Tongda Electric(SH:603390)2020-04-26 16:00Dividend Distribution - The company plans to distribute a cash dividend of 1 RMB per 10 shares, totaling 35,168,698.40 RMB before tax, based on a total share capital of 351,686,984 shares [5]. - The company plans to distribute cash dividends of no less than 10% of the distributable profits for the year, with a cumulative cash distribution over the last three years not less than 30% of the average annual distributable profits [95]. - In 2019, the company distributed cash dividends amounting to 35,168,698.40 RMB, representing 24.47% of the net profit attributable to shareholders [101]. - The company has a policy to prioritize cash dividends over stock dividends, with a minimum cash dividend ratio of 80% for mature companies without significant capital expenditure plans [97]. - The company may conduct mid-term cash dividends if the net cash flow from operating activities in the first half exceeds the net profit for the same period [95]. - The company has not proposed any cash profit distribution plan for the reporting period despite having positive distributable profits, and will disclose the reasons and usage plans for undistributed profits [102]. - The company’s cash dividend distribution is contingent upon the absence of major investment plans or negative cash flow in the dividend year [95]. - The company will actively communicate with shareholders, especially minority shareholders, to gather opinions before finalizing the cash dividend plan [98]. Financial Performance - The company’s operating revenue for 2019 was CNY 784,398,926.80, a decrease of 17.65% compared to CNY 952,470,963.50 in 2018 [25]. - The net profit attributable to shareholders for 2019 was CNY 143,748,762.65, down 16.09% from CNY 171,321,493.36 in 2018 [25]. - The net cash flow from operating activities increased by 57.52% to CNY 170,049,554.93 in 2019, compared to CNY 107,956,991.57 in 2018 [25]. - The total assets at the end of 2019 were CNY 2,141,112,848.30, representing a 69.58% increase from CNY 1,262,603,438.99 at the end of 2018 [25]. - The basic earnings per share for 2019 was CNY 0.53, a decrease of 18.46% from CNY 0.65 in 2018 [26]. - The weighted average return on equity for 2019 was 15.93%, down 8.90 percentage points from 24.83% in 2018 [26]. - The company reported a net profit of CNY 53,465,777.53 in Q1 2019, with total revenue of CNY 217,881,573.06 for the same period [27]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 140,239,222.36, down 8.98% from CNY 154,071,764.65 in 2018 [25]. Audit and Compliance - The company has a standard unqualified audit report from Tianjian Accounting Firm [4]. - The company’s financial report is guaranteed to be true, accurate, and complete by its management team [4]. - There were no significant lawsuits or arbitration matters during the reporting period [122]. - The company has not faced any risks of suspension or termination of listing [122]. - There were no major accounting errors or changes in accounting policies during the reporting period [120]. - The company has not implemented any employee stock ownership plans or other incentive measures [122]. Risks and Challenges - The company reported no significant risks affecting its operations during the reporting period [7]. - The company’s future plans and strategic developments are subject to investment risks and do not constitute a commitment to investors [6]. - The company faces risks from changes in downstream industry trends, including competition from high-speed rail and economic fluctuations [89]. - The company is experiencing increased competition in the intelligent transportation industry, with many domestic enterprises participating in the market [80]. Research and Development - The company focuses on R&D for vehicle-mounted intelligent terminal systems and related automotive electrical products, aiming to be a leading competitor in the domestic market [35]. - The company’s R&D investment amounted to 5,740.91 million RMB, representing 7.32% of the operating revenue [49]. - The company added 26 new patents and 16 new software copyrights during the reporting period, indicating a focus on innovation [50]. - The company is committed to developing big data applications to provide personalized value-added services, creating new profit growth points [88]. Market and Sales Performance - The bus industry saw a decline in sales, with large bus sales down 4.02%, medium bus sales down 10.49%, and public bus sales down 16.90% compared to the previous year [37]. - Revenue from the bus multimedia information release system series dropped by 49.03%, while revenue from the vehicle-mounted component series increased by 29.84% [56]. - The company’s revenue from the northern region grew by 93.42%, while the southern region saw a decline of 47.03% due to reduced demand from major clients [57]. - Production of vehicle-mounted intelligent terminals decreased by 54.46% year-on-year, while sales decreased by 10.13% [58]. - Total revenue from the top five customers was CNY 405.85 million, accounting for 51.74% of annual sales [63]. Corporate Governance - The company’s board of directors and supervisory board members were present at the board meeting [4]. - The company has established long-term stable business relationships with domestic bus manufacturers, contributing to its competitive position in the vehicle-mounted electrical field [85]. - The company’s governance structure includes a strategic committee, an audit committee, a compensation and assessment committee, and a nomination committee, each with defined responsibilities [192]. - The company ensures that all related party transactions are conducted at fair market prices and do not significantly impact its financial status or operating results [194]. Social Responsibility - The company has actively participated in social responsibility initiatives, donating 20,000 RMB for healthcare improvements in impoverished areas [138]. - The company has reported a total of 14.50 million RMB in funds allocated for poverty alleviation efforts during the reporting period [141]. - The company has received recognition as an "Outstanding Private Enterprise in Poverty Alleviation" from the Baiyun District Federation of Industry and Commerce [142]. - The company plans to donate 120,000 RMB to support road construction in Xinping Village, aiming to enhance local development and poverty alleviation efforts [143]. Shareholder Information - The company issued 87,921,800 new shares, increasing its total share capital to 351,686,984 shares [154]. - The company’s ordinary shares were listed on the Shanghai Stock Exchange on November 25, 2019 [159]. - The total number of shares held by the controlling shareholder, Xing Yingbiao, remained at 117,363,840, with no change during the reporting period [179]. - The total remuneration for Chen Lina during the reporting period was 121.73 million yuan [179]. - The total remuneration for Xing Yingbiao during the reporting period was 128.88 million yuan [179].