YIMIN GROUP(SH:600824)2021-04-26 16:00Financial Performance - In 2020, the company's operating revenue was CNY 1,011,051,652.75, a decrease of 31.49% compared to CNY 1,475,705,852.94 in 2019[22]. - The net profit attributable to shareholders in 2020 was CNY 175,444,203.41, representing a 100.56% increase from CNY 87,475,152.04 in 2019[22]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 6,111,811.43, a decrease of 86.42% compared to CNY 45,014,070.06 in 2019[22]. - The net cash flow from operating activities was CNY 307,602,103.54, an increase of 189.71% from CNY 106,175,449.11 in 2019[22]. - The total assets at the end of 2020 were CNY 3,408,315,371.57, an increase of 7.13% from CNY 3,181,540,782.26 at the end of 2019[22]. - The net assets attributable to shareholders at the end of 2020 were CNY 2,625,337,052.33, a 6.02% increase from CNY 2,476,243,538.44 at the end of 2019[22]. - The basic earnings per share in 2020 were CNY 0.166, doubling from CNY 0.083 in 2019[23]. - The weighted average return on equity increased to 6.88% in 2020, up by 3.31 percentage points from 3.57% in 2019[23]. - The company's total revenue for 2020 was CNY 1.03 billion, a decrease of 30.78% compared to the previous year[44]. - The net profit attributable to the parent company for 2020 was CNY 175 million, an increase of 100.56% year-on-year[44]. Revenue Breakdown - In Q1, the company reported revenue of approximately ¥247.74 million, which increased to ¥338.49 million in Q2, but dropped to ¥205.50 million in Q3, and finally reached ¥219.32 million in Q4[26]. - The net profit attributable to shareholders was ¥2.41 million in Q1, surged to ¥7.92 million in Q2, and significantly increased to ¥20.87 million in Q3, culminating at ¥144.24 million in Q4[26]. - Revenue from commercial retail and wholesale reached ¥554.45 million, with a gross margin of 31.22%, reflecting a decrease of 44.69% in revenue compared to the previous year[59]. - The tourism and catering sector generated ¥9.49 million in revenue, with a gross margin of 75.52%, showing a revenue decline of 47.01% year-over-year[59]. - Real estate leasing and property management reported revenue of ¥240.48 million, with a gross margin of 75.49%, an increase of 13.15% in revenue compared to the previous year[59]. - E-commerce revenue was ¥136.71 million, with a gross margin of 28.01%, down 11.77% in revenue year-over-year[59]. - The lingerie segment generated ¥378.54 million in revenue, with a gross margin of 54.20%, reflecting a revenue decline of 37.94% compared to the previous year[59]. - Gold and jewelry sales amounted to ¥301.77 million, with a negative gross margin of -0.56%, indicating a revenue increase of 36.32% year-over-year[59]. - The overall revenue from Shanghai was ¥805.44 million, with a gross margin of 41.07%, down 26.71% compared to the previous year[62]. Operational Changes - The decline in operating revenue was primarily due to the impact of the COVID-19 pandemic on the commercial and tourism sectors[24]. - The company operates 1,175 retail stores, including 520 self-operated and 655 franchised, across major cities in China[33]. - The company owns approximately 168,000 square meters of commercial property, with 95,000 square meters located in prime areas of Shanghai[33]. - The company has expanded its online presence through flagship stores on major e-commerce platforms like Tmall and JD.com[33]. - The company continues to focus on self-operated sales, with its brands primarily engaged in design, production, and sales of their products[34]. - The company launched new online marketing initiatives, including partnerships with platforms like Meituan and Ctrip, to enhance customer engagement and sales[48]. - The company initiated the trial operation of the Jinchen Nursing Home, employing diversified marketing strategies to improve occupancy rates[50]. - The company is exploring new investment opportunities to foster economic growth and inject vitality into its operations[50]. Cost Management - Operating costs decreased by 37.21% to CNY 554,118,587.20 from CNY 882,537,672.66, primarily due to changes in sales models and the impact of the COVID-19 pandemic[55]. - The company reported a significant increase in cash and cash equivalents, reaching CNY 1.04 billion, a 39.50% increase from CNY 747.53 million in the previous period[39]. - Accounts receivable decreased by 38.29% to CNY 48.05 million, attributed to improved collection efforts[39]. - Inventory decreased by 32.86% to CNY 356.58 million, due to