Cosonic(SZ:300793)2023-04-26 16:00Fundraising and Utilization - The total net amount raised from the initial public offering in 2019 was RMB 507,993,253.48, and in 2021, the company raised RMB 991,200,000.00 through a specific issuance of shares, with a net amount of RMB 976,031,961.17 after deducting issuance costs[1][3]. - As of December 31, 2022, a total of RMB 466,634,150.58 from the 2019 IPO funds had been utilized, leaving a surplus of RMB 53,872,693.79 for working capital[2]. - The cumulative investment of the raised funds from the 2021 issuance into projects reached RMB 531,051,081.98, with unused funds amounting to RMB 460,174,794.30[3]. - The company has established a three-party supervision agreement for the raised funds, ensuring compliance with regulations set by the Shenzhen Stock Exchange[4]. Financial Performance - The company's operating revenue for 2022 was ¥2,172,250,836.17, a decrease of 20.54% compared to ¥2,733,716,445.98 in 2021[34]. - The net profit attributable to shareholders for 2022 was ¥173,582,671.34, representing a significant increase of 230.61% from ¥52,503,706.53 in 2021[34]. - The net profit after deducting non-recurring gains and losses reached ¥160,323,471.07, up 2,631.05% from ¥5,870,396.44 in the previous year[34]. - The basic earnings per share for 2022 was ¥0.51, an increase of 168.42% compared to ¥0.19 in 2021[34]. - The total assets at the end of 2022 amounted to ¥3,523,264,771.44, reflecting a growth of 2.27% from ¥3,444,930,406.66 at the end of 2021[34]. - The company's net assets attributable to shareholders increased by 7.62% to ¥2,435,564,842.64 at the end of 2022, up from ¥2,263,196,340.35 in 2021[34]. Market Trends - The global headphone and headset market is expected to exceed $126.7 billion by 2027, with a compound annual growth rate (CAGR) of approximately 20.30% from 2020[50]. - The global bone conduction headphone market is projected to grow at a CAGR of 23.5%, reaching $3 billion by 2028[50]. - The global smart speaker market is anticipated to grow at a CAGR of over 19.4%, reaching approximately $29.02 billion by 2028[50]. - The global smartwatch market is expected to see a shipment increase of 28.10% in 2022, reaching 269 million units[53]. - The global smart glasses market is forecasted to grow at a CAGR of 17.2%, reaching $15.788 billion by 2027[53]. Product Development and Innovation - The company is actively involved in the development of health monitoring devices and portable health monitoring products as part of national policy support[53]. - The company is exploring new technologies such as AR/VR, with significant investments expected in the sector, particularly in China, which is projected to have a CAGR of 43.8%[53]. - The company is committed to innovation in product development, particularly in the areas of audio technology and smart wearable devices[60]. - The company is developing multiple upgraded active noise-canceling headphones and sleep headphones, aiming to enhance product competitiveness[124]. Sales and Revenue Composition - The company's main business revenue primarily comes from headphones (77.04% of total revenue), speakers (19.26%), and smart wearable products (3.06%)[94]. - Domestic sales accounted for 29.05% of total revenue, with a decrease of CNY 542.83 million, while overseas sales made up 70.95%, with a decrease of CNY 18.63 million[96]. - The sales revenue of the company's audio products ranks just behind major competitors like GoerTek and Luxshare Precision, indicating a strong market position[59]. Research and Development - The company has established a mature and efficient R&D model, dividing R&D work into technical pre-research and product development to shorten product development cycles[76]. - As of December 31, 2022, the company holds 766 valid authorized patents, including 75 invention patents and 459 utility model patents in China, showcasing strong R&D capabilities[85]. - Research and development expenses increased by 12.44% to ¥131,868,566.58 from ¥117,279,209.13 in 2021[123]. - The number of R&D personnel increased by 12.33% to 501 in 2022, representing 10.83% of the total workforce, compared to 6.76% in 2021[132]. Supply Chain and Production - The company has implemented an information-based and intelligent production management system, significantly enhancing its flexible intelligent manufacturing capabilities[90]. - The production bases in Dongguan, Vietnam, and Jiangxi are expected to enhance production capacity and reduce overall costs, contributing to improved profitability[106]. - The company actively conducts procurement based on production needs, ensuring efficient supply chain management through a dedicated procurement department[78]. Governance and Compliance - The company has established a governance structure that complies with relevant laws and regulations, ensuring independent operation and management[186]. - The company held 4 shareholder meetings during the reporting period, adhering to all voting procedures and protecting shareholder rights[186]. - The board of directors consists of 9 members, including 3 independent directors, and held 8 meetings during the reporting period[186]. - The supervisory board has 3 members and conducted 8 meetings, ensuring compliance and effective supervision of management[189]. Financial Management - The company has a clear policy for managing financial assets, classifying them based on the business model and cash flow characteristics[178]. - The company recognizes expected credit losses for financial assets measured at amortized cost and debt instruments measured at fair value with changes recognized in other comprehensive income[199]. - The company assesses the classification of financial liabilities at initial recognition[195].