[年报]拓邦股份(002139):2024年年度报告（英文版）
原标题:拓邦股份:2024年年度报告（英文版） Annual Report 2024 Section I Important Notes, Contents and Interpretations The Board of Directors, the Board of Supervisors and directors, supervisors and senior executives of the Company hereby guarantee that the content set out in the Annual Report is free from false records, misleading statements or major omissions, and undertake joint and several liabilities for the authenticity, accuracy and integrity of the report. Wu Yongqiang, the principal of the Company, Luo Muchen, the accounting head and accounting department head (the accountant in charge) hereby guarantee the truth, accuracy and completeness of the financial statements in this Annual Report. All directors have attended the Board Meeting at which this Annual Report was deliberated. Forward-looking statements such as plans and development strategies covered in the Report involve uncertainty, so they do not represent the Company's profit forecasts, nor are they regarded as a substantive commitment to investors. Topband has no material risks that affect its financial position and sustained profitability, and the possible risks in the operation of the Company are described in detail in Section III "Management Discussion and Analysis" of the Report. Investors are kindly reminded to pay attention to relevant content. The profit distribution plan approved by the Board of Directors of the Company: cash dividends of RMB 0.7 (tax inclusive) per 10 shares are paid to all shareholders based on the 1,228,789,388 shares (excluding the repurchased shares), 0 shares of bonus shares (tax inclusive), and reserves would not be converted into share capital. The Report is prepared in Chinese and translated into English. Should there be any discrepancies or misunderstandings between the two versions, the Chinese version shall prevail. Chairman's Statement Dear shareholders, partners, and all friends concerned about Topband, Hello, everyone! Thank you for your continuous attention to and trust in Topband. In 2024, we successfully achieved the strategic goal of "restarting growth". The Company's operating income exceeded RMB 10 billion for the first time, seeing the year-on-year growth rate regain double-digit growth. The overall profitability, operational efficiency and per capita efficiency of the Company were significantly improved compared to those in 2023, with the health of the Company further enhanced. In the past year, the industry of power tools and home appliances experienced continuous rapid development, the transformation of digital energy business achieved initial success, and a series of intelligent systems with strong market competitiveness were launched. These advances are inseparable from the efforts and dedication of all Topband employees, as well as the continued support of all shareholders and partners. In the past decade, we have achieved tenfold growth. Such sustained and stable "resilient growth" not only reflects the society's increasing demand for intelligent products but also embodies Topband's original aspiration of long-term adherence to "value creation through technology" and the fact that it has always implemented the business philosophy of "Agility·Innovation·Partnership". We have built a technical platform of "four electrics and one network" and established a customer-centered global operating system, forming a multi-level business layout and a good customer structure and enabling the Company to maintain resilient growth in the face of market fluctuations. In 2025, we have three strategic priorities to support the realization of the overall strategic policy of "accelerating growth": I. Expand the share of component business. The business of intelligent controller components has always been Topband's dominant field. In 2025, we will continue to focus on resources, enhance our competitiveness, further expand our market share in existing fields, and actively explore new fields to become the "hidden champion" in more segments. our lives and industrial models. Topband will continue to increase investments in AI and intelligence, with a particular focus on the application of AI technology in terminal products. The Company plans to implement a responsibility system for younger product managers, stimulate the team's innovation potential, continuously launch more competitive AI system products, and strive to create "category champions" in multiple sub-categories, gradually growing into a leading AI application company. III. Accelerate overseas marketing. At present, half of the Company's business comes from overseas markets, and we have established multiple operation bases overseas. We shall further accelerate "overseas marketing". We shall not only seize the opportunities of global industrial chain transfer but also actively develop local markets and build a truly international company. We are well aware that there are no companies successful once and for all, but only ones that constantly adapt to the development of the times. From RMB 10 billion to RMB 100 billion, we stand at a new starting point. We firmly believe that when the control technology is deeply integrated with artificial intelligence, a new pattern of a trillion-level intelligent hardware industry is taking shape. Topband will gradually grow from a leader in intelligent control to an expert in AI applications, and actively participate in and promote industrial upgrading. We look forward to working with you to create this intelligent and beautiful future! Chairman and President of Shenzhen Topband Co., Ltd. March 28, 2025 Contents Section I Important Notes, Contents and Interpretations ........................................................................... 