enhanced inventory management and accelerated de-stocking[39]. - The company reported a decrease in research and development expenses by 21.18% to CNY 3,496,938.95, reflecting cost-saving measures during the pandemic[55]. Strategic Initiatives - The company is actively pursuing brand transformation and has launched new products, including health-oriented antibacterial underwear[45]. - The company has established long-term strategic partnerships with well-known institutions, enhancing its innovation and transformation capabilities[40]. - The company aims to enhance its brand and structure optimization as part of its development strategy for the next three years[100]. - The company plans to enhance its core competitiveness by developing new products and expanding sales channels, focusing on brand development and cultural initiatives[103]. - The company aims to revitalize its existing assets by optimizing commercial structures and enhancing rental income potential in the Huaihai Road business district[104]. - The company is focusing on innovation-driven and diversified cooperation to achieve international transformation[99]. Social Responsibility - The company has a significant focus on social responsibility, participating in the "Hundred Enterprises Connect Hundred Villages" poverty alleviation initiative in Huangpu District[137]. - The company provided a total of 1.2 million RMB in aid to 8 poverty-stricken villages in Yunnan Province during the 2020 fiscal year[138]. - The aid standard was set at 150,000 RMB per village, with a total of 120,000 RMB allocated specifically for industrial development poverty alleviation projects[139]. - The company has signed a new round of pairing assistance agreements with two villages, committing to provide 250,000 RMB per village annually from 2019 to 2022, totaling 500,000 RMB for 2021[141]. - The company has been actively involved in social responsibility initiatives, publishing its 12th consecutive corporate social responsibility report, which has received positive evaluations from investment institutions[142]. Governance and Compliance - The company has implemented a comprehensive internal control system to mitigate various operational risks[106]. - The company emphasizes the importance of compliance with securities regulations and has committed to maintaining market order[162]. - The board of directors consists of 9 members, and the board operates independently without interference from the controlling shareholder[170]. - The company has established a sound internal control system to enhance governance standards[171]. - The company has no significant differences in governance compared to the requirements of the China Securities Regulatory Commission[172]. - The company has not faced risks of suspension or termination of its listing status[120]. - The company has not reported any major accounting errors that require correction[118]. Shareholder Information - The total number of ordinary shareholders increased from 53,746 to 54,654 during the reporting period[145]. - The largest shareholder, Shanghai Huangpu District State-owned Assets Supervision and Administration Commission, holds 39.04% of the shares, totaling 411,496,529 shares[147]. - The company has maintained its ordinary share capital structure without any changes during the reporting period[145]. - The company does not have any shareholders holding more than 10% of shares other than the controlling shareholder[154]. Employee and Management - The company employed a total of 592 staff, including 58 in the parent company and 534 in major subsidiaries[163]. - The total hours of outsourced labor amounted to 2,837,504 hours, with total payments for outsourced labor reaching 63,226,707.45 yuan[166]. - A total of 3000 training sessions were organized for employees in 2020, focusing on skill enhancement and professional development[165]. - The company has implemented a performance-based salary system for senior management, linking compensation to profit and return on equity targets[159]. Legal Matters - The company faced significant litigation, including a case where it was ordered to pay ¥16,336,200.00 in a civil judgment[122]. - The company has ongoing litigation involving claims of ¥8,950,900.00 and associated overdue payment penalties of ¥1,270,000.00[122]. - The total amount claimed in the lawsuit is RMB 31,278,036.66, which includes overdue rent and security deposits[125]. - The court has been requested to enforce the collection of the overdue amounts[125].