FJR(SH:688272)2023-04-25 16:00Financial Performance - In 2022, the company's operating revenue decreased significantly to CNY 110.89 million, down from CNY 144.07 million, representing a decline of approximately 23.4%[4] - The net profit attributable to shareholders of the listed company was CNY -87.64 million, indicating a loss compared to the previous year[6] - The company reported a net profit of CNY -85.37 million for the parent company, reflecting ongoing financial challenges[6] - The company's operating revenue for 2022 was ¥110,891,094.70, a decrease of 65.12% compared to ¥317,927,242.89 in 2021[21] - The net profit attributable to shareholders was -¥87,641,440.52, representing a decline of 214.65% from ¥76,443,601.71 in the previous year[21] - The net profit after deducting non-recurring gains and losses was -¥93,194,847.19, down 241.19% from ¥66,005,689.75 in 2021[21] - The company's total assets decreased by 5.82% to ¥748,961,427.23 from ¥795,255,000.45 in 2021[21] - The basic earnings per share for 2022 was -¥1.15, a drop of 190.55% from ¥1.27 in 2021[22] - The decline in revenue was attributed to economic downturns and delays in military procurement plans, leading to reduced order demand[23] - The company reported a significant decrease in net cash flow from financing activities, down 96.00% to 14,273,581.46 RMB, primarily due to last year's fundraising[162] Operational Risks - The company is at risk of delisting due to negative net profit and operating revenue below CNY 100 million, as per the Shanghai Stock Exchange regulations[4] - The company faces risks related to significant performance declines due to slow order signing and delivery progress, exacerbated by military procurement procedures and economic downturns[4] - The company has outlined various risks in its operations, including the potential for further financial losses in 2023 if current trends continue[4] - The company is facing risks related to quality control as it scales operations and introduces new products, necessitating continuous improvement in quality management[126] - The company is exposed to risks from international trade policies, particularly U.S. export controls, which could impact its supply chain and operational capabilities[131] Research and Development - Research and development expenses accounted for 43.68% of operating revenue, an increase of 31.59 percentage points from 12.09% in 2021[22] - The company increased R&D investments to explore new product markets and actively participated in military project bidding, resulting in higher expenses[23] - The company achieved a total R&D investment of ¥48,433,053.47 in 2022, representing a 25.99% increase compared to ¥38,442,411.38 in the previous year[85] - R&D investment accounted for 43.68% of the company's operating revenue, a significant increase of 31.59 percentage points from 12.09% in the previous year[85] - The company has developed multiple core technologies in the field of infrared thermal imaging, achieving key performance indicators that are at or near international advanced levels[70] Market Position and Strategy - The company aims to enhance its core technology by integrating upstream supply chains and developing non-cooling infrared detectors to stabilize supply channels and improve overall product gross margins[32] - The company is focused on infrared thermal imaging products while navigating a challenging economic environment and competitive market[32] - The company aims to position itself as a quality supplier for state-owned military enterprises, leveraging its strengths in infrared thermal imaging technology[69] - The company is actively expanding its presence in the civil market, focusing on applications in industrial temperature measurement, gas detection, and security monitoring[69] - The company plans to deepen its focus on military and professional markets to increase market share and brand awareness[178] Product Development and Innovation - The company has developed a new generation of vehicle auxiliary driving night vision imaging technology, integrating uncooled infrared thermal imaging sensors and low-light solid-state micro-light sensors for multi-spectral imaging capabilities[80] - The company has developed advanced optical design technologies that reduce the number of optical lenses required while maintaining imaging quality[79] - The company has developed a low-power large-area infrared detector driving technology, significantly reducing overall power consumption[77] - The company is developing a multi-spectral electro-optical pod with a total investment of $396.40 million, having invested $186.93 million in the current period and $187.72 million cumulatively, aimed at high-precision target tracking and positioning[93] - The company has successfully developed non-cooled cores with resolutions of 1024×768 and 1280×1024, with the former being one of the first handheld industrial thermal imaging devices in China to reach 1K resolution[73] Governance and Management - The board of directors held a total of 12 meetings during the reporting period, with 9 members including 3 independent directors[183] - The supervisory board convened 8 meetings in 2022, consisting of 3 supervisors, complying with legal and regulatory requirements[184] - The company established an internal control system to enhance risk prevention capabilities and operational standards[185] - The company’s governance structure complies with relevant laws and regulations, with no significant discrepancies noted[186] - The company has a diverse executive team with significant experience in technology and management, enhancing its strategic capabilities[194] Market Trends and Industry Insights - The infrared thermal imaging industry is experiencing rapid growth, with increasing applications in both military and civilian sectors due to advancements in technology and decreasing costs[59] - The domestic civil infrared thermal imaging market is projected to reach $4.113 billion in 2023, with a compound annual growth rate (CAGR) of approximately 18.61% from 2020 to 2023[63] - The growth of the civil infrared market is driven by technological advancements that reduce the costs of uncooled infrared thermal imagers, expanding their applications in various sectors[62] - The Chinese military infrared thermal imaging market is experiencing rapid growth due to the acceleration of national defense modernization, with a focus on enhancing weaponry and strategic deterrence capabilities[62] - The company is committed to innovation through integrated technology, enhancing its product offerings in both military and civil sectors[69]