GOLDENHOME(SH:603180)2021-04-07 16:00Financial Performance - The company's operating revenue for 2020 was approximately CNY 2.64 billion, representing a year-on-year increase of 24.20% compared to CNY 2.13 billion in 2019[21]. - The net profit attributable to shareholders for 2020 was approximately CNY 292.65 million, an increase of 20.68% from CNY 242.50 million in 2019[21]. - The net profit after deducting non-recurring gains and losses was approximately CNY 237.34 million, up 20.02% from CNY 197.75 million in 2019[21]. - The cash flow from operating activities for 2020 was approximately CNY 673.09 million, a significant increase of 67.38% compared to CNY 402.13 million in 2019[21]. - The total assets at the end of 2020 were approximately CNY 3.49 billion, reflecting a year-on-year growth of 30.25% from CNY 2.68 billion at the end of 2019[21]. - The net assets attributable to shareholders increased to approximately CNY 1.83 billion, a rise of 50.78% from CNY 1.21 billion at the end of 2019[21]. - The company achieved a net profit attributable to shareholders of 314 million RMB, an increase of 30.57% year-on-year, while the net profit excluding non-recurring items was 258 million RMB, up 32.16%[23]. - Operating cash flow for the year reached 673 million RMB, representing a significant growth of 67.38% year-on-year, with unearned revenue at 400 million RMB, a 39% increase[22]. - Basic earnings per share rose to 3.12 RMB, marking a 19.54% increase compared to the previous year, while diluted earnings per share increased by 18.01% to 3.08 RMB[22]. - The gross profit margin for customized furniture was 31.88%, a decrease of 3.11 percentage points from the previous year[58]. - The overall kitchen cabinet revenue was RMB 2,073,424,786.17, with a gross profit margin of 32.85%, down 3.64 percentage points year-on-year[58]. Strategic Initiatives - The company plans to distribute a cash dividend of CNY 9 per 10 shares and to increase capital by 4 shares for every 10 shares held[6]. - The company plans to continue expanding its market presence and investing in new product development to sustain growth in the coming years[31]. - The company launched an equity incentive plan during the reporting period, which is expected to enhance employee motivation and align interests with shareholders[23]. - The company has established close strategic partnerships with key suppliers, leading to improved procurement efficiency and reduced inventory levels[35]. - The company is actively expanding its marketing channels to adapt to the fragmented consumer landscape, embracing new media and influencer marketing[38]. - The company aims to expand its product categories from kitchen cabinets to wardrobes, wooden doors, and smart home products, focusing on building a comprehensive home ecosystem[84]. - The company is pursuing an international strategy to expand into markets such as the US, Australia, and Southeast Asia, leveraging its advantages in the entire industry chain[85]. - The company plans to invest RMB 1.2 billion in the Western IoT Intelligent Manufacturing Base project to enhance production capacity and competitiveness in the central and western markets[81]. Risk Factors - The company emphasizes the importance of risk factors in its forward-looking statements, advising investors to be cautious[7]. - The company acknowledges risks related to the national economy and consumer spending, which could impact the custom furniture market[96]. - The company faces risks from real estate market regulations that may affect its sales structure due to its ties with the real estate industry[97]. - The company is experiencing intensified market competition in the custom furniture sector, which may affect its revenue and profit margins[98]. Research and Development - Research and development expenses amounted to RMB 134,059,335.14, reflecting a year-on-year increase of 28.86%[58]. - The company holds 343 valid patents and has established strategic partnerships with research institutions to drive innovation in product design and development[40]. - The company is leveraging digital modeling for customized products, improving material utilization and production efficiency through agile manufacturing techniques[41]. - The company is focusing on smart home technology as a core part of its differentiation strategy, aiming to maintain industry leadership through proactive development[86]. Corporate Governance - The company has appointed Huaxing Accounting Firm as its auditor for the year 2020, with an audit fee of RMB 800,000[116]. - The company has implemented a restricted stock incentive plan in 2020, with details disclosed in various announcements[118]. - The company has not reported any non-operational fund occupation by controlling shareholders or related parties[8]. - The company has not faced any risks of suspension or termination of listing during the reporting period[117]. - The company has not encountered any significant accounting errors that would require correction[115]. Market Expansion - The company expanded its sales network to 2,493 stores, including 1,585 Gold Medal kitchen cabinet stores and 722 Jujia wardrobe stores[51]. - The Jujia wardrobe business generated revenue of 499 million yuan, reflecting a growth of 63.46% year-on-year[49]. - The overseas sales revenue reached 108 million yuan, marking a year-on-year increase of 95.66%[51]. - The company signed strategic procurement agreements with 65 real estate companies, leading to a revenue of 808 million yuan from bulk business, a growth of 71.22%[51]. Financial Management - The company has entrusted financial management with a total amount of CNY 3,681,000,000, including CNY 2,651,000,000 from self-owned funds and CNY 1,030,000,000 from raised funds[129]. - The company has not provided guarantees for shareholders, actual controllers, or related parties[127]. - The company has not provided guarantees for debtors with a debt-to-asset ratio exceeding 70%[127]. - The company has not provided guarantees exceeding 50% of net assets[127]. - The company has maintained a focus on self-insured structured deposits, indicating a strategy to manage risk while seeking returns[131][132]. Shareholder Information - The total number of shares held by the top ten unrestricted shareholders amounts to 64,000,000 shares[185]. - The controlling shareholder is Xiamen Jianpan Group Co., Ltd., led by Wen Jianhuai, who is also the chairman[188]. - The report indicates that there are no changes in the controlling shareholder during the reporting period[190]. - The total number of shares held by Chairman Wen Jianhu increased from 8,257,574 to 11,560,604, a change of 3,303,030 shares, representing a growth of approximately 39.96%[195].