[年报]深纺织Ｂ(200045):2024年年度报告（英文版）
原标题:深纺织Ｂ:2024年年度报告（英文版） SectionIImportantNotes,TableofContentsandInterpretations The Board of Directors, Board of Supervisors, directors, supervisors and senior officers of theCompanyguaranteetheauthenticity,accuracyandcompletenessofthecontentsoftheannualreport,andbearindividualandjointlegalliabilitiesforanyfalserecords,misleadingstatementsormajoromissions. ThePrincipalYinKefei,theChiefFinanceOfficerLiuYuandtheChiefAccountant(accountingsupervisor)HuangMindeclarethattheywillensuretheauthenticity,accuracyandcompletenessofthefinancialreportinthisannualreport. Inadditiontothefollowingdirectors,otherdirectorspersonallyattendedtheBoardmeetingatwhichtheAnnualReportwasconsidered.
TheCompanyisexposedtomacroeconomicrisks,marketrisks,rawmaterialsrisksandintensifiedcompetitionrisks.Investorsareadvisedtopayattentiontoinvestmentrisks.Fordetails,pleasereferto"XI.OutlookfortheCompany'sFutureDevelopment(III)PossibleRisks"in"SectionIIIManagementDiscussionandAnalysis"ofthisreport. Theprofitdistributionplanreviewed andapprovedbytheCompanyattheBoardis:basedon506,521,849shares,distributecashdividendsof0.71RMB(includingtax)forevery10sharestoallshareholders,anddistribute0bonusshares(includingtax),withoutconvertingtheprovidentfundintoThisreportispreparedinChineseandEnglishrespectively.IncaseofanyambiguitybetweentheChineseandforeignversions,theChineseversionshallprevail. TableofContents SectionIImportantNotes,TableofContentsandInterpretations...........................................................................2 SectionIICompanyProfileandMajorFinancialIndicators....................................................................................7 SectionIIIManagement'sDiscussionandAnalysis..................................................................................................11 SectionIVCorporateGovernance..............................................................................................................................29 SectionVEnvironmentandSocialResponsibilities..................................................................................................49 SectionVIImportantMatters.....................................................................................................................................54 SectionVIIChangesinSharesandShareholders.....................................................................................................65 SectionVIIIPreferredshares......................................................................................................................................71 SectionIXBonds...........................................................................................................................................................71 SectionXFinancialReports.........................................................................................................................................72 ListofDocumentsAvailableforInspection I.Accountingstatementsbearingthesignaturesandsealsofthelegalrepresentative,FinanceDirectorandChiefAccountantoftheCompany; II.Theoriginalauditreportbearingthesealoftheaccountingfirmandthesignatureandsealofthecertifiedpublicaccountant; III.TheoriginalofalltheCompany'sdocumentsandtheoriginaloftheannouncementthathavebeenpubliclydisclosedbytheCompanyonthewebsitedesignatedbytheChinaSecuritiesRegulatoryCommissionduringthereportingperiod. Theabove-mentioneddocumentsarekeptintheofficeoftheBoardofDirectorsforreference.Interpretations
I.InformationabouttheCompany
