CIXING(SZ:300307)2024-04-11 16:00Financial Performance - The company's operating revenue for 2023 was CNY 2,032,028,867, representing a 6.90% increase compared to CNY 1,900,848,520 in 2022[24]. - The net profit attributable to shareholders for 2023 was CNY 114,072,232, marking a 24.99% increase from CNY 91,264,600 in the previous year[24]. - The net profit after deducting non-recurring gains and losses was CNY 66,893,867, which is a 59.84% increase compared to CNY 41,851,658 in 2022[24]. - The net cash flow from operating activities for 2023 was CNY 117,638,513, a significant increase of 1,650.90% from the previous year[24]. - Basic earnings per share for 2023 were CNY 0.15, up 25.00% from CNY 0.12 in 2022[24]. - Total assets at the end of 2023 reached CNY 4,790,646,918, an 8.36% increase from CNY 4,420,949,370 at the end of 2022[24]. - The net assets attributable to shareholders increased by 7.52% to CNY 2,957,181,133.14 from CNY 2,750,393,270.02 in the previous year[24]. Market Performance - In 2023, the company achieved sales of 29,141 units of knitting machines, representing a year-on-year growth of 33.30%[35]. - The sales revenue from the main knitting machine business reached approximately 1.679 billion yuan, with a market share of about 26%[35]. - The overall sales of knitting machines in 2023 were approximately 110,000 units, showing a year-on-year increase of 67%[35]. - The revenue from the flat knitting machine business was CNY 1,678,529,094.9, representing a growth of 14.31%[49]. - The domestic market contributed 90.08% of total revenue, with a year-on-year increase of 11.53%[49]. - The revenue from computer knitting machines reached CNY 1,153,360,600, representing a 34.62% increase compared to the previous year[51]. - The domestic sales amounted to CNY 1,830,413,940, showing a growth of 26.46% year-on-year[51]. Operational Challenges - The company faced uncertainty regarding its ability to continue as a going concern, as indicated by the negative net profit figures over the last three accounting years[31]. - The company reported a net profit attributable to shareholders of 38.14 million yuan in Q1 2023, which decreased to -3.28 million yuan in Q4 2023[27]. - The cash flow from operating activities was positive in Q1 2023 at 191.40 million yuan but turned negative in Q3 and Q4 2023[27]. - The company received government subsidies amounting to 8.91 million yuan in 2023, down from 24.13 million yuan in 2022[31]. - The company faces market risks due to reduced downstream demand and intense competition, particularly in overseas markets still affected by the pandemic[84]. Research and Development - The company has been focusing on the development of intelligent knitting machinery to enhance the technological level of the knitting industry[36]. - The company holds 151 invention patents and 217 utility model patents, showcasing its strong R&D capabilities[41]. - Research and development expenses decreased by 9.63% to CNY 78,231,658.99 compared to the previous year[59]. - R&D investment amounted to ¥78,231,658.99 in 2023, representing 3.85% of operating revenue, a decrease from 4.55% in 2022[60]. - The number of R&D personnel increased by 4.87% to 280 in 2023, with the proportion of R&D staff rising to 16.95%[60]. Corporate Governance - The company has established a complete and independent business system, ensuring that the controlling shareholder does not engage in similar business activities[93]. - The company maintains an independent financial institution with a complete accounting system and independent decision-making capabilities[93]. - The board of directors and supervisory board operate independently, ensuring compliance with legal and regulatory requirements[91]. - The company has implemented a transparent performance evaluation and incentive mechanism for directors and senior management[92]. - The company adheres to strict information disclosure practices, ensuring all shareholders have equal access to information[92]. - The company has established a robust internal control system to enhance governance and operational efficiency[90]. Employee Management - The total number of employees at the end of the reporting period was 1,652, with 721 in production, 133 in sales, and 591 in technical roles[116]. - The company emphasizes employee training, focusing on professional skills, management capabilities, and corporate culture[120]. - The company has a comprehensive employee compensation policy, including monthly salaries and year-end performance bonuses[118]. - The company has not distributed any cash dividends, with a total cash dividend amount of ¥0.00 for the year[122]. - The company has a total of 484 employees in the parent company and 1,168 in major subsidiaries[116]. Future Outlook - The company plans to expand its market presence and invest in new product development to drive future growth[98]. - Future guidance indicates a positive outlook for revenue growth and market expansion strategies[97]. - The company aims to enhance market share through increased promotion of its one-line forming technology, which aligns with the "Made in China 2025" initiative[83]. - The company plans to accelerate digital transformation to improve operational efficiency and inventory management, aiming for a more responsive supply chain[83]. - The company is exploring potential mergers and acquisitions to enhance its competitive edge in the industry[171]. Shareholder Information - The total share capital increased from 780,541,776 shares to 787,801,776 shares due to the vesting of 7,260,000 shares under the 2022 Restricted Stock Incentive Plan[180]. - The largest shareholder, Ningbo Yuren Smart Technology (Group) Co., Ltd., holds 135,754,541 shares, accounting for 17.23% of total shares[190]. - The second largest shareholder, Yuren Enterprise Limited, holds 123,377,907 shares, representing 15.66% of total shares[190]. - The company reported a total of 39,027,000 shares held by Xu Songda, which is 4.95% of total shares[190]. - The report indicates that there were changes in the top ten shareholders, with new additions including Lu Fangzhi and Guangwei Holdings, which hold 4,139,200 shares (0.53%) and 4,000,000 shares (0.51%) respectively[191].