Huajin Capital(SZ:000532)2024-03-26 16:00Profit Distribution and Financial Performance - The company's profit distribution plan for 2023 is to distribute a cash dividend of 0.65 yuan per 10 shares (tax included) based on a total of 344,708,340 shares, with no stock dividends or capital reserve conversion[5] - Revenue in 2023 decreased by 38.53% to 400,958,114.90 yuan compared to 2022[20] - Net profit attributable to shareholders in 2023 decreased by 48.41% to 74,002,913.76 yuan compared to 2022[20] - Operating cash flow increased by 15.68% to 122,174,966.50 yuan in 2023 compared to 2022[20] - Total assets decreased by 5.49% to 2,316,546,741.85 yuan at the end of 2023 compared to 2022[20] - Net assets attributable to shareholders increased by 4.13% to 1,351,115,006.48 yuan at the end of 2023 compared to 2022[20] - Revenue in Q4 2023 was 124,761,273.19 yuan, the highest among all quarters[25] - Net profit attributable to shareholders in Q4 2023 was 29,014,699.75 yuan, the highest among all quarters[25] - Revenue for 2023 was RMB 400.96 million, a decrease of 38.53% year-over-year[65] - Net profit attributable to shareholders was RMB 74.00 million, down 48.41% year-over-year[65] - Net profit attributable to the parent company's owners is 74,002,913.76 RMB, with the parent company's net profit at 34,480,529.07 RMB[192] Business Operations and Revenue Breakdown - The company's main business has undergone changes, with the latest change in October 2015 focusing on investment and asset management, internet finance, innovative industrial park construction and operation, and enterprise management and consulting[18] - Investment and management business contributed RMB 203.06 million, accounting for 50.64% of total revenue, a decrease of 14.07% year-over-year[66] - Electronic device manufacturing revenue was RMB 114.86 million, an increase of 8.35% year-over-year[68] - Wastewater treatment revenue was RMB 59.92 million, a decrease of 31.07% year-over-year[68] - Science and technology park revenue surged to RMB 15.51 million, a 903.94% increase year-over-year[68] - Domestic sales accounted for 97.16% of total revenue, while international sales made up 2.84%[68] - Direct sales contributed 85.22% of total revenue, a decrease of 42.31% year-over-year[68] - Electronic device manufacturing revenue increased by 8.35% YoY to RMB 1.148 billion, with a gross margin of 27.01%[69] - Public facility services revenue decreased by 31.07% YoY to RMB 59.92 million, with a gross margin of 18.63%[69] - Investment and management revenue decreased by 14.07% YoY to RMB 203.06 million, with a gross margin of 63.94%[69] - Science and technology park revenue surged by 903.94% YoY to RMB 15.51 million, but with a negative gross margin of -38.79%[69] - Domestic revenue decreased by 38.85% YoY to RMB 381.99 million, with a gross margin of 42.31%[72] - Direct sales revenue decreased by 42.64% YoY to RMB 334.09 million, with a gross margin of 45.23%[72] - Top 5 customers accounted for 44.87% of total sales, with RMB 179.87 million in sales[77] - Top 5 suppliers accounted for 34.22% of total purchases, with RMB 29.92 million in procurement[79] Subsidiaries and Investments - Subsidiary Huaguan Capacitor achieved revenue of RMB 114.88 million and net profit of RMB 10.29 million[67] - Subsidiary Lihe Environmental Protection reported revenue of RMB 63.27 million, with a decline in revenue and gross margin due to temporary pricing adjustments[67] - Huaguan Capacitor Co., Ltd., a subsidiary, reported a net profit of RMB 10,293,615.11, contributing significantly to the company's overall performance[105] - Zhuhai Lihua Environmental Protection Co., Ltd., another subsidiary, achieved a net profit of RMB 7,545,846.78 from its wastewater treatment business[107] - Zhuhai Huajin Innovation Investment Co., Ltd. saw a 122.36% increase in net profit to RMB 40,832,800.57, driven by cost reductions and enhanced business capabilities[108] - The company's investment in Suo Ling Co., Ltd. (002766) resulted in a fair value gain of RMB 1,431.30, with the investment initially made as part of a debt settlement plan[100] - The company's investment in Shangtai Technology (001301) experienced a fair value loss of RMB 1,180,894.00, reflecting market volatility[100] - Zhuhai Huajin Gan Ying No. 3 Equity Investment Fund Partnership achieved a net profit of RMB 16,525,455.82, primarily due to partial exits from investments[108] - The company's subsidiary, Zhuhai Tsinghua Science Park Venture Capital Co., Ltd., reported a net loss of RMB 