AccountingfirmengagedbytheCompany
FinancialconsultantengagedbytheCompanytoperformcontinuoussupervisionduringthereportingperiod□Applicable?Notapplicable VI.Mainaccountingdataandfinancialindicators WhethertheCompanyneedstoretroactivelyadjustorrestatetheaccountingdataofpreviousyears□Yes?No
auditreportofthelatestyearshowsthatthegoing-concernabilityoftheCompanyisuncertain□Yes ?No Thelowerofnetprofitbeforeandafterdeductingnon-recurringprofitorlossisnegative□Yes ?No VII.Differencesbetweenaccountingdataunderdomesticandforeignaccountingstandards1. Differences in net profit and net assets in the financial reports disclosed in accordance with the internationalaccountingstandardsandtheChineseaccountingstandards□Applicable?Notapplicable DuringthereportingperiodoftheCompany,therewasnodifferenceinnetprofitsandnetassetsinfinancialreportsdisclosedin accordancewithinternationalaccountingstandardsandChineseaccountingstandards2. Differences in net profit and net assets in financial reports disclosed in accordance with both the internationalaccountingstandardsandChineseaccountingstandards□Applicable?Notapplicable DuringthereportingperiodoftheCompany,therewasnodifferenceinnetprofitsandnetassetsinfinancialreportsdisclosedin accordancewiththeinternationalaccountingstandardsandChineseaccountingstandardsVIII.Mainfinancialindicatorsbyquarter Unit:RMB
Company'sdisclosedquarterlyandsemi-annualreports □Yes ?No IX.Non-recurringprofitorlossitemsandamounts ?Applicable □Notapplicable Unit:RMB
TheCompanyhadnospecificprofitorlossitemsthatmeetthedefinitionofnon-recurringprofitorloss.Notesonthedefinitionofthenon-recurringprofitorlossitemslistedinthe"InterpretiveAnnouncementNo.1onInformation DisclosureofCompaniesIssuingSecuritiestothePublic-Non-recurringProfitorLoss"asrecurringprofitorlossitems □Applicable?Notapplicable TheCompanyhadnocircumstancesofdefinitionofthenon-recurringprofitorlossitemslistedinthe"InterpretiveAnnouncementNo.1 onInformationDisclosureofCompaniesIssuingSecuritiestothePublic-Non-recurringProfitorLoss"asrecurringprofitorlossitems. SectionIIIManagement'sDiscussionandAnalysis I.Industrystatusduringthereportingperiod Thepolarizerisalsocalledpolarizedlightsheet,whichcancontrolthepolarizationdirectionofaspecificbeam.Whenthenaturallight passesthroughthepolarizer,thelightwiththevibrationdirectionperpendiculartothepolarizertransmissionaxiswillbeabsorbed,and onlythepolarizedlightwiththevibrationdirectionparalleltothepolarizertransmissionaxiswillbetransmitted.Thedownstream applicationsofpolarizersaremainlyinthepanelindustry.Accordingtodifferentpaneltypes,polarizeraremainlyclassifiedintoTN type,STNtype,TFTtypeandOLEDtype.Atpresent,theglobalpolarizermarketismainlybasedonpolarizersforTFT-LCDpanels. OneLCDpanelrequirestwopolarizers,whileoneOLEDpanelrequiresonepolarizer.Thehigh-qualitydevelopmentofthepolarizerindustryhasaprofoundimpactontheentiredisplayindustry.Asoneofthethreecoreraw materialsofthedisplaypanel,thedemandforpolarizerisdirectlyaffectedbythefluctuationofthedisplaypanelmarket.Inrecentyears, withtheacceleratedtransferoftheglobaldisplaypanelindustrytoChina,China'spolarizerindustryhasusheredinastageofrapid development.Theproductioncapacityandprocesstechnologylevelofdomesticpolarizermanufacturershavecontinuouslyjumped. China'spolarizerindustryhassignificantlyimproveditspositionandinfluenceintheglobalmarket.Chinesemainlandhasbecomethe world'slargestpolarizerproductionbase. TheCompanyisoneofthemainpolarizerR&D,productionandsalesenterprisesinChina.ItisthepioneerofChina'spolarizerindustry. NowithasdevelopedintoaleadingenterpriseinChina'spolarizerindustry,andhasbecomeanimportantsupplierofmainstreampanel