Flying Technology(SH:603488)2021-04-26 16:00Financial Performance - The company's operating revenue for 2020 was ¥407,034,946.15, representing a 9.50% increase compared to ¥371,738,307.70 in 2019[21]. - Net profit attributable to shareholders for 2020 was ¥103,840,655.49, a 20.19% increase from ¥86,394,964.64 in 2019[21]. - Basic earnings per share for 2020 increased to ¥0.36, up 20.00% from ¥0.30 in 2019[22]. - The weighted average return on equity for 2020 was 11.41%, an increase of 1.34 percentage points from 10.07% in 2019[22]. - The net cash flow from operating activities for 2020 was ¥52,570,843.26, a decrease of 24.12% from ¥69,284,747.45 in 2019[21]. - Total assets at the end of 2020 were ¥1,088,461,512.51, a 9.02% increase from ¥998,434,454.10 at the end of 2019[21]. - The company's net assets attributable to shareholders increased by 5.23% to ¥933,495,794.83 at the end of 2020, compared to ¥887,110,314.12 at the end of 2019[21]. - The company's sales cost increased by 15.36% to ¥277,512,849.84, impacting the overall profit margins[60]. - The elevator industry revenue was ¥406,257,786.43, with a gross margin of 31.72%, a decrease of 3.47 percentage points from the previous year[62]. - The company achieved a revenue of ¥407,034,946.15 in 2020, representing a year-on-year increase of 9.50%[58]. - The net profit attributable to shareholders was ¥103,840,655.49, up 20.19% compared to the previous year[58]. Dividend and Shareholder Information - The company plans to distribute a cash dividend of 2.00 RMB per 10 shares, totaling 58,503,480.00 RMB for the year 2020[5]. - The net profit attributable to ordinary shareholders for 2020 was 103,840,655.49 RMB, with a dividend payout ratio of 56.34%[95]. - The company has maintained a consistent cash dividend policy to protect the rights of minority investors[94]. - The company has established a lock-up period of 36 months for major shareholders, during which they cannot transfer or manage their shares[99]. - After the lock-up period, any share reduction must not be below the initial public offering price[99]. Risk Management and Compliance - The company emphasizes the importance of risk awareness regarding future plans and development strategies[6]. - The company has detailed potential risks in the section discussing future development[7]. - The company faces risks from macroeconomic fluctuations affecting market demand, particularly in the elevator industry linked to real estate and infrastructure[90]. - Increased competition in the elevator components market requires the company to enhance its production scale, product quality, and R&D capabilities[90]. - The company is exposed to raw material price volatility, particularly in steel and copper, which impacts production costs[91]. - Changes in tax policies could significantly impact the company's operations, especially regarding VAT and high-tech enterprise status[92]. - The company aims to mitigate bad debt risks by carefully selecting partners and controlling credit limits as accounts receivable grow[92]. Corporate Governance - The company has confirmed that there are no non-operating fund occupations by controlling shareholders or related parties[7]. - The company has ensured that all board members attended the board meeting, affirming the report's accuracy and completeness[8]. - The company has committed to maintaining asset independence, ensuring that all assets are owned independently and not used to guarantee debts of the actual controller[97]. - The company will continue to have an independent financial accounting department with a standardized accounting system and independent bank accounts[97]. - The company has a complete governance structure to ensure independent operation and decision-making[97]. Research and Development - The company has developed multiple advanced technologies including VVVF variable frequency control technology and has obtained 64 patents and 12 software copyrights[45]. - Research and development expenses amounted to ¥14.96 million, representing a 15.33% increase year-on-year, accounting for 3.68% of total revenue[70]. - The company plans to enhance R&D efforts, including the development of low-voltage permanent magnet controllers and elevator light curtains[86]. - The company is actively developing electric vehicle battery swap products, with the 10-layer automatic battery swap rack already in mass production[55]. - The company is investing $200 million in R&D for new technologies aimed at enhancing product efficiency over the next two years[148]. Market and Product Development - The company has developed a diversified product system including elevator door systems and integrated control systems, which are widely used in various elevator manufacturing fields[32]. - The company launched new products, including the "Low Voltage Permanent Magnet Door Controller" and "Integrated Control System for Villas," enhancing its innovation capabilities[54]. - The company is expanding its market presence in Southeast Asia, targeting a 10% market share within the next two years[146]. - A strategic acquisition was completed, enhancing the company's capabilities in smart manufacturing, valued at 300 million[146]. - The company plans to enter two new international markets by the end of the fiscal year, aiming for a 10% contribution to overall revenue[150]. Audit and Financial Reporting - The company has received a standard unqualified audit report from the accounting firm Tianye[4]. - The audit report confirmed that the financial statements fairly reflect the financial position and operating results of Zhangpeng Technology as of December 31, 2020[170]. - The audit identified the need for management to apply significant judgment and estimates in determining the allowance for expected credit losses on accounts receivable[174]. - The internal control audit report issued by the accounting firm confirmed that the company maintained effective financial reporting internal controls as of December 31, 2020[165]. - The domestic accounting firm engaged for auditing services is Gongzheng Tianye Accounting Firm, with a remuneration of CNY 300,000 for a three-year term[107]. Employee and Management Information - The company maintained a strong focus on employee engagement and talent retention, with key management personnel holding company shares[51]. - The total remuneration paid to directors, supervisors, and senior management in 2020 amounted to 2.316 million yuan[153]. - The company employed a total of 497 staff members, including 465 in the parent company and 32 in major subsidiaries[156]. - The company has implemented a performance-based salary structure for senior management, linking bonuses directly to company performance and individual assessments[164]. - The company has established a targeted training system for employees, focusing on various skill levels and management capabilities[158].