Financial Performance - In 2023, the company's operating revenue was CNY 295,894,431.68, a decrease of 0.55% compared to CNY 297,539,353.02 in 2022[26]. - The gross profit margin for 2023 was 18.45%, down from 20.16% in 2022[26]. - The net profit attributable to shareholders was CNY 19,258,519.55, representing a decline of 36.28% from CNY 30,222,354.54 in the previous year[26]. - The basic earnings per share decreased to CNY 0.40, down 36.28% from CNY 0.62 in 2022[26]. - The weighted average return on net assets based on net profit attributable to shareholders was 6.07%, down from 10.33% in 2022[26]. - The net profit after deducting non-recurring gains and losses was CNY 16,557,393.51, a decrease of 32.90% from CNY 24,675,659.95 in 2022[26]. - Revenue growth rate declined by 0.55% compared to a decrease of 6.06% in 2022[30]. - Net profit growth rate fell by 36.28% compared to a decline of 28.36% in 2022[30]. - Operating cash flow decreased significantly by 89.43% to 5,387,696.33 from 50,956,400.58 in 2022[29]. - Operating profit for the current period is 19,258,519.55 CNY, a decrease of 36.28% compared to the previous year, primarily due to intense market competition and increased sales expenses[53]. Assets and Liabilities - Total assets increased by 9.83% to 500,170,681.69 compared to 454,260,156.85 at the end of 2022[29]. - Total liabilities rose by 19.41% to 175,001,611.62 from 145,412,942.42 at the end of 2022[29]. - Current assets totaled ¥183,501,659.10 as of December 31, 2023, a decrease from ¥187,398,611.49 in 2022, reflecting a decline of approximately 1.5%[193]. - Cash and cash equivalents decreased to ¥33,087,732.31 from ¥39,324,967.74, representing a decline of about 15.5% year-over-year[193]. - Accounts receivable increased to ¥63,174,694.64 from ¥55,093,409.87, marking an increase of approximately 14.5%[193]. - Inventory decreased to ¥60,401,379.43 from ¥68,360,676.39, indicating a reduction of about 11.5%[193]. - Total liabilities increased to ¥113,978,965.20 from ¥89,076,772.86, reflecting an increase of approximately 28%[194]. - Short-term borrowings rose significantly to ¥30,964,541.67 from ¥17,006,380.55, an increase of about 82.5%[194]. - Non-current assets totaled ¥316,669,022.59, up from ¥266,861,545.36, representing an increase of approximately 18.6%[194]. - The total assets reached ¥500,170,681.69, compared to ¥454,260,156.85 in the previous year, reflecting an increase of about 10.1%[194]. Research and Development - The company holds 5 invention patents and 24 utility model patents as of December 31, 2023[39]. - R&D expenditure for the current period amounted to ¥12,380,827.54, representing 4.18% of operating revenue, a slight decrease from 4.33% in the previous period[79]. - The total number of R&D personnel increased from 52 to 55, with the proportion of R&D staff to total employees rising from 11.23% to 11.88%[80]. - The company has several ongoing R&D projects aimed at product upgrades, including a new high-pressure gear pump expected to reduce noise levels by 5-10 dB[82]. - The company is collaborating with Beijing University of Aeronautics and Astronautics to develop a high-end servo power system, aiming to reduce noise levels to between 60db-85db and improve hydraulic efficiency by over 50%[85]. - The company is focusing on integrated motor pump intelligent control technology, which will enhance system efficiency by approximately 4.6%, reaching an overall efficiency of 73.6%[85]. Corporate Governance - The company has established governance structures to mitigate risks associated with the control of major shareholders and ensure decision-making transparency[101]. - The company has a long-term partnership with Rongcheng Accounting Firm, which has provided independent audit opinions reflecting the company's financial status accurately[88]. - The board of directors consists of 7 members, while the supervisory board has 3 members, and there are 3 senior management personnel[137]. - The independent board members attended all meetings and actively participated in decision-making, ensuring compliance with legal and regulatory requirements[166]. - The company has established a robust investor relations management system to enhance communication with investors and protect their rights[178]. - The company’s governance structure complies with the Company Law and relevant regulations, ensuring effective oversight and decision-making[160]. Market and Product Development - The company is expanding its product range with new hydraulic power units and medical equipment, enhancing its market presence[83]. - The company is in the small batch production phase for several new products, including a new integrated hydraulic power unit for agricultural machinery[84]. - The company aims to improve the performance of its hydraulic units for construction machinery through innovative designs and integrated solutions[84]. - The company is positioned as a leading provider of hydraulic power units in the domestic warehousing logistics sector, with a growing competitive edge in its main products[94]. - The company anticipates steady growth in infrastructure and manufacturing investments in 2024, despite ongoing economic challenges[94]. Social Responsibility and Compliance - The company is committed to environmental protection, ensuring that all production processes comply with local environmental standards and achieving "zero emissions" for solid waste[91][92]. - The company is actively engaged in social responsibility initiatives, including timely tax payments and contributions to local charities[90]. - The company has established various internal management systems to ensure compliance with laws and regulations, protecting shareholder rights[154]. Shareholder Information - The company has a total share capital of 48,750,000 shares, with 3,629 shareholders[116]. - The largest shareholder, 淮安豪信液压有限公司, holds 14,000,000 shares, representing 28.72% of the total shares[117]. - The total shares held by the top ten shareholders account for 78.79% of the total shares[120]. - The company confirmed that the cash dividend policy complies with the company's articles of association and shareholder resolutions, ensuring transparency and protection of minority shareholders' rights[134]. - The annual profit distribution plan was approved, with a cash distribution of 1.00 yuan per 10 shares, aligning with legal regulations[136].
威博液压(871245) - 2023 Q4 - 年度财报