VENUSTECH(002439)2024-04-12 16:00Financial Performance and Dividends - The company's 2023 annual report was released in April 2024, detailing financial performance and future plans[1][2] - The company plans to distribute a cash dividend of 2.70 yuan per 10 shares for the 2023 fiscal year[2] - Revenue for 2023 reached 4,506,912,129.67 yuan, a year-on-year increase of 1.58%[13] - Net profit attributable to shareholders of the listed company in 2023 was 741,142,340.21 yuan, an increase of 18.37% compared to the previous year[13] - Net cash flow from operating activities in 2023 was -392,828,817.64 yuan, a significant decrease of 3,456.28% compared to the previous year[13] - Total assets at the end of 2023 were 14,864,922,828.35 yuan, an increase of 48.53% compared to the previous year[14] - Net assets attributable to shareholders of the listed company at the end of 2023 were 11,995,594,570.07 yuan, an increase of 62.29% compared to the previous year[14] - Revenue in the fourth quarter of 2023 was 1,973,341,881.12 yuan, the highest among all quarters[18] - Net profit attributable to shareholders of the listed company in the fourth quarter of 2023 was 499,754,043.38 yuan, the highest among all quarters[18] - Non-recurring gains and losses in 2023 amounted to 270,067,775.32 yuan, a significant increase compared to the previous year[20] - Government subsidies in 2023 amounted to 32,942,663.80 yuan, slightly lower than the previous year[20] - The company's investment in listed companies such as "Yongxin Zhi Cheng," "Aerospace Software," and "Sanwei Tiandi" resulted in a fair value change gain of 271,245,241.90 yuan in 2023[20] - The company achieved a total revenue of 4.51 billion yuan in 2023, a year-on-year increase of 1.58%[68] - New business segments (including cloud security, data security 2.0 & 3.0, industrial internet security, and security operations) contributed 2.14 billion yuan, accounting for 47.54% of total revenue, with a year-on-year growth of 13.82%[65] - Cloud security business revenue reached 572 million yuan, a year-on-year increase of 34.50%[65] - Security operations center business revenue was 1.06 billion yuan, up 13.01% year-on-year[65] - Net profit attributable to shareholders was 741 million yuan, an increase of 18.37% compared to the previous year[66] - The company's total expenses decreased by 11.69% year-on-year, with the expense ratio (three fees) dropping by 6.8 percentage points[66] - Revenue from identity trust products and 5G+ industrial internet security detection products grew by over 200%[67] - Mobile cloud computer users reached 3 million, and QingSong Guardian users reached 50,000[67] - The company's net assets exceeded 10 billion yuan for the first time, with a year-on-year increase of 62.29%[67] - Revenue from the security operations and services segment grew by 30.63% to 1.90 billion yuan, accounting for 42.14% of total revenue[68] - Net profit attributable to shareholders of the listed company was -65.73 million yuan, a significant decline compared to the previous year[70] - Revenue from information network security reached 4.48 billion yuan, with a gross margin of 57.76%, but the gross margin decreased by 4.95% year-on-year[72] - Revenue from security products decreased by 12.81% to 2.58 billion yuan, while revenue from security operations and services increased by 30.63% to 1.90 billion yuan[72] - Sales in the South China region grew by 52.45% to 773.96 million yuan, but the gross margin decreased by 19.04%[72] - Direct sales accounted for 3.67 billion yuan, a 12.00% increase year-on-year, while distribution sales decreased by 27.98% to 833.32 million yuan[72] - Material costs accounted for 62.15% of total operating costs, a decrease of 4.46% year-on-year, while labor and manufacturing costs increased by 74.19% to 707.94 million yuan[75] - The company established 4 new subsidiaries in 2023, including Zhengzhou Venusense Data Security Technology Co., Ltd. and Venusense Cloud Security Technology (Suzhou) Co., Ltd.[77] - The top 5 customers contributed 1.99 billion yuan in sales, accounting for 44.05% of total annual sales, with the largest customer contributing 32.02% of total sales[79][80] - Top 5 suppliers accounted for 31.35% of total annual procurement, with a total procurement amount of 394,175,483.57 yuan[81] - Sales expenses decreased by 11.18% year-over-year to 1,031,719,831.71 yuan in 2023[82] - Management expenses decreased by 7.65% year-over-year to 192,755,472.18 yuan in 2023[82] - R&D expenses decreased by 13.23% year-over-year to 814,571,331.62 yuan in 2023[82] - The company focused on six core cybersecurity technologies, including native security, paradigm-enhanced analysis, and DICT scenario technologies[83] - The Data Security Governance Management project completed development and testing, and has been deployed in multiple digital government and operator projects[84] - The Trusted Identity Base (IAM) project completed design, development, and testing, and has been applied in multiple digital government and smart city projects[84] - The Data Circulation Security Control System project aims to build a full-process compliance system for data circulation, supporting the development of the digital economy[84] - The company has developed a data circulation control system to ensure full-process security and compliance in data circulation, achieving capabilities such as data circulation risk monitoring, leakage audit tracing, and real-time monitoring of cross-border and cross-domain data flows[85] - The super SIM security gateway system has been successfully developed, tested, and launched, integrating China Mobile's super SIM card capabilities with the company's zero-trust system, enhancing cloud security protection in zero-trust access scenarios[85] - The super SIM security gateway product has been delivered to key clients in government, enterprise, and energy sectors, leveraging operator