[年报]拓邦股份(002139):2023年年度报告（英文版）
原标题:拓邦股份:2023年年度报告（英文版） AnnualReport2023 SectionIImportantNotes,ContentsandInterpretations TheBoardofDirectors,theBoardofSupervisorsanddirectors,supervisorsandseniorexecutivesoftheCompanyherebyguaranteethatthecontentsetoutintheAnnualReportisfreefromfalserecords,misleadingstatementsormajoromissions,andundertakejointandseveralliabilitiesfortheauthenticity,accuracyandintegrityofthereport.WuYongqiang,theprincipaloftheCompany,LuoMuchen,theaccountinghead,andLuoMuchen,theaccountingdepartmenthead(theaccountantincharge)herebyguaranteethetruth,accuracyandcompletenessofthefinancialstatementsinthisAnnualReport.AlldirectorshaveattendedtheBoardMeetingatwhichthisAnnualReportwasdeliberated.Forward-lookingstatementssuchasfutureplansanddevelopmentstrategiescoveredintheReportinvolveuncertainty,sotheydonotrepresenttheCompany'sprofitforecasts,noraretheyregardedasthesubstantivecommitmenttoinvestors. Topbandhasnomaterialrisksthataffectitsfinancialpositionandsustainedprofitability,andthe possible risks in the operation of the Company are described in detail in Section III"ManagementDiscussionandAnalysis"oftheReport.Investorsarekindlyremindedtopayattentiontorelevantcontent. TheprofitdistributionplanapprovedbytheBoardofDirectorsoftheCompany:cashdividendsofRMB0.6(taxinclusive)per10sharesarepaidtoallshareholdersbasedonthe1,229,476,988shares(excludingtherepurchasedsharesandrestrictedsharestobecanceled),0sharesofbonusshares(taxinclusive),andreserveswouldnotbeconvertedintosharecapital.IftheCompany'stotalsharecapitalchangesbeforetheimplementationoftheprofitdistributionplanduetosharerepurchase,cancellationofrestrictedsharesorotherreasons,thetotaldistributionamountwillbeadjustedaccordinglybasedontheprincipleofmaintainingthesamedistributionratiopershare. The Report is prepared in Chinese and translated into English. Should there be anydiscrepanciesormisunderstandingsbetweenthetwoversions,theChineseversionshallprevail.Chairman'sStatement Dearshareholders,partners,andallfriendsconcerningaboutTopband,ThankyouforyourcontinuousattentionandfirmsupporttoTopband.In2023,wewerefacedwithmultiplechallengessuchasdemandandindustryinventory,butweremainedconfidentinthefuturedevelopmentprospectsoftheindustry,increasedR&Dinvestmentinkeynewareasandacceleratedourimplementationofoverseasbusinesses,layingasolidfoundationforgrowthinthefuturewhilerealizingsoundandhealthyoperations. In2023,werealizedoperatingincomeofRMB8.992billion,up1.32%YoY,andnetprofitofRMB512million,up5.76%YoY.Ourproductcompetitivenessandinternalefficiencywereimproved,witha2.17%YoYincreaseingrossprofitmargin.Inaddition,wemadethreekeyadvances: I. Reduced costs and increased efficiency, with the operational efficiency andsignificantlyimproved.Weclearlysetoutourstrategytoreducecostsandincreaseefficiencyin2023.Alldepartmentsworkedtogetherandeffectivelycontrolledthecostsofrawmaterialsandvarious expenses, significantly reducing the total costs. Meanwhile, the inventory droppedsignificantly and the inventory turnover was improved, significantly improving our healthindicatorsandoperationalefficiency. II.Technologicalinnovationforhigh-valuegrowth.In2023,withourexistingtechnologyand product platforms, we strengthened our machine and system solution capabilities andincreasedthevaluevolumeofourproducts.Wealsoaccuratelyidentifiedmarketdemandsandenhancedthevaluechainbyself-definedproducts.In2023,weincreasedR&Dinvestmentandbusinessintegrationinthenewenergybusinesssegment,andlaunchedmanynewproductsthatareautonomousandcontrollable,representedbyDCchargingpilesandall-in-oneindustrialandcommercialstorageproducts.Thiswilldriveourfuturegrowthandbecomeourthirdgrowthcurve. III.Internationallayoutwithhighlightedoverseasstrengths.Afteryearsofinternationalstrategyimplementationandpromotion,theVietnamandIndiabaseshaveachievedlarge-scalebaseshaverealizedmassproduction,markingoursignificantbreakthroughsinoverseasmarkets.We