TKRT(688569)2021-03-29 16:00Profit Distribution - The company reported a distributable profit of ¥722,998,677.11 as of December 31, 2020, with the parent company's distributable profit at ¥554,005,107.59[5] - A cash dividend of ¥1.20 per 10 shares (including tax) is proposed, totaling ¥25,280,004.00 (including tax) based on a total share capital of 210,666,700 shares[5] - The total cash dividend for the year amounted to ¥46,346,674.00, representing 31.04% of the net profit attributable to shareholders of the listed company[5] - The company does not plan to issue bonus shares or convert capital reserves into share capital for this year[5] - The profit distribution plan is subject to approval at the shareholders' meeting[6] - The cash dividend distribution policy is clearly defined in the company's articles of association, ensuring the protection of all shareholders' interests[184] - The company has implemented a comprehensive decision-making process for profit distribution, involving the board of directors, supervisory board, and independent directors[184] - The cash dividend for the first three quarters of 2020 was 21,066,670.00 RMB, which is included in the total cash dividends for the year[186] - The company did not repurchase shares as part of the cash dividend distribution during the reporting period[189] - The company has not proposed any cash profit distribution plan despite having positive distributable profits for ordinary shareholders[189] - The cash dividend distribution for 2018 was 2.90 RMB per 10 shares, totaling 45,820,000.00 RMB, which represented 39.58% of the net profit for that year[188] - The company has maintained a consistent cash dividend policy over the past three years, with no changes in the distribution approach[188] Financial Performance - The company achieved significant advancements in core technologies, including large amplitude fatigue testing technology, which stabilizes testing conditions and reduces equipment damage[80] - The company achieved an annual revenue of 1,229.45 million yuan and a net profit of 203.74 million yuan in 2020, with a net profit attributable to the parent company of 149.32 million yuan[108] - The total new contracts signed by the company in 2020 amounted to 1,719.61 million yuan, with significant projects including Gui-Nan Railway and Yawan High-speed Railway[108] - The company made a breakthrough in the urban rail transit market, winning contracts for vibration-damping fasteners worth 32.46 million yuan[109] - The company is actively expanding its overseas market, focusing on key projects such as the Jakarta-Bandung High-speed Railway and the Padma Bridge Railway Connection in Bangladesh[110] - The company completed its IPO on the Sci-Tech Innovation Board in August 2020, enhancing its capital structure and risk resistance[115] - The company's revenue from the top five customers accounted for 42.63% of total revenue, indicating a high customer concentration risk[125] - The company's accounts receivable amounted to 624.786 million yuan, making up 25.46% of current assets, posing a risk of bad debt losses[132] - The company's inventory value was 376.419 million yuan, which is 15.34% of current assets, indicating potential inventory impairment risks[133] - The company reported a 379.12% increase in cash and cash equivalents to CNY 1,064,794,956.26, primarily due to fundraising and sales receipts[163] - The company experienced a 55.15% decrease in accounts receivable, totaling CNY 19,100,833.00, attributed to the endorsement of bills that had not yet matured[163] - The company’s total assets at the end of the reporting period were significantly impacted, with a notable increase in construction in progress amounting to CNY 118,202,382.62, up 167.23% from the previous year[163] - The company reduced its short-term borrowings to zero, down from CNY 70,000,000.00, indicating improved liquidity management[163] Market Expansion and Strategy - The company has set a future outlook with a revenue target of 1.8 billion RMB for 2021, which would represent a growth of 20% compared to 2020[16] - The company is actively pursuing market expansion, with plans to enter three new provinces in 2021, aiming for a 25% increase in market share[16] - The company has completed a strategic acquisition of a local competitor, which is projected to increase its production capacity by 40%[16] - The company is focusing on sustainability initiatives, aiming to reduce carbon emissions by 20% over the next five years[16] - The company has established partnerships with key industry players to enhance its supply chain efficiency, which is expected to reduce costs by 10%[16] - The company plans to enhance its market expansion and R&D efforts for new products and technologies in response to the challenges posed by the pandemic[140] - The company will actively pursue overseas market opportunities in line with the national high-speed rail initiative[178] Research and Development - Investment in R&D has increased by 10%, totaling 150 million RMB, to support innovation in rail technology[16] - The company has a strong focus on R&D, continuously enhancing the performance of its fastening systems to meet the increasing demands of high-speed rail operations[39] - The company’s R&D expenditure accounted for 4.75% of operating revenue in 2020, a slight increase from 4.74% in 2019[27] - The company has established a high-efficiency R&D system, focusing on continuous innovation in product design, manufacturing, and testing[101] - The company applied for a total of 33 patents in 2020, including 19 invention patents and 14 utility model patents, bringing the cumulative total to 144 patents[82] - The company is currently developing seven projects, including artificial ballast technology with an expected total investment of ¥8 million and 3D printing technology for railway switch manufacturing with an expected investment of ¥3 million[86] - The company has made advancements in the research of Φ10.0mm prestressed spiral ribbed steel wire, laying the foundation for future product development[81] - The company is focusing on market expansion through new product development and technological advancements in the fastening system and railway components[86] Risks and Challenges - The company is facing risks related to the loss of key technical personnel due to increasing competition in the high-speed rail engineering industry[121] - The company is actively expanding into overseas markets but faces risks due to lack of experience and varying international standards[128] - The company relies on raw materials like steel and rubber, which are subject to price fluctuations that could adversely affect profitability[127] - The company's main production facilities are leased, which poses risks related to potential relocations or lease terminations[126] - The company is exposed to risks from potential changes in government policies affecting the high-speed rail industry, which could impact market demand[137] Compliance and Governance - The company guarantees that the public offering of shares and listing on the Sci-Tech Innovation Board does not involve any fraudulent activities[200] - In case of non-compliance with listing conditions, the company will initiate a buyback of all newly issued shares within 5 working days after confirmation by regulatory authorities[200] - The company must comply with the CSRC regulations regarding shareholding reductions by major shareholders and senior management, ensuring transparency and adherence to legal requirements[192] - The company is committed to adhering to the latest regulations and guidelines set forth by the CSRC and the Shanghai Stock Exchange regarding share transfers and reductions[192]