XGIMI(SH:688696)2023-04-27 16:00Financial Performance - The company's operating revenue for 2022 was approximately CNY 4.22 billion, representing a 4.57% increase compared to CNY 4.04 billion in 2021[24]. - The net profit attributable to shareholders for 2022 was approximately CNY 501.47 million, a 3.72% increase from CNY 483.50 million in 2021[24]. - The net cash flow from operating activities decreased by 111.00% to approximately -CNY 58.96 million, primarily due to increased payments for raw material purchases and labor costs[25]. - The total assets at the end of 2022 were approximately CNY 5.29 billion, a 2.83% increase from CNY 5.14 billion at the end of 2021[24]. - The company's net assets attributable to shareholders increased by 13.50% to approximately CNY 3.13 billion at the end of 2022[24]. - The basic earnings per share for 2022 were CNY 7.16, a slight decrease of 0.69% from CNY 7.21 in 2021[25]. - The gross profit margin for the reporting period was 35.98%[119]. - The company's inventory at the end of 2022 was valued at CNY 118,446.21 million, accounting for 22% of total assets[106]. - Accounts receivable at the end of 2022 amounted to CNY 32,480.30 million, representing 6% of total assets[108]. - The company reported a net profit of RMB 19.06 million from its subsidiary, Jichuang Optoelectronics, with total assets of approximately RMB 52.99 million[150]. Dividend and Share Repurchase - The proposed cash dividend distribution is RMB 21.4680 per 10 shares, totaling approximately RMB 150 million based on a total share capital of 69,872,117 shares[5]. - The total amount spent on share repurchase during the year was RMB 23,322,588.01, which, combined with the proposed cash dividend, represents 34.56% of the net profit attributable to shareholders[5]. - The company plans to carry forward the undistributed profits to future years without issuing bonus shares or stock dividends for this year[5]. - The company plans to distribute profits through cash, stock, or a combination of both, with a minimum cash dividend of 20% of the distributable profit for the year[199]. - The company aims for a cumulative cash distribution of at least 30% of the average annual distributable profit over the last three years[199]. Research and Development - Research and development expenses accounted for 8.93% of operating revenue in 2022, an increase of 2.42 percentage points from 6.51% in 2021[25]. - R&D expenses amounted to 377 million RMB, representing a year-on-year increase of 43.49%, with R&D expenses accounting for 8.93% of revenue[37]. - The number of R&D personnel rose to 694, representing 26.34% of the total workforce, compared to 668 and 24.60% in the prior year[87]. - The company is currently working on multiple projects, with total expected investments of ¥121.25 million across various product lines[83]. - The company has achieved a total of 393 new patent applications during the reporting period, including 176 invention patents and 96 utility model patents, bringing the cumulative total to 1,937 applications and 1,050 granted patents[79]. - The company has developed a high-performance UI rendering framework based on the Android system, significantly improving UI rendering smoothness and reducing memory usage[78]. - The company is developing a new OS system to improve user experience and content offerings, maintaining industry leadership in application responsiveness[85]. Market Expansion and Product Development - The company plans to continue expanding its market presence and investing in new product development and technology[18]. - The company achieved overseas revenue of RMB 790 million, representing a year-on-year growth of 82.04%[40]. - The company has expanded its overseas retail channels, entering markets such as Australia and South Korea, with the opening of its first authorized experience center in Australia in October 2022[40]. - The company plans to launch new products in the next 2-5 years, focusing on market expansion and technological innovation[83]. - The company aims to maintain its leading position in technology by investing in R&D for foundational technology innovations and continuous product improvements[155]. - The company plans to expand its market share in China while exploring new markets in Europe, North America, and Japan[155]. Operational Efficiency and Cost Management - The company is focused on enhancing its operational efficiency and managing costs effectively in response to market challenges[18]. - The company aims to reduce operational costs by 10% in 2023 through efficiency improvements and process optimizations[169]. - The company's management expenses increased by 33.95% to CNY 141,489.16 million, primarily due to rising employee compensation and share-based payment costs[117]. - The company has a high proportion of direct material costs in its operating expenses, making it vulnerable to fluctuations in raw material prices[102]. Governance and Management - The company has established a sound governance structure, including a board of directors, supervisory board, and independent directors, to enhance decision-making and oversight[160]. - The company has maintained independence from its controlling shareholders in terms of business operations and financial management[160]. - The company has a total of four specialized committees under the board of directors, focusing on strategy, audit, nominations, and compensation[160]. - The total remuneration for all directors, supervisors, and senior management personnel at the end of the reporting period amounted to 1,884.85 million RMB[180]. - The company appointed 彭妍曦 as the new financial officer and elected 王建 and 杨洋 as new supervisors during the board restructuring[181]. Risks and Challenges - The company faces risks related to core component supply, particularly from Texas Instruments, which could impact production if supply issues arise[98]. - The company is exposed to seasonal sales risks due to reliance on online sales platforms, which can lead to significant fluctuations in revenue during promotional periods[99]. - The company operates in a highly competitive market, with risks of price reductions and slowed growth if it fails to maintain technological leadership and product innovation[100]. - The company holds patents covering various aspects of optical design and core algorithms, but risks exist regarding the protection of intellectual property and potential litigation[104]. Future Outlook - The company provided a positive outlook for 2023, projecting a revenue growth of 30% based on new product launches and market expansion strategies[169]. - The company anticipates a positive outlook for the upcoming fiscal year, driven by new product launches and market expansion efforts[168]. - The company is actively exploring new product development and technological advancements to maintain competitive advantage in the industry[171].