always believe that the "intelligent, low-carbon and international" long-term trendremainsunchanged.TheCompanyisabouttoseemajordevelopmentopportunitiesinthecontextoftheemergenceofsmartproducts,thetransformationfromtheoldeconomytothenewoneandtheincreaseininternationalmarketdemand.In2024,wewillfocusonthefollowingthreestrategicpriorities. First,accelerateoverseasmarketing.Morethanhalfofourbusinesscomesfromoverseasmarkets.Basedonthesuccessof"manufacturingexports",wewillaccelerate"marketexpansionoverseas".In2024,wewillaskthemarketingteamtoactivelyexpandthemarketoverseas.Weshallnotonlyseizetheopportunityofordertransfer,butalsodevelopthedemandinthelocalmarkettobuildTopbandintoatrulyinternationalfirm. Second,acceleratethedevelopmentofnewenergybusiness.Asourgrowthdriver,newenergy business greatly relies on our technological advantages in batteries, power sources,electroniccontrolandmotors,focusesonenergystorageandcharging,andprovidesself-definedproductsandcustomizedsolutions.Wewillfurtherconcentrateourresourcestocreateaproductmatrixandbuildaunifiedmarketplatformforrapiddevelopment. III.Acceleratethecreationofcompetitiveintelligentproductsandtheirapplicationinemergingindustries.WiththerapiddevelopmentofAIandhumanoidrobotics,theintelligentindustryhasusheredinunprecedenteddevelopmentopportunities.Asanenterprisewithmorethan20yearsoftechnologyaccumulation,Topbandhasbuiltupstrongcapabilitiesinproductinnovationandimplementation.In2024,wewillbecommittedtodeepeningourinsightintothemarketdemand,anddefiningandcreatingmoreautonomousandcontrollablecoreproducts;atthesametime,wewillfurtherexplorenewindustrialopportunities,especiallyinroboticsandAIapplications.Wewillacceleratethedevelopmentofcoretechnologiessuchasmobilerobots,servo drives and control technologies to create industry-leading competitive products, andactivelydeveloptopcustomersinindustries. Finally,Iwouldliketoexpressmythankstoallshareholdersandpartnersfortheirtrustandsupport. We will continue to offer customers with excellent products and services, and tocontributetobuildamore"intelligentandlow-carbon"world.Ibelieveourjointeffortswillhelp Topbandrealizegrowthin2024again. PresidentofShenzhenTopbandCo.,Ltd.March27,2024 Contents SectionIImportantNotes,ContentsandInterpretations.....................................................................................2 SectionIICompanyProfileandPrimaryFinancialIndicators..........................................................................10 SectionIIIManagementDiscussionandAnalysis................................................................................................17 SectionIVCorporateGovernance.........................................................................................................................66 SectionVEnvironmentalandSocialResponsibility..........................................................................................103 SectionVIImportantMatters..............................................................................................................................105 SectionVIIShareChangeandShareholders......................................................................................................117 SectionVIIIInformationonPreferredShares...................................................................................................127 SectionIXRelevantInformationofBonds..........................................................................................................128 SectionXFinancialReport...................................................................................................................................129 