AECC AST(SH:600391)2021-03-29 16:00Financial Performance - In 2020, the company's operating revenue was approximately ¥2.72 billion, a decrease of 19.58% compared to ¥3.38 billion in 2019[19]. - The net profit attributable to shareholders was a loss of approximately ¥16 million, a decline of 170.98% from a profit of ¥22.58 million in 2019[19]. - The basic earnings per share for 2020 was -¥0.05, a decrease of 171.43% from ¥0.07 in 2019[20]. - The weighted average return on equity was -1.10%, a decrease of 2.66 percentage points from 1.56% in 2019[20]. - The company reported a net loss attributable to shareholders of ¥16,026,279.82 for 2020, compared to a profit of ¥22,577,465.38 in 2019[165]. - The net profit for 2020 was a loss of ¥49,904,817.19, compared to a profit of ¥3,184,639.45 in 2019, indicating a significant decline in profitability[168]. - The total comprehensive income for 2020 was a loss of ¥49,904,817.19, compared to a gain of ¥3,184,639.45 in 2019, highlighting a substantial decline[168]. Cash Flow and Liquidity - The net cash flow from operating activities was approximately ¥790.50 million, an increase of 1.67% compared to ¥777.49 million in 2019[19]. - The company reported a net cash flow from operating activities of 790,503,395.82 CNY, reflecting a 1.67% increase year-on-year[46]. - The total cash inflow from financing activities reached CNY 1,563,833,175.51, representing a 52.66% increase from the prior year[47]. - The cash paid for debt repayment was CNY 1,535,160,112.20, which increased by 80.05% year-on-year due to the company's efforts to reduce interest-bearing liabilities[47]. - The company's cash and cash equivalents at the end of the period were CNY 506,015,304.08, a 94.97% increase compared to the previous year[48]. - The ending balance of cash and cash equivalents was CNY 231,175,623.91, up from CNY 98,223,429.25, reflecting a significant increase of approximately 135.5%[173]. Assets and Liabilities - The total assets at the end of 2020 were approximately ¥5.81 billion, an increase of 7.34% from ¥5.41 billion at the end of 2019[19]. - Total liabilities amounted to CNY 3,862,618,412.56 in 2020, compared to CNY 3,485,139,556.94 in 2019, indicating a rise of around 10.8%[159]. - The company's total equity stood at CNY 1,946,038,001.03 in 2020, slightly up from CNY 1,926,522,876.41 in 2019, showing a marginal increase of about 1.0%[159]. - The company's total current liabilities amounted to ¥2,674,834,778.85 in 2020, slightly up from ¥2,602,163,720.14 in 2019[164]. - The company's total non-current assets decreased slightly to CNY 2,015,250,180.84 in 2020 from CNY 2,018,032,800.95 in 2019, indicating a decline of about 0.9%[158]. Research and Development - Research and development expenses amounted to 65,522,278.86 CNY, representing 2.41% of total operating income[44]. - The company launched 40 new product trials during the reporting period, achieving a completion rate of 121%[34]. - The company is investing $200 million in R&D for new technologies aimed at improving operational efficiency[118]. - The company is actively involved in research and development to innovate new products and technologies[116]. Market and Business Strategy - The domestic aviation market is expected to grow significantly due to national defense modernization and increasing demand for commercial aviation engines[27]. - The company aims to transition from low-value to high-value products, enhancing its competitive position in the aviation industry[30]. - The company plans to enhance its core capabilities and operational quality while focusing on both domestic and international markets[58]. - The company is considering strategic acquisitions to bolster its technology portfolio, with a budget of $100 million allocated for potential deals[119]. Environmental and Social Responsibility - The company is committed to fulfilling its social responsibilities, including responding to government calls for mask production during the pandemic[85]. - The company achieved a 100% compliance rate for the disposal of general and hazardous waste, with a total of 735.58 tons of hazardous waste generated and disposed of[88]. - The company invested CNY 2.6767 million in environmental pollution control facilities, including oil recovery systems and dust removal equipment upgrades[91]. - The company has successfully safeguarded the health and safety of over 4,300 employees during the pandemic[85]. Corporate Governance and Compliance - The company has made efforts to comply with corporate governance standards as per the Company Law and Securities Law, ensuring a clear division of responsibilities and effective checks and balances[134]. - The company conducted a self-inspection regarding insider trading and found no violations among insiders during the reporting period[134]. - The company has ensured that related party transactions are conducted at fair market value to protect shareholder interests[66]. - The company appointed Zhongshun Zhonghuan Accounting Firm as the domestic auditor with a remuneration of 46 million RMB for the audit period of 8 years[69]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 55,565[102]. - The largest shareholder, China Aviation Engine Corporation, held 118,907,305 shares, representing 36.0% of total shares[106]. - The company will not distribute cash dividends in 2020 due to cash flow impacts from 2018's performance, with funds primarily allocated to working capital[64]. - The net profit attributable to ordinary shareholders for 2020 was -16,026,279.82 RMB, resulting in a 0% dividend payout ratio[65].