YXMC(SH:600213)2021-04-15 16:00Financial Performance - The company reported a net profit of -158,206,618.16 RMB for 2020, a significant decline compared to a net profit of 13,946,225.94 RMB in 2019, representing a decrease of 1,134.06%[5]. - Total revenue for 2020 was 1,879,479,861.89 RMB, down 30.60% from 2,708,096,161.11 RMB in 2019[21]. - Basic earnings per share for 2020 were -0.72 RMB, a decline from 0.06 RMB in 2019[22]. - The weighted average return on equity was -165.80% for 2020, compared to 8.37% in 2019[23]. - The net profit attributable to shareholders was a loss of approximately RMB 158.20 million for the year, with quarterly losses of RMB 36.80 million, RMB 2.54 million, RMB 48.83 million, and RMB 70.03 million respectively[25]. - The net profit attributable to the parent company was CNY -158 million, indicating a significant decline due to intensified price competition and reduced order quality[49]. - The company reported a net loss of ¥594,961,577.16 in 2020 compared to a net loss of ¥436,754,959.00 in 2019[179]. - The net loss for 2020 was approximately ¥157.42 million, compared to a net profit of ¥14.21 million in 2019, indicating a significant decline in profitability[186]. Cash Flow and Assets - The company's net cash flow from operating activities increased by 262.21% to 414,019,355.41 RMB, compared to 114,303,224.60 RMB in 2019[21]. - The cash flow from operating activities for 2020 was approximately ¥414.02 million, an increase from ¥114.30 million in 2019[194]. - Cash and cash equivalents increased by 68.42% to 532.497 million yuan, attributed to improved customer payments[65]. - The total assets decreased by 15.81% to 4,165,662,222.23 RMB at the end of 2020, down from 4,947,719,215.61 RMB in 2019[21]. - The total assets decreased from ¥4,947,719,215.61 in 2019 to ¥4,165,662,222.23 in 2020, a decline of approximately 15.7%[178]. - The cash and cash equivalents at the end of 2020 amounted to approximately ¥328.81 million, an increase from ¥133.52 million at the end of 2019[194]. - The total cash inflow from operating activities decreased to ¥1,967,594,581.16 in 2020 from ¥2,192,828,716.64 in 2019, reflecting a decline of about 10.3%[196]. Sales and Market Performance - The company sold 58,100 large and medium buses in 2020, representing a year-on-year decline of 23.34% and 32.04% respectively[29]. - The total bus sales in 2020 were 103,000 units, marking the lowest annual sales in a decade, significantly impacted by the COVID-19 pandemic[38]. - The company experienced a 47% decline in public road passenger transport volume in 2020, totaling 6.89 billion passengers[39]. - The export of large buses decreased by 32.10% to 12,200 units, while the export of medium buses fell by 49.38% to 2,900 units in 2020[39]. - The domestic market revenue fell by 54.06%, while the international market revenue increased by 2.51%[54]. Research and Development - The company has 133 R&D personnel, with over 32% holding senior technical titles, and has obtained 61 authorized patents and 6 software copyrights by the end of 2020[30]. - The company reported a 33.57% decrease in R&D expenses, totaling CNY 59 million, compared to CNY 89 million in the previous year[52]. - The total R&D expenditure was 59.022 million yuan, representing 3.14% of the operating revenue, with 306 R&D personnel, making up 17.44% of the total workforce[61]. - The company aims to enhance its core competitiveness by increasing product R&D efforts and integrating new energy resources[37]. Operational Efficiency - The company implemented a cost control strategy, resulting in a 23.76% reduction in operating costs, totaling CNY 1.702 billion[51]. - The gross margin for bus sales decreased by 7.35 percentage points to 10.01%[54]. - The total operating costs for 2020 were approximately ¥2.06 billion, down from ¥2.61 billion in 2019, reflecting a reduction of 17.5%[184]. Corporate Governance and Compliance - The company has committed to avoiding competition with its controlling shareholder's other businesses, with a commitment period lasting until October 2025[91]. - The company has established a long-term mechanism to prevent non-operating fund occupation by controlling shareholders[153]. - The independent directors actively participate in key company matters to protect the interests of minority shareholders[152]. - The company has not encountered any significant accounting errors that would require restatement of financial statements[95]. - The company has not faced any risks of suspension or termination of its listing during the reporting period[96]. Environmental Responsibility - The company actively fulfills social responsibilities, focusing on safety production, product quality, environmental protection, and employee rights protection[106]. - The company reported actual COD emissions of 62 mg/L, significantly below the allowed limit of 500 mg/L, achieving a compliance rate of 87.6%[107]. - The company has implemented a wastewater treatment process involving coagulation and flotation, effectively treating various types of wastewater before discharge[109]. - The company has established a hazardous waste storage area compliant with GB18597-2001 standards, ensuring proper management of hazardous solid waste[113]. Future Outlook - The company aims for a revenue target of CNY 3 billion for 2021, which is the same as the unachieved target for 2020[83]. - The bus industry is expected to recover in 2021, with projected sales reaching over 150,000 units by 2025 due to market demand recovery and new vehicle replacement cycles[80]. - The company plans to focus on the development of new energy buses, particularly hydrogen fuel cell buses, which are expected to gain market traction and government support in 2021[80].