ASR(SH:688220)2023-04-27 16:00Financial Performance - The company reported R&D expenses of 1.006 billion yuan, which contributed to the inability to achieve profitability during the reporting period[3]. - The company has not proposed any profit distribution for the year 2022 due to negative retained earnings, ensuring normal operations and sustainable development[5]. - The company has not yet achieved profitability since its listing, indicating ongoing financial challenges[3]. - Qualcomm reported a revenue of $33.57 billion for the fiscal year 2022, representing a 21% increase year-over-year[11]. - The company achieved a net income of $12.76 billion, which is a 25% increase compared to the previous year[11]. - The company reported a significant increase in revenue, achieving a total of 1.2 billion CNY, representing a year-over-year growth of 25%[17]. - The company reported a net profit of 300 million CNY, reflecting a profit margin of 25%, which is an improvement from 20% last year[17]. - The company's operating revenue for 2022 was approximately ¥2.14 billion, a slight increase of 0.15% compared to 2021[22]. - The net profit attributable to shareholders was a loss of approximately ¥251.51 million, an improvement from a loss of ¥589.39 million in the previous year[22]. - The company reported a net loss of CNY 251.51 million for the reporting period, with a net loss of CNY 373.21 million after deducting non-recurring gains and losses, and cumulative undistributed profits of CNY -3.52 billion as of December 31, 2022[94]. Research and Development - The company operates in a high-tech wireless communication chip design industry characterized by high technical barriers and significant capital investment[3]. - The company is investing in R&D, allocating 10% of its revenue, approximately 120 million CNY, towards new technology development[17]. - The company's R&D investment was approximately ¥1.006 billion, remaining stable compared to 2021[26]. - R&D expenses reached CNY 1,005 million, constituting 46.94% of operating revenue, with 70% of R&D costs attributed to personnel expenses[38]. - The company has 15 ongoing R&D projects, including 5G industrial IoT and high-integration LTE chips, with a total of 37 chips in development[38]. - The company has established a strong talent pool with 991 R&D personnel, of which over 70% hold master's or doctoral degrees[38]. - The company applied for 16 invention patents and obtained 21 patents in 2022, bringing the total number of effective authorized invention patents to 116[79]. - The company is currently developing several key projects, including a commercial 5G enhanced mobile broadband terminal chip platform with a total investment of ¥750,000,000.00, of which ¥209,078,234.86 has been invested in the current period[83]. Market Strategy and Expansion - Qualcomm's semiconductor business generated $27.1 billion in revenue, accounting for 81% of total revenue, with a growth rate of 24%[11]. - The company plans to expand its market presence in the automotive and IoT sectors, targeting a combined market opportunity of $100 billion by 2025[11]. - The company is actively pursuing strategic partnerships and acquisitions to enhance its technology portfolio and market reach[11]. - The company is considering strategic acquisitions to enhance its product portfolio, with a budget of 200 million CNY allocated for potential mergers[17]. - The company is expanding its product line to include customized chips and IP licensing, targeting industries such as AI, industrial control, and enterprise storage[92]. - The company aims to leverage the "5G+AIoT" trend to capture new application scenarios and market demands, enhancing its competitive edge in the chip industry[142]. - The company is positioned to benefit from the increasing domestic demand for wireless communication chips due to international trade tensions and the push for localization[143]. Operational Risks and Governance - The company has detailed various operational risks and corresponding countermeasures in the management discussion section of the report[4]. - The company has received a standard unqualified audit report from PwC, ensuring the accuracy and completeness of the financial statements[4]. - The board of directors was fully present at the board meeting, ensuring governance compliance[4]. - The company has a robust internal control and governance structure, ensuring compliance with information disclosure obligations and enhancing communication with investors[42]. - The company has established a comprehensive internal control system covering five key elements, ensuring effective management and compliance in financial reporting[188]. Environmental and Social Responsibility - The company is committed to sustainability initiatives, aiming for a 50% reduction in greenhouse gas emissions by 2030[11]. - The company promotes a paperless office environment, achieving over 95% of work processes in electronic format, thereby reducing paper usage[199]. - The company advocates for energy-saving measures, such as encouraging employees to use green transportation and reducing the use of disposable products[199]. - The company implements waste management practices, including recycling electronic products and classifying waste for proper disposal[198]. - The company has established a water conservation mechanism to reduce fresh water consumption and promote water-saving awareness among employees[200]. Employee and Management Structure - The total number of employees in the parent company is 870, and the total number of employees in major subsidiaries is 240, resulting in a combined total of 1,110 employees[179]. - The professional composition includes 23 sales personnel, 991 technical personnel, 10 financial personnel, 10 administrative personnel, and 76 other personnel, totaling 1,110 employees[180]. - The company emphasizes fair and appropriate salary payments to ensure competitiveness in the market[169]. - The total remuneration for all directors, supervisors, and senior management personnel at the end of the reporting period amounted to 15.33 million RMB[169]. - The company has a structured process for determining the remuneration of its directors and senior management based on job responsibilities and performance[169].