YJFC(SH:600265)2021-04-28 16:00Financial Performance - The company reported a revenue of CNY 50.68 million for the year 2020, representing a decrease of 75.07% compared to CNY 203.25 million in 2019[23]. - The net profit attributable to shareholders for 2020 was a loss of CNY 18.39 million, a significant decline from a profit of CNY 3.43 million in 2019, marking a decrease of 636.57%[23]. - Basic earnings per share decreased to -0.14 CNY, a decline of 566.67% compared to the previous year[25]. - Operating revenue decreased by 75.07% year-on-year, mainly due to the new revenue recognition standards affecting the energy business[25]. - The company reported a net profit attributable to shareholders of -18,394,294.27 RMB for the year 2020, with an ending undistributed profit of -404,574,977.35 RMB[86]. - The company reported a total asset of CNY 295.75 million and total equity of CNY 20.50 million as of December 31, 2020[99]. - The company reported a net loss of CNY 404.6 million in 2020 compared to a net loss of CNY 389.6 million in 2019[195]. Asset Management - As of December 31, 2020, the total assets of Yunnan Jinggu Forestry Co., Ltd. amounted to CNY 295.75 million, with total equity of CNY 20.50 million[4]. - The total assets decreased by 15.28% from CNY 349.10 million in 2019 to CNY 295.75 million in 2020[23]. - The book value of inventory as of December 31, 2020, was ¥168,592,400, accounting for 57.01% of total assets, indicating a substantial portion of assets tied up in inventory[183]. - Total liabilities decreased from CNY 313.2 billion in 2019 to CNY 275.2 billion in 2020, a decline of about 12.1%[194]. - Total equity decreased to ¥43,112,170.76 from ¥48,684,200.91 in 2019, reflecting a decline of 11.5%[198]. Cash Flow and Operating Activities - The company's cash flow from operating activities was CNY 31.55 million, a recovery from a negative cash flow of CNY 19.17 million in 2019[23]. - The company reported a total cash flow from operating activities of 10.19 million CNY in Q4 2020[29]. - Cash and cash equivalents increased significantly from CNY 31.2 million in 2019 to CNY 67.9 million in 2020, representing a growth of approximately 117.5%[193]. - The company managed a total of RMB 3,000 million in entrusted financial management for the year 2020, with an annualized return rate of 2.8%[115]. Cost Management - The company implemented cost control measures, resulting in a 79.58% decrease in operating costs to CNY 38.05 million[56]. - Operating costs decreased by 79.58% year-on-year, corresponding to the revenue decline in the energy business under the new revenue recognition standards[58]. - The significant increase in management expenses, rising to ¥20,374,585.83 from ¥14,462,653.15, an increase of 41.5%[200]. Risks and Challenges - The company is under a risk warning for potential delisting due to a net profit being negative and revenue below CNY 100 million[9]. - The company faces risks from economic cycle fluctuations, particularly in the real estate sector, which may impact operational performance[80]. - Raw material price volatility poses a risk, as wood and chemical products constitute a significant portion of production costs, influenced by national policies and supply chain disruptions[81]. - The forestry industry is subject to policy adjustments, which may adversely affect operations; the company aims to adapt to policy changes and enhance its operational resilience[82]. Strategic Focus and Future Plans - The company aims to optimize its product structure and enhance competitiveness in the face of industry challenges[38]. - The company plans to enhance its operational capabilities and risk management while optimizing compliance to create value for society and shareholders in 2021[77]. - The company aims to strengthen the wood board industry by integrating into Yunnan's forestry development plan and enhancing production efficiency through technological upgrades[79]. - The company is developing a complete industrial chain by expanding product varieties, including plywood, particleboard, and new products like ecological boards[79]. Social Responsibility and Community Engagement - The company has actively engaged in poverty alleviation efforts, donating CNY 148,400 to support local communities and successfully helping 46 impoverished individuals escape poverty[54]. - The company is committed to enhancing its social responsibility by implementing precise poverty alleviation strategies in accordance with local government directives[118]. - The company has established a dedicated team to oversee poverty alleviation efforts in the Warm Village, ensuring effective communication and support for local farmers[122]. - A total of 46 individuals from the registered impoverished population were lifted out of poverty in 2020, with a material support value of CNY 2.39 million[128]. Corporate Governance - The company has acknowledged the existence of significant uncertainties regarding its ability to continue as a going concern[95]. - The company has received a non-standard audit opinion due to concerns about its ongoing viability[94]. - The company has engaged in various strategic appointments to strengthen its management team[150]. - The board of directors held a total of 7 meetings in the year, with 3 conducted via communication methods and 4 combining on-site and communication methods[166].