GalaxyCore (SH:688728)2022-04-27 16:00Financial Performance - The company reported a net profit attributable to shareholders of 1,258,447,129 yuan for the year 2021[6]. - The company reported a revenue of RMB 1.2 billion for the fiscal year 2021, representing a year-over-year growth of 25%[17]. - The company's operating revenue for 2021 was RMB 7,000,561,264, representing an 8.44% increase compared to 2020[24]. - The net profit attributable to shareholders for 2021 was RMB 1,258,447,129, a significant increase of 62.75% year-on-year[24]. - The net cash flow from operating activities for 2021 was RMB 439,414,067, primarily due to increased revenue and cash receipts[24]. - The total assets at the end of 2021 reached RMB 13,303,645,703, a 132.74% increase from the beginning of the year[26]. - The net assets attributable to shareholders at the end of 2021 were RMB 7,549,704,072, reflecting a 177.66% increase year-on-year[26]. - Basic earnings per share for 2021 were RMB 0.54, up 45.95% from the previous year[27]. - The company achieved an annual revenue of 7,000.56 million RMB, representing a year-on-year growth of 8.44%[33]. - The net profit attributable to shareholders reached 1,258.45 million RMB, an increase of 62.75% compared to the previous year[33]. Future Projections - The company expects a revenue growth of 30% for the next fiscal year, projecting revenues to reach RMB 1.56 billion[17]. - The company provided guidance for 2022, projecting revenue growth of 20% to 1.8 billion[112]. - The company plans to enhance its supply chain efficiency, aiming for a 10% reduction in operational costs by 2023[112]. - The company plans to increase R&D investment to develop new products and technologies that meet evolving market demands[54]. Research and Development - Research and development expenses increased by 15% to RMB 180 million, focusing on advanced display technologies[17]. - The company achieved a total R&D investment of ¥520,290,957 in 2021, a decrease of 12.56% compared to ¥595,034,434 in the previous year[49]. - The company filed 162 new intellectual property applications during the reporting period, including 145 invention patents, with a total of 64 applications granted[48]. - The company is developing a back-illuminated sub-micron high pixel CMOS image sensor chip with an estimated total investment of ¥34,750,000, of which ¥14,652,000 has been invested so far[50]. - The company is committed to increasing R&D investment to support the development of high-end CIS products, capitalizing on market growth opportunities[94]. Market Expansion - The user base increased to 5 million active users, a 40% increase compared to the previous year[17]. - The company is expanding its market presence in Southeast Asia, targeting a 20% increase in sales from this region by the end of 2022[17]. - The company is actively expanding its market presence in smart cities, automotive electronics, and IoT applications[35]. - The company is expanding its market presence in Southeast Asia, targeting a 30% market share by 2025[118]. Corporate Governance - The company has not disclosed any special arrangements for corporate governance[8]. - The company has a clear governance structure where significant decisions are made by the shareholders' meeting, including investment plans and director elections[105]. - The company’s independent directors have fulfilled their responsibilities without any conflicts[106]. - The company has maintained a consistent approach to information disclosure and regulatory compliance[106]. Risk Management - The company has detailed various risks it may face in the "Management Discussion and Analysis" section of the report[4]. - The company faces risks related to raw material supply and outsourcing processing, which could negatively impact product delivery and profitability if prices rise or supply is constrained[57]. - The company has a high proportion of consignment sales, which increases accounts receivable risk if major distributors face operational challenges[58]. Employee and Management - The workforce increased to 1,112 employees, a rise of 37.45% year-on-year, with R&D personnel growing by 32.18%[36]. - The average salary of R&D personnel rose to ¥42.22 million, up from ¥33.32 million in the previous year[52]. - The company has established a detailed training plan focusing on professional skills and management capabilities to enhance employee development[136]. - The total remuneration for all directors, supervisors, and senior management at the end of the reporting period amounted to 11.15 million RMB[122]. Financial Management - The company will not distribute profits or increase capital reserves due to projected expenditures exceeding 30% of the latest audited net assets and exceeding 50 million yuan[6]. - The company has a structured remuneration management system in place for its directors and senior management[122]. - The company has established a fund management method to ensure the safety of raised funds, which will be stored in a designated account[187]. Environmental and Social Responsibility - The company emphasizes ESG as a core part of its business strategy, integrating it into corporate culture for sustainable development[145]. - The company has established a complete environmental protection management system to control pollution and promote resource conservation[148]. - The company has committed to a share lock-up period of 36 months for certain shareholders following the IPO, ensuring stability in shareholding[166].