enterprisesintheworld.In2024,theglobaleconomicandgeopoliticalsituationwillremaincomplexandvolatile.Affectedbythe severeandcomplexeconomicandpoliticalsituationintheworld,theglobaldisplaypanelandterminalmarketdemandwillslowly recover,andthepolarizerindustrywillcontinuetoexpanditsproductioncapacity.However,itstillfacesriskssuchasintensified industrycompetition,risingrawmaterialscosts,andrawmaterialssupplysecurity.II.MainbusinessengagedinbytheCompanyduringthereportingperiod(I)MainbusinessoftheCompany TheCompany'smainbusinessisahigh-techindustryfocusingontheR&D,productionandsalesofpolarizersforOLEDandLCD display,theoperationandmanagementofitsownproperties,andtextileandclothingbusiness.Duringthereportingperiod,therewasnosignificantchangeintheCompany'sprimarybusiness.First,theCompanyactivelyadjustedits productstructure,implementedaproductdifferentiationstrategy,andincreasedthesalesproportionofhigh-value-addedproducts.Ithas achievedanindustry-leadingpositioninOLEDTVpolarizersalesvolume,andthesalesvolumeofultra-large-sizeproductshassurged significantly;second,theCompanymadeeveryefforttoovercomequalityproblems,improvecustomersatisfaction,reduceproduct returnlossesandmanagementcosts,andatthesametime,playedasales-drivenroletopromotesalesbyproduction,andtheproduction andsalesvolumerepeatedlyhitarecordhigh;third,theCompanystrengthenedtheon-sitetechnicalmanagementlevelandenhancedthe processstability.Theimprovementofbrokenfilmofeachproductionlinewasremarkable,andtheaveragefrequencyofbrokenfilm decreasedsignificantlyyear-on-year,whichhasreachedahigherlevelintheindustry.fourth,theCompanycontinuedtostrengthen innovationleadership,drivingthedevelopmentandmassproductionofcutting-edgeproducts.Itfocusedonbreakthroughsinkey technologiesandsuccessfullyachievedthedevelopmentandmassproductionofhigh-performanceOLEDTVpolarizerswithhigh transmittanceandlowreflectionin55-inch,65-inch,and77-inchsizes.Additionally,itcompletedthedevelopmentofhighlyalkali- resistantpolarizersforOLEDmobilephonesandthedevelopmentofdisplaypolarizersthatmeettheU.S.EnergyStar9.0energy efficiencystandards;fifth,theCompanyactivelyphasedoutsubsidiarieswith"non-corebusinessesandinefficientassets",steadily implemented the performance-based selection mechanism, promoted the shifting of resources from non-core businesses to core businesses,andachievedrationaluseofresources;Sixth,theCompanystrengthenedsupervisionandmanagement,focusedonwork safety,preparedsafetymanagementsystems,strengthenedsafetytrainingandeducation,carriedoutsafetyriskidentificationandhidden dangerinvestigationandmanagement,consolidatedweaklinks,andpreventedaccidents;Seventh,continuouslyimprovedthequalityof propertymanagementservice,improvetenantsatisfaction,strivedtomaintaintheCompany'spropertyrentalrateatahighlevel,and ensuredthestabilityoftheCompany'spropertyleasingmanagementbusinessincome.(II)MainproductsoftheCompanyandtheiruses Currently,theCompanyhas7mass-productionpolarizerproductionlines,anditsproductscoverTN,STN,TFT,OLED,3D,dyefilms, opticalfilmsfortouchscreensandotherfields.TheseproductsaremainlyappliedtoproductssuchasTVs,laptops,navigators,monitors, vehicles,industrialcontrols,instrumentsandmeters,smartphones,wearabledevices,3Dglasses,andsunglasses.Bycontinuously strengtheningtheexpansionofsaleschannelsandtheconstructionofitsownbrand,theCompanyhasbecomeaqualifiedsupplierfor mainstreampanelenterprisessuchasCSOT,BOE,LGD,XianyangCaihong,HKC,TianmaMicroelectronics,Sharpandsoon.
