XUSHENG(SH:603305)2024-04-25 11:21Financial Performance - The company achieved operating revenue of ¥4,833,865,278.87, an increase of 8.54% compared to the same period last year[8]. - Operating profit was ¥819,425,274.70, reflecting a growth of 4.47% year-on-year[8]. - Net profit reached ¥711,607,623.17, marking a 1.63% increase from the previous year[8]. - The total remuneration for all directors, supervisors, and senior management during the reporting period amounted to 6.9786 million yuan[42]. - The company reported a significant decrease in trading financial assets, down 100% to 0 due to the sale of cash management products[74]. - Accounts receivable financing increased by 2,132.14% to 49,092,470.12, primarily due to an increase in bank acceptance bills[74]. - Other current assets rose by 91.87% to 69,770,164.82, mainly from increased prepayments and VAT credits[74]. - Fixed assets increased by 36.70% to 3,995,987,804.33, attributed to the transfer of factory buildings and equipment to fixed assets[74]. - Intangible assets grew by 31.77% to 599,557,973.19, primarily due to the acquisition of land use rights[74]. - The company experienced a 90.78% increase in taxes payable, reaching 50,571,141.28, due to higher corporate income tax and property tax[74]. - Deferred income increased by 100.79% to 218,349,140.45, mainly from government subsidies[74]. - Short-term borrowings decreased by 59.43% to 434,523,384.05, primarily due to a reduction in bill financing[74]. - The company reported a 116.54% increase in other non-current assets to 270,155,765.36, mainly from increased prepayments for equipment[74]. - The total cost for aluminum parts was 2,102,509,851.37, accounting for 57.44% of total costs, a decrease of 2.83% compared to the previous year[1]. - The manufacturing expenses for aluminum parts increased by 26.06% to 1,164,541,884.40, representing 31.81% of total costs[1]. - The total sales revenue from the top five customers was 2,718,260,999.18, which constitutes 56.23% of the annual sales total[86]. - The company reported a significant increase in labor costs for aluminum parts, rising by 34.76% to 393,565,321.61, which is 10.75% of total costs[1]. - The total sales from automotive products were 1,887,224,097.24, representing 57.18% of total costs, with a decrease of 6.64% compared to the previous year[1]. - Research and development expenses increased by 11.88% to 193,632,046.31 compared to the previous year[89]. - The total cost for industrial products decreased by 11.88% to 57,938,823.09, with direct materials accounting for 64.49% of that total[1]. - The company experienced a 40.82% increase in costs for mold products, totaling 92,313,811.04, with direct materials making up 66.92%[1]. - The total procurement amount from the top five suppliers was 123,579.45, accounting for 50.08% of the annual procurement total[88]. Governance and Management - The company updated 19 internal management systems, including the Articles of Association and the Independent Director Work System, to enhance governance compliance[32]. - The company has no significant changes in the competitive landscape or insider information management issues that affect operations[34]. - The company’s independent directors and supervisors have extensive experience in education, law, and finance, contributing to effective governance[39]. - The company’s financial officer, Lu Jianbo, has been appointed as an independent director at Hangzhou Yongyao Technology Co., Ltd. starting December 2023[42]. - The company’s independent directors have held their positions since 2018, 2021, and 2023, ensuring continuity in governance[41]. - The company’s management remuneration is determined based on performance evaluation standards and industry benchmarks[42]. - The company has implemented a specialized meeting system for independent directors to discuss remuneration matters[42]. - The company’s governance structure has been strengthened to ensure compliance with regulatory updates and improve operational efficiency[32]. - The company has a well-structured internal control system that meets regulatory requirements and effectively safeguards shareholder interests[133]. - The company has no significant internal control deficiencies reported during the reporting period[134]. - The company has maintained effective governance mechanisms and internal controls in response to regulatory requirements and changes in the operating environment[155]. Research and Development - The total R&D investment amounted to 193,632,046.31 CNY, representing 4.01% of the operating revenue[68]. - The company has 690 R&D personnel, accounting for 15.00% of the total workforce[69]. - The company’s R&D expenses for the reporting period amounted to approximately ¥193.63 million[161]. Environmental Responsibility - The company is committed to environmental responsibility, meeting all relevant discharge standards for wastewater and emissions[142]. - The company has made significant investments in environmental protection, totaling approximately ¥11.51 million during the reporting period[178]. - The company adheres to environmental protection laws and regulations, ensuring stable compliance with emissions standards for waste gas and wastewater[189]. - The company has established industrial solid waste storage warehouses that meet regulatory requirements, ensuring proper classification and storage[186]. - The company has implemented emergency response plans for environmental incidents at its facilities, which have been filed with the local ecological environment bureau[187]. - The company has selected low-noise, low-vibration environmentally friendly equipment to reduce noise pollution[182]. - The company conducts regular monitoring of wastewater, waste gas, and noise levels through qualified third-party monitoring agencies[189]. - The company has committed to green and low-carbon production practices as part of its ecological protection responsibilities[190]. - The company has implemented measures to enhance ventilation and reduce emissions from machining odors and other waste gases[186]. - The company has ensured that all construction projects comply with environmental impact assessment requirements and national emission standards[187]. Strategic Initiatives - The company has established a global customer resource system, focusing on North America, Asia, and Europe, with notable clients including Rivian, Lucid, and Volkswagen[6]. - The company has a strong focus on the new energy vehicle sector, having formed stable partnerships with two major global players in 2023[4]. - The company is committed to digital and intelligent transformation, implementing a "5+1" digital strategy to enhance core competitiveness[22]. - The company plans to optimize talent selection and training mechanisms to support long-term high-quality development[23]. - The company has adopted a "sales-driven production" model, producing customized products based on client specifications[3]. - The company has invested in high-end equipment and established an automation talent team to ensure efficient production[7]. - The company aims to become a leader in the global new energy lightweight sector, focusing on technology innovation and cost control[19]. - The company plans to explore business opportunities in the energy storage sector and related fields to expand its downstream applications of lightweight aluminum alloy precision components[51]. - The company has established a shareholder dividend return plan for 2023-2025, emphasizing cash dividends and sustainable development[105]. - The company plans to distribute at least 10% of the annual distributable profits as cash dividends, with a minimum of 20% during significant capital expenditure phases[108][109]. - The strategic committee convened 2 meetings to discuss the issuance of convertible bonds and related proposals[118]. - The company approved the establishment of subsidiaries in Hong Kong, the United States, and Mexico during board meetings[119]. - The company has a plan for external investments or acquisitions that may exceed 10% of its latest audited net assets and exceed ¥50 million within the next 12 months[149]. Employee and Compensation - The total number of employees in the parent company is 4,552, with a combined total of 4,601 including major subsidiaries[120]. - The company has a total of 1,402,920.50 hours of outsourced labor, with total payments amounting to approximately 37.72 million RMB[122]. - The company has established a comprehensive salary and performance evaluation system to ensure that compensation aligns with individual performance and company profitability[121]. - The company aims to maintain a minimum cash dividend ratio of 40% during profit distributions when in a mature development stage with significant capital expenditures[127]. - The company plans to distribute a cash dividend of 2.30 RMB per 10 shares, totaling approximately 214.64 million RMB, which represents 30.06% of the net profit attributable to ordinary shareholders[128].