19,105,893.62, impacted by market conditions[107] - The company's investment in Jiangsu Digital Information Industrial Park Development Co., Ltd. yielded a net profit of RMB 62,345,798.64, driven by strong performance in digital information industrial park operations[107] - Huaguan Capacitor achieved revenue of 114.88 million yuan and net profit of 10.29 million yuan, with plans to further expand production and develop new products in 2024[109] - Lihe Environmental Protection reported revenue of 63.27 million yuan and net profit of 7.55 million yuan, down 30.22% and 74.44% YoY respectively, due to expired wastewater treatment fee adjustments[109] - Tsinghua Science Park completed construction of 357,400 square meters of new R&D buildings and facilities, but reported a net loss of 19.11 million yuan due to slow sales and lower fair value changes[110] - Jiangsu Digital Information Industrial Park achieved net profit of 62.35 million yuan, down 12.21% YoY[110] - Zhuhai Huajin Capital's Huajin Shengying No. 3 Equity Investment Fund has a total size of 108 million yuan, with a management fee of 2% annually during the investment period[111] - Huajin Chuangying No. 1 Equity Investment Fund has a total size of 50 million yuan, with a management fee of 2% annually during the partnership period[112] - Huajin Huiyuan Investment Partnership has a total size of 6 million yuan, with profit distribution based on capital contribution ratio[115] - Huajin Chuangying No. 5 Equity Investment Fund has a total size of 60 million yuan, with no management fees charged during its existence[117] - Shanghai Yingpu Biotech Development Center has a total size of 58 million yuan, with profit distribution based on capital contribution ratio[118] R&D and Technological Development - The company has completed the development of a high-temperature, high-ripple current, and long-life aluminum electrolytic capacitor technology, with a product lifespan of 5000 hours, aimed at increasing product variety and application scope, enhancing product performance and manufacturing capabilities, and improving market share[82] - A new conductive polymer lead-type aluminum electrolytic capacitor technology has been developed, achieving an ultra-long lifespan of 15000-20000 hours, which significantly reduces the impact of hydration on the product's oxide and polymer films, thereby extending the product's lifespan[82] - The company has developed a small-sized conductive polymer solid aluminum electrolytic capacitor, reducing product volume by 20-50%, with features such as high temperature resistance, low ESR, and high capacitance, making it more suitable for market needs[82] - A high-reliability, high-temperature automotive-grade chip-type aluminum electrolytic capacitor is in the pilot stage, designed to withstand temperatures from -40℃ to 135℃, with a design life of 15 years or 200,000 kilometers, targeting the automotive market[82] - The company is developing a high-voltage horn capacitor for photovoltaic inverters and new energy applications, with a voltage range of 500V-550V, expected to see explosive growth alongside the solar energy industry[82] - A long-life chip-type aluminum electrolytic capacitor for automotive applications is in the pilot stage, designed to withstand temperatures up to 125℃ for 2000-4000 hours, meeting the higher demands of the automotive industry for environmental, vibration, and reliability performance[82] - The company is developing a high-temperature, long-life lead-type aluminum electrolytic capacitor for special lighting applications, targeting urban landscape lighting, tunnel lighting, and other specialized lighting fields[84] - A high-temperature, low ESR solid-liquid hybrid chip-type aluminum electrolytic capacitor is in the small-scale trial stage, designed to withstand temperatures up to 150℃ for 1000-2000 hours, targeting the automotive industry's demand for high-temperature and high-reliability components[84] - The company is developing a small-volume lead-type aluminum electrolytic capacitor for LED applications, aiming to meet the increasing demand for high-power, long-life lighting products in both developing and developed countries[84] - R&D personnel increased by 11.11% to 30 people, with the proportion of R&D personnel rising to 7.67%[85] - R&D investment decreased by 82.70% to RMB 7,322,230.18, accounting for 1.83% of revenue[85] Corporate Governance and Management - The company's legal representative is Guo Jin, and its office address is located at 33A, Hengqin