Financial Performance - The company's revenue for 2024 was approximately RMB 1,610.2 million, representing a growth of about 52.7% compared to the previous year[5]. - Profit attributable to the parent company was approximately RMB 102.5 million, an increase of approximately 225.4% year-on-year[5]. - Basic earnings per share were approximately RMB 6.39, reflecting a growth of about 229.4% compared to last year[5]. - Domestic market revenue reached RMB 1,520.03 million in 2024, up from RMB 987.07 million in 2023, with an average gross margin of 31.5%[15]. - The gross profit rose by about 55.2% to RMB 520,700 thousand in 2024, with the gross margin improving from 31.8% to 32.3%[33]. - The pre-tax profit surged by approximately 160% to RMB 122,200 thousand in 2024, primarily due to increased revenue[40]. - Revenue from self-developed power semiconductors in 2024 was approximately RMB 59.1 million, a decrease of about 27.0% compared to the previous year, but expected to rebound significantly in the second half of 2024 with a growth of approximately 30.0% year-on-year[11]. Revenue Breakdown - Revenue from conventional DC transmission and flexible transmission segments reached approximately RMB 647.9 million, marking a growth of about 156.7%[5]. - The revenue from the power distribution sector increased by 95% to RMB 812.02 million in 2024, driven by significant growth in conventional and flexible DC transmission[19]. - Revenue from flexible transmission technology surged by 371% to RMB 280.89 million in 2024, reflecting strong demand for new energy power transmission solutions[20]. - The electrification transportation sector saw a revenue decline of approximately 14% in 2024, with electric vehicle revenue dropping by 78%[22]. - The revenue for the industrial and other sectors reached RMB 658,567 thousand in 2024, a 22% increase from RMB 513,294 thousand in 2023[23]. - Revenue from the industrial control segment grew by approximately 14% to RMB 379,818 thousand in 2024, while the new energy generation and storage segment saw a 52% increase to RMB 273,558 thousand[24]. Market Development and Customer Base - The company is expanding its customer base by increasing market development efforts in the power semiconductor sector[9]. - In 2024, the number of signed customers increased significantly, with chip customers rising from 3 at the end of 2023 to 14, and module customers increasing from 18 to 46[11]. - The construction of high-voltage direct current projects is accelerating, with several key projects entering the initiation phase, providing broader market opportunities for the company[7]. Research and Development - The company has developed a new DC support capacitor that is the first in China to pass all IEC tests, successfully applied in a major project[8]. - The company launched several new products in 2024, including a 1200V SiC MOSFET chip with a resistivity as low as 13 milliohms, achieving international leading standards[10]. - The company aims to leverage high-quality domestic products to drive rapid business growth in the power semiconductor industry, which is transitioning to high-quality development[12]. - The company is committed to enhancing R&D team construction and product innovation to support comprehensive business development and achieve corporate growth objectives[13]. - The company is focused on continuous technological innovation and talent acquisition to drive energy technology upgrades[76]. Governance and Corporate Structure - The company has a strong governance structure with experienced independent directors overseeing key committees, enhancing strategic decision-making and compliance[67]. - The board of directors consists of three executive directors and four independent non-executive directors, with independent directors making up approximately 50% of the board during the fiscal year[79]. - The company emphasizes the importance of corporate governance and has adopted the corporate governance code as per the listing rules, ensuring compliance throughout the fiscal year ending December 31, 2024[75]. - The company has established a comprehensive and fair regulatory framework to manage employee behavior and enhance corporate culture[77]. - The board has established four committees to oversee various aspects of the group's affairs, enhancing governance and management communication[89]. Financial Management and Risks - The company faces market interest rate risks related to floating-rate bank borrowings, with actual interest rates and repayment terms disclosed in the financial statements[123]. - The company has established forward currency contracts with reputable banks to manage foreign exchange risks arising from procurement in non-functional currencies[124]. - The company has a credit risk management policy that involves trading only with recognized and reputable third parties, with ongoing monitoring of receivables[125]. - The company utilizes a revolving working capital plan to monitor liquidity risks, balancing funding continuity and flexibility[126]. - The company has established a whistleblowing policy to report any misconduct related to the group, and all directors and employees received anti-corruption training during the year[110]. Shareholder Information - The company reported a proposed final dividend of HKD 0.01 per share for the year ending December 31, 2024, compared to zero in 2023[128]. - The company has terminated its 2010 share option plan, which allowed for the issuance of options to eligible participants, with a maximum of 136,604,000 shares potentially issuable under the plan[135]. - The 2020 share option plan allows for the issuance of up to 163,083,100 shares, equivalent to 10% of the total issued shares as of the approval date[139]. - The total number of unexercised stock options as of December 31, 2024, is projected to be 93,383,100 if the proposed grant is approved[148]. Employee and Workforce Management - The company employed a total of 977 staff, with a gender ratio of approximately 6:4 (male to female), indicating a commitment to gender diversity in the workforce[114]. - The group has maintained good relationships with employees, customers, and suppliers, ensuring fair treatment and regular reviews of compensation and benefits[190]. - The company has complied with relevant laws and regulations in the Cayman Islands, China, and Hong Kong as of December 31, 2024[192]. Audit and Compliance - The audit committee held 3 meetings during the year, reviewing internal control procedures and the annual performance, confirming compliance with accounting standards[91]. - The independent auditor's report confirms that the financial statements present a true and fair view of the group's financial performance and position[196]. - The financial statements were prepared in compliance with the disclosure requirements of the Hong Kong Companies Ordinance[196].
赛晶科技(00580) - 2024 - 年度财报