XCC(603667)2025-04-28 14:45Financial Performance - The company's operating revenue for 2024 reached ¥3,264,549,247.12, representing a 5.10% increase compared to ¥3,106,080,205.94 in 2023[23]. - Net profit attributable to shareholders decreased by 33.88% to ¥91,370,150.18 in 2024 from ¥138,178,338.30 in 2023[23]. - Basic earnings per share fell by 37.50% to ¥0.25 in 2024, down from ¥0.40 in 2023[25]. - The weighted average return on equity decreased to 3.16% in 2024, down from 5.35% in 2023, a reduction of 2.19 percentage points[25]. - The net cash flow from operating activities was ¥195,831,674.14 in 2024, a decrease of 30.92% from ¥283,471,376.72 in 2023[23]. - The company's net assets attributable to shareholders increased slightly by 0.43% to ¥2,912,762,286.02 at the end of 2024 from ¥2,900,383,602.54 at the end of 2023[23]. - Non-recurring gains and losses amounted to ¥17,125,175.80 in 2024, compared to ¥14,683,899.21 in 2023[29]. - The company's total assets reached CNY 5,212.79 million, a year-on-year increase of 10.57%[60]. - The net profit attributable to shareholders was CNY 91.37 million, a year-on-year decrease of 33.88%[60]. - The operating revenue for the year was CNY 3,264.55 million, reflecting a growth of 5.10% compared to the previous year[61]. Dividend Distribution - The company plans to distribute a cash dividend of 1.20 CNY per 10 shares, totaling approximately 43.96 million CNY based on a total share capital of 366,340,500 shares as of December 31, 2024[6]. - The company plans to distribute a cash dividend of CNY 0.12 per share, totaling CNY 43,960,860.00, which represents 48.11% of the net profit attributable to ordinary shareholders for the year 2024[133]. - The cumulative cash dividend amount over the last three accounting years is CNY 169,432,514.82, with a cash dividend ratio of 134.72%[138]. Audit and Compliance - The company has received a standard unqualified audit report from Tianjian Accounting Firm[5]. - The company emphasizes transparent information disclosure, complying with relevant laws and regulations to ensure timely and accurate reporting[101]. - The company has not faced any audit opinions that are non-standard during the reporting period[163]. - The company has not encountered any situations that would lead to delisting risks[166]. - The company has not reported any significant accounting errors that would require correction[164]. Market and Product Development - The company plans to continue its market expansion and product development strategies in response to the challenging international environment[25]. - The company successfully developed several new products in the high-precision screw business, establishing a new growth curve[35]. - The company is focusing on technological innovation and increasing R&D investment in high-precision screw products for applications in robotics and new energy vehicles[36]. - The company’s main products include bearings, precision mechanical components, and newly introduced screw products, with a focus on the new energy and artificial intelligence hardware sectors[40]. - The company has successfully developed a full range of robotic bearings, including flexible thin-walled bearings and high-precision tapered roller bearings, targeting key manufacturers in the robotics industry[44]. - The company is focusing on the development of automotive components for new energy vehicles, including airbag gas generator components, which fill a domestic gap, and precision forged parts for gear and axle systems[46]. - The company has made significant advancements in automotive thermal management systems, developing new products such as thermal management hoses and integrated modules for electric vehicles[48]. - The company has successfully developed planetary roller screws and trapezoidal screws for automotive steering and braking systems, addressing the low domestic production rate of these components[49]. - The company has established a strong R&D capability, recognized as a national high-tech enterprise, with multiple certifications and a dedicated team focused on precision components[52]. - The company has participated in the formulation of over 30 national and industry standards, enhancing its credibility and influence in the market[53]. - The company has received multiple awards for its technological advancements, including the National Science and Technology Progress Award for key technologies in new energy vehicle bearings[54]. Strategic Focus and Risks - The company experienced significant losses from its overseas subsidiaries, particularly in Mexico and Poland, impacting overall profitability[25]. - The company plans to strategically reduce investments in North America and Mexico to control risks, reallocating resources to the more stable European market[36]. - The company acknowledges potential risks from policy changes and raw material price volatility that could impact profitability[95]. - The geopolitical conflicts in Europe have increased uncertainty in global