SHBT(SH:603009)2020-04-28 16:00Financial Performance - In 2019, the company reported a net profit attributable to the parent company of -133,093,771.24 RMB, with a beginning retained earnings of 312,533,611.71 RMB, resulting in a distributable profit of 162,157,376.83 RMB at year-end[5]. - The company plans not to distribute profits or increase capital reserves for the 2019 fiscal year[5]. - The company's operating revenue for 2019 was approximately CNY 1.27 billion, representing a slight increase of 1.86% compared to CNY 1.25 billion in 2018[21]. - The net profit attributable to shareholders of the listed company was a loss of CNY 133 million, a decrease of 337.03% from a profit of CNY 56 million in 2018[21]. - The basic earnings per share for 2019 was -CNY 0.37, down 331.25% from CNY 0.16 in 2018[22]. - The weighted average return on equity decreased to -8.04%, down 11.38 percentage points from 3.34% in 2018[22]. - The company's cash flow from operating activities was CNY 14.86 million, a significant decline of 84.04% compared to CNY 93.14 million in 2018[21]. - Operating profit recorded a loss of RMB 137.8 million, a decline of 356.25% year-on-year[58]. - The net loss attributable to shareholders was RMB 133 million, down 337.03% from the previous year, primarily due to unfulfilled performance commitments and goodwill impairment provisions totaling RMB 161 million[59]. Revenue Breakdown - The revenue from the shock absorber steering parts business decreased by 13.76% to CNY 763 million, down CNY 105 million from the previous year[23]. - The automotive air conditioning compressor segment achieved revenue of CNY 507 million, an increase of 24.26% compared to the previous year[24]. - The company's steering components revenue decreased by 8.08% to 404 million RMB, with a sales volume of 20.8284 million units, down 19.99% year-on-year[53]. - The company’s shock absorber components revenue fell by 12.71% to 355 million RMB, with a sales volume of 36.6723 million units, down 15.75% year-on-year[53]. - The automotive air conditioning compressor business saw a sales volume of 1.0856 million units, an increase of 23.52%, with a main business revenue of 490 million RMB, up 31.70% year-on-year[53]. Assets and Liabilities - The total assets at the end of 2019 were CNY 3.22 billion, an increase of 8.36% from CNY 2.97 billion at the end of 2018[21]. - The net assets attributable to shareholders of the listed company decreased by 8.70% to CNY 1.58 billion compared to CNY 1.73 billion at the end of 2018[21]. - The company's total assets at the end of the reporting period amounted to approximately CNY 3.14 billion, a decrease of 6.0% compared to the previous year[78]. - The accounts payable increased by 73.89% to CNY 4.15 billion, reflecting adjustments related to endorsed but not yet matured notes[78]. - The long-term payables increased by 681.42% to CNY 236.28 million, primarily due to new financing lease arrangements[79]. Goodwill and Impairment - The company recorded a goodwill impairment loss of CNY 161 million due to the failure of a major asset restructuring project to meet performance commitments[24]. - The company's goodwill decreased by 62.38% to CNY 971.91 million, primarily due to impairment losses recognized on the asset group of Shanghai Guangyu[78]. - The company recognized goodwill impairment of 161.16 million RMB due to the decline in profitability and the recoverable amount being less than the book value of the asset group[126]. Risk Management - The company has outlined potential risks in its future development in the report, emphasizing the importance of investor awareness regarding these risks[7]. - The report includes a forward-looking statement risk declaration, indicating uncertainties in future plans and commitments[6]. - The company has a comprehensive risk description in the section discussing operational conditions and future development[7]. - The company faces potential risks from macroeconomic fluctuations, industry policy changes, and competitive pricing pressures[111]. Corporate Governance - The audit report issued by Tianzhi International Certified Public Accountants was a standard unqualified opinion, ensuring the financial report's authenticity and completeness[4]. - The company maintains a commitment to transparency and accuracy in its financial disclosures, as stated by its board and management[8]. - The company is committed to protecting the rights of shareholders, especially minority shareholders, in the face of potential compensation risks[113]. - The company has established guidelines to ensure fair and reasonable pricing in related party transactions[122]. - The company has made commitments regarding the performance of Shanghai Guangyu Co., which includes specific profit targets for the years 2017 to 2019[118]. Research and Development - The company has invested in research institutes to bolster its technological reserves and R&D strength[146]. - The company established the Beite Automotive Components Research Institute to enhance R&D capabilities in new energy vehicle heat pump air conditioning and lightweight materials[146]. - The company’s research institute focused on forward-looking studies of automotive thermal management systems, successfully developing various control systems for air conditioning and heat pump management[56]. Market Position and Strategy - The company operates in the automotive parts industry, being the largest manufacturer of steering gear racks and shock absorber piston rods in China[40]. - The company holds a leading market share in the steering gear rack and shock absorber piston rod sectors, indicating a strong competitive position[105]. - The company plans to expand its automotive air conditioning compressor business into the passenger vehicle market, leveraging its existing partnerships and technological capabilities[109]. - The company has established a joint venture with Guangxi Automobile Group to enter the SAIC-GM-Wuling passenger vehicle system, enhancing its market penetration[109]. Employee and Management - The number of employees in the parent company is 500, while the total number of employees in major subsidiaries is 810, resulting in a combined total of 1,310 employees[181]. - The company implemented a salary reduction of 40% for the chairman and general manager from October 2019 to January 2021 due to slow growth in the automotive industry[182]. - Total compensation for all directors, supervisors, and senior management amounted to 9.0024 million yuan in 2019[177]. Environmental Compliance - The company has established heavy metal wastewater treatment systems and air pollution control systems, ensuring compliance with relevant environmental standards[148]. - The company’s wastewater discharge meets the "Electroplating Pollutant Discharge Standards," with total chromium not exceeding 0.5 mg/L and hexavalent chromium not exceeding 0.1 mg/L[149]. - The company’s air emissions from electroplating processes comply with standards, with chromium mist emissions not exceeding 0.025 mg/m³[149]. - The company’s solid waste management adheres to hazardous waste storage and disposal standards, ensuring proper handling of industrial solid waste[150].