SF GROUP(SZ:300817)2024-04-18 11:24Subsidiary Performance - The subsidiary Jinhua Shuangfei Chengkai Alloy Materials Co., Ltd. achieved a revenue of 1.29 billion CNY and a net profit of 46.54 million CNY[5] - The subsidiary Sichuan Shuangfei Hong Precision Parts Co., Ltd. reported a revenue of 977.72 million CNY but incurred a net loss of 120.63 million CNY[5] - The subsidiary Zhejiang Bole Hydraulic Technology Co., Ltd. generated a revenue of 356.46 million CNY with a net profit of 5.22 million CNY[5] Strategic Focus and Innovation - The company plans to focus on technological innovation and advanced manufacturing, particularly in the development of new energy sliding bearings[7] - The company aims to enhance international market competitiveness and expand domestic market influence through high-quality and cost-effective products[9] - The company is focusing on R&D for new materials and processes in sliding bearings, targeting high-end applications in aerospace, new energy vehicles, and wind power[153] - The company has led or participated in the formulation of 39 national and industry standards for sliding bearings[142] Risk Management - The company is exposed to risks from fluctuations in raw material prices, particularly copper powder, steel plates, and copper sleeves[11] - The company faces intensified industry competition, with potential impacts on market share and profitability[13] - The company is implementing measures to mitigate risks from exchange rate fluctuations, particularly affecting export sales[13] Operational Efficiency and Automation - The company plans to improve automation and digital management in production lines to enhance efficiency and reduce costs[22] - The company continuously improves production equipment automation to reduce labor intensity and enhance the working environment[66] - The company plans to improve ERP functions, establish a big data platform, and enhance internal efficiency and process optimization through data analysis[24] Talent Development and Collaboration - The company is committed to talent development and collaboration with universities and research institutions to maintain industry leadership[22] - The company focuses on talent introduction and employee training, aiming to build a learning and innovative workforce to achieve strategic goals[31] Financial Performance and Dividends - Revenue for 2023 reached 752,399,484.08 yuan, a 5.06% increase compared to 2022[170] - Net profit attributable to shareholders decreased by 5.36% to 58,176,323.49 yuan in 2023[170] - Operating cash flow decreased by 27.99% to 113,311,098.88 yuan in 2023[170] - Basic earnings per share decreased by 5.71% to 0.33 yuan in 2023[170] - Total assets increased by 6.04% to 1,348,437,260.81 yuan at the end of 2023[170] - The company's profit distribution policy emphasizes cash dividends, with a minimum cash dividend ratio of 80% during the mature stage without major capital expenditures[34] - The company plans to distribute a cash dividend of 2.5 yuan per 10 shares, totaling 43.66 million yuan, and a capital reserve of 2.5 shares per 10 shares[39] - The company plans to distribute a cash dividend of 2.50 yuan per 10 shares (tax included) and issue a capital reserve of 2.5 shares per 10 shares, based on a total of 174,638,592 shares[172] Environmental Compliance and Sustainability - The company strictly complies with environmental protection laws and regulations, including the Environmental Protection Law, Air Pollution Prevention and Control Law, and Water Pollution Prevention and Control Law[68] - The company and its subsidiaries, Shuangfei Group and Shuangfei Chengkai, are listed as key pollutant discharge units by environmental protection authorities[69] - The company has obtained a fixed pollution source discharge registration receipt valid from July 1, 2020, to June 30, 2025[69] - Shuangfei Chengkai obtained a pollutant discharge permit from the Jinhua Ecological Environment Bureau, valid until January 3, 2029[69] - The company focuses on developing environmentally friendly new materials and products to meet market demands[66] - The company regularly pays environmental protection taxes and increases investment in environmental governance and protection[63] - The company's wastewater treatment facilities are operating normally, with chemical oxygen demand (COD) reaching 200mg/L and ammonia nitrogen reaching 25mg/L, meeting the "Integrated Wastewater Discharge Standard" (GB8978-1996) and "Industrial Enterprise Wastewater Nitrogen and Phosphorus Pollutant Indirect Discharge Limits" (DB33/887-2013) respectively[70][77] - The company's particulate matter emissions are 3.5mg/Nm³, lead emissions are 0.5mg/Nm³, and lead emissions are 0.45mg/N6t/a, all within the specified limits[70] - The company has not received any administrative penalties for environmental issues during the reporting period[71] - The company has implemented an environmental self-monitoring program, combining online and manual monitoring of pollution sources, with automatic monitoring facilities put into use by the end of September 2020[78] - No environmental pollution accidents or disputes occurred during the reporting period, and no penalties were imposed for violating environmental protection laws and regulations[79] - The company's wastewater discharge includes chemical oxygen demand (COD) and ammonia nitrogen, with maximum discharge concentrations of 45.7 mg/l COD and 0.084 mg/l ammonia nitrogen at the old plant, and 32 mg/l COD and 0.211 mg/l ammonia nitrogen at the new plant[83] - The total annual emissions of COD and ammonia nitrogen are 1.859 tons and 0.186 tons respectively, both within the permitted limits[83] Corporate Governance and Shareholder Rights - The company ensures equal treatment of all shareholders and provides online voting for shareholders to exercise their rights[65] - The company maintains a stable labor relationship through collective contracts and wage negotiation mechanisms with the labor union[66] - The company's cash dividend policy is clear, with a well-established decision-making process and mechanisms, and independent directors fulfilling their duties effectively[45] - The company's internal control evaluation report covers 100% of the total assets and 100% of the total operating income of the consolidated financial statements[54] - The company maintains effective financial reporting internal controls and has no significant defects in non-financial reporting internal controls[40] - The company has no significant related-party transactions during the reporting period[137] - The company's financial indicators are consistent with those disclosed in quarterly and