东来技术(688129) - 2022 Q4 - 年度财报

Financial Performance - In 2022, the company's operating revenue declined significantly due to macroeconomic downturn, resulting in a net profit decrease of 77.10%[4] - In 2022, the company's operating revenue was CNY 393.65 million, a decrease of 20.27% compared to CNY 493.70 million in 2021[21] - The net profit attributable to shareholders was CNY 21.51 million, down 77.10% from CNY 93.93 million in the previous year[21] - The basic earnings per share decreased to CNY 0.18, a decline of 76.92% from CNY 0.78 in 2021[23] - The net cash flow from operating activities dropped by 71.22% to CNY 19.51 million, compared to CNY 67.79 million in 2021[24] - The gross profit margin for the reporting period was 33.09%, a decrease of 9.45 percentage points year-on-year[97] - Revenue from automotive aftermarket repair coatings was 195.01 million RMB, down 35.78% year-on-year[99] - Revenue from new automotive interior and exterior parts and body coatings was 142.95 million RMB, an increase of 28.32% year-on-year[99] Shareholder Returns - The company repurchased a total of 1,199,906 shares for a total amount of RMB 16,104,020.96, which accounted for 74.87% of the net profit attributable to shareholders[5] - The company plans not to distribute cash dividends for the 2022 fiscal year, opting instead to retain undistributed profits for future allocation[5] - The company plans to maintain a cash dividend policy where at least 10% of the distributable profit will be distributed in cash annually, with specific ratios depending on the development stage and capital expenditure plans[184] - The company’s cash dividend distribution for the year was not less than 30% of the average distributable profit over the last three years[184] Research and Development - The company is in a phase of continuous R&D investment and market development, indicating a focus on long-term growth despite current challenges[4] - Research and development expenses accounted for 6.08% of operating revenue, an increase of 0.73 percentage points from 5.35% in 2021[23] - The company invested a total of ¥23,953,003.99 in R&D during the reporting period, a decrease of 9.36% compared to ¥26,425,953.50 in the previous year[70] - The company has 58 invention patents and 17 utility model patents, with 168 invention patents under application[34] - The company is currently working on 5 key R&D projects, with total expected investments ranging from ¥130 million to ¥160 million for each project[73] - The company has developed a fast-drying intermediate paint for automotive repairs, which significantly reduces drying time and improves operational efficiency[63] Market Conditions and Risks - There is a risk of continued performance decline or losses if market demand does not recover, compounded by rising labor costs[4] - The company experienced a significant decline in terminal consumer market demand, impacting revenue and increasing production costs due to rising raw material prices[24] - The company faces risks from rising labor costs and fluctuating prices of raw materials, which constitute 70% of production costs[89] - The company has outlined various risks and corresponding mitigation measures in the report, emphasizing the importance of monitoring market conditions[4] Corporate Governance - The company has established a clear governance structure with defined roles and responsibilities among shareholders, the board, and management[155] - The total remuneration for the chairman and general manager, Zhu Zhongmin, was 846,100 RMB[158] - The company has not reported any issues regarding independence or operational autonomy from its controlling shareholders[155] - The company’s board of directors must provide detailed explanations if no cash dividend proposal is made despite positive distributable profits[191] Strategic Focus - The company is currently focused on enhancing its core competitiveness and maintaining stable operations amid economic challenges[4] - The company aims to enhance production capacity and improve product quality through the new plant project, integrating into the customer value chain[37] - The company plans to continue expanding its market presence and enhancing its product offerings through ongoing R&D efforts[74] - The company has a strategic focus on R&D, maintaining an independent team to continuously innovate and develop high-end automotive coatings[45] Operational Efficiency - The company has established a flat direct sales network with 9 subsidiaries and offices, covering key markets such as Beijing, Shanghai, and Guangzhou[85] - The company has a mature marketing network that extends to lower-tier cities, enhancing its market penetration[85] - The company plans to strengthen its management system to improve operational efficiency and risk management[151] - The company emphasizes collaboration with upstream suppliers for material development, enhancing its core competencies in polymer chemical materials[80]