BOCO(SH:600289)2021-04-29 16:00Financial Performance - In 2020, the company reported a net profit of -361.48 million RMB, a decrease of 124.05% compared to the previous year's profit of 1.50 billion RMB[5]. - The company's operating revenue for 2020 was 523.54 million RMB, down 28.67% from 733.96 million RMB in 2019[24]. - The basic earnings per share for 2020 was -0.5728 CNY, a decrease of 124.05% compared to 2.3815 CNY in 2019[25]. - The net profit attributable to shareholders was impacted by a reversal of impairment losses amounting to 1.279 billion CNY, which reduced the net profit for the year[26]. - The company reported a net loss of 21.27 million CNY from non-recurring gains and losses in 2020, compared to a gain of 1.78 billion CNY in 2019[30]. - The company reported a net profit of -361.48 million RMB, with a net profit of -340.21 million RMB after deducting non-recurring gains and losses[51]. - The company’s main business revenue for 2020 was CNY 522.71 million, a decrease of 28.74% compared to the previous year[172]. - The net profit for 2020 was a loss of ¥362,171,681.41, compared to a profit of ¥1,502,215,711.44 in 2019[194]. Cash Flow and Assets - The net cash flow from operating activities improved to 597.04 million RMB, compared to a negative cash flow of -129.70 million RMB in 2019[24]. - The company received 700 million CNY from restructuring investors, contributing to a significant change in net cash flow from operating activities, which was 680.74 million CNY in Q4 2020[28]. - Operating cash inflows increased by 33.21% to ¥1,323,094,087.35 compared to the previous period[65]. - Total assets increased to ¥2,579,476,108.07 in 2020, up from ¥2,406,342,115.43 in 2019, representing a growth of approximately 7.2%[186]. - Cash and cash equivalents increased to CNY 1,771,396,100.01 in 2020 from CNY 1,239,143,722.99 in 2019, reflecting a significant rise of about 43.0%[185]. - The total current assets increased to ¥3,965,293,772.49 in 2020, compared to ¥3,525,205,939.29 in 2019, representing a growth of about 12.5%[189]. Shareholder and Equity Information - The net assets attributable to shareholders of the listed company increased by 114.18% to 1.55 billion RMB from 723.24 million RMB in 2019[24]. - The company has a total liability of 32,000 million related to arbitration disputes, with a 100% responsibility for repayment[103]. - The company’s equity attributable to shareholders rose to ¥1,549,008,053.44 in 2020, compared to ¥723,237,104.46 in 2019, reflecting an increase of approximately 114.4%[187]. - The top ten shareholders hold a total of 207,573,483 shares, representing 32.89% of the total shares, with the largest shareholder being Yiyang Group Co., Ltd.[127]. Operational Challenges and Strategies - The company faced non-operating fund occupation by the controlling shareholder totaling 765.91 million RMB during the reporting period[7]. - The company faced significant challenges in the smart transportation business in 2020, focusing on project implementation and payment collection[47]. - The company is actively seeking strategic partnerships to build an open platform and foster a favorable industrial ecosystem, addressing diverse market demands across different levels of the supply chain[83]. - The company is adjusting its organizational structure and cost management strategies to mitigate external environmental impacts and ensure normal operations[82]. Research and Development - Research and development expenses amounted to CNY 191.13 million, a decrease of 31.15% year-on-year, representing 36.51% of total operating revenue[61]. - The company has made significant breakthroughs in R&D, including two telecom intelligent products and three industrial image intelligent products, all currently in laboratory validation[49]. - The company obtained 17 new software copyrights and applied for 24 new patents during the reporting period[50]. Governance and Management - The company has a diverse board with independent directors contributing to governance, ensuring a range of perspectives in decision-making[140]. - The company has maintained compliance with corporate governance standards as per relevant laws and regulations, ensuring shareholder interests are prioritized[157]. - The company has appointed new directors and management personnel to enhance governance and oversight[144]. - The company reported a significant management turnover, with multiple executives resigning in 2020, including the CEO and several vice presidents[141]. Legal and Regulatory Issues - The company is facing a significant risk of delisting due to an ongoing investigation by the China Securities Regulatory Commission related to potential violations of securities laws[100]. - The company has ongoing litigation involving Yiyang Group with a claim amount of 8,300 million RMB, where the company is expected to bear 100% of the liability[102]. - The company has faced disciplinary actions from the Shanghai Stock Exchange due to violations in information disclosure and internal control, resulting in public reprimands for several key individuals[147].