Joyware(300270)2024-03-18 16:00Financial Performance - Revenue for 2023 was RMB 152.36 million, a significant decrease compared to the previous year[5] - Net profit attributable to shareholders was a loss of RMB 75.94 million, primarily due to business structure adjustments and reduced system integration projects[5] - Revenue in 2023 decreased by 58.18% to RMB 152.36 million compared to RMB 364.29 million in 2022[23] - Net profit attributable to shareholders in 2023 was a loss of RMB 75.94 million, a decrease of 1,825.30% compared to a profit of RMB 4.40 million in 2022[23] - Operating cash flow in 2023 was negative RMB 59.47 million, a decrease of 343.95% compared to RMB 24.38 million in 2022[23] - Total assets at the end of 2023 decreased by 13.05% to RMB 970.22 million compared to RMB 1,115.83 million at the end of 2022[23] - Revenue in 2023 was 152.36 million yuan, a decrease of 58.18% compared to 364.295 million yuan in 2022[134] - Net profit attributable to shareholders in 2023 was -75.94 million yuan, a decrease of 1,825.30% compared to 4.4016 million yuan in 2022[134] - Operating cash flow in 2023 was -59.4688 million yuan, a decrease of 343.95% compared to 24.3771 million yuan in 2022[134] - Total assets in 2023 were 970.224 million yuan, a decrease of 13.05% compared to 1,115.8313 million yuan in 2022[134] - Equity attributable to shareholders in 2023 was 664.4385 million yuan, a decrease of 11.68% compared to 752.3348 million yuan in 2022[134] - Revenue decreased by 58.18% to 152.36 million yuan in 2023, with significant declines in the security (-62.07%) and transportation (-64.86%) sectors[143][144] - Sales volume in the security sector decreased by 48.00% to 156,335 units, with production volume down 48.23% to 155,329 units[146] - Southern region revenue increased by 16.23% to 90.73 million yuan, while Northern region revenue dropped by 78.47% to 61.63 million yuan[144] - Non-tender sales revenue decreased by 68.23% to 90.67 million yuan, accounting for 59.51% of total revenue[144] - Gross margin for the security sector decreased by 20.07% to 16.24%, while the transportation sector's gross margin slightly increased by 0.68% to 31.91%[145] - Inventory turnover improved with a 13.56% reduction in inventory levels in the security sector[146] - Revenue decline attributed to strategic reduction in system integration projects, with system integration revenue down 68.80% to 58.74 million yuan[147] - Sales expenses increased by 18.04% to 24,004,121.01 yuan in 2023 compared to 2022[154] - Management expenses decreased by 24.72% to 23,678,929.15 yuan in 2023 compared to 2022[154] - Financial expenses decreased by 50.43% to -11,604,543.53 yuan in 2023, mainly due to increased interest income from installment payment projects[154] - R&D expenses increased by 12.96% to 25,758,014.69 yuan in 2023 compared to 2022[154] - Operating cash flow decreased by 343.95% to -59.47 million yuan due to increased cash outflows for goods purchases[160] - Investment cash flow increased by 187.81% to 35.79 million yuan due to increased transfers or recoveries of term deposits[161] - Financing cash flow increased by 181.15% to 6.56 million yuan due to reduced repayments of bank loans and interest[162] - Monetary funds decreased by 1.25% to 125,647,137.01, accounting for 12.95% of total assets[163] - Accounts receivable increased by 1.69% to 346,778,621.80, accounting for 35.74% of total assets[163] - Short-term loans increased by 1.16% to 20,029,141.67, accounting for 2.06% of total assets[163] - Long-term receivables decreased by 4.53% to 62,876,471.30, accounting for 6.48% of total assets[163] - Restricted assets totaled 230,189,302.15, including 39,143,093.64 in monetary funds and 113,327,767.44 in investment properties[165] - The company invested 4,752,000.00 in the reporting period[166] Business Strategy and Adjustments - The company reduced its focus on system integration projects to improve business quality, leading to a significant decline in revenue[5] - The company does not plan to distribute cash dividends, issue bonus shares, or convert capital reserves into shares[7] - The company's core business and competitiveness remain stable, with no significant adverse changes in major financial indicators[5] - The company faces risks related to market competition and business adjustments, but no major risks to its ongoing operations[5][6] - The company reduced the undertaking of system integration projects, leading to a significant decrease in revenue[135] - The company shifted its sales focus from Safe City and Snow Bright projects to smart parking, smart parks, and smart energy[135] - The company strengthened risk control for integration projects, leading to