DAOMING(SZ:002632)2024-04-29 11:41Financial Performance - The company's operating revenue for 2023 was ¥1,322,706,698.18, representing a 2.81% increase compared to ¥1,286,598,931.69 in 2022[20]. - The net profit attributable to shareholders for 2023 was ¥156,709,843.38, a decrease of 50.08% from ¥313,937,577.03 in 2022[20]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥133,829,731.78, which is a 14.99% increase from ¥116,381,053.65 in 2022[20]. - The basic earnings per share for 2023 was ¥0.25, down 50.00% from ¥0.50 in 2022[21]. - The total assets at the end of 2023 were ¥2,614,666,609.86, a decrease of 6.66% from ¥2,801,194,025.51 at the end of 2022[21]. - The net assets attributable to shareholders at the end of 2023 were ¥2,222,070,005.70, down 5.13% from ¥2,342,162,265.90 at the end of 2022[21]. - The net profit attributable to shareholders decreased by 50.08% to ¥156,709,843.38, primarily due to a non-recurring gain from the sale of a subsidiary in the previous year amounting to approximately ¥189 million[55]. - The net profit excluding non-recurring items increased by 14.99% to ¥133,829,731.78[55]. - Revenue from reflective materials decreased by 2.44% to ¥941,700,308.74, accounting for 71.19% of total revenue[62]. - Revenue from optical display materials increased by 36.92% to ¥244,294,559.80, representing 18.47% of total revenue[62]. - Revenue from new materials declined by 6.16% to ¥129,182,662.16, making up 9.77% of total revenue[62]. - Domestic sales accounted for 74.77% of total revenue, while international sales increased by 5.37% to ¥333,670,471.89, representing 25.23% of total revenue[62]. Cash Flow and Dividends - The company reported a profit distribution plan based on a total of 624,599,090 shares, proposing a cash dividend of 3 RMB per 10 shares (including tax) for all shareholders[4]. - The net cash flow from operating activities increased by 75.17% to ¥238,892,567.00 in 2023 from ¥136,374,256.81 in 2022[20]. - The total distributable profit for the reporting period is 236,585,087.89 RMB, with the cash dividend representing 100% of the profit distribution[155]. - The company has a clear cash dividend policy and decision-making mechanism, approved by the board and shareholders[152]. - The company plans to distribute a cash dividend of 4.5 RMB per 10 shares, totaling 281,069,590.50 RMB, based on a total share capital of 624,599,090 shares as of the end of 2022[153]. - For the fiscal year 2023, the company intends to distribute a cash dividend of 3 RMB per 10 shares, amounting to 187,379,727.00 RMB, pending approval at the annual shareholders' meeting[157]. Operational Risks and Management - The management highlighted risks including operational management, raw material price fluctuations, accounts receivable, exchange rate fluctuations, and market competition in their future outlook[4]. - The company faces operational management risks due to rapid business expansion and increased complexity, necessitating improvements in management systems and talent acquisition[99]. - The company is actively monitoring raw material price fluctuations and is implementing strategies to stabilize procurement costs and adjust product pricing accordingly[101]. - The company is addressing accounts receivable risks, particularly from overseas clients, by enhancing monitoring and encouraging cash-on-delivery sales[102]. - The company is exposed to foreign exchange risks due to its overseas operations and plans to engage in forward foreign exchange transactions to mitigate these risks[103]. Research and Development - The company has launched a new research institute in Hangzhou, focusing on optical design and ultra-precision processing for developing optical components and new display materials[43]. - The company is committed to increasing R&D investment in graphene film technology, focusing on high thermal conductivity and ultra-flexibility to meet the demands of mobile electronic products[98]. - The company has successfully developed and mass-produced micro-prism reflective films, becoming the first domestic manufacturer to achieve this, enhancing the efficiency and light angle of reflection compared to the first-generation micro-prism products[33]. - The company has developed a sales strategy that combines self-owned channels with core distributors to effectively meet customer needs across the domestic market[45]. - The company’s R&D expenses rose by 7.70% to ¥68,248,921.33, attributed to new research projects[71]. - The company has completed the development of a new high-performance pressure-sensitive adhesive black film for automotive B pillars, which enhances color selection and reduces costs[72]. - The company has achieved a breakthrough in the production of high-thickness graphene films, enhancing thermal performance and market competitiveness[72]. Market Trends and Product Development - The company has transitioned its business model to include functional film products in consumer electronics and new energy sectors, leveraging its film technology platform[19]. - The reflective materials industry is experiencing a trend of accelerated domestic substitution due to the comprehensive localization of raw materials and technological innovation[36]. - The company has expanded its product offerings to include aluminum-plastic films, optical display films, PMMA composite films, and graphene films, targeting the new energy vehicle and consumer electronics industries[40]. - The company is actively developing new products, including a graphene heat dissipation film used in foldable smartphones and optical films for automotive displays[58][59]. - The company aims to expand its applications in automotive smart cockpits, intelligent driving, consumer electronics, and precision medical fields through its research institute's capabilities[43]. Governance and Compliance - The company held 3 shareholder meetings during the reporting period, ensuring compliance with legal requirements and enhancing participation from minority shareholders[109]. - The board of directors convened 5 times, consisting of 9 members, including 3 independent directors, maintaining compliance with regulations[109]. - The supervisory board met 5 times, with 3 supervisors, including 1 employee supervisor, adhering to legal and regulatory requirements[110]. - The company has established a performance evaluation and incentive mechanism linking employee income to work performance, enhancing motivation[111]. - The company maintains independence from its controlling shareholders in assets, personnel, finance, institutions, and business operations[115]. - The company has a fully independent financial department with no shared accounts with controlling shareholders, ensuring financial autonomy[115]. - The company is committed to maintaining strong governance with the election of new independent directors and supervisors[128][129]. Environmental Responsibility - The company complies with multiple environmental protection laws, including the Environmental Protection Law and the Air Pollution Prevention Law[167]. - The company has obtained pollution discharge permits for its facilities, with the latest permit issued on August 29, 2023, valid until August 29, 2028[167]. - The company has implemented a secondary gas collection system for organic waste gas, ensuring effective treatment before emission[170]. - The company has achieved an organic waste removal rate of over 98% and a heat recovery efficiency of 95%, saving 7,285 tons of standard coal annually through its RTO system[171]. - The company has invested significantly in green environmental projects, including advanced RTO systems and distributed solar photovoltaic systems, to promote sustainable development[178]. Social Responsibility - The company emphasizes its commitment to social responsibility, including tax compliance and support for vulnerable groups[179]. - The company established the "Daoming Optics" scholarship at the Ningbo Institute of Materials Technology and Engineering, providing rewards to eligible students[179]. - The company is focused on maintaining social value while developing its business[179]. Legal and Regulatory Matters - The company is involved in ongoing litigation with a claim amounting to 63.48 million RMB, with a court ruling requiring the defendants to redeem shares held by the company[195]. - The company has received execution payments totaling 62.832 million RMB related to the aforementioned litigation[195]. - There were no penalties or rectification measures during the reporting period[197]. - The company did not engage in any related party transactions during the reporting period[198].