[年报]歌尔股份(002241):2024年年度报告（英文版）
原标题:歌尔股份:2024年年度报告（英文版） March 2025 Annual Report 2024 Section Ⅰ Important Notes, Contents and Interpretations The Board of Directors, the Board of Supervisors, directors, supervisors and senior management of the Company guarantee that the information presented in this report is true, accurate, and complete，free from false statements, misrepresentations and material omissions, and will undertake individual and joint legal liabilities. Jiang Bin, the person in charge of the Company, and Li Yongzhi, the person in charge of accounting and the accounting department (accounting supervisor) guarantee that the financial report in this annual report is authentic, accurate, and complete. All directors have attended the board meeting to review the annual report. The future plans and some forward-looking statements mentioned herein are planned matters which shall not constitute a substantial commitment of the Company to investors. Therefore, both investors and relevant persons should maintain their risk awareness and understand the differences among plan, forecast and commitment. Please pay attention to investment risks. The Company faces the risks in market, operation and management. Investors are kindly reminded to pay attention to possible investment risks. For details, see "Section III Management Discussion and Analysis, XI. Outlook for the Future Development of the Company" in this report. The profit distribution proposal considered and approved by the Board of Directors of the Company is as follows: based on the total share capital registered on the record date of equity distribution minus the repurchased shares in the Company's specific securities repurchase account, the Company will distribute a cash dividend of RMB 1.50 (tax inclusive) per 10 shares to all the shareholders, with no bonus shares and no conversion of capital surplus into share capital. Contents Section Ⅰ Important Notes, Contents and Interpretations ....................................... 2 Section Ⅱ Company Information and Financial Highlights ................................... 7 Section III Management Discussion and Analysis .................................................. 11 Section IV Corporate Governance ........................................................................... 37 Section V Environmental and Social Responsibilities ........................................... 66 Section VI Important Matters .................................................................................. 69 Section VII Changes in Shares and Shareholder Information ............................. 80 Section VIII Preference Shares ................................................................................ 89 Section IX Bonds........................................................................................................ 90 Section X Financial Report ....................................................................................... 91 Directory of Reference Files (1) Financial statements signed and sealed by the Company's person in charge, the chief accountant, and the person in charge of accounting department (accounting supervisor); (2) The originals of the 2024 annual report and its abstract signed by the Company's person in charge; (3) The originals of the auditor's report with the seal of Zhongxi CPAs (Special General Partnership) and the signature and seal of the certified public accountants; (4) The originals of all company documents and announcements publicly disclosed in media designated by the China Securities Regulatory Commission (CSRC) during the reporting period. Interpretations
1. Explanation of other matters: In this report, any difference between the sum of some amounts and the sum of detailed items is due to rounding. 2. This report has been prepared in both Chinese and English. Should there be any discrepancies or misunderstandings between the two versions, the Chinese version shall prevail. Section Ⅱ Company Information and Financial Highlights I. Company Information
Accounting firm engaged by the Company
? Applicable ? Not applicable The financial advisor engaged by the Company to perform continuous supervision during the reporting period ? Applicable ? Not applicable Ⅵ. Key Accounting Data and Financial Indicators Whether the Company performed a retrospective adjustment or restatement of previous accounting data ? Yes ? No
latest auditor's report indicated that there was uncertainty about the Company's ability to continue as a going concern. ? Yes ? No The lower of the net profit before and after non-recurring gains and losses was negative. ? Yes ? No Ⅶ. Differences in Accounting Data between Domestic and Overseas Accounting Standards 1. Differences in net profits and net assets in the financial reports disclosed according to international and Chinese accounting standards ? Applicable ? Not applicable During the reporting period, there is no difference in net profits and net assets in the financial reports disclosed pursuant to international and Chinese accounting standards. 2. Differences in net profits and net assets in the financial reports disclosed according to overseas and Chinese accounting standards ? Applicable ? Not applicable During the reporting period, there is no difference in net profits and net assets in the financial reports disclosed pursuant to overseas and Chinese accounting standards. Ⅷ. Key Quarterly Financial Indicators Unit: RMB
semi-annual reports ? Yes ? No Ⅸ. Non-recurring Gains and Losses ? Applicable ? Not applicable Unit: RMB
