NBJF(SH:603997)2021-03-31 16:00Financial Performance - The net profit attributable to shareholders for 2020 was -258,231,426.24 CNY, leading to no cash dividends or stock bonuses being proposed for the year[8]. - The company's operating revenue for 2020 was approximately ¥15.73 billion, a decrease of 12.60% compared to ¥18.00 billion in 2019[30]. - The net profit attributable to shareholders was a loss of approximately ¥258.23 million, representing a decline of 186.74% from a profit of ¥297.70 million in 2019[30]. - The net cash flow from operating activities decreased by 30.74% to approximately ¥809.93 million from ¥1.17 billion in 2019[30]. - The basic earnings per share for 2020 was -¥0.26, a decrease of 189.66% compared to ¥0.29 in 2019[31]. - The company reported a significant reduction in net assets attributable to shareholders, down 5.66% to approximately ¥4.27 billion from ¥4.53 billion in 2019[30]. - The total assets at the end of 2020 were approximately ¥17.33 billion, a decrease of 1.36% from ¥17.57 billion in 2019[30]. - The weighted average return on net assets was -5.88% in 2020, a decrease of 14.17 percentage points from 8.29% in 2019[31]. - The company reported a total of ¥73.37 million in non-recurring losses for 2020, compared to a gain of ¥41.27 million in 2019[39]. - In the first half of 2020, the company's revenue significantly declined to 6.671 billion yuan, a year-on-year decrease of 26.7%, and the net profit attributable to shareholders was -357 million yuan, a decline of 331.5%[71]. - In the second half of 2020, the company achieved a revenue of 9.061 billion yuan, a year-on-year increase of 1.8%, and a net profit of 98.29 million yuan despite facing challenges from the pandemic[72]. - The gross margin for Grammer in the second half of 2020 was 14.0%, an increase of 1.7 percentage points compared to the same period last year, while the company's consolidated gross margin was 16.5%, up 1.6 percentage points year-on-year[73]. - The company reported a significant increase in financial expenses by 50.57%, primarily due to increased interest on convertible bonds and foreign exchange losses[103]. Operational Challenges - The company faced operational challenges due to the COVID-19 pandemic, leading to a restructuring of its German subsidiary and layoffs of non-production staff[33]. - The company recognized substantial impairment losses on inventory and accounts receivable due to the pandemic's impact on downstream customers[33]. - The company expects to face challenges in achieving profit targets due to the impact of COVID-19 on the automotive parts industry[111]. Business Strategy and Development - The company operates as a global automotive parts supplier, focusing on the development, production, and sales of automotive interior components and seating systems, with nearly 70 subsidiaries across 20 countries[44]. - The company has established long-term partnerships with major automotive manufacturers, including Audi, BMW, and Tesla, providing customized solutions and high-quality products[47]. - The company is actively expanding its product offerings in both passenger and commercial vehicle markets, including advanced seating systems for trucks and agricultural machinery[48]. - The company is strategically positioned to leverage the rapid development of electrification and automation in the automotive industry, preparing for future technological advancements[50]. - The company has developed a global marketing network with nearly 70 subsidiaries in 20 countries, enhancing its ability to respond to customer needs and reducing logistics costs[60]. - The company completed the acquisition of Grammer in 2019, strengthening its position as a leading supplier of automotive components for various global automakers[58]. - The company has established a comprehensive production chain with a high self-manufacturing rate, maintaining relatively low production costs within the industry[62]. - The company is focusing on R&D for new technologies and products to enhance the comfort and functionality of vehicle interiors[81]. - The company plans to focus resources on new product development, integrating advantages in technology, R&D, and production to secure project allocations from clients[147]. Research and Development - The company has a comprehensive R&D system, maintaining a leading position in technology through continuous innovation in comfort, safety, and ergonomics[49]. - The company has advanced testing capabilities, with multiple specialized laboratories recognized by major automotive manufacturers, reducing development costs and risks[64]. - Research and development expenses totaled ¥280.98 million, accounting for 1.79% of total revenue[104]. - The company has made significant investments in new technology and product development to enhance market competitiveness[111]. Customer Relations and Sales - The company emphasizes customer-centric sales activities, integrating project management and R&D into customer management[54]. - The company has a stable and high-quality customer base, which enhances its ability to develop new projects and improve product quality[63]. - The company organizes its sales activities based on market demand and customer needs, ensuring a tailored approach to different vehicle models[55]. - The company’s sales model is customer-oriented, focusing on long-term collaborations with automotive manufacturers during the development of new vehicle models[53]. Financial Management and Policies - The company has a cash dividend policy that mandates a minimum of 20% of distributable profits to be paid as cash dividends when conditions allow[161]. - The company has a differentiated cash dividend policy based on its development stage and major capital expenditure arrangements, with a minimum cash dividend ratio of 80% for mature companies without major expenditures[163]. - The company has not proposed a cash profit distribution plan for the reporting period despite having positive distributable profits[169]. - The company has committed to ensuring the independence of its assets and financial operations, avoiding any asset occupation by its subsidiaries[170][172]. - The company has established a framework to prevent any potential competition with its controlling shareholders and their subsidiaries post-restructuring[181]. - The company has a plan to avoid and minimize related party transactions with its controlling shareholders and their subsidiaries[184]. Compliance and Governance - The company has received a standard unqualified audit report from the accounting firm Rongcheng[7]. - The board of directors has confirmed that all members attended the board meeting, ensuring accountability for the report's accuracy[6]. - The company has not faced any risks of suspension or termination of its listing during the reporting period[200]. - The company has complied with the lock-up commitments for shares and convertible bonds as per the latest regulatory requirements[4][5]. - The company has not reported any significant changes in accounting policies or estimates that would impact its financial performance[196]. - The company has no significant litigation or arbitration matters during the reporting period[200].