VITI(SH:603023)2021-04-20 16:00Financial Performance - The company's total revenue for 2020 was ¥84,542,423.71, a decrease of 38.78% compared to ¥138,100,071.92 in 2019[21]. - The net profit attributable to shareholders for 2020 was ¥15,695,295.21, down 31.31% from ¥22,850,985.96 in 2019[21]. - The net profit after deducting non-recurring gains and losses was ¥1,321,160.43, a significant decline of 88.86% from ¥11,857,828.26 in 2019[21]. - The basic earnings per share for 2020 was ¥0.03, a decrease of 25.00% from ¥0.04 in 2019[22]. - The weighted average return on equity for 2020 was 2.22%, down 1.31 percentage points from 3.53% in 2019[22]. - The decline in revenue was attributed to reduced demand in the large and medium-sized bus market due to the COVID-19 pandemic[23]. - The company faced challenges in maintaining profitability due to decreased revenue and gross margin, alongside fixed cost amortization[23]. - The company reported a net profit of 15,695,295.21 RMB for 2020, with no profit distribution planned for the year[83]. - The company reported a net loss for 2020, with a significant drop in profitability compared to the previous year[190]. - The company's net profit for 2020 was CNY 15,695,295.21, a decrease of 31.2% compared to CNY 22,850,985.96 in 2019[191]. Assets and Liabilities - The company's total assets decreased by 5.68% to ¥777,309,876.13 at the end of 2020, compared to ¥824,160,765.49 at the end of 2019[21]. - Total assets decreased to CNY 777,309,876.13 in 2020 from CNY 824,160,765.49 in 2019, a reduction of 5.7%[188]. - Total liabilities decreased to CNY 20,896,273.08 in 2020 from CNY 108,861,122.49 in 2019, a significant decline of 80.8%[188]. - The company's total assets showed a significant reduction in prepaid expenses by 73.69%, down to ¥244,090.80, indicating a decrease in advance payments for procurement[67]. - The accounts payable decreased by 44.33% to ¥12,507,138.24, reflecting a reduction in procurement volume during the reporting period[69]. - The company's retained earnings decreased by 40.54% to ¥45,797,603.89 due to cash dividend distribution[69]. Cash Flow - The company reported a total cash flow from operating activities of approximately ¥34.24 million for the year 2020[26]. - The net cash flow from operating activities decreased by 12.11% to ¥48,018,390.36 compared to the previous year[64]. - The cash flow from investment activities showed a net inflow of CNY 2,399,048.95, recovering from a net outflow of CNY -18,690,492.02 in the previous year[194]. - The total cash and cash equivalents at the end of the period decreased by 0.46% to ¥450,536,281.82[64]. Research and Development - R&D investment accounted for 14.94% of sales revenue, with 12 new patents and 3 software copyrights obtained during the reporting period[41]. - Research and development expenses totaled ¥12,630,001.67, accounting for 14.94% of operating revenue[62]. - The number of R&D personnel was 68, representing 24.55% of the total workforce[62]. Market and Industry Outlook - The company anticipates growth in the automotive electronics industry driven by increasing demand for environmental protection, safety, and intelligence in vehicles[33]. - The market for new energy buses is expected to grow due to government policies and urban development, providing significant opportunities for the company[32]. - The automotive electronics industry is projected to grow further, driven by technological innovation and government support for electric and intelligent vehicles[72]. - The company is focusing on the development of new energy buses, which are expected to gain market opportunities due to urban construction and population growth[72]. Corporate Governance and Management - The company has implemented a robust corporate governance structure and enhanced information disclosure practices in line with new regulations[105]. - The company emphasizes compliance with tax laws and has consistently fulfilled its tax obligations, contributing to social responsibility[105]. - The company has established a sound internal control and risk management system to ensure compliance and operational efficiency[105]. - The company has appointed Lixin Accounting Firm as the auditor for the fiscal year 2020, with a remuneration of CNY 300,000[92]. Strategic Initiatives - The company plans to enhance product quality control and improve management levels to adapt to the competitive market environment[42]. - The company plans to enhance its existing CAN bus business and expand into the Internet of Vehicles (IoV) sector in the Yangtze River Delta region[75]. - The company aims to establish a wholly-owned subsidiary to collaborate with market-oriented investment institutions to set up an industrial investment fund for strategic project investments[75]. - The company is focusing on internal transfers of equity, with no significant movements reported in capital reserves or surplus reserves[200]. Shareholder Information - The total share capital of the company reached 562,079,807 shares, an increase from 453,335,227 shares at the beginning of the year[119]. - The top five customers accounted for 68.33% of total annual sales, with no sales to related parties[59]. - The company has no significant related party transactions during the reporting period[96]. - The company has not implemented any employee stock ownership plans or other incentive measures during the reporting period[95].