Mainly for investment income from products such as certificates of deposit Note for the definition of non-recurring gains and losses set out in the Explanatory Announcement No. 1 on Information Disclosure for Companies with Public Offerings of Securities - Non-recurring Gains and Losses, as recurring gains and losses. ? Applicable ? Not applicable The Company did not classify any item of the non-recurring gains and losses listed in the Explanatory Announcement No. 1 on Information Disclosure for Companies with Public Offerings of Securities - Non-recurring Gains and Losses, as recurring gains and losses in the reporting period. Section III Management Discussion and Analysis Ⅰ. The Situation of the Industry during the Reporting Period During the reporting period, the Company's main business is categorized into the industry of the manufacturing of computer, communication, and other electronic devices, and is divided into three product segments: precision component, smart audio device and smart hardware. The Company mainly focuses in consumer electronics and automotive electronics industries, and provides a wide range of products including acoustics, optics, microelectronics and structural precision components, as well as smart hardware products such as virtual reality (VR)/mixed reality (MR)/augmented reality (AR) products, smart wireless earphones, smart wearable devices, gaming console and accessories, and smart home products. The Company serves the global leading clients in the technology and consumer electronics industry with vertically integrated product solutions of precision components and smart hardware, as well as R&D and manufacturing services. The consumer electronics industry has gradually entered the post-mobile era. Global smartphone product sales growth remains weak. Emerging smart hardware products, represented by VR/AR, smart wireless earphones, smart wearable devices, and smart home devices, have become new growth points in the consumer electronics industry. However, the growth rate of some emerging smart hardware products has slowed in recent years due to factors such as global macroeconomic fluctuations, insufficient end-user demand, and a lack of hardware technology innovation. Major enterprises in the global technology and consumer electronics industry are actively exploring new technological breakthroughs and industry development opportunities. Generative AI technologies, such as Large Language Model (LLM) and Multimodal Large Language Model (MLLM), continued to develop in 2024. New LLM are continuously emerging, with modeling capabilities evolving rapidly and being adopted across various fields, including technology, art, education, healthcare, and entertainment, driving efficiency improvements and intelligent transformations in related industries. The combination of AI technology and smart hardware products is expected to open up new industry development spaces, providing industry manufacturers with a new round of development opportunities. On the one hand, the integration of AI technology with smartphone products is deepening, with leading enterprises actively developing AI smartphones that facilitate the deployment of LLM on the device side and possess multimodal capabilities. The AI capabilities of smartphones are gradually evolving from single applications to cross-application collaboration, cross-device collaboration, and end-cloud collaboration, promising consumers a more efficient and convenient intelligent experience suitable for diverse scenarios. This brings new development momentum to smartphones, the core hardware products of the consumer electronics industry, and subsequently drives the development of related smart hardware products, such as smart wireless earphones, smart wearable devices, and smart home devices, as well as related precision component products. On the other hand, the rapid development of AI technology injects new vitality into the development of emerging smart hardware products. There is an urgent need for AI technology to be integrated into consumer terminal devices to continuously acquire vast amounts of natural data to promote the evolution of Large Language Model, establish consumer usage stickiness, and innovate and close the business model loop. This demand has given rise to a variety of new usage scenarios and product forms for emerging smart hardware products, such as AI smart glasses and AR devices that can call upon AI Large Language Model technology in real-time to provide consumers with personal intelligent assistant experiences. These products have developed rapidly in 2024 and gained widespread market attention, also driving innovation and development in related technologies such as optics, micro-displays, sensors, advanced materials, and advanced packaging. Moreover, generative AI technology has shown great potential in the field of content creation, promising to significantly improve the efficiency and cost of content creation in industries such as entertainment and gaming. It also brings imaginative possibilities for the future development of smart hardware that relies heavily on content, such as VR and gaming consoles. According to statistics from the well-known consulting firm IDC, the worldwide shipments of smartphones in 2024 totaled approximately 1.24 billion units, representing a year-on-year increase of about 6.1%. This indicates a recovery in the overall market, which has also led to a recovery in the precision components market. Notably, products related to AI voice interaction, such as acoustic sensors, have shown a clear trend of technological upgrading and an increase in the amount of product value. Similarly, according to IDC, the worldwide shipments of smart wearable devices in 2024 totaled approximately 190 million units, a slight year-on-year decrease of about 1.3%, with the overall market remaining stable. The worldwide shipments of TWS earphones totaled approximately 280 million units, representing a year-on-year increase of about 14% and demonstrating a healthy growth trend. Against the backdrop of a moderate recovery in consumer electronics terminal demand, along with the implementation of AI technology on terminal devices and the ongoing iteration of hardware and software technologies, such as intelligent interaction and health monitoring, the aforementioned smart hardware products are expected to continue to maintain steady growth in the future. According to IDC, the worldwide shipments of VR, MR, and AR devices in 2024 totaled approximately 7.6 million units, representing a year-on-year increase of about 12%. Among them, the market size of VR/MR devices is showing signs of growth once again. With the development of generative AI technology, future content creation efficiency is expected to be improved significantly, and the continuous enrichment of content will strongly support the long-term development of VR and MR devices. AR devices and the derivative AI smart glasses emerged as the most popular products in the market in 2024. Among