semi-annual reports, with no significant differences[133] - The company has no non-operational fund occupation by controlling shareholders and other related parties during the reporting period[115] - The company did not undergo any bankruptcy restructuring during the reporting period[117] - The company did not have any entrusted management situations during the reporting period[121] - The company added a new subsidiary, Zhejiang Bole Hydraulic Technology Co., Ltd., to its consolidated scope during the reporting period[116] - The company did not face any delisting situations after the annual report disclosure[111] - The company did not have any significant litigation or arbitration matters during the reporting period[111] - The company did not receive any penalties or rectification requirements during the reporting period[111] - The company's controlling shareholders and related parties have made long-term commitments to avoid competitive business activities, which are currently being fulfilled normally[110] - The company's directors and key personnel have made long-term commitments to avoid competitive business activities, which are currently being fulfilled normally[110] - The company plans to reduce its shares through centralized bidding transactions, with the total number of shares reduced not exceeding 1% of the total shares within any continuous 90 natural days[122] - The company will strictly comply with laws and regulations, as well as the provisions of the company's articles of association, to implement profit distribution policies and maintain the stability and continuity of these policies[122] - The company and its controlled entities will avoid and reduce related-party transactions as much as possible, and ensure that any necessary related-party transactions are conducted at fair prices and in compliance with relevant laws and regulations[122] - The company's actual controllers and major shareholders have committed to stabilizing the company's stock price within three years after the IPO, and will take measures such as limiting their own compensation if necessary[122] - The company has made a commitment to strictly fulfill all public promises made during the IPO process, ensuring the integrity and reliability of its commitments[122] Market and Industry Trends - The company's products are increasingly accepted by foreign parts manufacturers, with export growth trends observed[135] - The company is in the general equipment manufacturing industry (C34) and benefits from national policies supporting the development of the bearing industry[138] - The company focuses on improving the precision, performance, lifespan, and reliability of sliding bearings, aligning with future industry trends[139] - The company's products are widely used in automotive manufacturing, engineering machinery, hydraulic equipment, and emerging industries such as marine, new energy, aerospace, and rail transportation[155] - The company's future development focuses on improving product technology, efficiency, reliability, and precision, with a trend towards specialization in the sliding bearing industry[191] Product Development and Applications - The company developed specialized self-lubricating products for various automotive applications, including tensioner bushings, shock absorber bushings, and transmission bushings[152] - The company's self-lubricating bearings and composite materials have significant competitive advantages in independent R&D, production management, and brand recognition[194] - The company's non-core production processes, such as electroplating and heat treatment, are outsourced[192] Government Subsidies and Recognition - The company received government subsidies of 8,538,662.70 yuan in 2023, compared to 5,477,135.64 yuan in 2022 and 7,096,775.00 yuan in 2021[186] - The company is a national high-tech enterprise, a national "Little Giant" specialized and sophisticated enterprise, and a national green factory, with strong R&D capabilities and intellectual property in the field of self-lubricating bearings[194] - The company has been recognized as a "Zhejiang Province Happy Community Leader Enterprise" by the Zhejiang Provincial Trade Union[100] Social Responsibility and Community Engagement - The company adheres to the "Innovation and Excellence, Harmonious Win-Win, Strengthening and Expanding, Benefiting the Local Community" philosophy, integrating social responsibility into its development strategy[86] - The company focuses on sustainable development and social responsibility, including charitable activities and supporting local education through scholarships[106] - The company emphasizes long-term partnerships with suppliers and clients, ensuring quality and stability in its supply chain[101] Shareholder Commitments and Lock-Up Periods - Zhou Yinchun and Gu Meijuan committed to not transferring or entrusting others to manage their directly or indirectly held shares of the company for 36 months after the company's stock listing[108] - Zhou Yinchun and Gu Meijuan agreed to limit the annual transfer of company shares to no more than 25% of their total holdings while serving as directors, supervisors, or senior managers[108] - If the company's stock price remains below the IPO price for 20 consecutive trading days within 6 months of listing, the lock-up period for Zhou Yinchun and Gu Meijuan's shares will be extended by 6 months to a total of 42 months[108] - Jiashan Shunfei Equity Investment Management Co., Ltd. and Jiashan Tengfei Equity Investment Management committed to not transferring or entrusting others to manage their pre-IPO shares for 36 months after the company's stock listing[108] - If the company's stock price remains below the IPO price for 20 consecutive trading days within 6 months of listing, the lock-up period for Jiashan Shunfei and Jiashan Tengfei's shares will be extended by 6 months[108] - The company's stock lock-up period for pre-IPO shares is extended by 6 months, making the total lock-up period 42 months from the listing date[94] Financial Reporting and Auditing - The company's financial report for 2023 was audited by Tianjian Certified Public Accountants (Special General Partnership)[195] - The company's annual report is disclosed on the websites of major securities newspapers and the website of the China Securities Regulatory Commission[181] - The company's internal audit services are provided by Tianjian Certified Public Accountants, with an annual fee of 754,700 RMB[99] Contact Information - The company's contact information includes the address: No. 18, Hongwei North Road, Ganyao Town, Jiashan County, Zhejiang Province, and the phone number: 0573-84518146[180]