AVICOPTER(SH:600038)2021-03-30 16:00Financial Performance - The company's operating revenue for 2020 was approximately ¥19.65 billion, an increase of 24.44% compared to ¥15.80 billion in 2019[15]. - The net profit attributable to shareholders for 2020 was approximately ¥757.68 million, representing a growth of 28.81% from ¥588.22 million in 2019[15]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was approximately ¥737.06 million, up 31.00% from ¥562.62 million in 2019[15]. - Basic earnings per share increased by 28.80% to CNY 1.2853 in 2020 compared to CNY 0.9979 in 2019[16]. - The weighted average return on equity rose by 1.52 percentage points to 8.9184% in 2020 from 7.4023% in 2019[16]. - Total operating income for Q4 2020 reached CNY 7,467,705,371.92, with a net profit attributable to shareholders of CNY 267,187,521.16[18]. - The company reported a total comprehensive income of RMB 791,142,276.96 for 2020, compared to RMB 592,531,525.52 in 2019, indicating a significant increase[161]. - The company achieved a profit before tax of RMB 834,031,883.43, up from RMB 679,543,637.71 in the previous year, showing strong financial performance[160]. Cash Flow and Assets - The net cash flow from operating activities for 2020 was negative at approximately -¥684.79 million, a decrease of 188.93% compared to ¥770.05 million in 2019[15]. - The total assets at the end of 2020 were approximately ¥26.31 billion, a slight decrease of 0.10% from ¥26.33 billion at the end of 2019[15]. - The company's cash and cash equivalents decreased to ¥3,024,800,621.43 from ¥4,337,248,665.47, representing a decline of approximately 30.3%[156]. - Accounts receivable rose significantly to ¥2,957,061,425.38, up from ¥1,619,929,725.47, reflecting an increase of about 82.6%[156]. - The total liabilities decreased to ¥17,137,820,268.58 from ¥17,856,100,117.82, a reduction of approximately 4.0%[157]. - The company's equity attributable to shareholders increased to ¥8,867,024,365.46 from ¥8,174,931,580.13, marking a growth of about 8.5%[157]. Research and Development - The company is advancing its R&D efforts, including the AC311A and AC313A projects, and has made significant progress in various technical areas[24]. - Research and development expenses rose to CNY 52,992.26 million, a year-on-year increase of 11.13% due to higher R&D investments[29]. - The total R&D expenditure was ¥529,922,617.18, accounting for 2.70% of total revenue[41]. Market and Strategic Initiatives - The company is actively expanding into the emergency rescue market and has made significant progress in foreign trade projects[25]. - The company plans to enhance investment in the civil helicopter industry, with a capital increase of CNY 4 billion to its subsidiary, Harbin Aircraft, and CNY 5.4 billion to Changhe Aircraft[49]. - The company aims to accelerate the industrialization of the AC312E helicopter and enhance the development capabilities of AC313A, AC332, and AC352 helicopters[49]. - The company is focusing on building an open and shared new pattern for civil helicopter development, aligning with national economic strategies[49]. Risk Management - The company has detailed the risks it faces in the annual report, which investors are advised to review[5]. - The company faces risks related to macroeconomic fluctuations, policy changes, product quality, raw material shortages, technological advancements, and management challenges due to asset dispersion across multiple locations[62][63]. - The company has established a robust risk management framework to prevent major risks and ensure compliance with legal and operational standards[61]. Environmental Responsibility - The company achieved a 52% reduction in nitrogen oxide emissions from gas boilers, decreasing from 70 mg/m³ to below 30 mg/m³[86]. - The company recycled 1,019.8 tons of scrap metal in 2020, contributing to its waste management efforts[83]. - The company maintained zero environmental pollution incidents and received no administrative penalties during the reporting period[84]. - The company improved water reuse rate to 95.98%, with 2.24 million tons of recycled water used in 2020[86]. Corporate Governance - The board of directors consists of seven members, including three independent directors, ensuring compliance with legal requirements[127]. - The company has established a governance structure that promotes independence between the controlling shareholder and the listed company, preventing any misuse of funds[127]. - The company has implemented measures to prevent insider trading and ensure compliance with insider information management[129]. Shareholder Information - The company plans to distribute a cash dividend of ¥3.88 per 10 shares, totaling approximately ¥228.72 million, which accounts for 30.19% of the net profit attributable to shareholders[3]. - The total number of ordinary shareholders at the end of the reporting period was 36,840, a decrease from 37,901 at the end of the previous month[98]. - The top shareholder, Harbin Aircraft Industry (Group) Co., Ltd., holds 166,270,802 shares, representing 28.21% of total shares[99].