ThepolarizerindustryisgraduallyshiftingfromthetraditionalbusinessmodelofR&D,productionandsalestoacustomer-centric,joint R&Dandcomprehensiveservicebusinessmodel.Byunderstandingcustomerneeds,theCompanyjointlydevelopsandcarriesouthigh- standardproductionmanagement,manufactureshigh-qualityproducts,usesadvancedpolarizerroll-onequipmenttocooperatewith downstreampanelmanufacturers'productionlines,optimizesproductionandlogisticslinks,reducesproductionandtransportationcosts, createsvalueforcustomers,andachieveswin-wincooperation. (IV)MainperformancedriversoftheCompany See"III.CoreCompetitivenessAnalysis"inthissectionfordetails.(V)MarketpositionoftheCompany'sproducts TheCompanyisoneofthemaindomesticenterprisesintheR&D,production,andsalesofpolarizers.Itbeganitspolarizerbusinessin 1995andachievedthefirstmassproductionofpolarizersinChinain1998,becomingapioneerinChina'spolarizerindustry.The CompanyhasmasteredcoretechnologiesfortheR&DandproductionofTN/STN,TFT-LCD,andOLEDdisplaypolarizers.Itisoneof thefewdomesticpolarizermanufacturerswiththecapabilitytoproduceafullrangeofpolarizerproductsinlarge,medium,andsmall sizes.TheCompanywasthefirsttoachievemassproductionofpolarizersforOLEDTVsandOLEDmobilephones,fillingagapinthe domesticmarket. TheCompany'smainproductsaremediumandlarge-sizedpolarizersforTFT-LCD.ItsLine7isoneofthefew2,500mmultra-wide polarizerproductionlinesintheworld,capableofmeetingtheneedsofhigh-generationpanelproductionlinessuchas8.5/8.6,10.5/11 generationsglobally.Especially,itoffersthebesteconomicproductionefficiencyfor10.5/11generationlinesandhasanindustry- leadingadvantageinthetechnologyandproductioncapacitiesforultra-largeandlarge-sizedproducts.(VI)Competitiveadvantagesanddisadvantages 1.Advantagesofcompetition See"III.CoreCompetitivenessAnalysis"inthissectionfordetails.2.Disadvantagesofcompetition See"(III)PossiblerisksofXI.OutlookfortheCompany'sfuturedevelopment"inthischapterfordetails.III.Analysisofcorecompetitiveness (I)Technicaladvantages.SAPOPhotoelectricisoneoftheearliestnationalhigh-techenterprisesinChinatoenterthefieldofdisplay polarizerresearchanddevelopmentandproduction.Ithas29yearsofpolarizerindustryoperationexperience,anditsproductscover mainstreamdisplayapplicationssuchasTNtype,STNtype,TFTtype,OLED,etc.Ithasacompletesetofproprietarytechnologyand independentintellectualpropertyrightsforpolarizersthatcanmeetcustomerneeds,andhastheproductioncapacityofafullrangeof polarizersinlarge,mediumandsmallsizes.Asoftheendofthereportingperiod,SAPOPhotoelectrichasbeengranted109patents, including:21domesticinventionpatents,86domesticutilitymodelpatentsand2overseasutilitymodelpatents.4nationalstandardsand 2industrystandardswereindependentlydraftedandformulatedbySAPOPhotoelectricandapprovedforimplementation;inaddition,it participatedinthedraftingandformulationof1industrystandard,whichhasbeenapprovedforimplementation.theR&DandindustrializationofthecoreproductiontechnologiesofpolarizersforOLEDandLCD,aswellasthelocalizationresearch ofrawmaterialsforpolarizerproduction.Amongthem,theprojectsofpolarizersforOLEDTVsandOLEDmobilephoneshave successfullyachievedmassproduction,breakingthemonopolyofJapanandSouthKoreaandfillingthedomesticgap.Ithasaleading edgecomparedwithotherpolarizermanufacturers.BasedonthesuccessfuldevelopmentofOLEDpolarizerproducts,theCompany'sA PolarizerforImprovingtheContrastRatioofOLEDDisplayswasgrantedanationalpatentin2023.Troughin-depthresearchand elaboratedesignofthematerialstructureandopticalpathoftheOLEDpolarizer,thispatenthassuccessfullysolvedkeytechnical problemsintheindustryandpromotedtechnologicalprogressinthefieldofOLEDpolarizers,possessinghighcommercialvalueand applicationprospects. (II)Talentadvantages.Inordertocomplywiththehigh-qualitydevelopmentofthecompany,theCompanypromotestheconstructionof talentteaminanall-roundandmulti-level way, deeplyexploresthepotentialofexistingtalents,fullystimulates theirvitality, continuouslyimprovesthecorecompetitivenessoftheenterprise,andlaysasolidfoundationforthehigh-qualitydevelopmentofthe