Directoryofdocumentsforfuturereference I.ThefinancialstatementsbearingthesignatureandsealoftheprincipaloftheCompany,theaccountingheadandtheaccountingdepartmenthead. II.Theoriginalauditreportbearingthesealoftheaccountingfirmandthesignatureandsealofthecertifiedpublicaccountant. III.TheoriginalsofallthecompanydocumentspubliclydisclosedinnewspapersdesignatedbytheCSRCduringtheReportingPeriodandtheoriginalmanuscriptsofannouncements.IV.TheoriginaloftheAnnualReport2023bearingthesignatureoftheChairman.V.Alltheabovedocumentsarecomplete,andareavailableforreferenceattheofficeoftheBoardofDirectorsoftheCompany. Interpretations
I.Companyinformation
AccountingfirmengagedbytheCompany
□Applicable?Notapplicable FinancialconsultantengagedbytheCompanytoperformongoingsupervisorydutiesduringtheReportingPeriod □Applicable?Notapplicable VI.Mainaccountingdataandfinancialindicators WhethertheCompanyisrequiredtoretroactivelyadjustorrestatetheaccountingdataofpreviousyears?Yes□No Reasonsforretrospectiveadjustmentsorrestatements Changesinaccountingpolicies
ChangesintheaccountingpoliciesadoptedbytheCompanyduringtheReportingPeriod:TheMinistryofFinancereleasedandimplementedtheCircularonIssuingInterpretationNo.16ofAccountingStandardsforBusinessEnterprises(hereinafterreferredtoas"InterpretationNo.16")onNovember30,2022,inwhich,therequirementonthe"accountingpracticefordeferredincometaxesrelatedtoassetsandliabilitiesgeneratedbyindividualtransactionswhichshallnotbeexemptedfrominitialconfirmation"shallbeimplementedfromJanuary1,2023.If,atthebeginningoftheearliestperiodofthefinancialstatementstowhichtheInterpretationNo.16appliesforthefirsttime,taxabletemporarydifferencesanddeductibletemporarydifferencesarisefromleaseliabilitiesandright-of-useassetsrecognizedasaresultofasingletransactiontowhichtheInterpretation No.16applies,aswellasfromrecognizedprojectedliabilitiesrelatedtoabandonmentobligationsandrelatedassets,theCompanywilladjustthecumulativeeffectstotheopeningretainedearningsandotherrelatedfinancialstatementitemsintheearliestperiodforwhichthefinancialstatementsarepresentedinaccordancewiththeprovisionsoftheInterpretationNo.16andthoseoftheAccountingStandardsforBusinessEnterprisesNo.18-IncomeTaxes. TheCompany'snetprofitbeforeandafterdeductingthenon-recurringprofitandloss(whicheverislower) isnegativeinthelastthreefiscalyears,andtheauditreportofthelatestyearshowsthattheuncertaintyinthe Company'ssustainableoperationability □Yes?No Thenetprofitbeforeandafterdeductingthenon-recurringprofitandloss(whicheverislower)isnegative □Yes?No VII.Differencesinaccountingdataunderdomesticandforeignaccountingstandards (1)Differencesinnetprofitandnetassetsbetweenfinancialstatementsdisclosedinaccordancewith InternationalAccountingStandardsandthosedisclosedinaccordancewithPRCGAAPatthesametime □Applicable?Notapplicable Thereisnodifferenceinnetprofitandnetassetsbetweenfinancialstatementsdisclosedinaccordancewith InternationalAccountingStandardsandthosedisclosedinaccordancewithPRCGAAPduringtheReporting Period.2.DifferencebetweenthenetprofitandnetassetsinthefinancialstatementsdisclosedinaccordancewithbothforeignaccountingstandardsandChineseaccountingstandardsatthesametime□Applicable?Notapplicable ThereisnodifferenceinnetprofitandnetassetsbetweenfinancialstatementsdisclosedinaccordancewithOverseasAccountingStandardsandthosedisclosedinaccordancewithPRCGAAPduringtheReportingPeriod. VIII.Quarterlyprimaryfinancialindicators Unit:RMB
