NBGF(SH:603788)2020-04-21 16:00Financial Performance - The net profit attributable to the parent company for 2019 was CNY 178,282,959.31, with a statutory surplus reserve of CNY 18,034,454.32 deducted, resulting in a distributable profit of CNY 444,108,152.98[6] - The company's operating revenue for 2019 was ¥944,059,343.24, a decrease of 26.76% compared to ¥1,289,024,399.02 in 2018[27] - The net profit attributable to shareholders for 2019 was ¥178,282,959.31, down 17.12% from ¥215,099,602.59 in 2018[27] - The basic earnings per share for 2019 was ¥0.78, a decline of 28.44% from ¥1.09 in 2018[28] - Operating profit was CNY 212.28 million, down 14.59% year-on-year[58] - Net profit reached CNY 178.75 million, reflecting a year-on-year decline of 17.87%[58] - The weighted average return on equity decreased to 9.40% in 2019, down 2.10 percentage points from 11.5% in 2018[28] - The total assets at the end of 2019 were ¥2,172,263,537.55, a decrease of 3.63% from ¥2,253,989,574.68 at the end of 2018[27] Dividend Distribution - The company plans to distribute a cash dividend of CNY 6.00 per 10 shares, totaling CNY 133,839,040.80, with the remaining undistributed profits to be allocated in future years[6] - In 2019, the company maintained the cash dividend at RMB 6.00 per 10 shares, distributing a total of RMB 133,839,040.80, representing 75.07% of the net profit attributable to shareholders[111] - The company’s cash dividend policy stipulates that at least 30% of the distributable profit should be distributed in cash if there are no major investment plans or cash expenditures[105] - The company’s profit distribution policy allows for cash, stock, or a combination of both, with a preference for cash dividends[104] - The company’s cash dividend distribution is subject to the condition of having positive retained earnings and an unqualified audit report[105] Share Buyback - The company completed a share buyback of 7,029,131 shares, accounting for 3.06% of the total share capital, at an average price of CNY 14.23 per share, totaling CNY 99,999,900[11] - The company repurchased 7,029,131 shares, representing 3.06% of the total share capital, which will enhance earnings per share and net asset return rate for 2019[150] - The company completed a share buyback of 7,029,131 shares, representing 3.06% of the total share capital, reducing the total share capital to 223,065,068 shares[152][153] Operational Challenges - The company faced a 7.5% decline in national automobile production and an 8.2% decline in sales in 2019[39] - The market share of Chinese brand passenger cars fell by 2.9 percentage points to 39.2% in 2019, with sales dropping by 15.8%[40] - The company’s operating revenue decreased by 27.81% to ¥911,688,907.02, primarily due to a decline in demand for products amid negative growth in the automotive industry[63] - The gross profit margin for the main business decreased by 0.94 percentage points, attributed to rising unit labor and manufacturing costs as a result of declining sales[61] Risk Management - The company has described significant risks that may adversely affect its future development and operational goals in the report[9] - The company faces risks from declining growth in the automotive industry, economic crises, and intense market competition, which could adversely affect its future development[93][94][95] Corporate Governance - The audit report for the 2019 financial status was issued by Lixin Certified Public Accountants with a standard unqualified opinion[5] - The company’s financial report is guaranteed to be true, accurate, and complete by its management team[4] - The company has not reported any non-operating fund occupation by controlling shareholders or related parties[9] - The company has not violated any decision-making procedures for providing guarantees[9] Research and Development - The company’s R&D expenses decreased by 25.13% year-on-year, amounting to CNY 40.86 million[59] - The total R&D investment for the period was ¥40,861,548.89, accounting for 4.33% of the operating revenue[71] - The company plans to enhance R&D investment in new products, particularly in automotive electronics, electric control, and electromechanical integration[89] Employee and Management - The total number of employees in the parent company is 1,401[178] - The breakdown of employees includes 1,059 production personnel, 17 sales personnel, 146 technical personnel, 17 financial personnel, and 162 administrative personnel[178] - The total remuneration for all directors, supervisors, and senior management personnel at the end of the reporting period is 2.7049 million yuan[176] - The management team underwent an annual performance evaluation in accordance with company regulations, which was successfully completed[188] Financial Management - The company has engaged in structured deposits with a total amount of RMB 102.6 million from raised funds and RMB 55 million from self-owned funds, with no overdue amounts reported[128] - The company reported a total of 3,000 million in entrusted financial management for 2019, with an annualized return of 11.48%[131] - The company achieved a floating income of 102.06 million from a financial product with a return rate of 3.60%[131] Shareholder Engagement - The company engages with shareholders, especially minority shareholders, to gather opinions on dividend distribution proposals[108] - The company has committed to not transferring or entrusting the management of its shares for 36 months post-IPO, with a penalty for non-compliance[112] - Major shareholders have agreed to limit their share reduction to no more than 5% of the total share capital in any given year after three years post-IPO[114]