THGW(SH:600365)2020-04-28 16:00Financial Performance - The company reported a net profit attributable to shareholders of -31,314,713.87 CNY for 2019, a decrease of 845.97% compared to the previous year[5]. - Total revenue for 2019 was 976,001,921.75 CNY, representing a decline of 4.93% from 1,026,650,173.88 CNY in 2018[21]. - The company's total assets decreased by 4.72% to 1,143,133,601.57 CNY at the end of 2019, down from 1,199,717,428.19 CNY in 2018[21]. - The net asset attributable to shareholders was 662,047,881.74 CNY at the end of 2019, a decrease of 4.52% from 693,362,595.61 CNY in 2018[21]. - Basic earnings per share for 2019 were -0.08 CNY, a decline of 900.00% compared to 0.01 CNY in 2018[23]. - The company proposed no profit distribution for 2019 due to negative retained earnings at the end of the year[5]. - The cash flow from operating activities showed a net outflow of -804,237,539.78 CNY, worsening from -573,225,095.85 CNY in 2018[21]. - The weighted average return on equity was -4.97% for 2019, a decrease of 5.58 percentage points from 0.61% in 2018[23]. - The company reported a significant decrease in operating profit to 3.05 million RMB, down 94.29% year-on-year[42]. - The company reported a net loss of ¥293,012,883.51 in 2019 compared to a net loss of ¥261,698,169.64 in 2018, indicating a worsening of approximately 11.9%[162]. Revenue and Sales - In Q1 2019, the company reported revenue of approximately ¥387.17 million, which decreased to ¥92.50 million in Q4 2019, reflecting a significant decline in sales[24]. - The net profit attributable to shareholders was ¥1.33 million in Q1 2019 but turned negative at -¥34.44 million in Q4 2019, indicating a downward trend in profitability[24]. - The company achieved operating revenue of 976 million RMB, a decrease of 4.93% year-on-year[42]. - The total revenue for the company was 6,407 million RMB, with a gross profit margin of 41.17%, reflecting a year-on-year increase of 3.96% in wholesale agency sales[78]. - The total sales revenue from direct sales (including group purchases) was 101 million RMB, a decrease of 23.48% from the previous period[78]. Costs and Expenses - The cost of goods sold was CNY 765,816,070.40, down 8.36% from CNY 835,642,533.13 year-on-year[46]. - The sales expenses rose by 45.38% to CNY 114,665,351.23, primarily due to increased service fees for the e-commerce platform[50]. - The total operating expenses increased to CNY 1,282,718,385.14 in 2019 from CNY 1,192,405,474.59 in 2018, reflecting a rise of approximately 7.5%[176]. - The company experienced a substantial increase in sales expenses, which rose to CNY 114,665,351.23 in 2019 from CNY 78,873,119.48 in 2018, reflecting higher marketing efforts[168]. Assets and Liabilities - Total current assets decreased to ¥794,335,203.35 in 2019 from ¥917,163,186.33 in 2018, a decline of approximately 13.4%[160]. - Cash and cash equivalents dropped significantly to ¥97,920,688.20 in 2019 from ¥216,527,012.09 in 2018, representing a decrease of about 54.8%[160]. - Accounts receivable decreased to ¥84,043,346.09 in 2019 from ¥186,154,235.01 in 2018, a reduction of approximately 54.9%[160]. - Total liabilities decreased to ¥408,850,687.44 in 2019 from ¥419,734,877.15 in 2018, a decline of about 2.1%[162]. - Current liabilities decreased to ¥336,048,690.32 in 2019 from ¥416,234,290.97 in 2018, a reduction of approximately 19.3%[162]. Research and Development - The total R&D expenditure was CNY 738,920.99, accounting for 0.08% of total revenue[53]. - Research and development expenses increased by 25% in 2019, totaling 300 million RMB, to support innovation[118]. - The company incurred research and development expenses of CNY 738,920.99 in 2019, slightly up from CNY 726,340.97 in 2018[172]. Market and Product Development - The company launched several new products, including "Tianchi Fenghui Tonghua Aged Dry Red Wine" and "Tonghua Suge Laning Microbubble Wine" in 2019[39]. - The company plans to enhance its product structure and marketing network, leveraging internet marketing platforms to expand its market presence[87]. - The company aims to develop 10 new products in the year, ensuring that at least 3 are launched successfully[90]. - The company will focus on developing high-end dry wine products while maintaining its sweet wine advantages[90]. Shareholder and Governance - The company reported a total of 27,999 common stock shareholders at the end of the reporting period, an increase from 27,422 at the end of the previous month[112]. - The largest shareholder, Jilin Province Jixiang Jiade Investment Co., Ltd., holds 43,093,236 shares, representing 10.77% of total shares[115]. - The company has no controlling shareholder, ensuring a more transparent governance structure[119]. - The board of directors and senior management received a total compensation of 100 million RMB, with no significant changes in shareholding[123]. Environmental and Social Responsibility - The company has implemented an environmental management system to ensure stable operation of pollution control facilities and compliance with environmental standards[109]. - The company is committed to fulfilling its social responsibilities, particularly in environmental protection and sustainable development[109]. - The company replaced its original coal-fired boilers with two energy-efficient gas boilers, ensuring compliance with the GB13271-2014 emission standards for new gas-fired boilers[109]. Future Outlook - The company plans to achieve a revenue target of 1 billion RMB in 2020, with a control on expenses limited to 150 million RMB[91]. - The company aims to achieve stable growth and high-quality development while mitigating risks associated with the COVID-19 pandemic[88]. - The company intends to explore opportunities in the health and wellness sectors, utilizing its geographical advantages[87].