a reduction in large-scale project undertakings[135] - The company plans to focus on advantageous industries and explore multiple sales models in 2024[174] - The company will increase R&D investment to develop competitive products, including intelligent barrier machines and event detection servers[175] - The company aims to expand its product line with sensors for urban lifeline projects and power systems[175] - Adjusted employee structure and optimized assessment and incentive mechanisms to align with new business development and industrial layout needs, with a focus on controlling sales and administrative expenses[176] - Extended the industrial chain through acquisitions and equity participation to enhance industrial synergy, increase asset scale, and improve profitability[178] R&D and Innovation - The company's R&D investment in the reporting period was 25.758 million yuan, accounting for 16.91% of total operating revenue[126] - The company has a total of 243 employees, with 124 R&D personnel, accounting for 51.03% of the total workforce[126] - The company added 6 domestically authorized patents (including 3 invention patents, 1 utility model patent, and 2 design patents) and 8 software copyrights during the reporting period[126] - The company has 27 patents under application (including 21 invention patents and 6 utility model patents)[126] - R&D investment increased by 12.96% to 25.758 million yuan, with 124 R&D personnel, focusing on new products in highway and urban traffic sectors[137] - New domestic patents: 6 authorized (3 invention, 1 utility model, 2 design) and 8 software copyrights, with 27 patents (21 invention, 6 utility model) under review[139] - R&D personnel increased by 22.77% to 124 in 2023, accounting for 51.03% of total employees[158] - R&D investment reached 25.76 million yuan in 2023, a 16.91% increase from 2022[158] - The industrial Ethernet switch with high cost performance and fully domestic components has completed trial production and is ready for mass production[156] - The snake-shaped rescue robot has completed prototype development and is being upgraded, featuring AI-based self-diagnosis and self-recovery capabilities[156] - The claw-driven robot for extreme cold environments has completed prototype development and is being upgraded, addressing ice-related issues in cold regions[156] - The high-speed wireless communication system for mining has completed development, obtained coal safety certification, and is in normal production[156] Market and Industry Trends - The security industry's output value in 2023 was approximately RMB 1,010 billion, with a growth rate of 6.8%[34] - Engineering projects accounted for 56% of the security industry's output value in 2023, reaching RMB 570.2 billion[34] - Product-related output value in the security industry in 2023 was RMB 290.4 billion, accounting for 29% of the total industry output value[34] - Maintenance and service-related output value in the security industry in 2023 grew by 39.6% to RMB 149.4 billion[34] - The security industry is moving towards intelligence, with AI and machine learning technologies improving alarm accuracy and system reliability[36] - The security market is a trillion-level market, with AI becoming one of the most successful application areas in the integration of AI and the real economy[37] - AI large model technology will deepen integration with business, with significant breakthroughs expected in public safety and smart city applications in 2024[38] Product and Solution Offerings - The company focuses on AI video applications and provides IoT solutions for smart transportation, smart cities, and smart energy industries[40] - The company offers a diverse product system including high-definition IP optical transmission systems, intelligent event detection devices, and smart parking solutions[40] - The company's intelligent security products include high-definition network cameras, thermal imaging cameras, and traffic-related products[41] - The company has developed AI intelligent network cameras with deep learning chips and algorithms, enabling face recognition and all-weather monitoring[43] - The company is advancing thermal imaging products in industries like forest fire prevention and transportation, integrating thermal imaging with visible light technology[44] - The company is innovating in traffic products, integrating laser radar and AI deep learning algorithms to enhance road detection and traffic efficiency[45] - The company is expanding static traffic products, developing smart parking solutions to reduce operational costs and improve urban parking management[48] - The company has launched a series of industrial internet products, including