company.TheCompanyhasalwaystakenindependentinnovationasitscoredevelopmentstrategy,andhasbuiltasetofscientificand efficientownR&Dmanagementsystem,andgatheredaprofessionalteamwithexcellentskills,richexperienceandinternationalvision, coveringpolarizermanagementtalentsandseniortechnicians.First,focusontalenttrainingandteamforging,attachgreatimportanceto talenttrainingandteambuilding,andstrivetobuildatechnicalteamwithhighefficiency,excellentcooperationandstrongcreativity, andsuccessfullydevelopaseriesofinnovativeproductswithinfluenceintheindustry,suchaspolarizerforultra-large-sizeTVsand polarizerforOLED.Second,continuouslyenrichtheteamofmiddle-levelcadresandcorebackbonetalents.Supplementandequipcore backbonetalentsthroughdiversifiedchannelssuchasmarket-orientedrecruitment,publicrecruitmentandinternalselectiontoinject strongimpetusintothecompany'sdevelopment.Third,activelypromoteinternalpersonnelexchangesandlearning.Incombinationwith theactualsituationoftheGroup,in2024,thetwo-wayexchangeandtrainingactivitiesforcadresandtalentsoftheGroupandits affiliatedenterpriseswerecontinuouslycarriedouttoeffectivelystrengthentalentcommunicationbetweenenterprises,improvethe comprehensiveabilityanddutyperformanceabilityofemployeesoftheCompany,andfurtherstimulatetheoverallvitalityofthecadre team.Fourth,adheretothe"strategy-traction,performance-basedandfairandimpartial"assessmentanddistributionprinciple,and continuouslyimprovethecompensationassessmentanddistributionmechanismof"efficiencypriority,justiceintegration,balanced evaluation system, appropriate adjustment, and combination with incentives and constraints". By scientifically and reasonably determiningthesalarystructureandlevel,aneffectiveincentiveandconstraintmechanismfordeterminingvaluedistributionbasedon valuecreationhasbeenformed,andtheworkenthusiasmandcreativityofemployeeshavebeenfullymobilized.(III)Marketadvantages.TheCompanyhasagoodcustomerbaseinthedomesticandforeignmarkets.Comparedwithforeignadvanced peers,thebiggestadvantageliesinthelocalizedsupportingcapacityclosetothepanelmarketandthestrongsupportofthenational industrialpolicy.Intermsofmarketdemand,withthesuccessivemassproductionofhigh-generationTFT-LCDpanelproductionlines suchasdomestic10.5-generationand11-generationlines,aswellastheaccelerateddevelopmentoflarger-sizedpanelsandterminal products,thedemandforpolarizers,especiallyultra-large-sizepolarizers,inthedomesticmarkethasshownasteadygrowthtrend.The Companypossessesoneofthefew2,500mmultra-widepolarizerproductionlinesintheworld,maintaininganindustry-leading advantageinbothtechnologyandproductioncapacityforultra-largeandlarge-sizeproducts,whichenablestheCompanytobetteralign withthemarketdemandfortheultra-large-sizepolarizers.Withthecontinuousbreakthroughofcutting-edgetechnology,thedemandfor high-endpolarizerproductssuchasOLEDandvehicle-mountedpolarizerisgrowingrapidly,andisbecomingablueoceanmarketfor polarizercompaniestocompete.TheCompanyhasachievedmassproductionbreakthroughsinOLEDTVsandmobilephoneproducts, andhasaccumulatedrichexperienceintheproductionofhigh-qualityautomotivepolarizers,whichwillputitinafavorablepositionin futuremarketcompetition.Intermsofmarketdevelopment,theCompanyfocusesoncustomerneeds,continuouslyoptimizesthe productionprocessandproductstructure,improvesqualitycontrol,organicallycombinesproductionandsales,establishesarapid responsemechanism,givesfullplaytotheadvantagesoflocalization,effectivelyprovidespoint-to-pointprofessionalservices,and promotestheverificationofvariousmodelsaroundtheoverallstrategicdeploymenttoformastablesupplychainandcontinuously improvemarketshare. (IV)Qualityadvantages.TheCompanyalwaysadherestothequalitypolicyof"meetingcustomerneeds,pursuingexcellentquality; implementinggreenmanufacturingandachievingcontinuousimprovement",paysattentiontoproductqualitycontrol,andtheproducts arecomparabletointernationalqualitystandards.TheCompanystrictlycontrolsproductperformanceindicators,standardizesincoming