CFMOTO(SH:603129)2020-04-20 16:00Financial Performance - The company's operating revenue for 2019 was CNY 3,242,231,574.63, representing a 27.37% increase compared to CNY 2,545,462,581.48 in 2018[27]. - The net profit attributable to shareholders for 2019 was CNY 181,056,640.47, a 50.57% increase from CNY 120,250,079.56 in 2018[27]. - The cash flow generated from operating activities was CNY 423,563,298.47, up 99.26% from CNY 212,569,880.78 in the previous year[27]. - The total assets at the end of 2019 were CNY 2,537,492,363.09, a 21.84% increase from CNY 2,082,561,727.96 at the end of 2018[29]. - The basic earnings per share for 2019 was CNY 1.37, reflecting a 52.22% increase compared to CNY 0.90 in 2018[30]. - The weighted average return on net assets for 2019 was 18.22%, an increase of 5.32 percentage points from 12.90% in 2018[30]. - The net assets attributable to shareholders at the end of 2019 were CNY 1,040,318,522.57, a 7.86% increase from CNY 964,502,291.60 at the end of 2018[29]. - The company achieved a revenue of 3.242 billion CNY in 2019, representing a year-on-year growth of 27.37%[83]. - The net profit attributable to shareholders reached 181 million CNY, marking a 50.57% increase compared to the previous year[83]. - Total assets amounted to 2.537 billion CNY, with a year-on-year growth of 21.84%[83]. Dividend Distribution - The company plans to distribute a cash dividend of CNY 4.00 per 10 shares, totaling approximately CNY 52,351,315.60[7]. - In 2019, the company distributed cash dividends totaling RMB 52,351,315.60, which accounted for 28.91% of the net profit attributable to ordinary shareholders[187]. - The cash dividend per 10 shares was RMB 4.00 in 2019, compared to RMB 3.20 in 2018 and RMB 3.00 in 2017[187]. - The total amount spent on share repurchases in 2019 was RMB 70,658,452.50, representing 39.03% of the cash dividends[187]. - The combined total of cash dividends and share repurchases in 2019 was RMB 123,009,768.10, which accounted for 67.94% of the net profit attributable to shareholders[187]. - The cash dividend per 10 shares increased by 25% from 2018 to 2019[187]. Market Performance - The global ATV market is projected to grow at a CAGR of 7.8%, reaching $14.1 billion by 2025, indicating strong future demand[43]. - In 2019, China's ATV exports reached 113,500 units, with a year-on-year growth of 10.77%, despite a slowdown in growth rate[44]. - The company maintains a leading position in the ATV market, accounting for 74.38% of the national export value[44]. - The domestic market for ATVs is expanding, with a growing consumer acceptance and a market size exceeding 10,000 units[53]. - The company sold 62,292 units in the international market, generating a sales revenue of 2.014 billion CNY, which is a 19.47% increase[84]. - Domestic sales revenue reached 1.163 billion CNY, reflecting a growth of 43.78%[85]. Production and Sales - The total production and sales of motorcycles in China reached 17.3666 million and 17.1326 million units respectively in 2019, representing year-on-year growth of 11.48% and 10.03%[54]. - The all-terrain vehicle (ATV) sector experienced a production and sales increase of 7.58% and 10.20%, with total sales of 115,500 units in 2019[53]. - The production capacity exceeded 100,000 units for the first time, driven by enhanced production efficiency and a pull-based management system[93]. - The motorcycle industry is facing pressure from international market instability and currency depreciation in emerging economies, impacting export performance[52]. - The company achieved a net cash flow from operating activities of ¥163.85 million in Q2 2019, reflecting strong operational performance[31]. Research and Development - The company invested 183 million CNY in R&D, accounting for 5.64% of its revenue, and launched 11 new models[90]. - The company has a strong R&D platform with 326 technical personnel and has participated in the formulation of 12 national standards, holding 527 valid patents[69]. - The company has developed a digital R&D platform to enhance collaboration and knowledge retention, focusing on modular design and high-performance computing[70]. - The total R&D expenditure was CNY 182,706,806.90, which accounted for 5.64% of operating income[8]. - The company completed 8 out of 18 R&D projects in the two-wheeler category and 3 out of 16 in the four-wheeler category[14]. Risk Management - The company has outlined potential risks in its future development in the report, advising investors to be cautious[9]. - The company is actively managing risks related to raw material price increases and currency fluctuations, ensuring stable operations[97]. - The company faces risks from macroeconomic fluctuations, which may impact market expansion and product sales due to uncertainties in the global economy[173]. - The company is exposed to trade policy changes that could affect its export business, particularly to key markets like the US and Australia[174]. - The company is addressing supply chain risks exacerbated by the pandemic, ensuring raw material supply security to mitigate operational risks[175]. Corporate Governance - The company has not reported any non-operating fund occupation by controlling shareholders or related parties[9]. - The company guarantees not to use related party transactions to transfer profits from its subsidiaries or harm the interests of other shareholders[200]. - The commitment to avoid related party transactions will remain effective until the company is no longer the controlling shareholder[200]. - The company will avoid related party transactions with its subsidiaries and will conduct any unavoidable transactions on a fair and reasonable basis[200]. - Related party transactions will adhere to the company's decision-making procedures and will be disclosed in a timely manner[200].