economic development, leading to trade barrier risks, prompting the company to prepare for domestic and international dual circulation[96]. - The company is exposed to foreign exchange risks as part of its sales are settled in USD or EUR, which can positively or negatively impact profitability depending on currency fluctuations[96]. - The development of new products faces risks due to high technical standards and lengthy certification processes, potentially delaying market entry and affecting future revenue growth[97]. - The market for the newly developed planetary roller screw is still in its early stages, with minimal revenue expected in 2024, indicating significant investment risks[97]. Human Resources and Management - The total number of employees at the parent company and major subsidiaries is 4,994, with 3,478 in production, 166 in sales, and 695 in technical roles[129]. - The company has implemented a high-incentive broadband salary system, linking basic and performance salaries to market levels, job value, and individual performance[130]. - The total amount paid for outsourced labor was CNY 803.17 million[132]. - The total remuneration for all directors, supervisors, and senior management at the end of the reporting period amounted to 6.037 million yuan[114]. - The company has a structured compensation plan for its directors and senior management, reflecting their performance and shareholding status[105]. - The company has implemented a performance-based salary system for its senior management, linking remuneration to annual operating results[114]. Environmental Responsibility - The company invested 11.28 million RMB in environmental protection during the reporting period[144]. - The company was included in the 2024 Shaoxing City Environmental Supervision Key Unit List, with all pollutant emissions meeting national and local standards[145]. - The company completed the environmental impact assessment for two major projects on September 19, 2024, receiving approval from the Shaoxing City Ecological Environment Bureau[147]. - The company established an emergency response plan for environmental incidents, which was filed with the local environmental bureau on November 29, 2024[147]. - The company has implemented a self-monitoring plan for environmental emissions, with quarterly monitoring of wastewater and noise, and annual monitoring of air emissions[148]. - The company has reduced carbon emissions by 14,191.34 tons through the implementation of photovoltaic power generation, with a total installed capacity of 27.09 MW and an annual electricity generation of 23.883 million kWh[154]. Corporate Governance - The company held 2 shareholder meetings during the reporting period, including 1 annual and 1 extraordinary meeting, ensuring compliance with legal and regulatory requirements[99]. - The board of directors consists of 7 members, including 3 independent directors, and held 10 meetings during the reporting period, adhering to governance standards[100]. - The supervisory board, comprising 3 members, conducted 9 meetings, effectively overseeing the management and protecting shareholder interests[101]. - The company has implemented strict insider information management protocols, preventing insider trading and maintaining fair information disclosure practices[102]. - The company has committed to avoiding related party transactions to ensure compliance and protect shareholder interests[161]. Investment and Financial Management - The company has invested RMB 8,500 million in bank wealth management products, with no overdue amounts[174]. - The company has a bank wealth management product with a total amount of RMB 27,000 million, yielding an annualized return of 2.31%[176]. - The company plans to launch new financial products with an expected interest rate of 2.50% in June 2024, amounting to 30,000 million[179]. - The company has a financial product scheduled for July 2024 with a total amount of 16,000 million and an interest rate of 2.17%[178]. - The company plans to invest up to RMB 220 million in temporary working capital using idle raised funds, with a repayment period of 12 months[186]. - The company has achieved a cumulative investment of RMB 6,511.1 million in the wind turbine precision bearing roller project, which is expected to meet current order levels[185]. Shareholder Information - The largest shareholder, Zhang Feng, holds 69,621,123 shares, representing 19.00% of the total shares[198]. - Wang Xueyong is the second-largest shareholder with 26,188,237 shares, accounting for 7.15%[198]. - The total number of shares held by the top ten shareholders includes significant pledges, with Zhang Feng having 2,000,000 shares pledged[198]. - The total number of shares held by the top ten unrestricted shareholders is 69,621,123 for Zhang Feng, 26,188,237 for Wang Xueyong, and 23,360,187 for Zhejiang Wuzhou Xinchun Group[199]. - The company has confirmed that the top shareholders, including Zhang Feng and Wang Xueyong, are acting in concert[199].