None. Explanationofdefiningthenon-recurringprofitandlossitemslistedintheExplanatoryAnnouncementNo.1onInformationDisclosureforCompaniesOfferingTheirSecuritiestothePublic-Non-recurringProfitandexpanded.Forexample,intelligentcontrollersarenowabletopredictandadapttouserbehaviorandneedsincombinationwithAItechnologytoprovidemorepersonalizedservices.Inthefieldofindustrialautomation,intelligentcontrollersarecapableofperformingmorecomplextasksincombinationwithroboticstoimprovetheproductionefficiencyandsafetyandreducecosts.Itshallbenotedthathumanoidrobotsarealsobeginningtowalkintoreallife.Fromfamilyassistantstooperatorsinhigh-riskworkenvironments,humanoidrobotsarecapableofperformingcomplexhumantasksinavarietyofenvironments,andintelligentcontrollersplayavitalroleinthis. Advances in technology not only accelerate the iteration ofthe products, but also indicate broaderdevelopmentprospectsoftheintelligentcontrollerindustry.Wearenowstandingonthethresholdofanintelligenttechnologicalrevolution,andtheconvergenceofintelligentcontrollerswithAIandroboticsisreshapingthewayweliveandwork,openingupaworldofpossibilities.Inthefuture,withcontinuoustechnologicalprogressandinnovation,wecanexpectmorenewproducts,newformatsandnewmodels,whichwillfurtherpromotetheprosperityoftheintelligentcontrollerindustry.2.Positioninindustry battery,powersourceandIoTplatform),oursolutionsarewidelyusedinfourmajorindustriesincludingthe homeappliances,tools,newenergyandindustry,providingcustomersaroundtheworldwithinnovative, efficientandreliablecustomizedservices.Wekeepstrengtheningusintechnologicalinnovationandimproving ourkeeninsightandrapidresponsetomarketneeds.Bycontinuouslyoptimizingandupgradingourtechnology platform,wearecommittedtoprovidingourcustomerswithmoreintelligentandpersonalizedcontrolsolutions soastohelpthemachievetechnologicalbreakthroughsandbusinessgrowthintheirrespectivefields.1.The Company's coretechnology:"electroniccontrol, motor, battery, powersourceand IoTTheCompany'smotortechnologyhasbeensuccessfullyappliedinmanyfields,suchaselectrictools,automationequipment,intelligentelectricalapparatus,newenergyvehiclesandrobots.Ourmotortechnologytakestheleadinthefieldofelectrictoolsandautomationequipment,andintermsoftheapplicationofmotortechnologyinnewenergyvehicles,robotsandmedicalcare,wehaveachievedremarkableresults,whichhasbeenwidelyrecognizedinthemarket. 1.3Batterytechnology Batterytechnologyisthetechnologywhereenergyisstoredandmanaged.Itscoretechnologiesincludebatterymaterialapplication,celldesignandmanufacturing,andbatterysystemintegration.Batterymaterialapplicationtechnologiesincludepositiveandnegativeelectrodematerials,electrolytes,diaphragms,andother relatedapplicationtechnologies;celldesignandmanufacturingincludeelectrochemicalarchitecturedesignand manufacturing process technologies such as coating, laminating/winding, and forming; battery systemintegrationconsistsofaseriesoftechnologiessuchasbatteryassembly,thermalmanagement,collisionandleakagesafety,accuratemeasurementofvoltage/current/temperaturesignals,batterystateestimationandcellequalization.Thetechnologyspansmultiplefieldsofmaterialscience,electrochemistry,electronics,andcontrol invertertechnology,wehavesignificantlyimprovedtheenergyconversionefficiencyofsolarpanelswithadvancedcontrolalgorithmandefficientelectricalenergyconversioncircuitdesign,supportingavarietyofcommunicationprotocols. InthefieldofhighpowerDCchargingpiles,wehaveachievedfastandsafechargingofelectricvehiclesbyusingefficientpowerelectronicconversiontechniqueandintelligentchargingcontrolalgorithm.OurDCcharging piles are of high powerdensity and excellent heat dissipation performance, which ensures the efficiencyandstabilityofthechargingprocess. 1.5IoTplatform TheIoTplatform,asthekeytoconnectingtheperceptionlayer,networklayerandapplicationlayer,enablesustoachieveintelligentconnectionofdevicesandefficientmanagementofdata.Withcompletetechnicalcapabilitiesfrommodulesandsmartterminalstoapplications(APP)andPlatformasaService(PaaS),ourIoTplatformcanprovideintegratedsolutionsformultipleindustries.Especially in the cloud platform for household energy management, we have made remarkableachievements.Byintelligentlyanalyzingandprocessingthehouseholdenergyconsumptiondata,theplatformindustriesincludinghomeappliances,tools,newenergyandindustry. 