inspection standards, and takes quality improvement and consumption reduction as the starting point to achieve simultaneous improvement of output and quality; introduces modern management system, and passes ISO9001 quality management system, ISO14001environmentalmanagementsystem,ISO450001occupationalhealthandsafetymanagementsystem,QCO80000hazardous substancemanagementsystemandISO50001energymanagementsystemcertification;TheproducthaspassedtheCTItest,meetsthe environmentprotectionrequirementsofRoHSdirective,andrealizesthestandardizedmanagementofthewholeprocessfromraw materialssupply,manufacturing,marketingtocustomerservice,soastoensurethestabilityofproductquality.(V)Managementadvantages.TheCompanyhasbeendeeplyinvolvedintheindustryformorethan20years,andhasaccumulatedrich managementexperienceintheproductionandmanufacturingofpolarizers.Ithasadomesticleadingpolarizerproductionmanagement vigorouslypromotedstandardizedmanagement,refinedmanagementprocesses,andlearnedfromthemanagementexperienceof domesticandoverseaspolarizerenterprisestooptimizethecompany'sorganizationalstructure,reducemanagementlevels,andfurther improvethecompany'smanagementefficiency;TheCompanycontinuestoimplementadvancedmanagementsystemsandreasonable incentivemechanismstoimprovedecision-makingefficiency,enhancemarketresponsespeed,andrefinetheR&Drewardsystem.In addition,itachievesadeeperintegrationofcorporatevalueandemployeevalue,stimulatingnewbusinessvitality;theCompanysteadily promotesstrategictransformation,optimizesresourceallocation,andorderlyphasesout"non-corebusinessesandinefficientassets";the Companyhasimprovedtheefficiencyofproductionmanagementandenhancedtheproductionstability,withsignificantprogressin film-breakingreductionacrossproductionlines,reachingaindustry-leadinglevel;theCompanyhasstrengthenedqualitymanagement, leadingtoasignificantreductionincustomercomplaintsandreturnrates,earningmultiplequalityimprovementawardsfrommultiple keycustomers;throughtheapproachoflistingtasksbasedonprojectinitiation,theCompanyhaseffectivelyimprovedefficiencyand quality,resultinginnoticeablereductionsinmaterialcostsandanincreaseinproductyieldrates.(VI)Policyadvantages.Polarizerisanimportantpartofthenewdisplayindustry.ThecontinuousdevelopmentoftheCompany's polarizerbusinesshasimprovedtheoverallsupplycapacityofdomesticpolarizer,greatlyreducedthedependenceofdomesticpanel enterprisesonimportedpolarizer,maintainedthesafetyofthecountry'snewdisplayindustry,playedapositiveroleinenhancingthe overallcompetitivenessofChina'snewdisplayindustrychain,andboostedthecoordinateddevelopmentofthewholeindustrialchainof "20+8"ultra-high-definitionvideodisplayindustryclusterinShenzhen.TheCompany'spolarizerbusinessunit,SAPOPhotoelectric,has continuedtoreceiverecognitionasanationalhigh-techenterpriseanditspolarizerprojectshavereceivedmultiplepolicyandfinancial supportsfromnationalandlocalgovernments;inaddition,SAPOPhotoelectricalsoenjoysthepreferentialpolicyofimportduty exemptionsonkeyrawmaterials. IV.Analysisofprimarybusiness 1.Overview 2024isacrucialyearforthecompanytoachievethegoalsandtasksofthe14thFiveYearPlan,andalsoayearforthecompanyto forgeaheadtowardshigh-qualitydevelopment.Overthepastyear,facingasevereandcomplexeconomicsituation,thecompany'sboard focusedonthe"14thFiveYearPlan"strategicplan,insistingondeepeningthemainbusinessofpolarizingfilm,fullypromotingthe continuousimprovementofproductioncapacityandtechnologicallevel,andthecontinuousinnovationofcutting-edgetechnology, strivingtoturnchallengesintoopportunities,continuouslyoptimizingbusinessquality,steadilyimprovingoperationalefficiency,and achievinganoverallimprovementinthebusinesssituation,layingasolidfoundationforthecompany'sfurthertransformationand development. In2024,thecompanywillfocusonitsmainbusinessofpolarizingfilmsandachievesteadygrowthinperformancethroughmeasures suchasoptimizingproductstructure,improvingproductquality,enhancingoperationalefficiency,promotingthedevelopmentandmass