Bohai Ferry (SH:603167)2021-04-19 16:00Financial Performance - The company's operating revenue for 2020 was approximately RMB 1.17 billion, a decrease of 29.83% compared to RMB 1.66 billion in 2019[20]. - The net profit attributable to shareholders for 2020 was RMB 136.09 million, down 66.83% from RMB 410.30 million in 2019[20]. - The basic earnings per share for 2020 was RMB 0.29, a decline of 66.67% from RMB 0.87 in 2019[22]. - The total profit for 2020 was 235.60 million yuan, reflecting a decline of 59.42% compared to the previous year[38]. - The company reported a net loss of CNY 5,792.20 million for Bohai Cruise Co., Ltd., indicating challenges in the cruise business segment[67]. - The company reported a net loss of CNY 189,122,641.20 for the year, which is a significant increase in losses compared to the previous year[194]. Cash Flow - The cash flow from operating activities for 2020 was RMB 395.05 million, down 30.30% from RMB 566.76 million in 2019[20]. - The total cash flow from operating activities for the year was significantly positive, indicating strong operational performance despite initial losses in Q1[23]. - The net cash flow from operating activities for 2020 was ¥395,054,456.92, a decrease of 30.3% compared to ¥566,755,794.11 in 2019[184]. - The cash inflow from operating activities was CNY 1,339.75 million in 2020, down 28.4% from CNY 1,873.14 million in 2019[183]. - The cash outflow for operating activities totaled ¥1,164,417,572.15 in 2020, compared to ¥1,074,286,496.18 in 2019, indicating an increase of 8.4%[186]. Assets and Liabilities - The total assets at the end of 2020 were approximately RMB 5.26 billion, a decrease of 1.70% from RMB 5.35 billion at the end of 2019[21]. - The total liabilities decreased to CNY 1,673,163,234.84 in 2020 from CNY 1,794,467,152.49 in 2019, a reduction of about 6.7%[171]. - The company's cash and cash equivalents were CNY 176,092,658.05 as of December 31, 2020, down from CNY 752,134,928.98 in 2019, a decrease of approximately 76.6%[169]. - The company's total assets as of December 31, 2020, amounted to CNY 4,653,630,604.97, a decrease from CNY 4,783,835,572.93 in 2019[175]. - Short-term borrowings rose to CNY 247,285,542.11 in 2020, compared to CNY 69,912,272.02 in 2019, marking an increase of approximately 253.5%[170]. Dividends and Shareholder Returns - The company plans to distribute a cash dividend of RMB 1.10 per 10 shares to shareholders, pending approval at the shareholders' meeting[5]. - The total amount of cash dividends distributed in 2020 is projected to be 52,008,726.33 RMB[85]. - The cash dividend policy stipulates that the cash dividend should not be less than 20% of the distributable profit for the year if the company is profitable[83]. - The company reported a cash dividend of 4.00 RMB per 10 shares for 2019, which was 46.09% of the net profit attributable to ordinary shareholders[84]. Market Position and Strategy - The company’s strategic focus on expanding its market share in the Bohai Bay area is expected to drive future growth and enhance competitive advantages[30]. - The company operates the largest and most comprehensive roll-on/roll-off (RoRo) transportation service in the Bohai Bay region, with significant market share in passenger and vehicle transport[69]. - The company aims to establish itself as a leading international passenger and cargo transport enterprise by 2025[72]. - The company is exploring new international routes, including a ferry service from Shandong Peninsula to Incheon, South Korea, and a route from Fangchenggang, Guangxi to Vietnam[73]. Operational Developments - The company acquired 66.67% of Weihai Haida Passenger Transport Co., enhancing its operational capacity and expanding its route network[42]. - The company launched the "Zhonghua Taishan" cruise ship, marking its entry into the cruise business with routes to various international destinations[32]. - The company established Bohai Hengtong Ferry Co., Ltd. in partnership with logistics companies to enhance cargo transportation services[31]. - The company is focusing on financing leasing to enhance its core competitiveness and sustainable development capabilities[34]. Risk Management and Compliance - The company emphasizes the importance of risk awareness regarding future plans and development strategies[6]. - The company has implemented strict risk control measures to ensure maritime safety, although it acknowledges potential risks from adverse weather and other unforeseen events[79]. - The company has not faced any regulatory criticism or penalties for information disclosure violations during the reporting period[148]. - The company has not reported any significant litigation or arbitration matters for the year[93]. Employee and Management - The total number of employees in the parent company and major subsidiaries is 1,646, with 1,120 in the parent company and 526 in subsidiaries[141]. - The company has actively engaged in employee welfare programs, including regular health check-ups and supplementary medical insurance, enhancing employee well-being[109]. - The company has a diverse management team with extensive experience in various sectors, enhancing its operational capabilities[133]. - The company has implemented a performance-based salary system, linking performance rewards directly to employee work performance and daily conduct[142]. Environmental and Social Responsibility - The company emphasizes safety and social responsibility, contributing to the stability of maritime transportation in the Bohai Bay area[106]. - The company has achieved "zero discharge" for solid pollutants and oily wastewater, with all waste handled by recognized disposal units[110]. - The company has not faced any penalties for environmental violations during the reporting period, demonstrating compliance with environmental regulations[110].