these, AI smart glasses demonstrated particular promise, becoming a highly promising new product in both the consumer electronics and metaverse industries. According to statistics from the well-known consulting firm Counterpoint Research, the worldwide shipments of AI smart glasses grew by 210% year-on-year in 2024, surpassing 2 million units for the first time. AI smart glasses have unique advantages in user data collection and human-computer interaction, and are expected to become an important carrier for the implementation of AI LLM technology on the device side. This has led to sustained interest and investment from numerous well-known companies, underscoring their substantial market potential. At the same time, while the hardware technology and application scenarios of AR devices are still in the process of maturing, the industry's leading enterprises have been actively promoting their release, accelerating the speed of technology iteration of related optics, displays, communications, and new materials. As a result, the maturity of the products is improving, and it is anticipated that this will usher in a new round of rapid development in the coming years. Facing the new trend of the integration of AI technology and emerging smart hardware products, as well as new opportunities in industries such as consumer electronics and the metaverse, the Company will make every effort to respond actively. Leveraging its existing advantages, the Company will invest in research and development, explore new technological directions for emerging products, and continuously consolidate its core competitiveness. The Company will engage in long-term strategic cooperation with leading industry clients and actively expand its business in emerging smart hardware and related precision components, thereby promoting the sustainable and healthy development of the Company's business. II. The Company's Main Business during the Reporting Period The Company serves the global leading clients in the technology and consumer electronics industry with vertically integrated product solutions of precision components and smart hardware, as well as R&D and manufacturing services. The Company's main business divides into three segments including precision components business, smart audio device business and smart hardware business. The precision components business focuses on acoustics, optics, microelectronics, structural components, and other precision components. The related products include micro speaker/receiver, speaker module, haptic component (actuator), wireless charging device, antenna, VR/MR optical devices and modules, AR optical devices, micro-nano optical devices, 3D structured light modules, AR optical device modules, AR HUD modules, MEMS acoustic sensors, other MEMS sensors, SiP, precision structural parts, etc. The above-mentioned products are widely applied in devices such as smartphones, tablets, smart wireless earphones, VR, MR, AR, AI smart glasses, smart wearable devices, smart home devices, and automotive electronics devices. Smart audio device business focuses on providing products related to audio, voice interaction, AI, and other technologies. The main products include smart wireless earphones, smart speakers, etc. Smart hardware business focuses on providing products related to entertainment, health and home security. The main products include VR, MR, AR, smart wearable devices, gaming consoles and accessories, smart home devices, etc. The Company has innovative competitive advantages in the fields of acoustics, optics, MEMS microelectronics and precision manufacturing, and owns many intellectual property rights in the field of precision parts and components. In addition, the Company has accumulated rich experience in products and projects by cooperating with industry-leading clients in the field of smart audio device and smart hardware through "ODM", "JDM" and other business modes. During the reporting period, the Company maintained strong, long-term cooperative relationships with leading clients in the global technology and consumer electronics industry. As a result, the Company has been highly recognized by global clients for its product solutions and services, and remains the industry-leading manufacturer in the fields of micro speakers, MEMS microphones, MEMS sensors, VR, MR, smart wearable devices, gaming console and accessories, etc. During the reporting period, the Company won multiple honors, including being ranked the 6th in the 2024 Top 100 Electronic Components Enterprises of China, 18th in the 2024 Top 100 Competitive Enterprises in China's Electronics Information Industry, 65th in the 2024 Top 500 Private Enterprises in China, and First Prize of Shandong Science and Technology Progress Award, iF Design Award, International Design Excellence Awards (IDEA), etc. Ⅲ. Analysis of Core Competitiveness 1. Industry-leading precision and intelligent manufacturing capabilities In technology and consumer electronics related fields, the Company has been widely recognized for precision manufacturing capabilities and obtains great reputation. Relying on the core capabilities and long-term experience in the field of precision manufacturing, the Company has continuously improved the processing accuracy, production efficiency and quality of precision components and smart hardware products. The Company has in-house development capabilities of various core raw materials, and The Company adopted multiple advanced processes and technologies such as ultra-high-precision mold, high-precision metal/non-metal processing, ultrasonic technology, and laser technology, to build industry-leading precision manufacturing capabilities in the production of precision optical components, micro-display devices, MEMS sensors, SiP and precision structural parts, thus ensuring the delivery of the products with high precision, high efficiency and high quality. The Company, based on the capacities of advanced equipment development and flexible automation production, actively explores the intelligent manufacturing mode for upgrading, and creates the GPS, Goertek Production System. In the fields of automation, machine vision and AI related to intelligent manufacturing, the Company has built a future-oriented core capability of intelligent manufacturing by continuing investing in independent R&D, introducing global advanced technologies, core equipment and best practice experience for system integration, thus improving the manufacturing in all aspects through the application of information, automation, artificial intelligence and other technologies. The Company promotes the transformation of its manufacturing to a more digitalized, connected, intelligent, and service-oriented model, and to build the core capabilities of future-oriented intelligent manufacturing. 