resources to provide low-cost, rapid deployment solutions for zero-trust security access[85] - The company has developed a large-scale distributed range interconnection product, supporting distributed, heterogeneous, and multi-source range unified access and management, with applications in defense, large state-owned enterprises, and research institutes[85] - The product integrates advanced technologies such as SDN, AI, and cloud computing, providing simulation scenarios close to actual network and business environments, and supports tasks like live drills, testing, and talent training[85] - A large-scale industrial control simulation range product has been developed, addressing challenges in industrial control security, such as increasing vulnerabilities and complex attack methods, with applications in power, petrochemical, and state-owned enterprises[85] - The industrial control simulation range product provides unified management and scheduling capabilities, solving issues like high simulation costs and resource disorder, while supporting talent selection and team planning for enterprises[85] - The company is actively implementing national network security strategies, focusing on critical infrastructure protection, and expanding demand for city and industry range construction[85] - The industrial control simulation range product aims to address the urgent need for security protection in industrial control systems, which are increasingly important with the rise of industrial internet and automation[85] - The company has developed and launched an integrated terminal security product, achieving 100% success rate in 12 versions released in 2023, including 7 major versions and 5 optimized versions[86] - The cloud security center-terminal version product has been deployed in various scenarios such as government, enterprise, and personal use, achieving seamless integration with business operations[86] - The 5G private network traffic threat analysis and monitoring system has been developed to provide real-time monitoring and threat detection, enhancing the security of 5G networks[86] - The terminal security product has been widely deployed in industries such as telecommunications, government, energy, and healthcare, gaining user recognition[86] - The cloud security center-terminal version product has achieved 100% functional target completion in 2023, with a smooth upgrade path from free to professional versions[86] - The 5G private network traffic threat analysis and monitoring system helps improve user trust in 5G services by providing timely threat detection and response[86] - The integrated terminal security product has enhanced the company's core competitiveness by consolidating development resources and achieving cost reduction and efficiency improvement[86] - The cloud security center-terminal version product has improved usability through user feedback and large user base, laying a foundation for unified cloud and on-premise management[86] - The 5G private network traffic threat analysis and monitoring system positions the company to take a leading role in the future 5G market by meeting customer demands for 5G network security[86] - WEB Application Firewall (WAF) SaaS product completed 12 iterations in 2023, achieving over 200 features and launching the second phase three months ahead of schedule[87] - High-performance firewall launched on the Haiguang platform in May 2023, achieving 40G throughput in domestic environments and securing projects in finance and power industries[87] - Anti-mapping defense system developed, achieving dynamic network obfuscation and interception, and gaining recognition in energy and government sectors[87] - Pan Xiaogu Security Large Model Intelligent Assistant launched, leveraging GPT-like LLM for cybersecurity operations and piloting in multiple industries[88] - Next-generation cloud-native security technology base completed phase one, enabling unified management and optimization of cloud security capabilities[88] - Integrated security operations platform established, supporting data flow and operational services in digital government and large enterprise sectors[88] - R&D personnel decreased by 2.07% to 2,940 in 2023, with the proportion of R&D personnel increasing by 1.72% to 45.21%[89] - R&D investment decreased by 10.03% to RMB 852.57 million, accounting for 18.92% of revenue, down 2.44% YoY[89] - Capitalized R&D investment increased by 33.16% to RMB 115.08 million, representing 13.50% of total R&D investment[89] - The number of R&D personnel under 30 years old decreased by 12.01% to 1,363, while those aged 40 and above increased by 18.45% to 366[89] - Net cash flow from operating activities decreased significantly by 3,456.28% to -RMB 392.83 million[93] - Net cash flow from investing activities turned positive at RMB 284.91 million, a 212.99% increase YoY[93] - Net cash flow from financing activities surged 1,370.81% to RMB 3.72 billion, driven by a 1,219.96% increase in financing cash inflows[93] - The company raised RMB 4.04 billion through a private placement of 283.11 million shares at RMB 14.35 per share[93] - The "Wangyu Mimic Defense System" project was completed with a capitalized R&D amount of RMB 18.02 million[90] - The "High-performance Telecom-grade Firewall" project is still in progress with a capitalized R&D amount of RMB 16.98 million[90] - Fundraising activities cash outflow increased by 515.45% year-on-year, mainly due to increased restricted stock repurchase payments and dividend payments[94] - Investment activities cash outflow decreased by 46.37% year-on-year, primarily due to reduced purchase of financial products[94] - Operating cash flow for the reporting period was -392,828,817.64 yuan, while net profit was 739,544,751.76 yuan, with the difference mainly due to slower accounts receivable collection and increased cash payments for goods and services[94] - Investment