video/data optical transceivers, industrial Ethernet switches, and WiFi wireless transmission devices, catering to industries such as urban transportation, highways, rail transit, and smart grids[50] - The company has developed multiple specifications of decoding and control integrated machines, LCD splicing screens (46/55 inch, 0.88/1.7/3.5 specifications), small-pitch LED screens (0.9/1.25/1.53/1.86), and NVR storage products[54] - The company has introduced intelligent analysis server products based on deep learning, focusing on massive video data processing and smart city applications[55] - The AIOT video cloud platform supports the connection of hundreds of millions of devices and can handle millions of concurrent messages, providing global multi-point deployment and enhanced security[57] - The AI video platform offers shared AI models, APIs, and data, enabling functions such as image recognition, face recognition, and natural language processing[59] - The smart parking operation cloud platform integrates urban parking data, providing multi-dimensional analysis to address parking challenges and improve resource utilization[64] - The unified payment clearing and settlement system supports multiple payment channels, including WeChat, Alipay, and UnionPay, enabling automated and efficient financial operations[66] - The road-bridge-tunnel integrated management platform leverages AI, digital twin, and big data technologies to enhance intelligent management and address traditional highway pain points[70] - The general video surveillance platform is designed for small to medium-sized applications, offering features such as real-time video playback, storage, and alarm linkage[71] - The project lifecycle management platform uses big data to optimize project supervision, improve approval efficiency, and enhance inter-departmental information sharing[73] - The parking cloud platform utilizes IoT technology to intelligently manage parking, reducing labor costs and improving overall economic efficiency[74] - The platform supports monthly parking passes, long-term parking, and customized vehicle management, enabling multi-parking lot management for operators[74] - The smart service area solution integrates 11 major platform modules, including video surveillance, parking guidance, and event alerts, enhancing operational efficiency and decision-making[82] - The non-motorized vehicle and pedestrian warning solution at toll stations uses AI and deep learning to automatically identify and alert against unauthorized entry, improving highway safety[83] - The highway ramp safety warning system employs deep learning cameras to detect dangerous behaviors and issue real-time alerts, preventing accidents at ramps[84] - The intelligent transportation solution leverages AI and big data to improve urban traffic management, including non-motorized vehicle violation governance and flexible parking enforcement[85][86][88] - The construction waste truck monitoring solution uses AI to ensure vehicle cleanliness, monitor transportation compliance, and prevent illegal operations[89] - The three-dimensional public security prevention and control solution integrates big data and AI to enhance urban security through comprehensive monitoring and intelligent applications[91] - Zhongwei Electronics provides comprehensive solutions for the "Xueliang Project," leveraging AI technology to enhance applications based on vehicle and personnel characteristics[92] - The company's "Smart Community" solution utilizes IoT, video technology, and big data to improve governance, security, and predictive capabilities for public safety[94] - The "Smart Parking" system integrates dynamic and static parking data, enabling multi-dimensional analysis to address parking challenges and optimize resource utilization[95] - Zhongwei's "Smart City Management" solution employs cloud services, IoT, and geographic information systems for integrated urban infrastructure and emergency management[96] - The "Smart Campus" solution integrates cloud computing, IoT, and virtual reality to enhance campus management, security, and resource interaction[97] - The "Smart Energy" solution combines AI-powered inspection, thermal imaging, AR video, and robotic inspection to drive energy monitoring upgrades[100] - The "Digital State-owned Assets" platform focuses on digitalization, intelligence, and integration to enhance supervision and business processes for state-owned enterprises[101] - The company's intelligent inspection robot platform features AI algorithms for image analysis, enabling remote control and real-time monitoring of equipment[103] - The explosion-proof rail inspection robot is designed for coal mine