Jinling Sports(SZ:300651)2024-04-19 12:14Financial Performance - The company's operating revenue for 2023 was CNY 513,879,511.26, an increase of 8.31% compared to CNY 474,438,281.16 in 2022[23]. - Net profit attributable to shareholders for 2023 reached CNY 67,619,162.57, representing a significant increase of 75.76% from CNY 38,473,019.98 in 2022[23]. - The net profit after deducting non-recurring gains and losses was CNY 44,534,289.38, up 31.56% from CNY 33,851,844.38 in the previous year[23]. - The net cash flow from operating activities for 2023 was CNY 161,498,442.13, a 60.02% increase from CNY 100,925,103.60 in 2022[23]. - Basic earnings per share for 2023 were CNY 0.53, a 76.67% increase compared to CNY 0.30 in 2022[23]. - Total assets at the end of 2023 amounted to CNY 1,311,879,127.31, reflecting a 2.64% increase from CNY 1,278,104,579.93 at the end of 2022[23]. - The company's net assets attributable to shareholders increased by 6.47% to CNY 815,054,722.17 at the end of 2023 from CNY 765,537,528.50 at the end of 2022[23]. - The total operating revenue for 2023 reached ¥513,879,511.26, representing an increase of 8.31% compared to ¥474,438,281.16 in 2022[67]. - Revenue from ball equipment decreased by 5.60% to ¥225,176,132.96, down from ¥238,538,764.38 in the previous year[67]. - Venue facilities revenue surged by 44.05% to ¥72,738,956.95, compared to ¥50,495,453.33 in 2022[67]. - The company achieved a remarkable 2,873.22% increase in event services revenue, totaling ¥62,789,647.22, up from ¥2,111,841.76[67]. - Domestic sales accounted for 97.03% of total revenue at ¥498,594,722.46, while international sales dropped by 37.01% to ¥15,284,788.80[67]. - The company's total revenue for the industrial sector reached ¥513,879,511, with a gross margin of 30.02%, reflecting a year-on-year decrease of 4.71%[69]. - The company's total revenue reported for the year 2023 is not explicitly stated in the provided documents, but the performance metrics indicate a focus on profitability and growth strategies[152]. Dividend Distribution - The company plans to distribute a cash dividend of 1.5 RMB per 10 shares to all shareholders, based on a total of 128,748,930 shares[4]. - The cash dividend amount is fully compliant with the company's articles of association and dividend management policies[169]. - The total number of shares for the cash dividend distribution is based on 128,748,930 shares[169]. - The company's distributable profit for the year is RMB 399,723,301.59[169]. - The company has not proposed any stock bonus or capital reserve transfer during the reporting period[169]. Risks and Challenges - The report highlights potential risks including profit decline risk, new product and capacity risks, and market risks, which investors should be aware of[3]. - The report includes a detailed discussion of the company's operational risks and corresponding mitigation strategies[3]. - The company faces risks from a potential significant decrease in the number of sports events held domestically, which could adversely affect its business operations[44]. - The company anticipates potential fluctuations in market demand for sports equipment due to economic downturns and reduced consumer demand[95]. - The fluctuation of raw material prices, such as steel and plastic, significantly impacts the production costs of sports equipment[39]. - The company has seen a decrease in accounts receivable, but remains cautious of potential risks from macroeconomic fluctuations affecting client payment capabilities[112]. Research and Development - The company plans to enhance its technology research and development and expand its market channels to improve brand influence and market share[35]. - The company is committed to continuous R&D investment, focusing on new materials, technologies, applications, and products to maintain industry leadership[56]. - Research and development expenses rose by 23.57% to CNY 23,498,704.03 in 2023, up from CNY 19,016,338.96 in 2022, representing 4.57% of total revenue[78][80]. - The company holds a total of 127 patents, including 29 invention patents and 17 software copyrights, as of the end of 2023[61]. - The company has participated in drafting 30 national standards, with 25 being national standards and 5 industry standards[61]. - The company has implemented a systematic talent introduction, training, retention, and incentive system to address potential talent shortages[120]. - The company emphasizes strengthening its technical research and marketing teams as part of its talent development strategy[120]. Market Trends and Strategy - The sports equipment manufacturing industry is experiencing rapid growth, with increasing domestic market size and improved technological capabilities among leading companies like Jinling Sports[35]. - The demand for sports equipment is expected to continue growing due to rising household income, government support for the sports industry, and increased public spending on sports[39]. - The company plans to launch new products, including a modular throwing cage and an intelligent hanging basketball hoop, to meet growing market demands[79]. - The company aims to enhance its competitive advantage through collaborative synergies among its subsidiaries and investments[56]. - The company is considering mergers and acquisitions to expand production capacity and diversify its product offerings in the sports equipment market[108]. - The company plans to expand its market presence both domestically and internationally, with an emphasis on brand promotion and increasing market share[104]. - The company is focusing on expanding its market presence and enhancing its product offerings through ongoing research and development initiatives[143]. Corporate Governance - The financial report is confirmed to be true, accurate, and complete by the company's management, including the legal representative and accounting heads[3]. - The company has established a complete governance structure, including a shareholders' meeting, board of directors, and board of supervisors, ensuring independent operation[132]. - The company has independent business qualifications and does not rely on shareholders or related parties for its operations, ensuring no competition or unfair transactions with the controlling shareholder[133]. - The company has a performance evaluation and incentive mechanism in place for its directors and senior management, ensuring transparency and compliance with legal regulations[136]. - The company has maintained effective internal controls in all significant aspects according to relevant regulations[178]. - The company has established a risk control management system involving the board's audit committee and internal audit department[177]. Environmental and Social Responsibility - The company has been recognized as a green factory and included in the national list of green manufacturing since September 2019[186]. - The company actively protects employee rights and provides comprehensive benefits, including health checks and festive bonuses[192]. - The company has established a solar power station with a capacity of 2.448MW, generating 242.87 million kWh annually, reducing standard coal consumption by 945 tons and CO2 emissions by 2362.4 tons[195]. - The company has also built a solar power station of 1.89MW, producing 187.5 million kWh per year, leading to a reduction of 729.8 tons in standard coal consumption and 1823.7 tons in CO2 emissions[196]. - The company is committed to using new electric forklifts and logistics vehicles to enhance its green initiatives[197][198]. - The company has implemented measures to enhance workplace safety and employee welfare[191]. - The company emphasizes sustainable development and integrates social responsibility into its business strategy[187]. Employee and Management - The total number of employees at the end of the reporting period is 718, including 563 from the parent company and 155 from major subsidiaries[165]. - The professional composition includes 531 production personnel, 58 sales personnel, 77 technical personnel, 12 financial personnel, and 40 administrative personnel[165]. - The company has established a multi-tiered training mechanism focusing on R&D capabilities, management models, professional skills, marketing, and production skills[168]. - The company has implemented a salary policy that emphasizes efficiency, fairness, and legality, with adjustments based on market conditions and employee capabilities[167]. - The company experienced a management change with the resignation of Vice Chairman Li Jianfeng on August 29, 2023, and Vice General Manager Shi Xingping reaching retirement age on December 29, 2023[139]. - The company plans to appoint Wu Dongguo as a new Vice General Manager starting January 9, 2024, to strengthen the management team[139]. Audit and Compliance - The audit committee held 4 meetings and agreed on the annual audit institution's reappointment for 2023[162]. - The company has disclosed all public information in a timely and accurate manner, ensuring equal access for all shareholders and investors[128]. - The company has not faced any administrative penalties related to environmental issues during the reporting period[185]. - The company has not reported any issues or problems regarding the use of raised funds[96].