2.1Homeappliances TheCompanyprovidesarangeofcustomizedproductsandservices,fromproductconcept,design,and developmenttomanufacturinganddeliveryforbrandedcustomersinthehomeapplianceindustry.Theproducts aremainlyinvolvedincontrollerandmotorcategories,includinghomeappliancemastercontrol,powercontrol, motordriveandcontrol,displaycontrol,etc.Theproductsaremainlyusedinvariousfields,suchasHVAC, kitchenappliances,cleaningappliances,healthcare,lighting,andsmarthome.2.3Newenergy Inthefieldofnewenergy,theCompanyhasformedacompleteproductmatrixcoveringcorecomponents,completeunitsandsystemsolutions.Intermsofcorecomponents,theCompanyhascompletedthelayoutof"1C1C3S"coreproducts,includingthechargingmodule,cell,BMS,PCSandEMS.Forthecompleteunit,theCompanyhasdevelopedafullrangeofproductssuchasACandDCchargingpiles,householdenergystorage,industrialandcommercialenergystorage,communicationbackuppowerandportableenergystoragedevices.Atthesystemsolutionlevel,theCompanycombinesthecoretechnicalcapabilitiesofthecompleteunitandcloudplatformanddevelopsthecompletesolutionsforscenariossuchasPV,energystorageandcharging,zero-carbonparksandhouseholdgreenenergy. 2.4IndustryAutomation Intheindustrialcontrolindustry,ourbusinesscoversR&D,productionandsalesofspecializedindustrialintelligentcontrolproducts,mainlyinvolvingstepping,servodriveandmotioncontrolproducts.TheCompanyfocusesondownstreamautomationequipmentcustomersandprovidesthemwithcontrollers,drivesandmotors.Downstreamapplicationsinvolve3Celectronics,robotics,medicalequipment,semiconductorequipment,PVand lithium battery. We committed to helping automation equipment manufacturers improve designperformance,reducemanufacturingcosts,andspeedupthedevelopmentofnewequipment.forming a complete technology platform covering various core technology areas of intelligent control integrationsolutions. The Company has the ability of deep understanding of various control mechanisms, independentimplementation,andcontinuousinnovation,coveringthecoretechnologiesofintelligentcontrolalgorithm,motorcontrol,lithiumbattery,sodiumbattery,sensing,human-machineinteraction,imagerecognition,digitalpowersupply,embeddedsoftware,temperaturecontrol,heating,andcooling,etc.Inaddition,theCompanyhasarichproductlinethatformsmanyproductplatforms.Eachcoreproductplatform hasbeenverified in mass production to ensure quality andreliability.Wecanquickly providecustomerswithhigh-quality,differentiatedcustomsolutionstomeettheirneeds.Inaddition,theCompanyhastheindustry'sunique"controller+motor+battery+powersupply"totalsolutioncapability,withtheabilitytocontinuously develop innovative solutions in new categories, which can help customers innovate in the competitiontowin. Inaddition,theCompanyisabletoprovidethe"controller+motor+battery+power+cloudplatform"integratedsolutionintheindustry,andcontinuouslydevelopinnovativenewcategorysolutions,whichcanhelpaccelerating,andcompaniesincreasinglyneedtobemoreagileintheiroperationstoservetheircustomers.Basedonadeepunderstandingoftheintelligentcontrolbusiness,theCompanyhascreatedastrongplatformsystemfromtheimplementationofIPDideasintheR&Danddesignprocess,thecorecustomerISCchangesinthe supply chain system, the laboratory and quality assurance system, and the intelligent manufacturing platformsystemtobuildacustomer-centricprocess-orientedorganization,internalizingtheCompany'ssuperior capabilitiesintoagileoperationalcapabilities,andtheagilesystemwillfurtherstrengthentheCompany'sadvantages,andthetwoformamutuallyreinforcingandvirtuousdevelopment,thusachievingsustainable,high-qualitygrowth. IV.Analysisofmainbusiness 