Furuise(300228)2020-04-17 16:00Financial Performance - The company's operating revenue for 2019 was ¥1,573,844,704.62, an increase of 8.89% compared to ¥1,445,418,704.54 in 2018[18] - The net profit attributable to shareholders was -¥326,699,821.43, a significant decrease of 2,647.91% from ¥12,822,277.33 in the previous year[18] - The net cash flow from operating activities increased by 27.85% to ¥331,896,932.66, up from ¥259,607,929.63 in 2018[18] - The total assets at the end of 2019 were ¥3,492,309,252.00, a decrease of 10.85% from ¥3,917,195,375.43 at the end of 2018[18] - The net assets attributable to shareholders decreased by 21.93% to ¥1,415,405,526.46 from ¥1,813,099,632.61 in 2018[18] - The basic earnings per share for 2019 was -¥0.69, compared to ¥0.03 in 2018, reflecting a decline of 2,400.00%[18] - The company reported a net profit of -¥332,538,656.55 in Q4 2019, following a positive net profit in the first three quarters[20] - The weighted average return on net assets was -20.19% for 2019, down from 0.71% in 2018[18] - The company reported a non-operating loss of CNY 2,583,761.07 in 2019 from the disposal of non-current assets, a significant decrease compared to a gain of CNY 44,196,712.51 in 2018[23] - Government subsidies recognized in the current period amounted to CNY 8,068,941.00, down from CNY 12,256,745.87 in 2018, indicating a decrease of 34.5%[23] Strategic Initiatives - The company has outlined potential risks and response strategies in its future development outlook section[5] - The company established strategic partnerships with major truck and bus manufacturers, enhancing its market position in LNG vehicle supply systems[31] - The company aims to achieve significant breakthroughs in key technologies through a combination of technology introduction and independent innovation[35] - The company has implemented a strategy focused on innovation and the application of new technologies to reduce manufacturing costs[35] - The company is developing new products such as high-pressure direct injection vehicle gas supply systems and LNG ship loading arms, which are expected to become new profit growth points[38] - The company plans to enhance the modularization and intelligence of related products to adapt to market demand growth and strengthen its competitive advantage in the LNG equipment industry[49] Research and Development - The company's R&D investment amounted to ¥80,344,341.54, accounting for 5.10% of operating revenue[35] - The number of patents held by the company includes 43 invention patents, 192 utility model patents, and 4 design patents[35] - Research and development expenses increased by 12.14% to CNY 80,344,341.54, focusing on new technologies such as high-pressure direct injection systems[66] - The number of R&D personnel increased to 179 in 2019, accounting for 12.05% of the total workforce, up from 8.45% in 2018[77] Market Conditions - The market for LNG vehicle bottles remains highly competitive, leading to a decline in product gross margins[41] - The company has faced significant challenges due to rising gas source prices and declining LNG terminal sales prices, impacting the performance of its subsidiary, Shaanxi Hongcheng New Energy Co., Ltd.[41] - The company's main business of LNG equipment manufacturing is affected by market risks due to fluctuations in international oil prices and stricter environmental policies, impacting operational performance[114] - Raw material price volatility, particularly for stainless steel, significantly affects production costs, and the company is implementing measures to manage these risks[115] - The company is exposed to foreign exchange risks due to its international operations, and it is establishing effective mechanisms to mitigate these risks[117] Corporate Governance - The company has established a governance structure with a board of directors and four specialized committees to protect shareholder rights[166] - The company has committed to avoiding competition with its major shareholders and their affiliates, ensuring no production or development of competing products[128] - The company has maintained compliance with commitments made to minority shareholders, with no overdue commitments reported[129] - The company has not engaged in any investor communication activities during the reporting period[119] - The company has implemented changes to its accounting policies in accordance with new financial instrument standards effective from January 1, 2019[131] Financial Management - The company is facing high financial pressure due to a high debt-to-asset ratio and tightening bank loans, necessitating a focus on optimizing financing structure and reducing financial costs[112] - The company reported a decrease in cash inflow from financing activities by 15.31% to ¥1.02 billion in 2019[80] - The company has pledged assets including bank acceptance bills amounting to ¥30,000,000.00 and guarantee deposits of ¥18,073,457.04[88] - The company has made significant equity investments, including a stake in a technology firm with a 50% ownership interest[93] - The company has not utilized any raised funds during the reporting period[94] Employee Relations - The company's employee compensation payable at the end of the period was ¥33,113,700, an increase of 40.56% compared to the previous year[33] - The company plans to enhance corporate culture to foster a proactive and efficient work environment, aiming to improve employee engagement and productivity[113] - The company has implemented measures to protect employee rights, including social insurance and commercial accident insurance[167] Subsidiary Performance - The company reported a net profit contribution from major subsidiaries exceeding 10%, with specific subsidiaries showing significant losses, such as Zhangjiagang Furui Deep Freezing Technology Co., Ltd., which had a net loss of 130.65 million RMB[99] - The total assets of FuRui Deep Cold Technology Co., Ltd. as of December 31, 2019, were CNY 1,053,284,751.78, with a net asset of CNY 272,894,730.30 and an annual revenue of CNY 664,354,235.25, resulting in a net loss of CNY 130,652,161.66[102] - FuRui Heavy Equipment Co., Ltd. reported total assets of CNY 1,105,499,471.26, net assets of CNY 597,860,573.78, annual revenue of CNY 518,952,689.59, and a net profit of CNY 19,930,394.87 as of December 31, 2019[103] Shareholder Information - The company has a total of 38,291 shareholders at the end of the reporting period, an increase from 34,749 at the previous month-end[181] - The largest shareholder, Guangdong Yuecai Trust Co., Ltd., holds 12,190,470 shares, accounting for approximately 2.59% of total shares[184] - The company has no controlling shareholder, with no single shareholder holding more than 30% of the total shares[185] - The company has not issued any preferred shares during the reporting period[190] - The company reported no changes in its actual controller during the reporting period[187]