2021-03-17 16:00Financial Performance - The net profit attributable to shareholders for 2020 was ¥156,431,757.57, with an undistributed profit at year-end of -¥664,051,428.89, resulting in no profit distribution for the year [6]. - The company's operating revenue for 2020 was CNY 1,088,296,501.51, a decrease of 8.99% compared to CNY 1,195,847,102.19 in 2019 [29]. - The net profit attributable to shareholders for 2020 was CNY 156,431,757.57, a significant recovery from a loss of CNY 130,036,755.55 in 2019 [29]. - The company's total assets at the end of 2020 were CNY 1,705,430,862.39, reflecting a 2.07% increase from CNY 1,670,839,500.81 at the end of 2019 [29]. - The net asset attributable to shareholders increased by 107.38% to CNY 699,472,630.04 in 2020 from CNY 337,286,095.32 in 2019 [29]. - The basic earnings per share for 2020 was CNY 0.34, compared to a loss of CNY 0.31 per share in 2019 [32]. - The weighted average return on equity for 2020 was 30.13%, an increase of 62.49 percentage points from -32.36% in 2019 [32]. - The net cash flow from operating activities for 2020 was CNY -27,911,136.21, down from CNY 85,942,384.39 in 2019 [29]. - In Q4 2020, the company reported a net profit attributable to shareholders of CNY 191,797,241.03, a significant improvement compared to losses in the previous quarters [29]. - The company achieved operating revenue of approximately 1.088 billion yuan, a year-on-year decrease of about 9% [74]. - Net profit attributable to shareholders was approximately 156.43 million yuan during the reporting period [74]. - The company reported a total profit increase of approximately 281.82 million yuan compared to the same period last year, while operating revenue decreased by about 107.55 million yuan [137]. Acquisition and Investment Activities - The company is in the process of acquiring 80% equity in Qingdao Beiyang Tianqing Data Intelligence Co., Ltd., with the board approving the issuance of shares and cash payment for asset acquisition [10]. - The company plans to issue up to 84.4 million A-shares through a non-public offering to finance the acquisition and related expenses [19]. - The company has faced risks related to the implementation of the acquisition and the uncertainties surrounding regulatory approvals from the China Securities Regulatory Commission [10]. - The company successfully raised funds through a non-public offering, increasing its registered capital from RMB 422 million to RMB 485 million, with all proceeds allocated to its subsidiary [69]. - The company is acquiring 80% equity in Qingdao Beiyang Tianqing Shulian Intelligent Co., Ltd., which is subject to regulatory approval and carries certain uncertainties [130]. - The company plans to transfer real estate assets valued at approximately RMB 410.195 million (including VAT) from its subsidiary Beijing Tianhai Industrial Co., Ltd. to Beijing Jingcheng Mechanical and Electrical Asset Management Co., Ltd. [120]. Market and Product Development - The company plans to continue focusing on market expansion and new product development in the upcoming year [29]. - The company specializes in the production of various gas cylinders, including LNG and CNG cylinders, with a focus on low-cost solutions for vehicle applications [40]. - The company has established itself as a designated supplier for major automotive companies, including Zhengzhou Yutong and Dongfeng Motor, with CNG cylinders exported to Europe, Brazil, Argentina, India, Pakistan, and Thailand [43]. - The company produces high-pressure seamless gas cylinders with a working pressure range of 8-35 Mpa and has exported to over 40 countries and regions [44]. - The company has developed LNG refueling station equipment characterized by mature technology, reliable thermal insulation, and high automation, enabling lossless operation and reduced on-site construction volume [58]. - The LNG gasification station is designed to convert LNG into gaseous natural gas for residential and industrial use, with a focus on customized large-scale gasification stations [59]. - The company is focusing on increasing its market share in LNG cylinder products and enhancing its clean energy equipment offerings [129]. - The company anticipates the domestic hydrogen refueling station count to exceed 200 by 2021, driven by government support for hydrogen fuel cell vehicles [128]. - The company is committed to innovation and product development, particularly in the hydrogen energy sector, to establish a leading position [128]. Risk Management and Compliance - The company emphasizes the importance of risk management and internal control to ensure orderly business operations and mitigate operational risks [89]. - The company has not experienced any non-operating fund occupation by controlling shareholders or related parties [8]. - The company has not violated decision-making procedures for external guarantees [8]. - The company has received a standard unqualified audit report from its accounting firm, ensuring the reliability of its financial statements [5]. - The company has been compliant with legal and regulatory requirements, ensuring that decision-making processes are lawful and operations are standardized [165]. - The company has not reported any major changes in accounting policies or estimates during the reporting period [182]. - The company has not faced any risks of suspension or termination of its listing during the reporting period [185]. Research and Development - Research and development expenses increased significantly by 85.98% to CNY 26.56 million from CNY 14.28 million year-on-year [90]. - The company completed the development and certification of various hydrogen fuel vehicle components, including 35MPa and 70MPa hydrogen tanks [106]. - The company is focusing on the development of high-end equipment manufacturing through the acquisition of Beiyang Tianqing, enhancing its production line capabilities [77]. Corporate Governance - The company’s board and supervisory board members have all attended the board meetings, ensuring accountability for the report's accuracy [5]. - The board of directors held a total of 14 meetings during the reporting period, discussing various financial and operational matters [151]. - The company has established a pension plan requiring a contribution of 20% of total wages for employee basic pension insurance [161]. - The company has implemented a basic medical insurance plan since October 2001, contributing 9% of the total wage base for employee medical insurance fees [162]. - The company has confirmed that all related party transactions were conducted on normal commercial terms and were fair to shareholders [161]. Sales and Revenue - The company reported a 24% year-over-year increase in sales revenue in the European market, maintaining its position as the largest overseas market [86]. - The company achieved an 18% year-over-year revenue growth from multinational gas companies, indicating strengthened relationships in the international market [86]. - Domestic market revenue decreased by 6.48%, while overseas revenue showed a slight increase, particularly in the European market [94]. - The production volume of seamless steel cylinders increased by 10%, while sales volume rose by 4% [96]. - The inventory of seamless steel cylinders increased by 52% due to shipping disruptions caused by the pandemic [99]. Legal and Regulatory Matters - The company is currently involved in a significant lawsuit regarding a contract dispute with Shanghai Junzheng Logistics Co., Ltd., which has been accepted by the Shanghai First Intermediate People's Court [185]. - The company has not disclosed any significant changes in the integrity status of its controlling shareholders or actual controllers during the reporting period [185].