TYSJ(SH:688033)2021-05-05 16:00Financial Performance - The company's operating revenue for 2020 was CNY 415.17 million, a decrease of 28.65% compared to the previous year[30]. - The net profit attributable to shareholders for 2020 was CNY 114.32 million, down 57.77% year-on-year[30]. - The net profit after deducting non-recurring gains and losses was CNY 115.73 million, a decrease of 57.41% compared to 2019[30]. - Basic earnings per share decreased by 60.94% to CNY 0.25 in 2020[30]. - The weighted average return on equity fell by 11.01 percentage points to 4.82% in 2020[27]. - The company's main business gross profit margin was 74.29%, a decrease of 1.96% year-on-year[125]. - The total revenue for the reporting period was ¥415,035,974.24, representing a decrease of 28.67% compared to the previous year[172]. - The gross profit margin for the main business was 74.29%, which decreased by 1.96 percentage points year-on-year[172]. Dividend and Capital Management - The company plans to distribute a cash dividend of 0.40 CNY per 10 shares, totaling 17,949,487.52 CNY, which represents 15.70% of the net profit attributable to shareholders for 2020[7]. - The company has not proposed any capital reserve transfer to increase share capital or bonus shares for the year[7]. Research and Development - Research and development expenses accounted for 16.76% of operating revenue, an increase of 9.66 percentage points from the previous year[27]. - The total R&D investment for the current year was approximately ¥69.57 million, representing a 68.36% increase from the previous year's ¥41.32 million[84]. - The company is actively developing 10 ongoing projects with total expected investments ranging from ¥74.25 million to ¥1.28 billion, focusing on various advanced braking systems[89][92]. - The company has established a professional R&D team of 25 members for carbon fiber composite materials, with 12 holding master's degrees and 1 holding a doctorate[145]. - The company has obtained a total of 174 patents, including 47 invention patents, 119 utility model patents, and 8 design patents[125]. Market Position and Product Development - The company is a leading supplier of powder metallurgy brake pads for high-speed trains, focusing on R&D, production, and sales of these products[36]. - The company has achieved significant breakthroughs in material formulation, process routes, and production equipment, promoting the localization of core components for high-speed trains[36]. - The company is a core supplier of powder metallurgy brake pads for the "Fuxing" standard high-speed trains, covering all 18 railway bureaus under the China National Railway Group[65]. - The company has successfully developed over 20 types of polymer-based composite friction materials, including synthetic brake pads for subways and high-speed trains, with applications in 19 cities and 44 lines[67]. Operational Challenges - The company faced significant impacts from the COVID-19 pandemic, leading to reduced demand for its products[30]. - The national railway passenger volume was 2.167 billion, a decrease of 39.4% compared to 2019 due to the impact of the COVID-19 pandemic[52]. - The company is facing cash flow pressure due to the need for significant investment in fixed assets for new business projects in various fields, including aerospace and rail transportation[150]. - The company faces risks related to industry competition, supplier concentration, and the potential slow development of new business segments, which could affect overall performance[155]. Corporate Governance and Compliance - The company has received a standard unqualified audit report from Zhongshun Zhonghuan Accounting Firm[6]. - The company does not have any non-operating fund occupation by controlling shareholders or related parties[8]. - There are no violations of decision-making procedures regarding external guarantees[8]. - The company does not have any special arrangements for corporate governance[10]. - The company's board of directors and supervisory board members have confirmed the authenticity, accuracy, and completeness of the annual report[4]. Future Outlook - The report includes forward-looking statements regarding future plans and development strategies, which do not constitute substantive commitments to investors[7]. - The company plans to continue increasing its R&D investments to drive future growth despite the current challenges[30]. - The company aims to achieve mass production of its products, including those for high-speed trains, with substantial market potential in the transportation sector[89][92].