2 Section II Company Profile and Primary Financial Indicators .................................................................. 9 Section III Management Discussion and Analysis ...................................................................................... 14 Section IV Corporate Governance ............................................................................................................... 95 Section V Environmental and Social Responsibility................................................................................. 133 Section VI Important Matters .................................................................................................................... 135 Section VII Share Change and Shareholders ............................................................................................ 147 Section VIII Information on Preferred Shares ......................................................................................... 157 Section IX Relevant Information of Bonds ............................................................................................... 157 Section X Financial Report ......................................................................................................................... 158 Directory of documents for future reference I. The financial statements bearing the signature and seal of the principal of the Company, the accounting head and the accounting department head. II. The original audit report bearing the seal of the accounting firm and the signature and seal of the certified public accountant. III. The originals of all the company documents publicly disclosed in newspapers designated by the CSRC during the Reporting Period and the original manuscripts of announcements. IV. The original of the Annual Report 2024 bearing the signature of the Chairman. V. All the above documents are complete, and are available for reference at the office of the Board of Directors of the Company. Interpretations
Accounting firm engaged by the Company
□ Applicable ? Not applicable Financial consultant engaged by the Company to perform ongoing supervisory duties during the Reporting Period □ Applicable ? Not applicable VI. Main accounting data and financial indicators Whether the Company is required to retroactively adjust or restate the accounting data of previous years □ Yes ? No
The Company's net profit before and after deducting the non-recurring profit and loss (whichever is lower) is negative in the last three fiscal years, and the audit report of the latest year shows that the uncertainty in the Company's sustainable operation ability □ Yes ? No The net profit before and after deducting the non-recurring profit and loss (whichever is lower) is negative □ Yes ? No VII. Differences in accounting data under domestic and foreign accounting standards (1) Differences in net profit and net assets between financial statements disclosed in accordance with International Accounting Standards and those disclosed in accordance with PRC GAAP at the same time □ Applicable ? Not applicable There is no difference in net profit and net assets between financial statements disclosed in accordance with International Accounting Standards and those disclosed in accordance with PRC GAAP during the Reporting Period. 2. Difference between the net profit and net assets in the financial statements disclosed in accordance with both foreign accounting standards and Chinese accounting standards at the same time □ Applicable ? Not applicable There is no difference in net profit and net assets between financial statements disclosed in accordance with Overseas Accounting Standards and those disclosed in accordance with PRC GAAP during the Reporting Period. VIII. Quarterly primary financial indicators Unit: RMB
in the quarterly report and semi-annual report disclosed by the Company □ Yes ? No IX. Items and amount of non-recurring profit and loss ? Applicable □ Not applicable Unit: RMB
□ Applicable ? Not applicable None. Explanation of defining the non-recurring profit and loss items listed in the Explanatory Announcement No. 1 on Information Disclosure for Companies Offering Their Securities to the Public - Non-recurring Profit and Loss as recurring profit and loss items □ Applicable ? Not applicable There is no such situation of defining the non-recurring profit and loss items listed in the Explanatory Announcement No. 1 on Information Disclosure for Companies Offering Their Securities to the Public - Non- recurring Profit and Loss as recurring profit and loss items in the Company Section III Management Discussion and Analysis I. Industry situation of the Company during the Reporting Period 1. Basic situation of the industry Intelligent controllers are a high-tech product that integrates advanced automatic control technology, computer technology, sensor technology, microelectronics technology and power electronics technology. They play a role similar to the "nerve center" and "brain" of the human nervous system in electronic products. By efficiently collecting, processing and analyzing various types of information and instructions, intelligent