1.Overview AgainstthebackdropofChina'seconomyshiftingfromhigh-speedgrowthtohigh-qualitydevelopment,the Company has seized the opportunity of technological upgrading to develop high-quality business,demonstratingtheoperationalresilienceofenterprisesindifferenteconomicenvironments.TheCompanyhasofRMB512million,ayear-on-yearincreaseof5.76%. Annualoperatingresultsandcoreoperatingmetricsfor2023aresetforthbelow:(i)Breakingthewavesandoarstoachieve11consecutiveyearsofrevenuegrowth.1.Soundoperationandhealthydevelopment,focusingonlong-termvaluecreationDespitefacingmultiplechallenges,suchasdemandandindustryinventory,theCompanystillachieved11consecutiveyearsofrevenuegrowthfromRMB1billionin2013tonearlyRMB9billionin2023,relyingonitstechnologyplatformandproductplatformadvantages.Duringthereportingperiod,theCompanyincreasedinvestmentinvitalnewprojects,activelyexploredtheinternationalmarket,andcontinuedtogaincustomerrecognitionsteadily;homeappliances,tools,newenergyandindustrialsegmentshaveachievedmodestgrowth.In2023,theCompany'snumberofheadcustomersandrevenuecontinuedtodoublegrowth;thenumberofheadcustomersincreasedto115andrealizedrevenueaccountedfor86%oftheCompany'stotalrevenue,theCompanyinaccordancewiththestrategyoftheorderlyexpansionofthemarketsegments,tomaintaintheleading edge. At the same time, it strengthens its market insight, product definition and development capabilities.ItincreasesitsinvestmentininnovativebusinessestocontributenewkineticenergytocorporateTheshareofdownstreamcustomersinthetoolsegmentishighlyconcentratedandmainlyoverseas.AsacoreChinesesupplierinthetoolindustry,theCompanyprovidescustomerswithone-stopsolutions,includingcontrollers,motors,batterypacksandcompletemachines,andtheCompanycontinuestopromoteinnovationsintheindustry,suchasinnovationsinsuper-chargingcontroltechnologyinthefieldofpowertools,intelligentcontrolsystemforridinglawnmowersinthefieldofOPE, andfour-wheel-drive mowingrobotsbasedonbinocularstereovision,andotherinnovations;meanwhile,itexpandstheapplicationopportunitiesofproductsin the scenes surrounding the use of tools. Through years of implementation and promotion of theinternationalizationstrategy,thebasesinVietnamandIndiahaveachievedlarge-scalemassproductionandstable operation, and the bases in Romania and Mexico have achieved mass production, making a significantbreakthroughinoverseasmarkets.Duringthereportingperiod,webuiltupourabilitytoprovideglobalsupplytoheadcustomersbytakingadvantageofourleadingpositionin"goingtosea"andintroducingnewheadcustomerstoournewbases. (2)Homeappliancesegment:salesrevenueofRMB3.166billionin2023,up2.41%year-on-year.TheCompanyfocusesonthedevelopmentofadvantageouscategoriesinthefieldofhomeappliances.Itcontinuestocompetitivepressureintheenergystoragemarket,theCompanyactivelyrespondedbyseizingthebreakthroughofnewcustomers,technologicalinnovation,andperfectingthewholemachineandsolutioncapabilitiestomeetthesceneexpansionopportunitiesinthenewenergyindustryduetothedeclineinbatterycosts,andprofoundlyapplyingtheadvantagesofthecontroltechnologytothepowergenerationsideandtheuserside.Duringthereportingperiod,revenuefromcontrollersandcomponentproductsamountedtoRMB804million,representingayear-on-yearincreaseof10.17%,whilerevenuefromcompletemachinesandsystemsamountedtoRMB1.336billion,representingayear-on-yearincreaseof2.31%. (4)Industrialsegment:salesrevenueofRMB251millionin2023,anincreaseof1.22%year-on-year,ofwhichtheservodriveandmotorsystembusinessincreasedby26.54%year-on-year,andtheservoapplicationofthemarketexpansionprocessaccelerated.TheCompanymainlyprovidesdownstreamautomationequipmentcustomerswithPLC,motioncontrolcards,stepper/servodrives,motorsandothercorecomponents,aswellasmotioncontrolsolutionsbasedonindustryprocesssupport,widelyusedin3Celectronics,industrialrobots,medical