ZZTCO., LTD.(SH:603767)2024-03-29 16:00Financial Performance - The company's operating revenue for 2023 was CNY 1,104,538,482.32, representing a 10.95% increase compared to CNY 995,548,016.83 in 2022[21]. - The net profit attributable to shareholders for 2023 was CNY 72,764,385.13, a significant increase of 72.25% from CNY 42,244,520.08 in the previous year[21]. - The net profit after deducting non-recurring gains and losses was CNY 73,644,057.55, which is a 99.10% increase from CNY 36,987,791.27 in 2022[21]. - The cash flow from operating activities for 2023 was CNY 201,312,402.36, showing an increase of 108.16% compared to CNY 96,712,489.95 in 2022[21]. - Basic earnings per share increased by 71.43% to CNY 0.24 in 2023 compared to CNY 0.14 in 2022[22]. - The weighted average return on equity rose by 2.14 percentage points to 5.04% in 2023 from 2.90% in 2022[22]. - The operating cost increased to CNY 890,710,019.17, reflecting a growth of 5.48% year-on-year[47]. - Research and development expenses rose to CNY 49,602,513.22, an increase of 13.90% from the previous year, driven by more R&D projects[48]. Assets and Liabilities - The total assets at the end of 2023 were CNY 1,885,059,611.20, reflecting a 1.64% increase from CNY 1,854,617,901.32 at the end of 2022[21]. - The net assets attributable to shareholders decreased slightly by 0.78% to CNY 1,455,479,285.17 from CNY 1,466,885,071.89 in 2022[21]. - Total liabilities increased to CNY 429,580,326.03 from CNY 387,732,829.43, indicating an increase of about 10.8%[192]. - The company's total current liabilities rose to CNY 365,444,221.39 in 2023, compared to CNY 320,082,732.01 in 2022, an increase of 14.14%[195]. Customer and Market Development - The company added 3 new customers for MT products and 1 for 6AT products during the reporting period[32]. - The company accelerated market promotion for electric transfer cases, acquiring 5 new customers, with 2 entering mass production[32]. - The company expanded its customer base for new energy vehicle gearboxes, adding 1 new customer during the reporting period[32]. - The company aims to maintain market share for existing products while actively seeking new customers and innovating to meet changing customer demands[32]. Production and Operations - The company implemented 19 VAVE projects and established 26 cost reduction plans, resulting in a comprehensive cost decrease for the year[33]. - The company integrated 5 suppliers and added 14 new suppliers while eliminating 13, optimizing the supply chain for 37 products[34]. - The company introduced high-end equipment and facilities, enhancing production capacity for high-end new energy gears and new energy reducer assembly lines[34]. - The company reported a decrease in inventory to CNY 187,287,566.73 from CNY 194,843,027.08, a reduction of approximately 3.5%[190]. Risk Management - There were no significant risks that materially affected the company's operations during the reporting period[9]. - The company emphasizes the importance of risk awareness regarding forward-looking statements in the report[6]. - The company faces risks from macroeconomic fluctuations and changes in national industrial policies that could impact the automotive manufacturing industry's demand[77]. - Supply chain constraints in the automotive industry, particularly regarding chips and core components, pose a risk to the company's operations[78]. Environmental and Social Responsibility - Environmental protection investments during the reporting period totaled CNY 1.3427 million[124]. - The company has established an emergency response mechanism for environmental incidents to minimize damage and ensure public safety, with the plan completed in October 2021[133]. - The company has reduced carbon emissions by 6,395 tons through measures such as using photovoltaic power generation[134]. - The company has disclosed a separate social responsibility report, indicating its commitment to sustainable development[134]. Governance and Management - The company has established a compensation mechanism linked to business performance for its executives[90]. - The company has appointed a new financial director, Wu Minli, effective December 7, 2023, succeeding Zhang Chunsheng who served until November 2, 2023[84]. - The company has not faced any penalties from securities regulatory agencies in the past three years[93]. - The company has provided sufficient opportunities for minority shareholders to express their opinions and protect their legal rights[114]. Shareholder Information - The total number of shares held by the board members at the beginning of the reporting period was 42,736,300, which decreased to 41,267,300 by the end of the period, reflecting a reduction of 1,469,000 shares[84]. - The company declared a cash dividend of CNY 61,726,300, which accounts for 84.83% of the net profit attributable to ordinary shareholders in the consolidated financial statements[116]. - Each 10 shares will receive a cash dividend of CNY 2.00 (before tax)[116]. - The company has committed to an 18-month lock-up period for certain shareholders, ensuring stability in stock ownership[138].