XWXN(SH:688778) Xin Lang Cai Jing·2025-04-26 00:54Core Insights - Xiamen Tungsten New Energy Materials Co., Ltd. (hereinafter referred to as "Xiamen New Energy") reported significant challenges in its 2024 annual report, including a complex international environment, rising trade protectionism, severe competition in the new energy vehicle industry, and declining prices of bulk raw materials, leading to a substantial drop in profitability [1] Financial Performance Summary - The company achieved operating revenue of 13.297 billion yuan, a decrease of 23.19% compared to 17.311 billion yuan in 2023 [2] - Revenue from the new energy battery materials sector was 13.201 billion yuan, down 22.97% year-on-year, indicating that despite increased product sales, falling raw material prices and product prices led to a revenue decline [2] - The revenue breakdown shows that lithium cobalt oxide revenue was 6.691 billion yuan (down 24.51%), ternary materials revenue was 6.102 billion yuan (down 21.31%), and hydrogen energy materials revenue was 408 million yuan (down 21.32%) [2] Profitability Analysis - The net profit attributable to shareholders was 494 million yuan, a decline of 6.33% from 527 million yuan in 2023 [3] - The net profit excluding non-recurring gains and losses was 447 million yuan, down 4.06% year-on-year [3] - Basic earnings per share were 1.18 yuan, down 5.60%, while diluted earnings per share were 1.06 yuan, down 4.50% [3] Expense Management - Sales expenses increased by 26.55% to 41.625 million yuan, likely due to heightened market expansion and product promotion efforts [4] - Management expenses decreased by 2.04% to 188 million yuan, indicating improved management efficiency [4] - Financial expenses saw a significant drop of 69.21% to 26.835 million yuan, attributed to reduced interest-bearing liabilities and financing costs [4] - R&D expenses totaled 419 million yuan, down 9.88%, but the proportion of R&D expenses to operating revenue increased to 3.15% from 2.68% in 2023, reflecting a continued focus on technological innovation [4] Cash Flow Analysis - The net cash flow from operating activities was 1.753 billion yuan, down 32.05%, primarily due to increased payments for material procurement [5] - The net cash flow from investing activities improved to -972 million yuan from -1.485 billion yuan, indicating a slowdown in investment pace [5] - The net cash flow from financing activities was -341 million yuan, an improvement of 63.39% from -931 million yuan, reflecting reduced loan repayments [5] R&D and Talent Development - R&D investment totaled 419 million yuan, with a focus on maintaining technological leadership despite a decrease in absolute terms [6] - The number of R&D personnel increased from 427 to 503, representing 15.04% of the total workforce, up from 14.44% [8] - Total R&D personnel compensation rose from 68.1195 million yuan to 96.3549 million yuan, with average compensation increasing from 159,500 yuan to 191,500 yuan [8]