equipment, photovoltaic equipment, semiconductor equipment, dispensing, engraving, packaging machineryandotherindustries. Industrial robots and humanoid robot industry: China, as a large manufacturing country, has anincreasingdemandforindustrialrobots.AccordingtoRuiindustrialdata,2023industrialrobotsalesgrewslightly, aslight increaseof0.4%year-on-year.Downstream industrydemand differentiation issignificant, andthephotovoltaicindustryistheindustry'sgrowthengine.Cobots(collaborativerobots)havethehighestyear-on-year growthrate.TheCompanyhasrealizedtheproductapplicationofservodriveandhollowcupmotorinthefieldofindustrialrobots;accordingtoMcKinsey'sprediction,inthelongrun,theglobalmarketspaceofhumanoidrobotscan reach the level of trillions. With tremendous technological advances in general artificial intelligence, perceptionandpowersystems,thepaceofinnovationinthehumanoidroboticsindustryhasaccelerated,withanumberofcompanieslaunchinghumanoidrobotsoneafteranother.InJanuary2023,theMinistryofIndustryandInformation Technology (MIIT) and 16 other departments issued the "Robot+" Application ActionImplementationPlan.InNovember2023,theMinistryofIndustryandInformationTechnology(MIIT)issuedtheGuidelinesfortheInnovativeDevelopmentofHumanoidRobots.Humanoidrobotshavealreadybecomeanimportantindustryatthenationallevel.TheCompanyhasincreaseditsinvestmentinrelatedfieldstoenhanceitscapabilitiesintheareasofcontrol,motors,modules,andsystemsolutions.TheCompanyhasincreaseditsadvantagesandtappingtheblueoceanmarketwithinnovationdrive We adhere to the concept of creating value for customers and society, always take "technologicalinnovation"astheengineoftheCompany,andcontinuetodeepenthetechnologicalleadershipandbuildnewkineticenergyforenterprisedevelopment.In2023,theCompanywillcontinuetopromoteanddeepentheaccumulation and application of "four electrics and one network" technologies in five major industries, acceleratetheintegrationandapplicationofnewtechnologiessuchasAI,IoTand5G,andspeeduptheinvestmentinR&Dofnewbusinessesandnewtechnologies.TheCompanyhascontinuouslymaintainedahighproportionofR&Dinvestment,andtheratioofR&Dinvestmenttooperatingincomehasbeenaround7%inthepast11years,establishingafoundationforinnovation-drivenbusinessgrowth.Duringthereportingperiod,theCompany'stotalR&DinvestmentamountedtoRMB834million,anincreaseof15.94%year-on-year,accountingfor9.28%oftheoperatingincome,andtherewere2,004R&Dandtechnicalservicepersonnel.R&Dinvestmentinthemainapplicationdirections: ①Platformempowerment:Duringthereportingperiod,throughtheestablishmentofdevicelibrariesandbasicBOMs,theCompanywasabletoconnectthecustomer'sdemand,purchasingsideandR&Dside,androomforgrowth. Throughyearsofinternationalizationstrategy,theCompanyhasachievedlarge-scalemassproductionandstableoperationinVietnamandIndiabases,withexcellentprofitability.TheRomanianandMexicanbaseshaverealizedmassproductionandmadesignificantbreakthroughsinoverseasmarkets.(v) Strengthening risk management and control, improving capital turnover efficiency, andsafeguardingthehealthyandsustainabledevelopmentoftheCompany'soperationsDuring thereporting period,the Companystrengthenedrisk managementandcontrol,increasedthepaybackefforts,reducedtheexpenditureonprovisioning,improvedtheefficiencyofcapitalturnover,andrealizednetcashflowfromoperatingactivitiesofRMB1.466billion,anincreaseof198.53%year-on-year,whichguaranteedtheCompany'soperationalhealthandsustainabledevelopment.(vi)Otherimportantmatters Duringthereportingperiod,theCompanyactivelyobservedtheneedsofitscustomersintermsof
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