[年报]公牛集团(603195):公牛集团股份有限公司2024年年度报告（英文版）
原标题:公牛集团:公牛集团股份有限公司2024年年度报告（英文版） Annual Report 2024 Important Notes 1. The Board of Directors (or the “Board”), the Supervisory Committee as well as the directors, supervisors and senior management of Goneo Group Co., Ltd. (hereinafter referred to as the “Company”) hereby guarantee that the contents of this Report are true, accurate and complete and free of any misrepresentations, misleading statements or material omissions, and collectively and individually accept legal responsibility for such contents. 2. All the directors of the Company attended the board meeting for the review of this Report. 3. Pan-China Certified Public Accountants LLP has issued an independent auditor’s report with unmodified unqualified opinion for the Company. 4. Ruan Liping, the Company’s legal representative, Liu Shengsong, the Company’s Chief Financial Officer, and Shen Kewei, head of the Company’s financial department (equivalent to financial manager) hereby guarantee that the financial statements carried in this Report are true, accurate and complete. 5. Final dividend plan and bonus issue plan approved by the Board of Directors As audited by Pan-China Certified Public Accountants LLP, net profit attributable to shareholders of the parent company stood at RMB4,272,204,565.03 for 2024, and the cumulative distributable profit of the parent company was RMB4,871,650,229.62 as at December 31, 2024. The 2024 final dividend plan is as follows: Based on the total share capital (exclusive of the shares in the Company’s repurchased share account) at the record date of the dividend payout, the Company intends to pay a cash dividend of RMB24.00 (tax inclusive) per 10 shares to shareholders, with a bonus issue of 4.0 additional shares for every 10 shares held by shareholders from capital reserves. According to the total share capital of 1,292,158,890 shares minus the 73 shares in the repurchased share account at the date when this Report was authorized for issue, the total cash dividend amount is RMB3,101,181,160.80 (tax inclusive), and the total share capital will increase to 1,809,022,417 shares upon the bonus issue (share capital subject to the number registered with the Shanghai branch of China Securities Depository and Clearing Co., Ltd., with tail difference, if any, due to rounding). Where any change occurs to the total share capital before the record date of the dividend payout, the cash dividend and bonus issue per share shall remain the same while the total payout and bonus issue amount shall be adjusted accordingly. The final dividend plan is subject to final approval by the 2024 Annual General Meeting of Shareholders. 6. Risk warning regarding forward-looking statements √ Applicable □ Not applicable Any plans, development strategies and other forward-looking statements mentioned in this Report shall not be considered as promises to investors. Investors and those concerned shall be sufficiently aware of the risks and understand the differences between plans and forecasts and promises. 7. Indicate whether any of the controlling shareholder or other related parties occupied the Company’s capital for non-operating purpose. N/A 8. Indicate whether the Company provided any guarantee for any external party in violation of the prescribed decision-making procedure. N/A 9. Indicate whether over half of the directors refused to guarantee the truthfulness, accuracy and completeness of this Report. N/A 10. Major risk warning The Company has described the possible risks in this Report. For further information, please refer to the contents under the heading “Possible risks” under Item VI iv. in “Part III Management Discussion and Analysis”. 11. Other information □ Applicable √ Not applicable Message to Our Shareholders Thirty Years of Growth: Embarking on a New Journey In 2024, we successfully navigated a highly uncertain and challenging operating environment, achieving robust growth in both operating revenue and net profit. Our total operating revenue reached RMB16.831 billion, marking a year-on-year increase of 7.24%. Net profit attributable to the parent company amounted to RMB4.272 billion, a year-on-year increase of 10.39%. This performance reflects our continued and steady growth trajectory. Founded in 1995 as a small family workshop, Goneo has evolved into a leading industry player and a publicly listed company. After thirty years of dedication and hard work, we have reached a significant milestone. We celebrate our achievements, driven by entrepreneurial spirit and a strong belief in success, as we look forward to the next chapter in our journey. Building Competitiveness with Craftsmanship Over the past three decades, we have remained committed to the electrical industry, cultivating long-term competitiveness through systematic capabilities and continuous innovation. From the creation of “Durable Power Strips” to becoming an “Expert in Safe Electrical Solutions”, the Goneo brand has become synonymous with “quality” and “safety” in the minds of consumers. This trust is rooted in Goneo's unwavering dedication to craftsmanship. We are committed to enhancing traditional products, starting with customer needs and deeply integrating innovative technologies with real-world applications. Our continued investments in research and development, along with ongoing product iterations, allow us to set new industry standards for electrical experiences, bringing warmth and protection to every home. We have optimized our marketing channels and accelerated digital transformation, making it more convenient for consumers to purchase our products and enjoy superior service experiences. Our world-class supply chain system leverages the world’s largest manufacturing base for adaptors and wall switches, creating an end-to-end intelligent supply chain ecosystem that delivers efficient, high-quality services to users worldwide. By focusing on specialization, harmonizing capabilities through systematic thinking, and practicing long-term planning, we ensure that Goneo remains strategically agile in an ever-evolving environment, allowing us to navigate cyclical fluctuations with steady progress. Illuminating a New Path with Mission We are currently witnessing unprecedented changes, with the global political and economic landscape undergoing significant restructuring, and both international trade rules and domestic consumption patterns rapidly evolving. In