jiangsu leili(SZ:300660)2024-04-22 10:51Financial Measurement and Reporting - The company adopts fair value for subsequent measurement of financial assets and liabilities, with gains or losses recognized in the current profit or loss unless part of a hedging relationship[1]. - Dividends received from equity investments measured at fair value are recognized in current profit or loss, while other gains or losses are included in other comprehensive income[2]. - Financial liabilities measured at fair value with changes recognized in profit or loss include trading financial liabilities and derivatives, with gains or losses recognized in current profit or loss[6]. - The company uses expected credit losses to measure impairment for financial assets measured at amortized cost and those measured at fair value with changes recognized in other comprehensive income[16]. - The company assesses credit risk for financial instruments at each reporting date to determine if there has been a significant increase in credit risk since initial recognition[19]. - Loss provisions for financial assets measured at amortized cost are recognized as a reduction in the carrying amount of the asset[20]. - The company employs valuation techniques to determine the fair value of financial assets and liabilities, using observable inputs where available[15]. - When transferring financial assets, the company recognizes the difference between the carrying amount and the consideration received in current profit or loss[14]. - The company measures financial liabilities at amortized cost using the effective interest method, with gains or losses recognized in profit or loss upon derecognition[9]. - The company classifies financial instruments into different groups based on shared risk characteristics for assessing expected credit losses[19]. Cash and Asset Management - The company reported a total cash balance of ¥14,975,093.00, which is currently frozen for forward foreign exchange and futures trading[26]. - Accounts receivable amounted to ¥78,683,584.29, which is pledged for the issuance of acceptance bills[26]. - The total restricted assets at the end of the reporting period reached ¥93,658,677.29[26]. - Cash and cash equivalents at year-end were ¥1,502,578,111.48, making up 26.10% of total assets, a decrease of 1.65% from the beginning of the year[44]. - Accounts receivable increased to ¥1,151,343,102.82, representing 20.00% of total assets, a slight increase of 0.06%[44]. - Inventory stood at ¥605,969,100.89, accounting for 10.53% of total assets, down by 0.49% from the previous year[44]. Investments and Acquisitions - The company completed significant equity investments, including a 59.09% stake in Jiangsu Shike for ¥91,189,100.00, focusing on electric motor components[27]. - Another notable investment was a 51.00% acquisition in Hefei Sailis for ¥20,400,000.00, specializing in machine tool components[27]. - The company established a new entity, Changzhou Liheng, with a 71.00% stake and an investment of ¥21,300,000.00, focusing on micro motors[30]. - A new venture, Changzhou Xinying, was set up with a 60.00% stake and an investment of ¥5,000,000.00, concentrating on automotive parts[30]. - The total amount of significant non-equity investments during the reporting period was not applicable[31]. - The company did not engage in any securities investments during the reporting period[31]. Research and Development - The total R&D investment accounted for 12.98% of operating revenue, with a significant increase in the number of R&D personnel, particularly those with bachelor's degrees, which rose by 24.68%[35]. - The company has completed the development of the second-generation high-speed mirror motor for laser radar, with small batch trials expected to be completed in Q1 2024[36]. - The company has successfully achieved mass production of the mirror motor for blind-spot laser radar, enhancing its product line in this sector[36]. - The company aims to achieve an annual output value of over 8 million from the high-efficiency automotive DC motor project, which is expected to meet customer demands while reducing structural space by 10%[33]. - The precision linear actuator and integrated device development is expected to further strengthen the company's leading position in the motor component market[33]. - Research and development investment focused on the development of a high-efficiency integrated stepper motor, which aims to reduce noise and improve product quality, with a target of achieving zero defects[79]. - The development of a smart drive motor for sports health is expected to reduce energy consumption by 25% compared to existing motors, enhancing market share in North America and opening up the domestic market for brushless motors[79]. Financial Performance - The net cash flow from operating activities increased by 72.91% year-on-year, primarily due to increased sales and improved management of receivables[39]. - The net cash flow from investment activities decreased by 23.30%, reflecting increased cash outflows for debt repayment[39]. - Investment income amounted to ¥2,802,940.84, contributing 0.66% to the total profit, primarily from forward foreign exchange settlements and equity transfers[40]. - The fair value changes resulted in a gain of ¥7,256,180.42, accounting for 1.71% of total profit, mainly from forward foreign exchange and financial products[40]. - Asset impairment losses totaled -¥41,274,936.94, representing -9.71% of total profit, primarily due to inventory write-downs and goodwill impairment[40]. - The company reported a credit impairment loss of -¥18,557,367.07, which is -4.37% of total profit, mainly from provisions for bad debts on various receivables[43]. - Other income, primarily from government subsidies, was ¥34,751,083.24, contributing 8.18% to total profit[43]. Risk Management and Governance - The company has not reported any significant changes in its foreign exchange hedging accounting policies, adhering strictly to relevant financial regulations[49]. - The company has implemented risk control measures for its foreign exchange and futures hedging activities to prevent financial losses[90]. - The company has established a clear management structure and responsibilities among its finance and audit departments to enhance risk response speed[90]. - The company has a strong focus on safety management, successfully preventing major safety incidents through enhanced training and supervision[184]. - The company has established a risk management process to identify and respond to potential uncertainties, ensuring effective decision-making[184]. - The company has implemented a structured guarantee management system to mitigate operational risks and ensure financial safety[190]. - The company has established a comprehensive internal control system to effectively prevent operational risks and ensure the achievement of internal control objectives[181]. Corporate Governance and Shareholder Relations - The company has reported a significant focus on enhancing corporate governance, aligning with regulatory requirements, and improving operational transparency[110]. - The company has engaged in various strategic discussions regarding future business expansion and potential mergers and acquisitions[102]. - The company has maintained a commitment to protecting the rights of shareholders and ensuring fair access to information through timely disclosures[110]. - The company has established a comprehensive performance evaluation and incentive mechanism for senior management, linking compensation directly to performance[112]. - The company has a clear asset ownership structure, with no guarantees provided for the debts of shareholders[116]. - The company has a complete and independent organizational structure, ensuring normal and orderly operations[116]. - The company has established a detailed information disclosure and investor management system to enhance transparency and accountability[193]. Employee Management and Development - The total number of employees at the end of the reporting period is 4,107, with 1,187 in the parent company and 2,920 in major subsidiaries[158]. - The company has a total of 2,577 production staff, 583 technical staff, and 123 sales staff among its employees[161]. - The company has established a multi-level compensation and benefits system to attract and retain key talent, including basic salary, performance bonuses, and stock incentives[162]. - The company has implemented a comprehensive training management system to enhance employee skills and core competitiveness[165]. - The company emphasizes employee training and has implemented a digital human resource management system to enhance management efficiency[184]. Future Outlook and Strategic Goals - The company aims for a sales target of 3.5 billion yuan in 2024, representing a year-on-year growth of 13.75%[97]. - The company plans to invest over 58 million yuan in automation for smart manufacturing in 2024[97]. - The company is focusing on developing new products in the home appliance market, including refrigerators, washing machines, and air conditioners[97]. - The company is expanding into the new energy sector, particularly in components for electric vehicles and energy storage motors[97]. - The company plans to enhance its medical device product line, aiming for rapid growth in the medical field[97]. - The company is pursuing an internationalization strategy, with plans to establish a second production base in Mexico[97]. - The company has set performance guidance for the next fiscal year, aiming for a revenue growth of approximately 10%[127].