International Financial Center, No. 58 Huajin Street, Hengqin New District, Zhuhai City, Guangdong Province, with a postal code of 519030[15] - The company's annual report is disclosed on the websites of the Shenzhen Stock Exchange, China Securities Journal, Securities Times, Securities Daily, Shanghai Securities News, and the website of Cninfo (http://www.cninfo.com.cn)[17] - The company's financial report is signed and sealed by the company's legal representative, the person in charge of accounting work, and the person in charge of the accounting institution[11] - The company's audit report is signed and sealed by the accounting firm and the certified public accountant[11] - The company's annual report is prepared and disclosed in accordance with the relevant regulations of the China Securities Regulatory Commission and the Shenzhen Stock Exchange[4] - The company's annual report includes a detailed description of the risks and countermeasures that the company may face in the future, which is located in the "Outlook for the Company's Future Development" section of the "Management Discussion and Analysis" chapter[5] - The company held online investor communication sessions to discuss governance, development strategies, and operational status[134] - The company adheres to strict corporate governance standards and ensures independent operations from its controlling shareholders[137][139] - The board of directors and supervisory board operate efficiently, with directors and supervisors fulfilling their duties diligently[140][141] - The company held multiple temporary shareholders' meetings in 2023, with investor participation rates ranging from 49.29% to 49.44%[149][152] - The company revised and improved 11 internal systems, including the Articles of Association, Shareholders' Meeting Rules, and Independent Director Work System, in accordance with new regulations[146] - The company maintains complete independence from its controlling shareholder in terms of assets, personnel, finance, organization, and business operations[147][148] - The company strengthened information disclosure management and ensured timely, fair, and accurate information disclosure through multiple channels[144] - The company's internal control effectiveness was further enhanced through regular risk identification and systematic analysis of operational risks[143] - The company elected new non-employee representative supervisors and non-independent directors through multiple temporary shareholders' meetings[149][152] - The company's financial department operates independently with a complete accounting system and financial management system[147] - The company's organizational structure is independent and operates separately from the controlling shareholder, with no mixed operations or shared office spaces[148] - The company's business operations are independent, with a complete business system and sales channels separate from the controlling shareholder[148] - The company's governance structure complies with relevant laws and regulations, with no significant differences from regulatory requirements[146] - The company's board of directors and senior management underwent significant changes in 2023, with several members resigning due to work-related reasons, including He Zhen, Zou Chaoyong, and Li Guangning[157][158] - New appointments to the board of directors include Luo Hongjian, Pei Shuhua, and Chen Hongliang, who were elected during various temporary shareholder meetings in 2023[158] - The company's vice presidents, including Gao Xiaojun, Hu Zhengran, and Zhang Yang, were appointed in March 2024, following nominations by the company's president and approval by the board of directors[158] - The company is currently in the process of board and supervisory board reelection, with current members continuing their duties until new appointments are made[156] - Chen Hongliang appointed as Director of the company in December 2023, bringing extensive experience in technology and industrial sectors[160] - Luo Hongjian, with a strong financial background, has been serving as the Financial Director of Lihe Science and Technology Group since September 2016 and joined the company as a Director in September 2023[161] - Pei Shuhua, a Certified Public Accountant, has been serving as the Financial Director of Zhuhai State-owned Assets Supervision and Administration Commission since December 2020 and joined the company as a Director in November 2023[161] - Huang Jun, with a background in economics and accounting, has