Qingdao CHOHO Industrial (003033)2024-04-26 11:17Financial Performance - The company's operating revenue for 2023 was ¥1,732,169,988.53, representing a 7.79% increase compared to ¥1,606,918,440.36 in 2022[23]. - Net profit attributable to shareholders decreased by 31.73% to ¥116,005,491.02 in 2023 from ¥169,921,022.39 in 2022[23]. - The basic earnings per share fell by 31.73% to ¥1.42 in 2023, down from ¥2.08 in 2022[23]. - The total assets at the end of 2023 increased by 28.92% to ¥2,248,267,419.32 from ¥1,743,982,306.59 at the end of 2022[23]. - The cash flow from operating activities net amount was ¥165,402,589.76, a slight increase of 1.16% from ¥163,508,725.41 in 2022[23]. - The company reported a decrease in net profit after deducting non-recurring gains and losses by 36.55% to ¥103,089,800.67 in 2023[23]. - The weighted average return on equity decreased to 10.32% in 2023 from 16.49% in 2022[23]. - The total operating revenue for 2023 reached ¥1,732,169,988.53, representing a year-on-year increase of 7.79% compared to ¥1,606,918,440.36 in 2022[58]. - Domestic sales amounted to ¥1,077,571,282.37, which is 62.21% of total revenue, reflecting a 17.90% increase from ¥913,987,417.12 in the previous year[58]. - The gross profit margin for the chain transmission industry was 22.03%, slightly down by 0.99% from the previous year[59]. Business Operations - The company has maintained its registered address since its listing, indicating stability in its operational base[18]. - The company has not experienced any changes in its main business operations since its listing, reflecting consistent business focus[21]. - The company has a total of four wholly-owned subsidiaries, indicating a diversified operational structure[16]. - The company has not undergone any changes in its controlling shareholders since its establishment, ensuring continuity in governance[21]. - The company has established a distribution network in over 60 countries, serving more than 2,000 customers globally[53]. - The company has implemented a centralized procurement model for raw materials, primarily steel, based on monthly production plans[47]. - The company has maintained a stable supply chain by coordinating production plans with major domestic clients based on sales forecasts and inventory[47]. Research and Development - The company has developed 240 authorized patents and has participated in drafting 24 national and industry standards[40]. - The company has applied for 81 patents and has been granted 31 patents during the reporting period, with a total of 240 national patents as of December 31, 2023, including 48 invention patents[49]. - The number of R&D personnel increased by 18.10% to 372, with a notable rise in the number of bachelor's degree holders by 60.22%[68]. - Research and development expenses amounted to 81,909,873.06 CNY, up 28.27% from 63,855,187.58 CNY in 2022, accounting for 4.73% of total revenue[68]. Market Trends - The motorcycle industry saw a production and sales increase of 3.43% and 2.85% respectively in 2023, with total production reaching 14.15 million units[34]. - The export volume of motorcycles in China reached 8.32 million units in 2023, marking an 8.79% year-on-year increase[34]. - In 2023, the automotive industry in China achieved production and sales of 30.16 million and 30.09 million vehicles, respectively, representing year-on-year growth of 11.6% and 12%[35]. - The agricultural machinery sector saw cumulative imports amounting to 812.28 million yuan, a year-on-year increase of 32.6%, while exports totaled 404.99 million yuan, down 3.3%[36]. - The global electric bicycle market is projected to reach $52.37 billion by 2030, with a compound annual growth rate of 13.5% from 2022[37]. Corporate Governance - The board of directors consists of 7 members, including 3 independent directors, complying with legal and regulatory requirements[112]. - The supervisory board is composed of 3 members, including 1 employee supervisor, adhering to legal and regulatory standards[113]. - The company has established performance evaluation mechanisms linking senior management compensation directly to operational performance[114]. - The company maintains independence from its controlling shareholders in business, personnel, assets, and financial aspects, ensuring no competition or unfair transactions[117]. - The company has an independent financial department with its own accounting system and bank accounts, making independent financial decisions[118]. Shareholder Engagement - The company reported a profit distribution plan of 5 RMB per 10 shares for all shareholders, based on a total of 81,750,000 shares[4]. - The company’s annual report is available on the Shenzhen Stock Exchange and various financial media platforms, ensuring transparency[20]. - The company has established a clear cash dividend policy that complies with its articles of association and shareholder resolutions, ensuring transparency and protection of minority shareholders' rights[147]. - The company has not implemented any employee stock ownership plans or other employee incentive measures during the reporting period[150]. Risk Management - The company emphasizes the importance of risk awareness for investors, detailing potential risks in the future development outlook section[4]. - The company faces risks from macroeconomic fluctuations, trade policy changes, market expansion challenges, exchange rate volatility, and raw material price fluctuations, and is implementing measures to mitigate these risks[101][102][103][104][105]. Environmental and Social Responsibility - The company is committed to environmental protection and sustainable development, adhering to national laws and regulations[159]. - The company actively engages in social welfare activities, including charitable donations and organizing blood donation events[161]. - Employee rights are prioritized, with the company providing social insurance and housing funds, as well as regular training programs[158]. Future Outlook - The company anticipates stable growth in the vehicle, agricultural machinery, and industrial automation sectors, with new opportunities in smart manufacturing and modern logistics[93]. - The company plans to enhance its digital factory capabilities to improve product quality and production efficiency, aiming for a fully transparent process driven by data[56]. - The company is committed to promoting market expansion and exploring new strategies for growth[167].