Youon(SH:603776)2020-07-26 16:00Financial Performance - In 2018, the company's operating revenue was approximately ¥844.99 million, a decrease of 19.87% compared to ¥1,054.53 million in 2017[25]. - The net profit attributable to shareholders was approximately ¥119.35 million, down 76.89% from ¥516.45 million in 2017[25]. - The basic earnings per share (EPS) for 2018 was ¥0.89, reflecting a 76.82% decrease from ¥3.84 in 2017[25]. - The weighted average return on equity (ROE) was 7.19%, a decrease of 44.81 percentage points from 52.00% in 2017[25]. - The net cash flow from operating activities was approximately ¥296.88 million, down 13.10% from ¥341.63 million in 2017[25]. - The total assets at the end of 2018 were approximately ¥2.55 billion, an increase of 1.44% from ¥2.51 billion at the end of 2017[25]. - The net assets attributable to shareholders at the end of 2018 were approximately ¥1.66 billion, an increase of 1.33% from ¥1.64 billion at the end of 2017[25]. - The net profit after deducting non-recurring gains and losses was approximately ¥111.49 million, down 8.70% from ¥122.10 million in 2017[25]. - The company reported a total revenue of 844.99 million yuan in 2018, a decrease of 19.87% year-on-year, with a net profit of 119.35 million yuan, down 76.89%[60]. Dividend and Share Capital - The company plans to distribute a cash dividend of RMB 2.70 per 10 shares, totaling RMB 35,896,500, and to increase its capital stock by 53,180,000 shares through capital reserve conversion, raising total shares to 187,580,000[6]. - The cash dividend for 2018 represents 30.08% of the net profit attributable to ordinary shareholders in the consolidated financial statements[111]. - The cumulative cash dividend amount for 2018, including share buybacks, is RMB 30,631,610.96, which accounts for 55.75% of the net profit attributable to ordinary shareholders[112]. - The company executed a cash dividend policy in accordance with regulatory guidelines, ensuring compliance with shareholder meeting resolutions[107]. - The proposed capital reserve transfer will increase the total share capital by 53,180,000 shares, raising the total share capital to 187,580,000 shares[108]. Business Operations and Strategy - The company has ceased its involvement in the dockless bike-sharing business, impacting its operational structure and financials[8]. - The company emphasizes the importance of its business model in the shared mobility industry, which includes various transportation services[14]. - The company has a significant focus on expanding its public bike system, which is a key component of urban public transport[14]. - The company plans to continue expanding its public bicycle system and enhance its operational services through partnerships[25]. - The company is focusing on the development of new technologies and products to improve user experience and operational efficiency[25]. - The company has shifted focus from low-margin, high-risk bicycle manufacturing to its shared mobility platform, which is expected to drive long-term growth[55]. - The company has established a multi-modal transportation platform integrating bicycles, shared e-bikes, shared cars, and ride-hailing services, enhancing user convenience and operational efficiency[43]. Market and Growth Outlook - The market for shared mobility is expected to grow significantly, driven by the increasing demand for shared cars among young consumers[40]. - The company anticipates stable traditional business due to continued procurement of equipment or services by city governments after the expiration of public bicycle contracts[39]. - The company plans to increase the total deployment of shared cars to over 8,000 units in 2019 and aims for 20,000 units by 2020, expanding to 50 cities[41]. - The company has registered 50 million members across approximately 275 cities and regions, with an expected stable business income of over 2 billion yuan from public bicycle projects in the next three years[55]. - The company plans to launch IoT chips and hydrogen energy technology products in 2019 to enhance its core technological competitiveness[58]. Research and Development - In 2018, the company increased its R&D investment to 5.27% of sales revenue, establishing a research center in Chengdu and a collaborative platform with Hohai University[56]. - Total R&D investment amounted to ¥44,511,368.50, representing 5.27% of operating revenue[76]. - The company is investing $50 million in R&D for new technologies aimed at enhancing user experience and product efficiency[118]. Risks and Challenges - The company has faced risks related to its business operations, which are detailed in the report, urging investors to be cautious[10]. - The company faces significant cash flow management risks due to large upfront operating capital investments in the shared mobility sector, which may pressure cash flow as business volume continues to grow[102]. - The company has incurred significant R&D costs for new systems, which may affect profitability if they do not yield expected results within 1-2 years[99]. - The company has faced risks related to government support for the bicycle transportation sector, which could impact market size and profitability[97]. Corporate Governance and Compliance - The company reported a standard unqualified audit opinion from its accounting firm, ensuring the accuracy and completeness of its financial reports[5]. - The company has committed to ensuring the accuracy of its financial disclosures and has taken responsibility for any potential misstatements[6]. - The company has established a performance evaluation mechanism for senior management, which is directly accountable to the board of directors[200]. - The compensation and assessment committee of the board is responsible for evaluating the performance of senior management based on the company's operational management situation[200]. Shareholder Relations - The company has established a three-year shareholder return plan (2018-2020) to protect the rights of shareholders, especially minority investors[106]. - The controlling shareholder, Mr. Sun Jisheng, will actively take measures to stabilize the company's stock price within 5 trading days after the shareholders' meeting approves the specific plan[117]. - Company directors and senior management will also increase their holdings of company stock, with the total amount not exceeding 30% of their after-tax salary and cash dividends from the previous year[117]. - The company will utilize various methods recognized by regulatory authorities to stabilize stock prices, including profit distribution and capital reserve transfers[116].