GUOLIN TECHNOLOGY(SZ:300786) Xin Lang Cai Jing·2025-04-25 15:42Core Insights - The company reported a significant decline in net profit despite an increase in operating revenue, with net profit attributable to shareholders dropping by 71.46% and net profit excluding non-recurring gains and losses decreasing by 86.87% [1] Financial Performance Summary - Operating revenue for 2024 reached 493,037,354.27 yuan, a 23.33% increase from 399,770,522.35 yuan in 2023. The ozone equipment manufacturing segment generated revenue of 217,392,925.86 yuan, accounting for 44.09% of total revenue but decreased by 13.93%. In contrast, the chemical products manufacturing segment saw revenue of 203,391,883.87 yuan, representing 41.25% of total revenue and a substantial growth of 150.80% [2] - The net profit attributable to shareholders was -49,958,871.81 yuan, worsening from -29,137,344.28 yuan in the previous year. The net profit excluding non-recurring gains and losses was -54,835,102.70 yuan, compared to -29,344,122.29 yuan last year, indicating a more pronounced decline. The company attributed this drop to economic downturns, slower commissioning of ozone equipment, increased bad debt provisions, and rising expenses from early-stage R&D projects [3] - Basic earnings per share fell to -0.27 yuan, down 68.75% from -0.16 yuan per share in the previous year. The diluted earnings per share, excluding non-recurring gains and losses, also decreased significantly to -0.30 yuan [4] Expense Analysis - Overall expenses increased in 2024, with sales expenses rising by 13.82% to 40,012,843.77 yuan, management expenses increasing by 9.12% to 45,878,085.31 yuan, and financial expenses surging by 83.68% to 6,024,717.06 yuan. R&D expenses slightly decreased by 1.93% to 20,297,388.90 yuan [5] - The increase in sales expenses was driven by higher employee compensation and travel expenses, indicating greater investment in market expansion. Management expenses rose due to increased personnel and intermediary fees, reflecting higher operational costs. Financial expenses grew due to increased interest payments and reduced interest income [5] R&D and Innovation - R&D investment totaled 20,297,388.90 yuan, representing 4.12% of operating revenue. The number of R&D personnel increased from 88 to 104, with a higher proportion holding bachelor's degrees or above, indicating a focus on enhancing R&D talent [6] - Several R&D projects made progress, including the development of a 50kg/h IGBT ozone generator and a pilot experimental device for wastewater treatment, which, if successful, could enhance the company's technological competitiveness [7] Cash Flow Analysis - The net cash flow from operating activities significantly declined to -30,226,129.85 yuan, a 78.99% decrease from -16,887,066.58 yuan in the previous year, primarily due to increased inventory and accounts receivable [9] - Cash inflow from investing activities totaled 28,623,973.24 yuan, down 51.32%, while cash outflow was 55,227,598.78 yuan, a decrease of 58.67%. The net cash flow from investing activities was -26,603,625.54 yuan, an increase of 64.44% [10] - Cash inflow from financing activities reached 116,000,000.00 yuan, up 89.03%, due to new bank loans, while cash outflow was 128,166,675.91 yuan, an increase of 178.52%, driven by loan repayments and stock buybacks. The net cash flow from financing activities was -12,166,675.91 yuan, a decline of 179.27% [11]