controllers can achieve intelligent driving and control of controlled objects, thereby executing various complex tasks. As the trend of intelligent substitution becomes increasingly prominent, it has not only changed our lifestyle but also revolutionized our working mode. As one of the key components of intelligence, intelligent controllers have a wide range of applications, covering multiple important fields such as home appliances, smart homes, smart buildings, power tools, industry automation, automotive electronics, new energy, and medical equipment. Thanks to the increasing penetration rate of downstream industries and the continuous expansion of application scenarios, the global intelligent controller market has shown a trend of steady growth in recent years. According to the latest research data from Frost & Sullivan, the global intelligent controller industry has shown a trend of significant growth: the market size reached USD 1,546.2 billion in 2019, with a compound annual growth rate of 5.9% compared to that in 2015. The organization predicted that the global market size would further expand to USD 1,959.9 billion by 2024. In this development process, China has gradually established its dominant position in the global industrial chain with its well-established electronic supply chain system and the technological upgrading capabilities of local companies. Data shows that China's market share of intelligent controllers has jumped from 16% in 2016 to over 30% in 2024, indicating that the global industrial landscape is undergoing a structural transformation of "rising in the east and falling in the west", and this trend is expected to continue to deepen in the future. The continuous advancement of technology has not only accelerated the pace of product updates but also depicted a broader picture of prospects for the intelligent controller industry. We are at the forefront of the intelligent technology revolution. The deep integration of intelligent controllers with artificial intelligence and robotics is redefining the way we live and work, opening up unprecedented possibilities. With the continuous advancement of technological innovation in the future, we will witness the emergence of more new products, new formats and new models, which will inject new impetus into the vigorous development of the intelligent controller industry. 2. Position in industry As a global leading company in intelligent control solutions, Topband has always adhered to the core values of "Agility·Innovation·Partnership". Relying on the technology matrix of "four electrics and one network" (electric control, motor, battery, power, and IoT platform), it has built a complete closed-loop technology ecosystem covering hardware development to cloud services. The Company provides in-depth services in three major fields: power tools and home appliances, digital energy and intelligent vehicles, and robots, offers customized solutions to global customers, and continues to consolidate its position as an industry benchmark. In 2024, The Company was awarded the title of "Manufacturing Individual Champion Demonstration Enterprise (Smart Home Control Module)" by the Ministry of Industry and Information Technology of China, indicating that its technical strength and market leadership in the segment have been recognized at the national level. At the same time, the Company has been at the forefront of the top 500 manufacturing industries in Guangdong Province for consecutive years. It ranked 62nd in 2024, five places higher than that in 2022, demonstrating its continuously increasing industry competitiveness. Topband's core competitiveness lies in "platform-based technology innovation capability, partner-style customer service capability, and systematic agile service capability". Based on these three capabilities, the Company has gradually built a global production base network covering Asia, Europe and America and created an efficient supply chain collaboration mechanism, not only promoting the Company's continuous progress and development but also helping us establish close and lasting cooperative relationships with many leading customers in many industries. At present, we take the lead in intelligent control solutions for the industry of power tools and home appliances, and have become an innovation leader in the fields of digital energy and intelligent vehicles, and robots. II. Main business engaged by the Company during the Reporting Period The 10-fold growth to over RMB 10 billion in the past 10 years originated from the Company's brand concept of "Agility·Innovation·Partnership". With value creation through technology as its mission and quick response to customers as its business philosophy, the Company has built the technology platform capability of "four electrics and one network" (electric control, motor, battery, power, and IoT platform) and a customer-centered full-process system. At the same time, we firmly believe that the long-term trend of "intelligence, low-carbon development, and internationalization" will remain unchanged. We will accelerate overseas marketing and increase investments in emerging application fields. During the Reporting Period, the Company researched, developed, produced and sold component and system products based on the core technology system of "four electrics and one network". Component products mainly include intelligent controllers, high-efficiency