been serving as a Director of the company since March 2021, bringing experience from various government and corporate roles[162] - Wang Yiming, a professor at Peking University, has been serving as an Independent Director of the company since December 2017, contributing expertise in digital finance and agriculture[163] - Huang Yanfei, a management PhD and non-practicing CPA, has been serving as an Independent Director of the company since November 2020, with experience in real estate and technology sectors[163] - Dou Huan, an accounting professor at Jinan University, has been serving as an Independent Director of the company since March 2021, bringing academic and corporate governance expertise[164] - Li Weijie, with a background in finance and state-owned assets supervision, has been serving as the Chairman of the Supervisory Board since January 2023[165] - Xie Yun, with extensive experience in the power and water sectors, has been serving as the Vice President of the company since May 2014[167] - Gao Xiaojun, with a background in technology and real estate, has been serving as the Board Secretary since May 2014 and will assume the role of Vice President in March 2024[167] - Hu Zhengran appointed as Vice President of Zhuhai Huajin Capital Co., Ltd. in March 2024[168] - Zhang Yang appointed as Vice President of Zhuhai Huajin Capital Co., Ltd. in March 2024[168] - Guo Jin serves as Chairman and President of Huafa Technology since August 16, 2019[168] - Chen Hongliang appointed as Vice Chairman of Huafa Technology on March 27, 2023[168] - Luo Hongjian serves as Financial Director of Lihe Innovation since September 1, 2016[168] - Xie Hao appointed as Chairman of Zhuhai Huafa Huayi Investment Holding Co., Ltd. on February 1, 2024[169] - Chen Hongliang appointed as Chairman and President of Founder Technology Group Co., Ltd. on April 17, 2023[169] - Luo Hongjian appointed as Chairman of Shenzhen Lihe Microelectronics Co., Ltd. on September 8, 2023[169] - Pei Shuchuan serves as Director of Zhuhai Huafa Group Co., Ltd. since October 28, 2022[170] - Wang Yiming serves as Independent Director of Zhongnongfa Seed Industry Group Co., Ltd. since January 17, 2017[170] - Total pre-tax compensation for directors, supervisors, and senior management in the reporting period was 13.33 million yuan[173] - The highest individual compensation among senior management was 4.47 million yuan for the Vice Chairman and President[175] - The company's independent directors each received 120,000 yuan in compensation[175] - The company's financial director received 2.45 million yuan in compensation[175] - The company's board secretary and vice president received 1.97 million yuan in compensation[175] - The company's vice president received 2.10 million yuan in compensation[175] - The company's employee supervisors received compensation ranging from 756,900 yuan to 939,400 yuan[175] - The company's chairman and certain directors received no compensation from the company[175] - The company's compensation structure follows industry standards and is approved by shareholders[173] - The company's compensation system is based on annual business objectives and performance evaluations[173] - The company held a total of 8 board meetings in 2023, with key meetings on March 22, April 24, June 29, August 23, September 8, October 30, December 6, and December 25[177][178] - All directors attended the board meetings, with most participating via teleconference. For example, Guo Jin attended 1 meeting in person and 7 via teleconference[179] - The Audit Committee held 5 meetings in 2023, focusing on reviewing the company's financial reports and audit matters, including the 2022 annual financial report and the 2023 Q3 financial report[182] - The Nomination Committee proposed candidates for the 10th Board of Directors, including Luo Hongjian and Pei Shuhua, and reviewed revisions to the Nomination Committee's working rules[183] - The Strategic Committee held 1 meeting in December 2023 to review revisions to the Strategic Committee's working rules[183] - The Remuneration and Assessment Committee held 2 meetings in 2023, reviewing the 2022 performance and compensation of senior management and revisions to the committee's working rules[183] - The company's directors did not raise any objections to company matters during the reporting period[180] - The directors' suggestions were adopted by the company, contributing to improved corporate governance and decision-making[181] - The Supervisory Committee did not identify