Yuancheng gold(SH:600766)2021-04-22 16:00Financial Performance - The company reported a net profit of -15,425,708.97 yuan for 2020, a decrease of 253.72% compared to a net profit of 10,034,903.84 yuan in 2019[5]. - Total revenue for 2020 was 26,227,836.50 yuan, down 2.20% from 26,816,579.91 yuan in 2019[21]. - Basic earnings per share for 2020 were -0.03 yuan, a decline of 175% from 0.04 yuan in 2019[23]. - The weighted average return on equity was -24.45% in 2020, a decrease of 42.29 percentage points from 17.84% in 2019[23]. - The company reported a significant increase in management expenses, totaling CNY 3,898,887.14 in 2020, compared to CNY 3,530,906.14 in 2019[143]. - The net loss attributable to shareholders of the parent company was CNY -15,425,708.97 in 2020, compared to a profit of CNY 10,034,903.84 in 2019[141]. - The total comprehensive income for 2020 was CNY -15,449,660.53, compared to CNY 10,207,993.29 in 2019, reflecting a substantial decrease[144]. Assets and Liabilities - The company's total assets decreased by 8.97% to 138,336,293.73 yuan at the end of 2020, compared to 151,966,772.41 yuan at the end of 2019[22]. - The company's current assets totaled CNY 126,037,374.84, down from CNY 142,174,623.97 in the previous year, indicating a decrease of about 11.4%[133]. - The total liabilities were CNY 82,963,074.85, compared to CNY 90,700,353.63 in 2019, reflecting a reduction of approximately 8.1%[134]. - The company's non-current assets totaled CNY 12,298,918.89, up from CNY 9,792,148.44, indicating an increase of approximately 25.5%[134]. - Accounts receivable increased significantly to CNY 3,697,739.48, representing 2.67% of total assets, up from 0.43% in the previous period, a growth of 467.71%[43]. - Other receivables rose to CNY 23,406,556.32, accounting for 16.92% of total assets, compared to 0.07% previously, an increase of 21,611.81%[43]. - Deferred income tax assets increased by 66.59% to CNY 7,226,657.09, up from CNY 4,338,097.37, now representing 5.22% of total assets[44]. Cash Flow - The cash flow from operating activities was -5,174,466.55 yuan, a decline of 29.11% compared to -4,007,888.14 yuan in 2019[22]. - The net cash flow from operating activities was negative CNY 7,061,020.97, worsening from negative CNY 2,013,496.16 in the previous year[150]. - Cash flow from investing activities generated a net inflow of CNY 7,050,000.00 in 2020, down from CNY 10,047,066.37 in 2019[148]. - Cash flow from financing activities resulted in a net outflow of CNY -927,763.15 in 2020, compared to a net outflow of CNY -5,540,717.76 in 2019[148]. Profit Distribution and Shareholder Relations - The company plans not to distribute profits for 2020 and will not transfer capital reserves to increase share capital[5]. - There are no plans for profit distribution or capital reserve transfers for the fiscal year 2020[5]. - The company did not propose a cash profit distribution plan for 2020, despite having a positive profit available for distribution to ordinary shareholders, resulting in a retained earnings of -15,425,708.97 RMB[63]. - The independent directors can gather opinions from minority shareholders to propose dividend plans directly to the board for review[59]. - The board must submit any changes to the profit distribution policy for approval by the shareholders' meeting, requiring a two-thirds majority vote[61]. Business Strategy and Operations - The company plans to adjust its business structure through external acquisitions to explore promising business opportunities in the future[33]. - The company aims to strengthen its trade business by improving logistics and warehousing cost management, as well as timely adjustments to procurement strategies[31]. - The gold mine custody business, which is part of the company's core operations, is actively managed to enhance operational efficiency and financial planning[30]. - The company aims to accelerate transformation and upgrade existing businesses while exploring new main businesses to enhance overall company value[49]. Governance and Compliance - The company has established a comprehensive governance structure that complies with the Company Law and relevant regulations, ensuring the protection of investors' rights[106]. - The company has implemented a strict insider information management system to prevent insider trading and protect investors' rights[109]. - The board of directors and supervisory board operate independently, ensuring no non-operational occupation of company funds by controlling shareholders[107]. - The company has not faced any major litigation or arbitration matters during the reporting period[65]. Risk Management - The company faces risks related to price fluctuations in commodities, which could directly impact revenue, and plans to strengthen market analysis to mitigate these risks[50]. - The company is committed to improving environmental protection measures and enhancing safety standards in its operations to mitigate associated risks[50]. Employee and Management - The company has a total of 18 staff members, including 15 in the parent company and 3 in major subsidiaries[102]. - The company’s compensation policy is based on employee contributions and aims to effectively incentivize talent[103]. - The company has a training plan organized by the administrative and human resources department for employee job training[104].