motors and battery packs, and system products include charging piles, energy storage and AI hardware. Our products are widely used in three major fields: power tools and home appliances, digital energy and intelligent vehicles, and robots. We not only offer innovative, efficient and reliable customized services to global customers but also bring green, intelligent and innovative products to consumers. Intelligent controllers are the core business of Topband. In 2024, it shipped 178 million sets of intelligent controllers, with a year-on-year increase of 28.5% and a cumulative shipment of 1.63 billion sets, and it took a lead in intelligent control solutions for the industry of power tools and home appliances. Topband's high-efficiency motors focus on three categories, including external-rotor brushless DC motors used in the tool industry, laser radar motors used for automobiles, and coreless motors used for robots. In 2024, it shipped 3.53 million sets of high- efficiency motors, with a year-on-year increase of 100%, and it ranked among Tier 1 in the industry. Battery packs are the third largest category of Topband's component products, with a wide range of applications, including not only the industry of power tools and home appliances but also E-Bikes, onboard equipment and other business scenarios. In 2024, it shipped 564MWh of battery packs, with a year-on-year increase of 27%. While consolidating its leading position in intelligent control components, Topband actively develops product and brand capabilities, and builds a new growth curve. The Company's system products are based on the technology of "four electrics and one network", are deeply integrated with scenario-based needs, and mainly focus on the AI field, including liquid-cooled supercharging piles, integrated industrial and commercial energy storage systems, integrated household energy storage systems, AI anti-aging beauty instruments, AI lawn mowing robots, and commercial AI cooking machines. Currently, all of these products have been mass-produced and achieved good market performance. 1. The Company's core technology: "Four Electrics and One Network" (electric control, motor, battery, power, and IoT platform). 1.1 Electric control technology The electric control technology achieves intelligent control by taking the microcomputer as the core, involving many technologies such as the sensor, power electronics, signal processing, communication, interaction, power and energy conversion, electromagnetic compatibility, etc. The Company has profound accumulation in key fields such as automatic control, human-computer interaction, embedded computing, machine vision, robotics, intelligent sensor and motion control. The Company has developed hundreds of electric control technology platforms to meet the diverse needs of products in industries such as home appliances, tools, digital energy, robots, and intelligent vehicles. Electric control technology is widely used in products such as controllers, M&E products, power supplies and smart batteries. 1.2 Motor technology Motor technology plays a key role in converting electric energy into kinetic energy in the intelligent control system. The Company has established complete technical capability from motor design and simulation, testing and verification to scale manufacturing based on continuous innovation in high efficiency, low noise, high precision and high stability of motors, forming dozens of advanced motor product platforms such as brushless DC motor (BLDC), coreless motor, stepper motor and servo motor. The Company's motor technology has been successfully applied in many fields. Our motor technology takes the lead in the field of power tools and automation equipment, and in terms of the application of motor technology in new energy vehicles, robots and medical care, we have achieved remarkable results, which has been widely recognized in the market. Coreless motors are known as the "crown jewel" in the field of motors, with a high technical content and outstanding performance advantages. Topband has been engaged in the research, development and production of brush/brushless coreless motors since 2007, and is one of the earliest domestic manufacturers to break the monopoly of Europe, America and Japan and successfully achieve mass production of coreless motors. At present, we have a coreless motor product platform covering outer diameters of Φ7 to Φ40, a complete brush/brushless product lineup, and design, research, development and production capabilities for key components including motors, reduction gearboxes, screws, encoders, controllers as well as their actuator module assemblies, with an annual production capacity of over one million motors. Among others, samples of motors and actuators applied to the dexterous hands of humanoid robots have been sent to more than 10 leading companies in the industry. 