TCT(SH:688015)2021-04-08 16:00Financial Performance - The net profit attributable to shareholders for 2020 was RMB 236,794,473.24, with distributable profits amounting to RMB 414,412,750.96 as of December 31, 2020[6]. - The company plans to distribute a cash dividend of RMB 4.50 per 10 shares, totaling RMB 72,000,000.00, which represents 30.41% of the net profit attributable to shareholders for 2020[6]. - The company did not issue bonus shares or increase capital reserves for the year 2020, and the remaining undistributed profits will not be allocated at this time[6]. - The company achieved operating revenue of CNY 2,026,170,762.29 in 2020, representing a year-on-year growth of 22.67%[24]. - The net profit attributable to shareholders reached CNY 236,794,473.24, an increase of 86.03% compared to the previous year[24]. - The company's cash flow from operating activities was CNY 347,725,728.21, a decrease of 19.18% year-on-year[27]. - Total assets at the end of 2020 amounted to CNY 4,348,979,828.26, reflecting a growth of 22.48% from the previous year[27]. - The net assets attributable to shareholders increased to CNY 1,294,704,511.89, up 19.49% year-on-year[27]. - The weighted average return on equity for 2020 was 20.09%, an increase of 1.58 percentage points from the previous year[26]. - The company reported a basic earnings per share of CNY 1.48, a 59.14% increase compared to the previous year[25]. Research and Development - Research and development expenses accounted for 8.55% of operating revenue, up 1.70 percentage points from the previous year[28]. - The company plans to continue increasing R&D investment to drive innovation and performance growth[28]. - The company achieved a total R&D investment of ¥173,254,350.41 in 2020, representing a 53.09% increase from ¥113,173,881.73 in the previous year[59]. - The company applied for 281 patents and was granted 149 patents in 2020, bringing the total number of authorized patents to 499 by the end of the year[56]. - The company successfully developed and upgraded core technologies, including I-CBTC and FAO, and expanded the application of CBTC technology to heavy-haul railways and existing line renovations[52]. - The company is focusing on integrating new technologies such as machine learning and big data analysis into urban rail transit systems to enhance safety and operational efficiency[49]. - The company is also working on a digital design platform for urban rail transit, with a total investment of ¥65,400,000, currently in the product development phase[63]. Market Position and Strategy - The company ranked second in market share for urban rail transit systems in 2020, maintaining the first position in overall market share over the past three years[47]. - The company aims to provide lifecycle management services for urban rail transit, enhancing operational efficiency and safety during various project phases[40]. - The company is actively involved in international cooperation, collaborating with UITP for multiple exchanges[69]. - The company plans to expand into international markets and other rail transit sectors, facing risks related to local policies and market conditions[88]. - The company aims to enhance its market leadership by leveraging group collaboration, high-quality project openings, and focusing on new business breakthroughs[141]. Operational Highlights - The company completed signal system projects covering 2,057 kilometers across 28 cities, with 10 new lines opened in 2020, totaling 232 kilometers[37]. - The company supported the opening of 10 new lines totaling 232 kilometers across 9 cities in 2020, achieving a market share of 29% in public bidding for new lines[45]. - The company launched the "Magic Window" passenger service system on Beijing Metro Line 6 in March 2020, enhancing passenger information services[71]. - The company has established a national engineering laboratory for urban rail transit, undertaking 20 provincial and above research projects, including 7 national projects[69]. Financial Management - The company has a total of RMB 45,000,000 in bank financial products with no overdue amounts[180]. - The total amount of raised funds is RMB 58,516.49 million, with RMB 29,038.85 million invested in the current year[186]. - The company has a surplus of RMB 3,516.49 million from oversubscribed funds, with RMB 1,054.90 million used for permanent working capital[187]. - The company has not experienced any significant changes in project feasibility or major delays in planned progress[187]. Corporate Governance and Compliance - The company has established a comprehensive maintenance platform based on big data, enhancing operational efficiency and safety[14]. - The board of directors and supervisory board members have confirmed the authenticity, accuracy, and completeness of the annual report[4]. - The company emphasizes the importance of risk awareness regarding forward-looking statements in the report[7]. - The company has improved its corporate governance structure to protect shareholder rights effectively[198]. - The company strictly adheres to information disclosure obligations, ensuring timely, accurate, and complete information for investors[198]. Social Responsibility - The company plans to increase its efforts in targeted poverty alleviation and management in the future[197]. - The company has made contributions totaling RMB 0.84 million to support two Tibetan high school students and RMB 420,000 in sports equipment donations to a poverty-stricken county[196].