Leadyo(SH:688135)2021-04-27 16:00Financial Performance - The company's operating revenue for 2020 was CNY 252,825,408.92, representing an increase of 8.97% compared to CNY 232,013,365.71 in 2019[21]. - The net profit attributable to shareholders for 2020 was CNY 51,947,231.14, a decrease of 14.61% from CNY 60,837,907.16 in 2019[21]. - The cash flow from operating activities for 2020 was CNY 105,365,346.34, down 30.38% from CNY 151,347,136.51 in 2019[21]. - The total assets at the end of 2020 were CNY 1,092,105,824.66, an increase of 88.29% from CNY 580,008,177.05 at the end of 2019[21]. - The basic earnings per share for 2020 was CNY 0.49, a decrease of 19.67% compared to CNY 0.61 in 2019[22]. - The net profit after deducting non-recurring gains and losses for 2020 was CNY 45,733,922.75, a decrease of 21.97% from CNY 58,609,568.82 in 2019[21]. - The company reported a total of CNY 6,213,308.39 in non-recurring gains for 2020, compared to CNY 2,228,338.34 in 2019[25]. - The quarterly operating revenue for Q4 2020 was CNY 76,890,440.22, with a net profit of CNY 21,360,477.42 attributable to shareholders[23]. - The company achieved operating revenue of 252.83 million yuan, a year-on-year increase of 8.97%, while net profit attributable to shareholders decreased by 14.61% to 51.95 million yuan[101]. - The company reported total assets of approximately ¥353.80 billion and net assets of about ¥278.16 billion[151]. Dividend Distribution - The company plans to distribute a cash dividend of 3.67 RMB per 10 shares, totaling approximately 50.06 million RMB, which represents 96.36% of the net profit attributable to shareholders for 2020[6]. - A cash dividend of ¥3.67 per 10 shares is proposed, totaling approximately ¥500.59 million, which represents 96.36% of the net profit attributable to shareholders for the year[161]. - The company has not proposed a cash dividend distribution plan despite having positive retained earnings, indicating a focus on reinvestment or other uses of profits[164]. Risk Management - The company has detailed various operational risks and corresponding mitigation measures in the report, emphasizing the importance of risk management[4]. - The company’s future plans and development strategies are subject to investment risks, and investors are advised to exercise caution[7]. - The company faces risks related to the loss of core technical personnel, which could significantly impact its competitive edge in the integrated circuit testing industry[110]. - The company is exposed to risks from rising labor costs as it seeks to attract and retain talent[118]. Corporate Governance - The company has received a standard unqualified audit report from Tianjian Accounting Firm, ensuring the accuracy and completeness of the financial report[5]. - The company has not reported any non-operational fund occupation by controlling shareholders or related parties, indicating a stable financial governance structure[8]. - The company has confirmed that all board members attended the board meeting, reflecting a commitment to corporate governance[5]. - The company has established a strong governance structure to enhance internal controls and protect investor rights[106]. Research and Development - The R&D expenditure as a percentage of operating revenue increased to 9.80% in 2020 from 9.48% in 2019[23]. - The total R&D investment for the year was approximately ¥24.78 million, representing a 12.69% increase from the previous year[82]. - R&D investment accounted for 9.80% of the company's revenue, up from 9.48% in the previous year, indicating a focus on innovation[82]. - The number of R&D personnel increased to 143, representing 18.79% of the total workforce, up from 14.98% in the previous period[88]. - The company has developed advanced testing solutions for 5G communication, sensors, and other emerging applications, positioning itself for future growth[93]. Market Position and Strategy - The company has established itself as one of the largest independent third-party integrated circuit testing bases in China[46]. - The independent third-party testing sector remains small within the overall integrated circuit industry, unable to meet the increasing verification and mass production testing demands of IC design companies[54]. - The company is focusing on expanding mid-to-high-end testing capacity to meet the growing demand from chip design companies, which are increasingly turning to domestic testing services[105]. - The company aims to enhance operational management and production efficiency to reduce costs and increase market share in the future[39]. Customer and Sales - The top five customers accounted for 67.19% of sales in the current year, indicating a high customer concentration risk[112]. - Revenue from the South China region represented 70.73% of total revenue, highlighting regional sales concentration risk[114]. - The company added 39 new clients in 2020, enhancing its customer base and market presence[101]. Technology and Innovation - The company has developed 39 categories of chip testing solutions and completed mass production testing for over 3,500 chip models, applicable to various end-use scenarios[31]. - The company has developed an automated testing solution for capacitive fingerprint recognition chips, achieving a testing efficiency increase by allowing simultaneous testing of 16 chips[57]. - The company has enhanced its testing capabilities for capacitive touch chips by integrating a matrix capacitive testing module, improving production efficiency and product quality[56]. - The company has continuously upgraded existing equipment to meet diverse customer testing needs, enhancing testing efficiency and quality[72]. Financial Health - The company's financial expenses increased by 53.00% to CNY 3,066,898.99, mainly due to higher interest expenses from bank loans and financing leases[124]. - Operating costs rose to CNY 136,267,605.14, marking a significant increase of 24.93% year-over-year[123]. - The gross profit margin for the main business decreased by 6.84 percentage points to 46.99%[128]. - Cash and cash equivalents increased by 164.40% year-on-year to CNY 246.67 million, primarily due to funds raised from the initial public offering[143]. Shareholder Commitments - The actual controller and shareholders have made commitments regarding share repurchase and other matters, which are being fulfilled as per the stipulated timelines[165]. - The company has a long-term commitment to resolve issues related to competition and related party transactions, effective from April 2020[166]. - Shareholders holding more than 5% of shares are prohibited from transferring or entrusting the management of their pre-IPO shares for twelve months after the company's stock listing[177]. - The company will ensure compliance with all relevant regulations regarding share lock-up and transfer[173].