L&T City(SH:600790)2021-04-16 16:00Financial Performance - In 2020, the company achieved a net profit of RMB 415,402,965.09, with a 10% statutory reserve fund of RMB 41,540,296.51 deducted, resulting in a total distributable profit of RMB 1,788,003,733.63 for shareholders[5]. - The company's operating revenue for 2020 was RMB 819,658,703.68, representing a decrease of 16.47% compared to RMB 981,239,467.10 in 2019[21]. - The net profit attributable to shareholders increased by 17.16% to RMB 397,337,292.45 in 2020, up from RMB 339,128,749.22 in 2019[21]. - The company plans to distribute a cash dividend of RMB 1.00 per 10 shares, totaling RMB 146,579,092.80, with the remaining distributable profit carried forward to future years[5]. - The total profit amounted to 499 million RMB, with a net profit attributable to the parent company of 397 million RMB[40]. - The company reported a significant increase in investment income, rising by 182.37% to 225 million RMB, primarily due to dividends from Zhejiang Commercial Bank and the sale of equity stakes[41]. - The company reported a net cash flow from operating activities of RMB -105,479,555.59 in 2020, an improvement from RMB -163,893,704.51 in 2019[21]. - The company reported a significant increase in revenue, achieving a total of 1.2 billion RMB, representing a 15% year-over-year growth[112]. - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 10% to 12%[112]. Assets and Liabilities - The total assets of the company decreased by 8.87% to RMB 9,501,733,998.99 in 2020, down from RMB 10,426,381,132.50 in 2019[22]. - The company's net assets attributable to shareholders decreased by 2.38% to RMB 5,721,203,136.98 in 2020, compared to RMB 5,860,576,997.88 in 2019[22]. - Total liabilities decreased to CNY 2,039,320,778.00 in 2020 from CNY 2,630,507,691.32 in 2019, a reduction of 22.5%[164]. - Total assets decreased from ¥10,426,381,132.50 in 2019 to ¥9,501,733,998.99 in 2020, a decline of approximately 8.86%[159]. - The total liabilities at the end of the year were CNY 1,760,233,833.70, maintaining a manageable debt level relative to equity[186]. Cash Flow - The company reported a net cash flow from operating activities of -105 million RMB, an improvement from -164 million RMB in the previous year[41]. - The cash flow from operating activities showed a significant decline, with total inflows dropping to 158,741,637.05 RMB from 408,735,605.34 RMB in 2019[176]. - The cash flow from investing activities showed a net outflow of CNY 706,158.43, compared to a net outflow of CNY 49,890,144.19 in 2019[174]. - Cash inflow from financing activities was 139,729,400.00 RMB in 2020, with cash outflow totaling 263,842,367.04 RMB, resulting in a net cash flow of -124,112,967.04 RMB[177]. Dividends and Profit Distribution - The company distributed dividends totaling 263,842,367.04 RMB during the year[180]. - In 2020, the company plans to distribute a cash dividend of RMB 1.00 per 10 shares, amounting to RMB 146,579,092.80 (including tax), representing 36.89% of the net profit attributable to ordinary shareholders[74]. - The company distributed a cash dividend of RMB 1.80 per 10 shares for the fiscal year 2019, totaling RMB 263,842,367.04 (including tax) to shareholders[72]. Business Operations and Strategy - The company has maintained its primary business model focused on the development, leasing, and property management of the China Light Textile City market, which is the largest textile fabric wholesale market in the country[31]. - The company has adapted to the challenges posed by the pandemic by implementing online exhibition models and enhancing safety measures in its markets[31]. - The company is committed to digital transformation and enhancing the integration of online and offline operations in response to changing consumer trends[31]. - The company is focused on accelerating the construction of a digital market, integrating existing fragmented systems to create a comprehensive digital market platform[63]. - The company plans to enhance the market management services and create a "smart light textile city" to attract more operators and buyers, promoting balanced market development[62]. Research and Development - R&D expenses for the current period totaled ¥4,928,955.02, accounting for 0.60% of operating revenue[48]. - The number of R&D personnel is 33, representing 3.1% of the total workforce[48]. - The company is investing in new technology development, allocating 100 million RMB for R&D initiatives[112]. Governance and Compliance - The company has implemented a performance-oriented assessment mechanism to enhance operational efficiency and motivate employees[68]. - The company has a governance structure that includes a general meeting of shareholders, a board of directors, a supervisory board, and senior management, ensuring clear responsibilities and compliance[132]. - The company has not faced any penalties from securities regulatory authorities in the past three years[126]. - The internal control audit report for the company as of December 31, 2020, received a standard unqualified opinion, indicating effective financial reporting controls[143]. Market and Competitive Environment - The company is facing challenges in sustaining new profit sources amid intensified competition in sales models due to the pandemic[69]. - The company is exploring new investment channels to diversify its operations and enhance its risk resistance capabilities[67]. - The company is considering strategic acquisitions to enhance its market position, with a budget of 300 million RMB for potential deals[112]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 36,136, an increase from 35,302 in the previous month[98]. - The largest shareholder, Shaoxing Keqiao District Development and Operation Group Co., Ltd., holds 553,362,648 shares, representing 37.75% of the total shares[100]. - The company has not disclosed any major related party transactions during the reporting period[84]. Future Outlook - The company plans to continue focusing on market expansion and new product development to drive future growth[184]. - New product launches are expected to contribute an additional 200 million RMB in revenue over the next year[112].