BPSemi(SH:688368)2023-04-07 16:00Financial Performance - In 2022, the company reported a net profit attributable to shareholders of -205,866,848.77 RMB, indicating a significant loss for the year[6]. - The company did not declare any profit distribution or capital reserve transfer to share capital for 2022 due to negative distributable profits[6]. - The company reported a total revenue of RMB 1.08 billion in 2022, a decrease of 53.12% compared to the previous year[22]. - The net profit attributable to shareholders was a loss of RMB 205.87 million, down 130.39% year-on-year[22]. - The company recorded a net cash flow from operating activities of -RMB 405.55 million, a decline of 180.27% year-on-year[22]. - The company’s total assets at the end of 2022 were RMB 2.52 billion, a decrease of 10.22% from the beginning of the year[22]. - The net asset attributable to shareholders was RMB 1.53 billion, down 19.95% from the previous year[22]. - The gross profit margin for 2022 was 17.58%, down 30.35 percentage points from 2021[92]. - The company reported a net loss of CNY 205,866,848.77 for 2022, a decline of 128.96% year-on-year[88]. Revenue and Sales - The company faced a substantial decline in revenue due to economic environment changes, reduced market demand, and product price reductions[4]. - The overall sales volume decreased by 33.62% year-on-year, but there was a 29.98% increase in sales volume in Q4 compared to Q4 of the previous year[24]. - The average product price decreased by 29.37% year-on-year due to efforts to clear excess inventory[25]. - The total revenue from the main business in 2022 was 1.079 billion yuan, down from 2.302 billion yuan in 2021, representing a decline of 53.12%[40]. - In 2022, the company's LED lighting driver chip sales revenue was 906 million yuan, a decrease of 54.29% compared to the previous year[41]. - The sales revenue of AC/DC power chips was 120.23 million yuan, a decrease of 46.61% year-on-year, but increased by 37.04% when excluding auxiliary power products[42]. - The company achieved sales revenue of 5.08 million yuan from DC/DC power chips in 2022, with two new products launched during the year[43]. Research and Development - The company’s R&D expenditure accounted for 28.09% of its revenue, an increase of 15.11 percentage points from the previous year[23]. - R&D expenses increased by 60.68% year-on-year, reaching RMB 279.97 million, reflecting the company's commitment to product development in power management chip sectors[27]. - The company is developing a self-researched low-voltage BCD process platform to enhance its DC/DC power chip product capabilities[46]. - The company is focused on enhancing chip integration and reducing production costs through ongoing R&D efforts in high-density integrated frameworks and high-performance DC/DC power management chips[70]. - The company has successfully developed an external AC/DC power chip magnetic coupling series solution, which features stable performance and a long usage cycle[58]. - The company has advanced technology in LED lighting driver chips, having achieved key technological breakthroughs in high-precision constant current technology[60]. - The company is actively developing a low-voltage BCD process platform to enhance its DC/DC product capabilities[77]. Inventory and Supply Chain - The company’s inventory net value decreased by 35.19% from the previous year, with a significant reduction in finished goods inventory by 64.32%[26]. - The company faced increased inventory pressure due to a decline in downstream demand and increased upstream supply capacity[37]. - The production volume of LED driver chips decreased by 45.42% year-on-year, while the sales volume dropped by 33.93%, resulting in a production-to-sales ratio of 112.15%[97]. - The inventory levels for LED driver chips decreased significantly, with a year-on-year reduction of 65.69%[97]. Corporate Governance and Compliance - The company’s board of directors and management have confirmed the accuracy and completeness of the annual report[5]. - The company emphasizes the importance of investor awareness regarding risks associated with forward-looking statements in the report[7]. - The company has established and strictly implemented internal control systems to enhance corporate governance, aligning with regulatory requirements[142]. - The company held multiple shareholder meetings throughout 2022, with no significant resolutions or issues reported[144]. - The company has not faced any major adverse impacts from competition with its controlling shareholders[144]. - The company received a warning letter from the China Securities Regulatory Commission due to misstatements in the 2021 annual report and subsequent quarterly reports, which included prepaid items and other receivables[159]. Strategic Plans and Future Outlook - The company anticipates continued significant investment in technology research and personnel costs in the future[4]. - There is a risk of ongoing losses if market recovery is slow and sales or R&D project progress does not meet expectations[4]. - The company plans to strengthen R&D investment in strategic new product lines to enhance long-term competitiveness[37]. - The company aims to enhance its R&D investment in key areas to elevate its power management chip technology to an internationally advanced level[132]. - The company plans to launch new products in the AC/DC power chip sector, with 18W-120W fast-charging products already in mass production[138]. - The company anticipates a recovery in market demand as overall industry inventory returns to reasonable levels, aiming for a balance between supply and demand[131]. Employee and Talent Management - The total number of employees in the parent company and major subsidiaries is 520, with 341 being technical personnel, representing approximately 65.5% of the total workforce[176]. - The company emphasizes employee training, focusing on professional skills and management capabilities to enhance employee competency and career development[179]. - The company has established a multi-channel incentive model to attract and retain top talent in the competitive integrated circuit design industry[81]. - The company has implemented a stock incentive plan to attract and retain key employees, enhancing team cohesion and competitiveness[195]. Intellectual Property and Innovation - The company applied for 72 new intellectual property projects during the reporting period, including 52 invention patents, and has a total of 739 intellectual property projects, with 595 granted[64]. - The company has received a total of 106 domestic invention patents and 21 foreign invention patents, showcasing its commitment to innovation[76]. Financial Management and Investments - The company reported a significant increase in financial expenses by 130.88% to 7,876,770.09 RMB due to increased borrowing costs[111]. - Long-term equity investments rose by 801.63% to 160,681,721.24 RMB, attributed to the acquisition of a stake in Nanjing Lingou Chuangxin Electronics[116]. - The company plans to apply for an increase in the comprehensive credit limit for 2022, indicating a strategy for financial expansion[166]. - The company is focused on optimizing its financing structure through the pledge of wholly-owned subsidiaries[170].