2. Multi-technologies integration platform and strong team of R&D personnel The Company has established a product R&D and manufacturing platform integrating materials, structures, electronic circuits, software algorithms, wireless communication, advanced technology, testing, automation and other technologies. Through cross-domain technology integration, the Company provides customers with advanced and systematic solutions for precision components and smart hardware products. The Company integrated and cultivated outstanding talents in the fields of acoustics, optics, microelectronics, micro-display, wireless communication, precision manufacturing, automation, and other sectors around the world. The Company has set up a team of technical personnel with profound technical strength and rich experience in product projects, and has made long-term cooperation with many well-known universities and scientific research institutions, such as Tsinghua University, Shanghai Jiao Tong University, Shandong University, Southeast University, University of Science and Technology of China, Huazhong University of Science and Technology, and Hong Kong University of Science and Technology, which forms an open and comprehensive technology R&D platform in support of continuous innovation and R&D of technologies and products. During the reporting period, the Company and its subsidiaries applied for 2,663 patents, including 2,236 invention patents. A total of 1,830 patents have been granted, including 1,387 invention patents. As of December 31, 2024, the Company and its subsidiaries have totally applied for 34,872 patents, including 4,362 foreign patent applications and 20,132 invention patent applications; a total of 21,735 patents have been granted, including 8,196 invention patents. 3. Continuous strategic innovation and transformation, and stable high-value client relationships Facing the complex macroeconomic situation of domestic and overseas, the management of the Company actively carries out strategical innovation and transformation. While continuing to consolidate the core competitive advantages in conventional business, the Company firmly grasps the innovation opportunities of next-generation smart hardware products, AI technology, and metaverse in the technology and consumer electronics industry. Relying on high-value client resources and good client relationships worldwide, the Company, oriented by the market and technology, continues to expand the consumer electronics and automotive electronics business in areas such as smart wireless earphones, VR, MR, AR, AI smart glasses, smart wearable devices, smart gaming consoles, smart home devices, and AR HUDs. In response to the trend of AI technology, the Company is actively exploring the application of AI algorithms, LLM, and MLLM in production, manufacturing, and management, further enhancing the intelligence level of production and the informatization level of management operations, thereby consolidating the Company's industry position and core competitiveness. The Company optimizes the allocation of strategical resource, supports strategical product development, continues strengthening and further utilizing the client resource advantages by closely following the world-class customers, in an effort to transform the needs of high-value clients into an inexhaustible driving force for the Company's sustainable development. 4. Excellent core management team Although the Company experiences a rapid and sound development, the core management team keeps a steady and efficient style as always. Facing the challenges and demands of next-generation smart hardware products in the post-mobile era such as rapid development, high quality, high precision manufacturing, short delivery cycle, and complex client certification process, the core Company's capabilities of strategic management, operation, R&D, precision and intelligent manufacturing. The Company attaches importance to and promotes the internationalization, specialization and rejuvenation of its core management team, and actively brings in senior management talents and professionals from many international leading enterprises. At the same time, the Company has strengthened the echelon of its talent team, more and more young talents grow up into the Company's core management team through training and practice. The Company boasts a management team with both experience and vitality that continues to promote the Company's stable and fast development in the future. IV. Analysis of Main Business 1. Overview During the reporting period, the Company, by adhering to the product strategy of "Precision Components + Smart Hardware", served the leading enterprises in the global technology and consumer electronics industry, actively promoted the development of precision components (acoustics, optics, microelectronics, structural parts, etc.) and emerging smart hardware business (VR/MR/AR, AI smart glasses, smart wireless earphones, smart wearable devices, smart home devices, etc.). At the same time, the Company has enhanced its business development within the automotive electronics sector, focusing on areas such as MEMS sensors and augmented reality heads- up display (AR HUD) modules. In the field of intelligent manufacturing, the Company is actively building the Goertek Production System (GPS), applying advanced AI technology to enhance the intelligence and informatization level of production, and constructing a future-oriented intelligent manufacturing model with Goertek characteristics, thus continuously consolidating the Company's core competitiveness as a manufacturing enterprise. During the reporting period, the terminal demand in the consumer electronics industry recovered driven by new technologies such as （未完）  |