克劳斯(600579) - 2020 Q4 - 年度财报

Financial Performance - In 2020, the company achieved a consolidated net profit of -229,989,894.66 RMB, compared to -158,420,225.40 RMB in 2019, indicating a worsening performance year-over-year [4]. - The company's operating revenue for 2020 was 9,816,392,579.96 RMB, a decrease of 7.18% from 10,576,101,343.48 RMB in 2019 [20]. - The net cash flow from operating activities was 146,752,646.57 RMB, down from 598,815,407.76 RMB in the previous year, reflecting a significant decline [20]. - As of the end of 2020, the total assets amounted to 16,007,184,807.06 RMB, a decrease of 2.13% from 16,355,880,298.94 RMB in 2019 [20]. - The company's net assets attributable to shareholders were 5,310,087,201.47 RMB, down 3.42% from 5,498,194,344.80 RMB at the end of 2019 [20]. - The basic and diluted earnings per share for 2020 were both -0.28 yuan, compared to -0.18 yuan in 2019, indicating a significant decline [22]. - The weighted average return on equity decreased to -4.25% in 2020 from -2.83% in 2019, a reduction of 1.42 percentage points [22]. - The company reported a net loss of 138.56 million yuan in Q1 2020 and a net profit of 26.53 million yuan in Q3 2020, highlighting volatility in quarterly performance [24]. - The company experienced a cash flow from operating activities of 305.66 million yuan in Q4 2020, indicating a recovery in cash generation [24]. - Non-recurring losses amounted to -123 million yuan in 2020, primarily due to additional costs related to the pandemic [26]. Business Operations - The company is a leading player in the plastic and rubber processing machinery industry, focusing on R&D, production, and sales of related equipment [28]. - The main products include injection molding machines, extrusion equipment, and reaction molding equipment, with a strong emphasis on automation and digital solutions [29]. - The company aims to expand its market presence and enhance its competitive edge through innovative technology and tailored solutions for clients [29]. - KM Group's extrusion equipment is widely used in various industries, including chemicals, pharmaceuticals, automotive, infrastructure, furniture, and packaging [30]. - The company offers two main types of extrusion equipment: single-screw and twin-screw extruders, catering to applications such as rubber, foam, film, and pipes [30]. - KM Group's digital service solutions include maintenance, spare parts replacement, and refurbishment, ensuring high availability and reliability of equipment [31]. - The company emphasizes the importance of after-sales service, with maintenance services becoming increasingly significant in its sales strategy [34]. - KM Group's reaction molding equipment allows for the production of complex products through chemical reactions, enhancing product diversity and application [30]. - The company has a global sales and service network, enabling quick responses to customer needs and promoting its products worldwide [31]. - KM Group's focus on Industry 4.0 includes predictive maintenance and real-time machine monitoring, enhancing operational efficiency for clients [31]. Market Trends and Competition - The impact of intensified competition and raw material price fluctuations contributed to a decline in gross profit margin [22]. - The global plastic machinery market was valued at €30.575 billion in 2020, with Europe accounting for approximately €15.2 billion (49.71%) and China for about €11.5 billion (37.61%) [37]. - The demand for high-end injection molding equipment is driven by trends in lightweight, compact, and personalized home appliances, as well as the extensive application of polymer and lightweight alloy materials in medical devices [37]. - The company has established a strong customer base, including major companies in automotive, packaging, and construction sectors, enhancing its competitive advantage in the rubber and plastic machinery field [42]. - The company has achieved 498 significant technological achievements by the end of 2020, including 36 national awards and 512 patents, demonstrating its commitment to innovation [43]. Financial Health and Investments - The company’s total operating revenue was approximately ¥9.82 billion in 2020, a decrease of 7.18% compared to the previous year, while the net profit attributable to shareholders was -229.99 million yuan, down 45.18% [58]. - The company's total assets at the end of 2020 were 16.007 billion yuan, a decrease of 2.13% from the beginning of the year, and the total liabilities were 10.697 billion yuan, down 1.48% [58]. - The company’s gross profit margin decreased by 1.5 percentage points in 2020, with the main subsidiary KM Group's revenue declining by 11.6% [61]. - The new machine (NM) business signed orders worth 624 million euros in 2020, a decline of 25.65% from 2019, with revenue from this segment falling by 15.72% to 726 million euros [56]. - The digital services (DSS) business saw new orders of 270 million euros in 2020, down 9.01% year-on-year, with revenue also decreasing by 8.17% to 270 million euros [56]. Corporate Governance and Management - The company has a cash dividend policy requiring at least 20% of distributable profits to be distributed as cash dividends, although no dividends were declared for the past three years due to losses [114][116]. - The company repurchased 925,800 shares, representing 0.10% of total share capital, for a total expenditure of approximately ¥5.47 million, as part of a commitment to replace dividends with share buybacks [120]. - The company has recognized goodwill of €442 million (approximately ¥3.46 billion) from the acquisition of KM Group, which poses a risk of impairment if the group's future performance deteriorates [111]. - The company is actively managing operational risks related to rising raw material prices, particularly for steel and oil, by maintaining close communication with suppliers and partners [110]. - The company is focused on innovation and market responsiveness to mitigate strategic risks associated with slow market reactions [110]. Social Responsibility and Environmental Initiatives - The company has not experienced any major safety incidents in 2020, reflecting its commitment to health and safety management [157]. - The company has established an environmental management department to enhance its environmental protection efforts [158]. - The company has implemented significant energy-saving projects at its Munich plant, resulting in reduced energy consumption and CO2 emissions [162]. - The modernization of the lighting system at the Munich plant replaced 1,500 mercury vapor lamps with 1,000 LED lights, improving lighting quality and safety [162]. - The company organized a promotional event for Gulang agricultural products in December 2020 to help local farmers access the Lanzhou market [152]. Employee and Management Structure - The total number of employees in the parent company is 7, while the main subsidiaries employ 6,057, resulting in a total of 6,064 employees [200]. - The professional composition includes 3,097 production personnel, 1,589 sales personnel, 806 technical personnel, 208 financial personnel, 318 administrative personnel, and 46 others [200]. - The educational background of employees shows 27 with a doctorate or above, 723 with a master's degree, 734 with a bachelor's degree, and 4,580 with education below a bachelor's degree [200]. - The remuneration for directors, supervisors, and senior management is determined by the compensation and assessment committee, based on their responsibilities and company performance [197]. - The company has maintained a stable management team, with several members holding positions in other significant organizations [196].