains and Losses Items and Amounts In 2024, the company's non-recurring gains and losses totaled RMB 1.46 million, an increase from RMB 0.47 million in the prior year, primarily driven by government subsidies and reversal of impairment provisions 2024 Non-recurring Gains and Losses Items (Unit: RMB) | Item | 2024 Amount | | :--- | :--- | | Gains/losses on disposal of non-current assets | -7,388.10 | | Government grants recognized in current profit/loss | 535,541.44 | | Reversal of impairment provisions for receivables subject to individual impairment testing | 481,063.00 | | Other gains/losses meeting the definition of non-recurring items | 943,396.24 | | Total | 1,459,501.12 | Part III Management Discussion and Analysis This section offers an in-depth analysis of the company's industry, business operations, competitive strengths, financial performance, and future outlook Industry Overview The global semiconductor market rebounded in 2024 with 19.1% growth, driven by emerging consumer electronics and automotive sectors, while increasing trade friction boosted demand for domestic chips and supply chains - According to World Semiconductor Trade Statistics (WSTS) data, the global semiconductor market size grew by 19.1% in 2024, reaching $628 billion, indicating a bottoming out and recovery in industry sentiment[27] - Downstream electronics manufacturers are increasingly prioritizing supply chain security, leading to growing demand from domestic clients for国产 (domestic) chips and supply chains[28] Main Businesses The company's main operations include electronic component distribution through Huaxinke and World Style, and integrated circuit chip R&D, design, and sales via its Fabless model subsidiary, Shanghai Ingenic - Electronic component distribution business: Provides integrated services including product distribution, technical support, and supply chain support to customers, with products primarily applied in mobile phones, network communications, smart devices, and automotive electronics industries[30] - Integrated circuit chip business: Operates on a Fabless model, focusing on chip R&D and design, outsourcing manufacturing, packaging, and testing, while actively expanding design services[33] Core Competitiveness Analysis The company's core strengths include strong supplier and customer relationships, high brand recognition in distribution, superior per capita output and inventory turnover, robust supply chain and technical service capabilities, and a stable, professional management team - Established long-term and close cooperative relationships with numerous renowned suppliers (e.g., Goodix Technology, Vanchip, Samsung Electro-Mechanics) and leading customers (e.g., Xiaomi, Wingtech Technology, Ofilm)[34] - Controlling subsidiaries Huaxinke and World Style ranked 16th among Chinese electronic component distributors and 42nd globally in 2023, demonstrating a strong brand advantage[36] - The core management personnel of the company's distribution business possess over 10 years of industry experience, ensuring a stable and professional team[40] Main Business Analysis In 2024, the company's operating revenue grew by 17.72% to RMB 4.081 billion, primarily driven by electronic component distribution, while management expenses increased due to equity incentives and R&D expenses significantly decreased, with operating cash flow turning positive - The electronic component distribution business expanded its product lines by acquiring a controlling stake in Yicun Storage and obtaining distribution rights for Yangtze Memory Technologies Co. (YMTC)[44] Key Expense Changes | Expense Item | 2024 (RMB) | 2023 (RMB) | YoY Change | Primary Reason | | :--- | :--- | :--- | :--- | :--- | | Administrative Expenses | 82,905,706.62 | 61,263,244.25 | 35.33% | Increase in recognized equity incentive expenses | | R&D Expenses | 6,324,343.03 | 17,060,918.78 | -62.93% | Decrease in R&D personnel expenses | Net Cash Flow Changes (Unit: RMB) | Item | 2024 | 2023 | YoY Change | | :--- | :--- | :--- | :--- | | Net cash flow from operating activities | 209,921,634.67 | -143,303,957.67 | 246.49% | | Net cash flow from investing activities | -1,236,829.46 | -79,428,113.99 | 98.44% | | Net cash flow from financing activities | -190,658,899.28 | 212,129,296.39 | -189.88% | Revenue and Cost Analysis Total revenue reached RMB 4.081 billion, up 17.72%, with electronic component distribution accounting for 99.88% of revenue, primarily from active components (88.30%), and