this context, the challenge before us is how to seize opportunities amid uncertainty and sustain both stability and long-term growth. Looking ahead to 2025, Goneo will continue to pursue its vision of “becoming a leader in the international civil electrical industry”. We will focus on three strategic pillars: a smart ecosystem, new energy, and internationalization. By leveraging our systematic capabilities and innovative mindset, we aim to seize opportunities amid changes, and provide global consumers with outstanding products and services through innovation and branding efforts. · A Smart Ecosystem: Driving Business Transformation with Lighting and Intelligent Transformation The rise of smart technology is revolutionizing the way consumers use electrical products at home, with an increasing demand for safety, comfort, health, and intelligence. In response, Goneo will prioritize healthy lighting as a core element, integrating AI-driven smart technology to provide comprehensive and safe electrical solutions for homes. Our goal is to build a safe, comfortable, healthy, and intelligent home electrical ecosystem that meets the evolving needs of consumers. · New Energy: Leading the Industry through Innovation in Products and Services As the energy landscape continues to evolve, new energy technologies are reshaping consumer lifestyles. Goneo will focus on the charging business, aiming to lead the domestic market through technological innovation, product development, and service enhancements. In the energy storage sector, we will accelerate business expansion, improve product competitiveness, and seize opportunities throughout the industry cycle to build comprehensive competitiveness. · Internationalization: Establishing a Global Presence with Localized Strategies Globalization is not merely a choice for us; it is an imperative. Goneo is actively expanding its global footprint, promoting the localization of electric connection solutions, smart electrical products, and new energy solutions. Through refined channel management and innovative business models, we are ensuring that the world recognizes the quality and innovation of Goneo as a Chinese brand. Regardless of how the landscape evolves, Goneo remains steadfast in its commitment to the principles of “taking the long way with professionalism and devotion, and striving for No. 1”. We look forward to collaborating with our shareholders, employees, and partners to create greater value for society as we move forward towards a promising future! The Board of Directors of Goneo Group Co., Ltd. April 2025 Contents Part I Definitions ...................................................................................................................... 7 Part II General Information of the Company and Key Financial Indicators....................... 9 Part III Management Discussion and Analysis ....................................................................... 15 Part IV Corporate Governance ................................................................................................ 48 Part V Environmental and Social Responsibility .................................................................. 73 Part VI Significant Events ......................................................................................................... 78 Part VII Changes in Ordinary Shares and Information about Shareholders ........................ 97 Part VIII Relevant Information of Preference Shares ............................................................ 107 Part IX Relevant Information of Corporate Bonds .............................................................. 107 Part X Financial Statements.................................................................................................. 108
Part I Definitions I Definitions The expressions in the left column in the table below refer to the contents in the right column unless otherwise specified.
Part II General Information of the Company and Key Financial Indicators I Corporate Information
II Contact Information
III General Company Information
IV Media for Information Disclosure and Place where this Report Is Lodged
V Stock Profile
VI Other Information
VII Key Financial Information for the Past Three Years i. Key accounting information Unit: RMB
ii. Key financial indicators
Explanations about the key accounting and financial information for the past three years: √ Applicable □ Not applicable The Company implemented the 2023 final dividend payout on June 6, 2024. Based on the total share capital of 891,540,875 shares minus the shares in the repurchased share account at the record date, a bonus issue of 0.45 additional share per existing share was carried out, and the total share capital increased to 1,292,734,248 shares upon the bonus issue. To ensure the comparability of basic and diluted earnings per share, data during 2023 have been adjusted accordingly. VIII Accounting Data Differences under China’s Accounting Standards for Business Enterprises (CAS) and International Financial Reporting Standards (IFRS) and Foreign Accounting Standards i. Differences in net profit and equity attributable to the listed company’s shareholders under CAS and IFRS □ Applicable √ Not applicable ii. Differences in net profit and equity attributable to the listed company’s shareholders under CAS and foreign accounting standards □ Applicable √ Not applicable iii. Reasons for accounting data differences above □ Applicable √ Not applicable IX Key Financial Information for 2024 by Quarter Unit: RMB
Indicate whether any of the quarterly financial data in the table above differs from what have been disclosed in the Company’s past periodic reports. □ Applicable √ Not applicable X Exceptional Gains and Losses Unit: RMB
Items unlisted in the Explanatory Announcement No. 1 on Information Disclosure for Companies Offering Their Securities to the Public—Exceptional Gain/Loss Items are identified as exceptional and the items are of a significant amount, and exceptional gain/loss items listed in the Explanatory Announcement No. 1 on Information Disclosure for Companies Offering Their Securities to the Public—Exceptional Gain/Loss Items are identified as recurrent. □ Applicable √ Not applicable XI Items Measured at Fair Value √ Applicable □ Not applicable
