DAYE(SZ:300879)2024-04-22 12:34Financial Performance - The company's operating revenue and net profit both declined during the reporting period, primarily due to major clients in Europe and the US being in a high inventory phase, leading to reduced customer demand and increased sales deductions[6]. - The decrease in foreign exchange gains and increased financial expenses from newly issued convertible bonds contributed to the overall financial performance decline[6]. - The company's operating revenue for 2023 was ¥928,459,027.45, a decrease of 36.91% compared to ¥1,471,575,032.77 in 2022[28]. - The net profit attributable to shareholders for 2023 was -¥174,870,110.96, representing a decline of 1,654.26% from a profit of ¥11,251,051.29 in 2022[28]. - The net cash flow from operating activities increased significantly to ¥204,549,639.71, up 763.70% from ¥23,683,019.12 in 2022[28]. - The total assets at the end of 2023 reached ¥3,096,302,961.95, an increase of 18.21% from ¥2,619,347,068.48 at the end of 2022[28]. - The company's basic earnings per share for 2023 was -¥1.09, a decrease of 1,657.14% compared to ¥0.07 in 2022[28]. - The weighted average return on net assets was -19.78% in 2023, down 20.96% from 1.18% in 2022[28]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥163,702,674.03, a decline of 697.10% from ¥27,416,492.55 in 2022[28]. - The net assets attributable to shareholders decreased by 14.20% to ¥818,377,211.04 at the end of 2023 from ¥953,843,491.28 at the end of 2022[28]. - The company reported a significant uncertainty regarding its ability to continue as a going concern, as indicated by the negative net profits over the last three accounting years[28]. - The company has not made any adjustments or restatements to previous years' accounting data[28]. Future Outlook and Risks - Detailed reasons for the performance decline and corresponding countermeasures are described in the "Management Discussion and Analysis" section of the report[6]. - Future plans and performance forecasts mentioned in the report do not constitute commitments to investors, highlighting the need for risk awareness[6]. - The company has outlined major risks it will face in the future along with its response strategies in the "Future Development Outlook" section[6]. Research and Development - The company has increased investment in new product research and development to meet downstream customer needs[49]. - The company’s R&D investment reached 67.87 million yuan in 2022, an increase of 7.27% compared to 2021, reflecting a continuous upward trend in R&D spending[71]. - The company holds a total of 219 patents, including 72 invention patents, showcasing its strong innovation capabilities in the garden machinery sector[68]. - The company has implemented a multi-department collaborative R&D system to ensure effective communication and feedback integration from clients[63]. - The company is developing several new products, including a smart boundary-free lawn mower and a lightweight blower, aimed at enhancing user experience and market competitiveness[97]. - The company is focusing on expanding its market presence with new product innovations and improved user experiences[99]. - The company's R&D investment in 2023 amounted to ¥67,871,660.42, representing 7.31% of total revenue, an increase from 4.30% in 2022[100]. Market and Sales - During the reporting period, external sales revenue accounted for 95.46% of total operating income, primarily targeting markets in the US, Germany, France, and other countries[61]. - The company’s lawn mower product line includes innovations such as a folding handle system that reduces storage space by 70%[74]. - The company’s overseas revenue accounted for 95.46% of total revenue, amounting to CNY 886.29 million, a decrease of 37.25% from the previous year[87]. - Revenue from the lawn machinery sector was CNY 924.58 million, accounting for 99.58% of total revenue, down 37.07% from CNY 1,469.21 million in 2022[87]. - The gross profit margin for the garden machinery sector was 11.24%, down 4.79% year-on-year[89]. - Sales volume in the garden machinery sector decreased by 48.64% to 56.89 thousand units, while production volume fell by 59.53% to 46.71 thousand units[90]. Governance and Management - The company has established a robust governance structure, ensuring compliance with relevant laws and regulations, and maintaining transparency in its operations[149]. - The board of directors consists of 7 members, including 3 independent directors, ensuring compliance with legal and regulatory requirements[152]. - The company has established a performance evaluation system for senior management, linking annual performance assessments to operational goals[154]. - The company maintains strict information disclosure practices, ensuring timely and accurate communication with investors[155]. - The company has a complete independent business system, with no reliance on controlling shareholders for production and operations[160]. - The company has established an independent financial accounting system, ensuring no shared bank accounts with controlling shareholders[163]. Employee and Talent Management - The total number of employees at the end of the reporting period is 1,102, with 784 in the parent company and 318 in major subsidiaries[199]. - The professional composition includes 694 production personnel, 67 sales personnel, 252 technical personnel, 19 financial personnel, and 70 administrative personnel[199]. - The educational background of employees shows 1 with a doctorate, 19 with a master's degree, 247 with a bachelor's degree, 335 with a college diploma, and 500 with high school or below[199]. - The company has established a standardized compensation system to attract, retain, and motivate talent, aligning performance with incentives[200]. - The company is actively expanding its talent pool through global recruitment and internal training to enhance its technical and management capabilities[138]. Strategic Initiatives - The company is focusing on developing a full range of riding lawnmowers and expanding lithium battery product lines, including high-capacity and low-voltage platforms[134]. - The company is enhancing its global marketing network and deepening cooperation with major brand clients, particularly in the North American market[136]. - The company plans to increase brand awareness through participation in industry exhibitions and targeted media promotions[137]. - The company is committed to transitioning its business model from "product manufacturing" to "service manufacturing" to enhance profitability[136]. - The company is investing in advanced production equipment and digital factories to improve production processes and reduce labor costs[132]. Financial Management - The company reported a significant increase in cash reserves, which rose to ¥719,267,873.45, accounting for 23.23% of total assets[105]. - The company's short-term borrowings decreased by 19.76% to ¥384,680,366.63, reflecting an optimization of the bank loan structure[105]. - Long-term borrowings increased by 25.15% to ¥955,726,805.54, indicating a strategic shift in financing[105]. - The company reported a net increase in cash and cash equivalents of ¥630,317,452.38, a substantial increase compared to a decrease of ¥5,422,291.73 in 2022[101]. - The total investment amount for the reporting period was ¥338,173,415.82, representing a 143.34% increase compared to the previous year's investment of ¥138,969,643.94[112].