income accounted for 28.87% of total profit, mainly from the listing of "Aerospace Software" on the STAR Market[95] - Fair value change income accounted for 11.83% of total profit, mainly from equity financial assets[95] - Credit impairment loss was -270,119,856.45 yuan, accounting for -35.44% of total profit, mainly due to expected credit losses[96] - Monetary funds increased by 19.93% to 4,952,970,114.92 yuan, accounting for 33.32% of total assets, due to funds raised from specific share issuance[97] - Accounts receivable decreased by 5.73% to 4,870,763,636.22 yuan, accounting for 32.77% of total assets, due to reduced collections[97] - Long-term equity investment increased by 0.55% to 411,914,310.09 yuan, mainly due to increased investment income from "Aerospace Software"[97] - Total investment amount for the reporting period was 23,430,000.00 yuan, a decrease of 23.68% compared to the same period last year[102] - The fair value change loss for the stock "三维天地" (Securities Code: 301159) was -2,238,996.25 yuan, with an ending book value of 7,944,183.00 yuan[104] - The fair value change gain for the stock "永信至诚" (Securities Code: 688244) was 40,082,817 yuan, with an ending book value of 117,908,817.60 yuan[104] - The total fair value change gain for all stocks was 37,843,821.35 yuan, with a total ending book value of 125,853,000.60 yuan[105] - The total funds raised through public issuance in 2019 were 1,045,000,000 yuan, with a net amount of 1,033,307,075.47 yuan after deducting fees[107] - The total funds raised through private placement in 2023 were 4,062,623,721.45 yuan, with a net amount of 4,044,809,467.05 yuan after deducting fees[110] - The total amount of funds raised through both public issuance and private placement was 5,107,623,721.45 yuan, with a net amount of 5,078,116,542.52 yuan[107][110] - The total amount of funds used in the reporting period was 1,679,140,000 yuan, with a cumulative amount of 77,630,100,000 yuan used[107] - The total amount of funds not yet used was 431,962,980,000 yuan, with 404,614,060,000 yuan from the 2023 private placement not yet used[107] - The total amount of funds used for purchasing financial products and notice deposits was 1,172,000,000 yuan[108] - The balance of the raised funds account as of December 31, 2023, was 12,180,025.10 yuan[109] - Jinan Security Operations Center construction project has an investment progress of 88.28% with a total investment of 5,700 million yuan, achieving an actual benefit of -480.83 million yuan[111] - Hangzhou Security Operations Center construction project has an investment progress of 67.81% with a total investment of 13,500 million yuan, and the expected completion date is extended to December 31, 2024[111][113] - Kunming Security Operations Center construction project has an investment progress of 81.53% with a total investment of 37,300 million yuan, and the expected completion date is December 31, 2024[111] - Zhengzhou Security Operations Center and Cybersecurity Training Center construction project has an investment progress of 49.65% with a total investment of 33,000 million yuan, and the expected completion date is December 31, 2024[115] - The supplementary working capital project has been fully invested with a total investment of 15,000 million yuan, achieving 100% investment progress[115] - The total investment in committed projects is 104,500 million yuan, with a cumulative investment of 75,981.79 million yuan, achieving an actual benefit of -480.83 million yuan[112][115] - The construction progress of the Jinan Security Operations Center project was delayed due to environmental impacts, extending the construction period to May 31, 2021[113] - The Hangzhou Security Operations Center project faced delays due to complex property acquisition procedures and environmental impacts, extending the construction period to December 31, 2023[113] - The Guangzhou Security Operations Center project has been actively promoted since the funds were raised in January 2021, with the implementation entity completing the property acquisition in February 2021[113] - The construction period of the "Guangzhou Security Operations Center Construction Project" has been extended to December 31, 2023, due to delays caused by pandemic control measures[116] - The "Zhengzhou Security Operations Center and Cybersecurity Training Center Construction Project" has reduced investment due to the evolution of a more efficient model combining provincial and prefecture-level city construction[116] - The "Chongqing Security Operations Center Construction Project" was completed on June 30, 2022, but its output did not meet expected benefits due to reduced downstream customer demand[116] - The construction periods for the "Hangzhou Security Operations Center Construction Project," "Zhengzhou Security Operations Center and Cybersecurity Training Center Construction Project," and "Guangzhou Security Operations Center Construction Project" have been extended to December 31, 2024[116] - The company has reduced investment in the "Zhengzhou Security Operations Center and Cybersecurity Training Center Construction Project" and added new projects in Chongqing and Tianjin[116] - The "Kunming Security Operations Center and Cybersecurity Training Center Construction Project" was terminated, and the "Guangzhou Security Operations Center Construction Project" was added[116] - The "Tianjin Security Operations Center Construction Project" was terminated in 2021[116] - The company used RMB 56,202,535.36 of raised funds to replace self-raised funds previously invested in the fundraising projects, and RMB 943,396.23 to replace self-raised funds used for issuance expenses[117] - As of December 31, 2019, the company had replaced a total of RMB 57,145,931.59 of pre-invested funds[117] - The company permanently supplemented working capital with RMB 31,561,439.86 of surplus and remaining funds from completed