Sansec(688489)2025-03-30 08:05Financial Performance - The company's operating revenue for 2024 reached ¥473,207,341.77, representing a year-on-year increase of 31.96% compared to ¥358,599,977.00 in 2023[20] - The net profit attributable to shareholders of the listed company was ¥42,119,864.03, a decrease of 37.40% from ¥67,279,001.82 in the previous year[20] - The net profit after deducting non-recurring gains and losses was ¥15,581,517.48, down 73.11% from ¥57,948,022.41 in 2023[21] - The net cash flow from operating activities was ¥21,785,107.46, a decline of 75.04% compared to ¥87,275,309.81 in the previous year[21] - The total assets at the end of 2024 were ¥2,180,570,484.94, an increase of 4.87% from ¥2,079,328,654.54 at the end of 2023[21] - The net assets attributable to shareholders of the listed company decreased by 2.72% to ¥1,851,273,878.74 from ¥1,903,052,558.85 at the end of 2023[21] - The basic earnings per share and diluted earnings per share for 2024 were 0.3741 yuan and 0.3712 yuan, respectively, both down approximately 36.67% compared to the previous year[22] - The weighted average return on equity decreased by 1.34 percentage points to 2.2019% in 2024, primarily due to the decline in net profit[23] Research and Development - Research and development expenses accounted for 27.69% of operating revenue, an increase of 0.26 percentage points from the previous year[22] - The company has made significant breakthroughs in high-performance cryptographic operations and low-power green hardware platforms, enhancing its product competitiveness[34] - The company has 9 core technologies with independent intellectual property rights, focusing on IoT security chips, cryptographic modules, and high-performance cryptographic algorithms[66] - The company applied for 34 invention patents and obtained 39, bringing the total to 226 applications and 128 granted patents[76] - The company has developed anti-quantum cryptography algorithms, supporting FIPS203 ML-KEM and FIPS204 ML-DSA, which enhance security against quantum attacks[76] - The company has significantly increased its R&D personnel from 278 to 398, representing 43.03% of the total workforce[85] - Total R&D expenses increased by 33.17% year-over-year, reaching approximately ¥131.02 million[78] Market Expansion and Strategy - The company established subsidiaries in Hong Kong and Singapore to expand its overseas password security market, enhancing its global cloud password service system[34] - The company is transitioning to a dual-driven business model, serving both vendor clients and end customers, combining indirect and direct demand[40] - The company anticipates growth opportunities in new application areas such as healthcare, education, and agriculture, driven by advancements in AI, cloud computing, and IoT[48] - The company is focused on enhancing its research and development investments to maintain its leadership in password infrastructure technology[135] - The company plans to establish a customer-centric market strategy, enhancing its customer service systems to better meet client needs[137] - The company is exploring potential acquisitions to enhance its product portfolio, with a budget of $100 million allocated for this purpose[153] Corporate Governance and Compliance - The company has established a comprehensive governance framework in accordance with laws and regulations, ensuring shareholder rights are protected[145] - The company actively engages with shareholders and investors through various communication channels to address their suggestions and concerns[147] - The company has implemented a performance-based salary system for senior management, combining fixed and performance-based compensation[196] - The internal control audit report for the year 2024 received a standard unqualified opinion, indicating effective internal controls[199] - The company aims to improve governance structure and internal control mechanisms to enhance operational compliance and decision-making effectiveness[141] Product Development and Innovation - The company launched a new generation of quantum-resistant password products in September 2024, covering a full range of products including quantum-resistant chips and gateways, establishing a new infrastructure in this field[35] - The company completed the acquisition of Jiangnan Tianan, enhancing its password business ecosystem and strengthening its market position in cloud password security[36] - The company’s products support various domestic encryption algorithms and quantum-resistant algorithms, providing comprehensive data encryption and security solutions for emerging fields[37] - The company is actively involved in the formulation of national and industry standards, including leading the development of the first blockchain cryptographic standard in China[90] Financial Management and Investment - The company plans to use idle funds for cash management and investment in financial products[163] - The total cumulative R&D investment over the last three fiscal years was CNY 229,397,850.29, accounting for 27.58% of cumulative operating revenue[183] - The company has a cash dividend policy that prioritizes stable returns to investors, with a cash dividend of 2.00 RMB per 10 shares proposed for 2023, totaling 22,527,908.00 RMB[179] - The cumulative cash dividend amount over the last three fiscal years (including tax) was CNY 35,228,031.79, representing a cash dividend payout ratio of 64.40% of the average annual net profit of CNY 54,699,432.93[183] Employee Development and Welfare - The company has established a comprehensive training plan to enhance employee skills and capabilities, including both internal and external training programs[176] - The total number of employees in the parent company and major subsidiaries is 925, with 301 in the parent company and 624 in subsidiaries[174] - The company has made significant efforts to enhance employee welfare and promote skill development during the reporting period[200] Industry Trends and Outlook - The commercial password industry is experiencing rapid development, driven by national policies and increasing demand for password technology and products[46][48] - The demand for password applications is accelerating, with the national regulatory framework promoting the use of commercial passwords across various sectors, including finance and government[60] - The data security industry is projected to exceed 150 billion yuan by 2025, with a compound annual growth rate of over 30%[63] - The establishment of the National Data Bureau and subsequent policies are expected to accelerate the development of data security, with commercial passwords playing a crucial role in ensuring data integrity and security[64]