productionofcutting-edgeproducts,andstrengtheningon-sitetechnicalmanagement.Duringthereportingperiod,thecompany achievedarevenueof3.335billionyuan,ayear-on-yearincreaseof8.30%;Thenetprofitattributabletoshareholdersofthelisted companywas89.3711millionyuan,ayear-on-yearincreaseof12.75%. ThekeyworkreviewedbytheCompanyin2024asfollows: (I)Deeplycultivatedtheoperationandmanagementofpolarizer,anddrovehigh-qualitydevelopmentwithdifferentiationstrategy In2024,first,theCompanyactivelyadjusteditsproductstructure,implementedaproductdifferentiationstrategy,andincreasedthe salesproportionofhigh-value-addedproducts.Ithasachievedanindustry-leadingpositioninOLEDTVpolarizersalesvolume,andthe salesvolumeofultra-large-sizeproductshassurgedsignificantly;second,theCompanycontinuedtopromoteleanmanagement,strictly controlledmanufacturingcosts,reducedmateriallosses,madeeveryefforttoovercomequalityproblems,andimprovedcustomer satisfaction;third,theCompanycontinuedtostrengtheninnovationleadership,drivingthedevelopmentandmassproductionofcutting- edgeproducts.Itfocusedonbreakthroughsinkeytechnologiesandsuccessfullyachievedthedevelopmentandmassproductionofhigh- performanceOLEDTVpolarizerswithhightransmittanceandlowreflectionin55-inch,65-inch,and77-inchsizes.Additionally,it completedthedevelopmentofhighlyalkali-resistantpolarizersforOLEDmobilephonesandthedevelopmentofdisplaypolarizersthat meettheU.S.EnergyStar9.0energyefficiencystandards;fourth,theCompanystrengthenedtheon-sitetechnicalmanagementleveland enhancedtheprocessstability.Theimprovementofbrokenfilmofeachproductionlinewasremarkable,andtheaveragefrequencyof brokenfilmdecreasedsignificantlyyear-on-year,whichhasreachedahigherlevelintheindustry.(II)Consolidatedthetechnologicalinnovationecosystemandempowereddomesticsubstitutionforbreakthroughofkeytechnologies In2024,theCompanyactivelycooperatedwithupstreamanddownstreamenterprisesintheindustrychain,consolidatedtheinnovation ecosystem,andundertooktechnicalresearchprojects.First,inconjunctionwithupstreamopticalfilmmaterialmanufacturersand downstream panel enterprises, the project of OLED circular polarizer and optical compensation film technology research and developmenthasbeencarriedout,andhasreceivednationalfunding.Theprojectwasexpectedtomakeimportantcontributionstothe localizationofkeymaterialsforOLEDpolarizerandtheindustrializationofdomesticOLEDpolarizer;second,acceleratedtheresearch anddevelopmentofkeytechnologiessuchaslowcolordeviationcircularpolarizerforfixedcurvatureAMOLEDandkeytechnologies In2024,theCompanycompleted15newpatentapplications,including7inventionpatentsand8utilitymodelpatents;obtained5 authorizedpatents,including3inventionpatentsand2utilitymodelpatents.Bytheendof2024,theCompanyhadobtainedatotalof 109authorizedpatents,including21inventionpatentsand88utilitymodelpatents.(III)Maintainedthestabledevelopmentoftheleasingindustry,andimprovedtenantsatisfactionwithhighservicequality In2024, theleasingmarket situationwas grim, thevacancyratecontinued torise, andrentsgenerallydeclined.Theproperty managemententerprisesaffiliatedtotheCompanycontinuouslyimprovedtheirmanagement,andtheiroperationanddevelopmenthave madesteadyprogress.First,judgedthedevelopmenttrendofthefutureleasingmarket,analyzedthepotentialcustomerdemand,and scientificallyandreasonablyformulatedtheannualpropertyleasingplanbasedontheactualsituationofthepropertyenterprise;second, strengthenedmanagement,designedflexibleleasetermsandflexiblepaymentmethods,andensuredtherefinedimplementationand landingoftheannualleaseplan;third,continuouslyimprovedthequalityofpropertymanagementservice,timelyrespondedtothe needsoftenants,upgradedhardwareandsoftwarefacilities,andenhancedtenantsatisfaction.TheCompany'spropertyleasingand managementbusinessachievedsteadydevelopmentthroughouttheyear,contributingstablecashflows.(IV)Focusonthemainbusinesstooptimizetheassetstructure,andtheCompany'stransformationanddevelopmentresultshavebeen achieved（未完）  |