Appo(SH:688007)2020-04-28 16:00Financial Performance - In 2019, the company's revenue reached approximately CNY 1.979 billion, representing a year-on-year growth of 42.82%[13] - The company's operating revenue for 2019 was CNY 1,979,148,918.89, representing a 42.82% increase compared to CNY 1,385,727,211.09 in 2018[42] - The net profit attributable to shareholders of the listed company was CNY 186,457,276.71, a 5.36% increase from CNY 176,971,092.49 in the previous year[42] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 134,218,640.96, showing an 18.66% decrease compared to CNY 165,011,362.18 in 2018[42] - The total profit reached 279 million yuan, with a year-on-year increase of 8.17%[135] - The overall gross margin for the year was 40.19%, a decrease of 3.28 percentage points from the previous year[180] - The company's operating cash flow net amount was CNY 243,000,903.71, reflecting a significant increase of 106.33% year-on-year[177] - The company's investment activities resulted in a net cash outflow of CNY 772,857,910.07, which was a larger outflow compared to the previous year[177] Assets and Liabilities - The total assets of the company amounted to CNY 3.1 billion, an increase of 49.48% compared to the beginning of the year[13] - The total assets at the end of 2019 were CNY 3,099,508,090.85, reflecting a 49.48% increase from CNY 2,073,471,490.56 at the end of 2018[42] - The net assets attributable to shareholders of the listed company reached CNY 1,974,559,837.64, a 175.81% increase compared to CNY 715,913,478.56 in 2018[42] - The company's inventory at the end of the reporting period was valued at RMB 299,966,200, with potential risks of impairment if market conditions change significantly[163] - Accounts receivable amounted to RMB 176,035,200 at the end of the reporting period, with risks of uncollectibility if major clients face adverse business conditions[164] Research and Development - Research and development expenses for the year were CNY 202 million, an increase of 48.60% year-on-year[13] - The company's R&D expenditure accounted for 10.19% of operating revenue, an increase of 0.40 percentage points compared to the previous year[45] - The company invested approximately 201.7 million CNY in R&D, representing 10.19% of its total revenue, with 387 R&D personnel accounting for 31.06% of the total workforce[115][116] - The company has developed a strong technical advantage in ALPD® technology, having undergone four iterations that enhance performance, cost, efficiency, and size, establishing a solid intellectual property system[96] - The company’s R&D team includes experts with extensive industry experience, enhancing its ability to innovate and respond to market trends[133] Market Position and Products - The ALPD® technology accounted for 98.6% of the market share in the laser display industry, indicating its dominance[5] - The market share of the company's laser television exceeded 30% in 2019, making it the industry leader[8] - The company has deployed over 17,000 ALPD® laser projection devices in the market, with authorized service hours exceeding 100 million[9] - The company has established itself as a core supplier in the laser display industry, recognized for its high-quality performance and cost-effective solutions[61] - The company has launched the first DCI-compliant laser cinema projector in China, becoming the fifth company globally with such capabilities[65] Strategic Initiatives - The company plans to focus on disruptive innovation and enhance its core component R&D and manufacturing capabilities to maintain its industry leadership[16] - The company plans to distribute a cash dividend of CNY 0.75 per 10 shares, amounting to a total of CNY 33,866,580.83 based on the total share capital as of December 31, 2019[26] - The company aims to strengthen its core component advantages and expand its market presence through collaboration within the laser display industry[64] - The company has established a unique "Laser as a Service" model through a joint venture with China Film Equipment, allowing cinemas to rent laser light sources instead of purchasing them, effectively reducing their financial burden[86] - The company plans to acquire a 36% stake in GDC, a leading digital cinema server provider, to enhance collaboration in the digital film projection sector and boost overseas sales of its laser projectors[150] Risks and Challenges - There were no significant risks that materially affected the company's operations during the reporting period[23] - The company faces risks related to the ongoing COVID-19 pandemic, which has impacted its cinema light source rental services and overall business operations[172] - The company is committed to continuous technological innovation, with potential risks if it fails to maintain its competitive edge in the laser display industry[155] Sales and Marketing - The company's sales model includes both product sales and rental services, with a focus on customized development for clients[83] - Domestic sales accounted for 89.96% of total revenue, while international sales made up 10.04%[183] - The company has established 974 display stores, achieving a 200% year-on-year increase in retail presence[144] - The top five customers contributed CNY 96,691,160, accounting for 48.85% of the total annual sales[192] - Sales expenses increased by 48.28% to 151,760,111.00 RMB compared to the previous year, primarily due to increased sales efforts and employee compensation[196]