overseas revenue making up 59.86% 2024 Operating Revenue Composition (Unit: RMB) | Category | Amount | Proportion of Operating Revenue | YoY Change | | :--- | :--- | :--- | :--- | | By Industry | | | | | Electronic Component Distribution | 4,076,426,972.78 | 99.88% | 17.59% | | By Product | | | | | Active Components | 3,603,885,433.74 | 88.30% | 19.16% | | Passive Components | 472,363,753.87 | 11.58% | 6.97% | | By Region | | | | | Domestic | 1,638,273,044.31 | 40.14% | 18.69% | | Overseas | 2,443,035,598.60 | 59.86% | 17.08% | - The gross profit margin for the electronic component distribution business was 4.71%, largely consistent with 4.70% in the prior year[54] - During the reporting period, the company added a new consolidated entity, "Yicun Storage Technology (Shanghai) Co., Ltd.," through acquisition[59] Major Customers and Suppliers The company exhibits high reliance on its major customers and suppliers, with the top five customers accounting for 52.25% of total sales and the top five suppliers for 67.44% of total purchases in 2024 Customer and Supplier Concentration | Item | Amount (RMB) | Proportion of Total | | :--- | :--- | :--- | | Total sales to top five customers | 2,132,540,530.78 | 52.25% | | Total purchases from top five suppliers | 2,444,148,828.93 | 67.44% | Assets and Liabilities Analysis As of year-end 2024, total assets were RMB 1.783 billion, down 10.88%, with accounts receivable comprising 59.22% and inventory significantly decreasing by 56.92% due to increased sales - Inventory balance at year-end was RMB 170 million, a significant 56.92% decrease from RMB 396 million at the beginning of the period, primarily due to increased sales reducing stock[70] - Accounts receivable book value was RMB 1.056 billion, accounting for 59.22% of total assets, making it the company's most significant asset item[70] - The company holds a relatively high proportion of overseas assets, primarily through subsidiaries like Ingenic Hong Kong and United Wireless Hong Kong, engaged in electronic product sales[71] Analysis of Major Holding and Participating Companies The company's primary profits stem from its electronic component distribution subsidiaries, with United Wireless Hong Kong achieving RMB 66.97 million in net profit and Huaxinke RMB 14.19 million, while the R&D-focused Shanghai Ingenic incurred a loss of RMB 25.67 million Major Subsidiaries' 2024 Operating Performance (Unit: RMB) | Company Name | Main Business | Operating Revenue | Net Profit | | :--- | :--- | :--- | :--- | | Shanghai Ingenic | R&D, Design and Sales | 50,704,159.11 | -25,671,070.80 | | Huaxinke | Electronic Component Distribution | 1,423,717,294.03 | 14,190,295.27 | | United Wireless Hong Kong | Electronic Component Distribution | 2,519,329,234.39 | 66,972,574.35 | Outlook on Company's Future Development The company plans to increase investment in distribution, expand product lines, explore M&A opportunities, and focus on key customers, digital transformation, and domestic chip process advancement, while addressing risks like authorization, concentration, low net assets, and goodwill impairment - Future development strategy: Increase investment in distribution business, expand new product lines, optimize product structure, and opportunistically pursue industry mergers and acquisitions[87] - 2025 operating plan: Deepen engagement with key customers, introduce new product lines, promote digital transformation of the supply chain, and continue advancing domestic chip manufacturing processes[88][89] - Key risks faced by the company include: risk of cancellation of important product line authorizations, high supplier and customer concentration (top five suppliers account for 67.44%, top five customers for 52.25%), low net assets (RMB 47.3178 million), goodwill impairment (book value RMB 455 million), accounts receivable recovery (accounting for 59.22% of total assets), inventory, and exchange rate risks[90][91][92][94][96][97][98] Part IV Corporate Governance This section details the company's governance structure, including information on its board, supervisors, senior management, employees, and equity incentive plans Basic Status of Corporate Governance During the reporting period, the company strictly adhered to relevant laws and regulations, continuously improving its corporate governance structure, which aligns with CSRC requirements across various aspects including shareholder relations, board, supervisory board, and information disclosure - The