XII Other Information □ Applicable √ Not applicable Part III Management Discussion and Analysis I Discussion and Analysis on Operations The year 2024 marks the 30th anniversary of the Company’s founding. Despite the complex and ever-evolving external business environment and ongoing industrial transformation, we have strategically aligned ourselves with prevailing development trends. Through dedicated effort, we have achieved significant breakthroughs and innovations, leading to stable growth. During the year, our total operating revenue reached RMB16.831 billion, marking a year-on-year increase of 7.24%; and net profit attributable to the parent company amounted to RMB4.272 billion, a year-on-year increase of 10.39%. The electric connection business has introduced innovative advancements and made steady progress. The smart electrical lighting business has consistently enhanced its market competitiveness. Meanwhile, the new energy business has experienced rapid growth, and international operations have progressed in an orderly manner. As a result, the Company’s management capabilities and overall competitive advantages have been continually strengthened. Furthermore, the Goneo brand image has been further refined, reinforcing its positioning as high-end, trendy and high-tech. During the Reporting Period, the Company was honored with several prestigious awards, including “National Quality Inspection Trustworthy Product”, “National Consumer Quality- and Reputation-Trustworthy Product”, “Quality Leading Brand of the National Civil Electrical Industry”, and “AAA-Level Famous Trademark Brand Evaluation”. These accolades reflect the continuous improvement of our brand reputation. Additionally, Goneo Group and its wholly-owned subsidiary Goneo Photoelectric both won the second prize of Zhejiang Province Science and Technology Progress Award, further solidifying our leadership in technological innovation within the industry. In 2024, the Company achieved notable results in the following areas: i. Electric connection business: Driving product upgrades and innovations, setting the trend for safe, high-tech and trendy electrical solutions In 2024, the electric connection business adhered to its positioning as an “Expert in Safe Electrical Solutions”, consistently placing consumer needs at the forefront of product innovation and upgrades. This strategic approach has positioned the Company to set the trend for safe, high-tech and trendy electrical solutions. The business generated revenue of RMB7.683 billion during the year, reflecting a year-on-year increase of 4.01%. 1. Product side: In 2024, the Company’s adaptor business continued to enhance its capabilities in high-end, trendy products while gaining valuable insights into niche market demands both domestically and internationally. The business expanded its product offerings and ventured into emerging markets. In response to evolving consumer needs, the introduction of innovative products such as the “Seamless Ultra-Thin Tracks”, touch-control smart screens, and the “Dual-Flat Protection Door” design set a new standard in the high-end track socket market. The “Generation Z Series” products, known for their high aesthetics and robust functionality, were launched to cater to the younger demographic, significantly boosting brand recognition and market share. In specialized segments, the Company developed a range of professional products for industries such as engineering construction, including portable leakage protection devices, construction line reels, and industrial connectors. Additionally, fast-charging global travel adaptors were introduced to serve the needs of business travelers, further expanding the PDU and embedded product lines. On the international front, the Company launched regionally tailored products in key Southeast Asian markets, and in Europe, it made breakthroughs with innovative products like track sockets. Furthermore, the Company became the first in the world to receive the prestigious German VDE quality certification, further enhancing the high-quality image of the Goneo brand. In 2024, the Company’s digital accessory business emphasized upgrading desktop fast-charging products, reinforcing the brand’s reputation for high-end, technologically advanced solutions. With innovations such as intelligent real-time power distribution, smart temperature control, and charging visualization, the Company introduced differentiated products like vertical digital sockets, modular “Mini Power Cabin”, 240 W multi-interface GaN chargers, and aesthetically designed mobile portable charger with integrated cables. These products provide consumers with more efficient and convenient charging experiences. The power tools division targeted younger, more professional customer segments, focusing on craftsmen in construction, decoration, and manufacturing industries. In 2024, the power tools product line was further expanded, and a key component development platform was quickly established. The Company’s strong product development and quality control capabilities led to rapid market acceptance. Five major product series were introduced: angle grinders, hammers, impact drills, fasteners, and cutting tools. By deeply understanding user needs and fostering technological innovation, the Company is on track to establish itself as an industry benchmark. 2. Channel side: In 2024, the hardware channel concentrated on expanding incremental channels, further broadening sales networks in areas such as commercial lighting, engineering construction, and power tools, driving substantial business growth. Electric connection products are primarily sold through the Company’s traditional strengths in offline hardware channels, digital channels, and e-commerce. This extensive network of terminal outlets enabled the Company to deliver high-quality products and services to consumers promptly and efficiently. By continuously strengthening “Distribution, delivery, visit and sales” capabilities, the Company actively guided distributors to enhance their service offerings through refined category management and dedicated personnel allocation. Additionally, the marketing team implemented a “one-on-one support running mechanism”, optimizing the operational capabilities of distributors in underdeveloped markets, ensuring efficient coordination of channel resources, and fostering win-win cooperation with partners. The digital channel continued to expand in 2024, accelerating product penetration into diversified platforms, such as convenience stores, and leveraging （未完）  |