WBC(200706)2021-04-26 16:00Financial Performance - The company's operating revenue for 2020 was ¥1,859,176,415.58, a slight increase of 0.20% compared to ¥1,855,489,141.65 in 2019[19] - The net profit attributable to shareholders was -¥380,228,430.56, representing a 208.62% decline from -¥123,201,977.73 in the previous year[19] - The net cash flow from operating activities decreased by 61.23% to ¥61,224,927.73 from ¥157,914,340.86 in 2019[19] - The total assets at the end of 2020 were ¥3,133,942,842.94, an increase of 5.82% from ¥2,961,477,469.55 at the end of 2019[19] - The net assets attributable to shareholders decreased by 33.63% to ¥814,004,967.89 from ¥1,226,441,398.45 in 2019[19] - The basic earnings per share for 2020 was -¥0.94, a decline of 203.23% compared to -¥0.31 in 2019[19] - The company reported a significant drop in net profit, with a net loss of -¥390,440,462.25 after deducting non-recurring gains and losses, which is an increase of 188.50% from -¥135,336,054.17 in 2019[19] - The weighted average return on net assets was -36.69%, a decrease of 27.35% from -9.34% in 2019[19] Revenue Breakdown - The revenue from specialized bearings grew by 21.94% to CNY 543.59 million, while revenue from traffic bearings dropped by 34.48% to CNY 226.22 million[37] - Domestic sales accounted for 91.97% of total revenue, amounting to CNY 1,709.92 million, while international sales decreased by 13.43% to CNY 149.26 million[38] - The company's total revenue for 2020 was approximately CNY 1,709,920,807.49, with a year-on-year increase of 1.59%[40] Cost and Expenses - The total cost of sales decreased by 9.48% to CNY 1,367,683,304.88[43] - Research and development expenses increased by 72.07% to CNY 227,548,185.54, accounting for 12.24% of total revenue[49] - The gross profit margin for the bearing segment was 31.18%, reflecting a decrease of 8.65% compared to the previous year[40] Cash Flow and Liquidity - The total amount of cash and cash equivalents increased by CNY 26,404,311.44, reversing a previous year's decrease[50] - The company’s financing activities generated a net cash outflow of CNY 30,848,259.00, a significant improvement from the previous year's outflow[50] - Cash and cash equivalents at year-end 2020 were ¥194,152,280.08, maintaining a 6.20% share of total assets[55] Shareholder and Dividend Policy - The company plans not to distribute cash dividends or issue bonus shares for the year[7] - The company did not propose any cash dividend distribution plan for the year 2020, maintaining a policy of no cash dividends, no bonus shares, and no capital reserve conversion into share capital[74] - The company reported a net profit attributable to ordinary shareholders of CNY -380,228,430.5 for the year 2020, resulting in a cash dividend payout ratio of 0.00%[73] Governance and Management - The company has maintained a continuous relationship with the accounting firm Xin Yong Zhong He for 16 years, with an audit fee of CNY 530,000 for the current period[81] - The company has established a comprehensive employee benefits system, including various insurances and a housing fund[100] - The company has a commitment to transparency in its financial reporting and management practices[131] - The total number of employees in the company is 3,141, with 2,448 in the parent company and 693 in major subsidiaries[133] Risk and Future Outlook - The company highlighted potential risks and uncertainties in its future outlook, emphasizing the need for caution among investors[6] - The company is committed to high-quality development and improving operational quality amidst market uncertainties[33] - The management emphasized the importance of evaluating the company's ability to continue as a going concern, with no plans for liquidation or cessation of operations[168] Audit and Compliance - The company received a standard unqualified audit opinion on its financial statements for the year ended December 31, 2020[160] - The audit report was signed on April 23, 2021, by the accounting firm Xinyong Zhonghe[160] - The internal control self-assessment report was fully disclosed on April 27, 2021, covering 100% of the company's total assets and operating income[154]