company's actual corporate governance status complies with the normative documents on listed company governance issued by the China Securities Regulatory Commission[102] - The company is independent from its largest shareholder in terms of business, personnel, assets, organization, and finance, possessing independent business and operational autonomy[102][106] Information on Directors, Supervisors and Senior Management This chapter details the basic information, tenure, shareholding changes, and compensation of the company's directors, supervisors, and senior management, noting the repurchase and cancellation of restricted shares due to unfulfilled equity incentive performance targets - During the reporting period, several directors and senior executives had portions of their restricted shares repurchased and cancelled due to unfulfilled equity incentive performance targets, resulting in a total reduction of 3.9 million shares[111] Compensation of Selected Directors, Supervisors, and Senior Management in 2024 (Unit: RMB million) | Name | Position | Total Pre-tax Compensation from Company | | :--- | :--- | :--- | | Zhang Yun | Director, General Manager | 0.9 | | Wang Fang | Director, Board Secretary | 0.82 | | Li Jiawei | Director, Deputy General Manager | 0.585 | | Li Ming | CFO | 0.65 | | Total | -- | 4.1484 | Company Staff Information As of the end of the reporting period, the company had 129 employees, including 46 sales and 32 technical personnel, with 46.5% holding bachelor's degrees or higher, supported by a compensation, assessment, and equity incentive system aligned with its development strategy Employee Professional Composition | Professional Category | Number of Employees | | :--- | :--- | | Sales Personnel | 46 | | Technical Personnel | 32 | | Financial Personnel | 16 | | Administrative Personnel | 35 | | Total | 129 | Implementation of Equity Incentive Plans Due to unfulfilled performance targets for the first vesting/exercise period of the 2023 restricted stock and stock option incentive plan, the company repurchased and cancelled 9.798 million restricted shares and 8.415 million stock options from 23 incentive recipients, reducing its total share capital - Due to unfulfilled performance targets for the first exercise period of the 2023 equity incentive plan, the company repurchased and cancelled 9,798,000 restricted shares and 8,415,000 stock options[140] - Following the repurchase and cancellation, the company's total share capital changed from 849,287,360 shares to 839,489,360 shares[140] Part V Environmental and Social Responsibility This section outlines the company's commitment to environmental protection and its broader social responsibilities Environmental and Social Responsibility The company and its subsidiaries are not designated as key polluting entities and have no environmental pollution issues, demonstrating a commitment to fulfilling social responsibilities by safeguarding stakeholder interests and operating legally - Neither the company nor its subsidiaries are designated as key polluting entities by environmental protection authorities, and there are no instances of environmental pollution[151][152] - The company prioritizes safeguarding stakeholder interests, protecting employee rights, preserving customer and supplier benefits, and fulfilling corporate social responsibility[153][154] Part VI Significant Matters This section reports on major events, including related party transactions and other material developments affecting the company Significant Related Party Transactions During the reporting period, the company had significant intercompany borrowings with its largest shareholder, Zhejiang Shun Yuan Enterprise Management Co., Ltd., with a year-end balance of RMB 562 million, and waived its pre-emptive rights for a 49% stake in Huaxinke and World Style Related Party Debt Transactions with Largest Shareholder (Unit: RMB million) | Related Party | Beginning Balance | New Additions This Period | Repayments This Period | Interest This Period | Ending Balance | | :--- | :--- | :--- | :--- | :--- | :--- | | Zhejiang Shun Yuan Enterprise Management Co., Ltd. | 626.7712 | 174 | 259.2974 | 20.8339 | 562.3077 | - The company's wholly-owned subsidiary, Shanghai Ingenic, waived its pre-emptive right to acquire a combined 49% equity stake in controlling subsidiaries Huaxinke and World Style[175] Other Significant Matters Two major events occurred: the termination of a significant asset restructuring plan to acquire