1.3 Battery technology Battery technology is the technology where energy is stored and managed. Its core technologies include battery material application, cell design and manufacturing, and battery system integration. Battery material application technologies include positive and negative electrode materials, electrolytes, diaphragms, and other related application technologies; cell design and manufacturing include electrochemical architecture design and manufacturing process technologies such as coating, laminating/winding, and forming; battery system integration consists of a series of technologies such as battery assembly, thermal management, collision and leakage safety, accurate measurement of voltage/current/temperature signals, battery state estimation and cell equalization. The technology spans multiple fields of material science, electrochemistry, electronics, and control engineering. After years of accumulation, the Company has formed a complete design, development customization, and production technology capability from cell technology (CELL) and battery management technology (BMS) to battery pack (PACK) system. In terms of battery management system (BMS), we have achieved industry-leading accuracy and reliability. With advanced algorithms and control strategies, our BMS can monitor and manage the battery status in real-time, ensuring optimal performance and safe operation of the battery system. Technological innovations in this area have made us a market leader when providing efficient and safe battery solutions for energy storage systems, power backup, power exchange and portable devices. 1.4 Power technology Power technology, as the key to efficient conversion of electric energy, covers analog power, switching power and digital power. We have a wide range of technology platforms in this field and focus on providing efficient and reliable power solutions. With innovative energy management strategies and high-precision power quality control technology, we have optimized the charging and discharging process of the power conversion system (PCS) and improved the overall efficiency and life of the system. Our PCS technology supports a wide range of battery types and configurations and meets the needs of energy storage applications varying in scale. In terms of photovoltaic inverter technology, we have significantly improved the energy conversion efficiency of solar panels with advanced control algorithm and efficient electrical energy conversion circuit design, supporting a variety of communication protocols. In the field of high power DC charging piles, we have achieved fast and safe charging of electric vehicles by using efficient power electronic conversion technique and intelligent charging control algorithm. Our DC charging piles are of high power density and excellent heat dissipation performance, which ensures the efficiency and stability of the charging process. 1.5 IoT platform The IoT platform, as the key to connecting the perception layer, network layer and application layer, enables us to achieve intelligent connection of devices and efficient management of data. With complete technical capabilities from modules and smart terminals to applications (APP) and Platform as a Service (PaaS), our IoT platform can provide integrated solutions for multiple industries. Especially in the cloud platform for household energy management, we have made remarkable achievements. By intelligently analyzing and processing the household energy consumption data, the platform helps users optimize energy consumption and achieve the conservation and efficient use of energy. By seamlessly integrating with smart home devices, the platform provides users with a comprehensive and easy-to-use energy management and control solution. In the development of the photovoltaic energy storage and charging cloud platform, we have achieved the intelligent collaboration of solar power generation, energy storage and charging facilities by using advanced Internet of Things. The platform not only improves the energy efficiency but also provides users with convenient energy management and use experience, promoting the wide application of renewable energy. In addition, our digital energy management platform provides comprehensive energy monitoring, analysis and optimization for the industrial, commercial and public facilities with big data and artificial intelligence technology. The platform helps users to reduce energy consumption and improve the sustainability of energy use, supporting the enterprises and society in achieving green development goals. 2. The Company mainly provides customized components, system solutions and system products for three industries: power tools and home appliances, digital energy and intelligent vehicles, and robots. The Company's products are mainly classified into two categories: components and systems. The mode of product provision is to provide customized components, system solutions and system products by comprehensively utilizing the core technology of "four electrics and one network" around the needs of downstream customers and consumers in the industries of power tools and home appliances, digital energy and intelligent vehicles, and robots. 2.1 Business of power tools and home appliances The Company mainly provides a series of customized products and services from product concept, design and development to manufacture and delivery for brand customers in the industry of power tools and home appliances. The products provided by it mainly include four key components: controllers, motors, batteries and power supplies, as well as a series of intelligent system products. These products are used in almost all categories of home appliances, and are widely used in power tools, garden tools and various professional tools. 2.2 Business of digital energy and intelligent vehicles In the field of digital energy and intelligent vehicles, we have focused on laying out storage and charging （未完）  |