Genew(SH:688418)2024-04-29 12:26Financial Performance - The company has not achieved profitability since its listing[4]. - The company reported a significant increase in revenue for the fiscal year 2023, with total revenue reaching RMB 1.5 billion, representing a year-over-year growth of 25%[14]. - The company's operating revenue for 2023 was CNY 884,409,631.39, representing a 66.10% increase compared to CNY 532,469,377.49 in 2022[31]. - The net profit attributable to shareholders for 2023 was -CNY 86,558,781.99, an improvement from -CNY 214,876,103.94 in the previous year[31]. - The basic earnings per share for 2023 was -CNY 0.4495, an improvement from -CNY 1.1129 in 2022[30]. - The net profit attributable to the parent company was -86.56 million yuan, a reduction in loss of 128.32 million yuan compared to the previous year[44]. - The net profit attributable to the parent company after deducting non-recurring gains and losses was -92.77 million yuan, a reduction in loss of 134.40 million yuan compared to the previous year[44]. - The net cash flow from operating activities improved to -CNY 9,870,947.82 in 2023, compared to -CNY 65,040,958.95 in 2022[32]. - The weighted average return on equity improved to -9.91% in 2023 from -20.82% in 2022, reflecting better financial performance[30]. Research and Development - Research and development expenditures increased by 40% to RMB 200 million, emphasizing the commitment to innovation[14]. - R&D investment amounted to 201.19 million yuan, a year-on-year increase of 5.92%[46]. - The company added 116 authorized invention patents and 49 software copyrights in 2023[46]. - The company’s R&D expenses amounted to 176.15 million yuan, up 9.19% from the previous year[135]. - R&D investment has consistently exceeded 10% of annual revenue, indicating a strong commitment to innovation[118]. - The company holds a total of 383 patents, including 310 invention patents, and 443 software copyrights, showcasing its strong intellectual property portfolio[107]. Market Expansion and Strategy - The company has subsidiaries in multiple countries, including Japan, the Philippines, and India, indicating a broad international presence[13]. - Market expansion efforts are underway, targeting emerging markets in Southeast Asia, with plans to increase market share by 15% in these regions[14]. - The company achieved significant international expansion, securing contracts in South Asia and Southeast Asia, including projects with Indian telecom operators and Banglalink in Bangladesh[52]. - The company is exploring new market opportunities in emerging countries as part of its strategic expansion efforts[187]. - The company plans to accelerate overseas market expansion, particularly in Southeast Asia, South Asia, the Middle East, and Africa, leveraging its existing product offerings[195]. Operational Efficiency and Technology - The company aims to improve operational efficiency through the implementation of NFV technology, which is expected to reduce costs by 10%[15]. - The company is investing in 6G technology, focusing on integrating satellite communication to enhance global connectivity[15]. - The company is focusing on the development of Multi-Protocol Label Switching (MPLS) technology to facilitate high-speed and efficient data transmission across open communication networks[19]. - The implementation of Network Slicing allows the company to create multiple virtual end-to-end networks on a unified infrastructure, catering to various application types[19]. - The company is leveraging cloud computing to process vast amounts of data quickly, enhancing its network service capabilities[19]. - The company is committed to reducing terminal costs and power consumption through the implementation of Reduced Capability (RedCap) technology, facilitating broader adoption of 5G[19]. Product Development and Innovation - New product launches included the "Tian Di Yi Card," which allows users to access both terrestrial 4G/5G and satellite communication without changing their existing SIM cards[15]. - The company is actively involved in the standardization of 5G systems through the 3GPP organization[17]. - The company has developed a fully cloud-based IMS core network system that supports both 4G and 5G high-definition voice services[108]. - The company is focusing on the development of AI intelligent service platforms, with an expected total investment of CNY 1,000,000[93]. - The company is developing a new generation of GPON OLT products with a capacity of 14.4 Tbps, utilizing the J2C+ chip based on 7nm technology, expected to enter the market in 2025[97]. Governance and Compliance - The board of directors and supervisory board members have confirmed the authenticity and completeness of the annual report[4]. - The company has implemented a comprehensive governance structure, enhancing operational efficiency and compliance with regulatory requirements[56]. - The company did not experience significant reliance on a few customers or suppliers, with a low customer concentration and all top five suppliers being new[154][158]. - The company is at risk of continued losses if domestic and international business expansion does not meet expectations[120]. Industry Trends and Outlook - The industry is experiencing growth due to the ongoing rollout of 5G technology, which is expected to enhance economic activity and create diverse application scenarios[65]. - The communication equipment industry is transitioning from investment-driven growth to innovation-driven growth, with significant opportunities arising from Industrial 4.0, smart cities, and other emerging sectors[81]. - The market for satellite internet is rapidly developing, with potential to become a mainstream communication method, especially in remote areas[66]. - The global demand for new optical fiber broadband networks and equipment is continuously high, with a significant push towards 10G PON devices as the market evolves[76]. - The penetration rate of gigabit broadband is increasing, with a transition to 10G PON devices expected to meet rising user demands for higher speeds[77].