environments, equipped with multi-parameter gas sensors and AI-based fault prediction capabilities[104] - The extreme cold rail inspection robot operates in temperatures as low as -40°C, with a hybrid power supply system for long-distance, uninterrupted operation[106] - The company's smart motor health monitoring system includes both wired and wireless solutions for real-time monitoring of vibration parameters and bearing temperature[112][113] - The company's road transport vehicle satellite positioning system provides real-time monitoring, GPS positioning, video storage, and vehicle scheduling[115] - The company's smart cold chain big data system includes real-time monitoring of temperature and humidity for cold chain logistics vehicles, insulated boxes, cold storage, and cold cabinets[116][117][118][119][120] Corporate Governance and Shareholder Relations - The company's registered and office address is located at 1819 Xixing Road, Binjiang District, Hangzhou, Zhejiang Province[19] - The company's annual report is disclosed on the Shenzhen Stock Exchange website and major financial media platforms[21] - The company's financial report is audited by Da Hua Certified Public Accountants[22] - The company established a wholly-owned subsidiary, Lishui Zhongwei, in November 2023, holding 100% of its shares[150] - The company acquired 36% equity in Henan Xindian Information Technology Co., Ltd. through a same-control enterprise merger in December 2023[150] - The company acquired 36% equity of Xinxin Information Technology Co., Ltd. for 4,252,000 to resolve industry competition issues[172] - Conducted online and on-site investor communication activities in May 2023, sharing company fundamentals and 2022 annual report details[179][180] - Strengthened corporate governance by adhering to legal and regulatory requirements, improving board functionality, and enhancing internal control systems[183] - Ensured fair and transparent shareholder meetings, with no violations of the Shareholders' Meeting Rules reported[184] - Maintained a board of directors with 7 members, including 3 independent directors, to ensure scientific and standardized decision-making[185] - Established a 3-member supervisory board, including 1 employee representative, to oversee major company matters and protect shareholder rights[186] - Implemented an information disclosure system to ensure timely, accurate, and complete information sharing with all shareholders[188] - Enhanced investor relations through dedicated communication channels and active engagement with stakeholders[189] - The company has established a performance evaluation and incentive system, linking management income to business performance and goals[190] - The Board of Directors has set up a Remuneration and Assessment Committee to formulate executive compensation plans and conduct annual performance evaluations[190] - The company has strengthened the management of insiders to protect the interests of the company and all shareholders, strictly implementing various information management and securities affairs systems[192] - The company maintains independence in assets, personnel, finance, organization, and business from its controlling shareholders and actual controllers[193] - The company has signed agreements to avoid同业竞争 with related parties, ensuring no significant adverse impact on the company[195] - The company held its 2023 first临时股东大会 with a 40.30% investor participation rate on April 20, 2023[196] - The 2022年度股东大会 was held on May 11, 2023, with a 40.30% investor participation rate[196] - The 2023 second临时股东大会 had a 10.40% investor participation rate on May 24, 2023[196] - The 2023 third临时股东大会 saw a 9.40% investor participation rate on November 13, 2023[196] - The total number of shares held by directors, supervisors, and senior management at the end of the period was 61,464,174 shares, a decrease of 18,817,802 shares from the beginning of the period[198] - The company's board of directors consists of 7 members, including 3 independent directors[199] - Li Yice, the chairman, holds 0 shares and has been in office since July 25, 2022[197] - Shi Xugang, a director, reduced his shareholding by 18,817,802 shares through centralized bidding and agreement transfer, ending the period with 60,426,374 shares[197] - He Shanshan, the general manager, holds 977,700 shares, unchanged from the beginning of the period[198] - Shi Guchen, the deputy general manager, holds 16,100 shares, unchanged from the beginning of the period[198] - Sun Lin, the board secretary, holds 44,000 shares, unchanged from the beginning of the period[198] - The company's senior management team includes 5 members, with no changes in their shareholdings during