remaining stakes in Huaxinke and World Style due to insider trading allegations, and the repurchase and cancellation of equity incentive shares and options due to unfulfilled performance targets - On October 25, 2024, the company decided to terminate the significant asset restructuring plan involving issuing shares and paying cash to acquire assets and raise supporting funds[189] - The company repurchased and cancelled 9,798,000 restricted shares and 8,415,000 stock options, leading to a reduction in total share capital[191] Part VII Share Changes and Shareholder Information This section provides details on changes in the company's share capital and information regarding its shareholders and actual control Share Changes During the reporting period, the company repurchased and cancelled 9,798,000 restricted shares due to unfulfilled performance targets of the 2023 equity incentive plan, reducing its total share capital from 849,287,360 shares to 839,489,360 shares Share Changes (Unit: Shares) | Share Class | Before This Change | Increase/Decrease in This Change | After This Change | | :--- | :--- | :--- | :--- | | I. Restricted Shares | 127,180,648 | -9,798,000 | 117,382,648 | | II. Unrestricted Shares | 722,106,712 | 0 | 722,106,712 | | III. Total Shares | 849,287,360 | -9,798,000 | 839,489,360 | Shareholders and Actual Controller Information As of the reporting period end, the company had 146,712 shareholders and no controlling shareholder or actual controller due to its dispersed equity structure, with Zhejiang Shun Yuan Enterprise Management Co., Ltd. as the largest shareholder at 14.77% - The company has no controlling shareholder or actual controller; due to its dispersed equity structure, no single shareholder can significantly influence general meeting resolutions or determine the appointment of more than half of the board members[205][207][208] Top Three Shareholders' Shareholding | Shareholder Name | Number of Shares Held (Shares) | Shareholding Percentage | | :--- | :--- | :--- | | Zhejiang Shun Yuan Enterprise Management Co., Ltd. | 124,022,984 | 14.77% | | Orient Securities Co., Ltd. | 52,132,865 | 6.21% | | Guoxin Securities Co., Ltd. | 20,600,624 | 2.45% | Part X Financial Report This section contains the audited financial statements and the auditor's report, presenting a detailed view of the company's financial health Audit Report Tianjian Certified Public Accountants (Special General Partnership) issued a standard unqualified audit opinion on the company's 2024 financial statements, highlighting revenue recognition, accounts receivable impairment, and goodwill impairment as key audit matters - The audit opinion type is a standard unqualified opinion[218] - Key audit matters include: * Revenue Recognition: Operating revenue is a key performance indicator, and there is an inherent risk of management inappropriately recognizing revenue * Accounts Receivable Impairment: Accounts receivable are material (RMB 1.074 billion), and their impairment involves significant management judgment * Goodwill Impairment: Goodwill book value is material (RMB 436 million), and its impairment testing involves significant management judgment[221][224][228] Financial Statements The 2024 financial statements show total assets of RMB 1.783 billion, total liabilities of RMB 1.387 billion, and owners' equity attributable to the parent of RMB 47.32 million, with operating revenue of RMB 4.081 billion, a net loss of RMB 61.97 million, and significantly improved operating cash flow of RMB 210 million Consolidated Balance Sheet Key Items (Unit: RMB) | Item | Period-end Balance | Period-start Balance | | :--- | :--- | :--- | | Total Assets | 1,783,275,882.79 | 2,001,072,330.07 | | Total Liabilities | 1,387,292,773.10 | 1,664,851,648.62 | | Owners' Equity Attributable to Parent Company | 47,317,783.82 | 37,172,661.95 | Consolidated Income Statement Key Items (Unit: RMB) | Item | 2024 | 2023 | | :--- | :--- | :--- | | Operating Revenue | 4,081,308,642.91 | 3,466,949,892.09 | | Operating Profit | -7,044,246.85 | -20,760,588.30 | | Net Profit Attributable to Parent Company Shareholders | -61,970,390.25 | -60,057,541.89 | Consolidated Cash Flow Statement Key Items (Unit: RMB) | Item | 2024 | 2023 | | :--- | :--- | :--- | | Net cash flow from operating activities | 209,921,634.67 | -143,303,957.67 | | Net cash flow from investing activities | -1,236,829.46 | -79,428,113.99 | | Net cash flow from financing activities | -190,658,899.28 | 212,129,296.39 |