Shenzhen China Micro Semicon (SH:688380)2023-04-25 16:00Financial Performance - The company's operating revenue for 2022 was ¥636.79 million, a decrease of 42.58% compared to ¥1,109.03 million in 2021[25]. - The net profit attributable to shareholders for 2022 was ¥59.18 million, down 92.46% from ¥785.05 million in 2021[25]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥66.51 million, a decline of 87.65% from ¥538.42 million in 2021[25]. - The net cash flow from operating activities for 2022 was -¥280.04 million, a significant decrease compared to ¥449.29 million in 2021[25]. - The basic earnings per share were CNY 0.17, a decrease of 92.70% from CNY 2.33 in 2021[26]. - The comprehensive gross profit margin was 41.10%, down 27.84 percentage points from 2021[105]. - The overall cost of sales increased by 9.17% year-over-year, with material costs rising significantly in the integrated circuit segment[111]. Dividend Policy - The company plans to distribute a cash dividend of RMB 4.50 per 10 shares, totaling approximately RMB 180.16 million, which represents 304.45% of the net profit attributable to shareholders for 2022[6]. - The company plans to maintain a cash dividend policy, with a minimum cash dividend ratio of 80% during mature stages without major investment plans[184]. - In cases of significant investment plans during the mature stage, the minimum cash dividend ratio will be 40%[184]. - For growth stages with major investment plans, the minimum cash dividend ratio will be 20%[184]. - The total cash dividend amount for the year is CNY 180,164,250, which represents 304.45% of the net profit attributable to ordinary shareholders[189]. Corporate Governance - The company has not disclosed any special arrangements for corporate governance[9]. - The board of directors consists of 9 members, including 3 independent directors, ensuring a structured governance framework[147]. - The company conducted 9 board meetings throughout the year, maintaining a transparent decision-making process[149]. - The company has established internal control systems to enhance governance and ensure compliance with relevant laws and regulations[192]. - The company has a robust internal control and risk management system in place to ensure compliance and safeguard shareholder interests[144]. Research and Development - Research and development expenses accounted for 19.46% of operating revenue, an increase of 10.38 percentage points compared to the previous year[26]. - The total R&D investment for the year reached ¥123,941,202.20, a 23.14% increase from the previous year, with R&D expenses accounting for 19.46% of operating revenue[77]. - The number of R&D personnel increased from 242 to 279, accounting for 59.87% of the total workforce[39]. - The company launched new products including motor control SoCs and ASICs for electronic cigarettes, with significant production volumes achieved[40]. - The company has established a comprehensive R&D process system to ensure effective control and management of product development and validation[56]. Market Strategy - The company adjusted its business strategy to focus on both specialized and general-purpose MCUs, shifting from high-margin to market share growth[42]. - The company is focused on expanding its market presence in various sectors, including home appliances, IoT, and automotive electronics[84]. - The company aims to achieve significant revenue growth in 2023, with specific targets set for each business unit to enhance accountability and performance[141]. - The company recognizes the challenges posed by high inventory levels and price competition in the semiconductor industry, and will adapt its strategies accordingly[141]. - The company established multiple business units (BUs) to better understand market demands and continuously upgrade products, contributing to stable revenue growth[144]. Risk Management - The company has detailed potential risks in its operations and corresponding countermeasures in the report[4]. - The report includes a forward-looking statement risk disclaimer, indicating that future plans do not constitute a commitment to investors[7]. - The company is exposed to foreign exchange risks due to its procurement being primarily quoted and settled in USD[99]. - The company faces risks related to high supplier concentration, with potential impacts on operational performance if suppliers encounter unforeseen events[95]. - The company reported a significant increase in inventory levels, with production volume of integrated circuits at 293,092.17 thousand units, while sales volume was only 107,418.33 thousand units, leading to a 161.76% increase in inventory[109]. Audit and Compliance - The audit report issued by Tianjian Accounting Firm confirms the financial statements are free from material misstatements[5]. - The financial report is signed and stamped by the responsible persons, ensuring its authenticity and completeness[6]. - The company has not reported any related party transactions for the year 2022[153]. - There are no significant internal control deficiencies reported during the reporting period[192]. - The company has established environmental management regulations to protect the environment and human health[198]. Employee and Talent Management - The company has established a multi-channel incentive model to attract and retain top talent, addressing the risk of talent loss and technology leakage[93]. - The total number of employees includes 1 with a doctoral degree, 45 with master's degrees, and 240 with bachelor's degrees[180]. - The company has implemented a series of training programs to enhance employee skills and organizational capabilities, supporting strategic goals[182]. - The number of R&D personnel increased by 15.29% to 279, with an average salary of ¥342,400, reflecting a 7.61% rise[78]. - R&D personnel compensation totaled approximately ¥95.53 million, with an average salary of ¥342,395.54, compared to ¥77.00 million and ¥318,186.02 respectively in the previous year[83].