MEMSensing(SH:688286)2021-05-23 16:00Financial Performance - The net profit attributable to the shareholders of the listed company for 2020 was RMB 41,636,093.96, with a proposed cash dividend of RMB 2.4 per 10 shares, totaling RMB 12,768,000.00, which accounts for 30.67% of the net profit[6]. - The total distributable profit of the parent company at the end of the period was RMB 135,375,501.33[6]. - The company's operating revenue for 2020 was CNY 330.07 million, representing a 16.21% increase compared to CNY 284.03 million in 2019[24]. - The net profit attributable to shareholders decreased by 30.00% to CNY 41.64 million from CNY 59.48 million in the previous year[26]. - The net cash flow from operating activities dropped by 56.75% to CNY 18.41 million, primarily due to a significant increase in inventory[26]. - Total assets grew by 231.02% to CNY 1.12 billion, while net assets attributable to shareholders increased by 272.47% to CNY 1.06 billion[26]. - Basic earnings per share decreased by 38.56% to CNY 0.94, with diluted earnings per share also at CNY 0.94[25]. - The company reported a non-recurring profit and loss total of CNY 6,010,360.20 in 2020, compared to CNY 8,546,604.39 in 2019, indicating a decrease of approximately 29% year-over-year[31]. - The company achieved total operating revenue of 33,007.47 million yuan, representing a year-on-year growth of 16.21%[102]. - The net profit attributable to the parent company was 4,163.61 million yuan, a decrease of 30% compared to the previous year[102]. Research and Development - The company's R&D expenditure accounted for 12.74% of operating revenue, slightly up from 12.56% in 2019[25]. - The total R&D investment for the year was approximately ¥42.04 million, representing a 17.87% increase from the previous year, with R&D expenses accounting for 12.74% of total revenue[81]. - The company has developed 14 core technologies, including 5 new technologies during the reporting period, covering chip design, packaging testing, and production processes[60]. - The company aims to increase its R&D personnel by 30-40% annually over the next three years to meet the growing demand for MEMS sensors in the domestic market[66]. - The company is focusing on the development of new MEMS sensors, including pressure sensors and force sensors, to expand its product line and market share[86]. - The company has established a MEMS industry research institute to accelerate the development of new technologies and products[101]. - The company plans to continuously improve its R&D capabilities by introducing advanced testing equipment and attracting high-end technical talent[184]. Market Position and Strategy - The company aims to become a leading MEMS chip platform enterprise, targeting high-potential markets such as traditional consumer electronics, automotive, and industrial control[36]. - The company has established stable partnerships with major clients including Huawei, Xiaomi, and Samsung, enhancing its market presence[98]. - The company is positioned to leverage the growing demand for MEMS devices in consumer electronics, automotive, and industrial manufacturing sectors[46]. - The company aims to enhance its market share by targeting ODM manufacturers and global consumer electronics brands[104]. - The MEMS sensor market is highly concentrated, with the top seven categories accounting for over 90% of the total market volume, guiding the company's R&D direction[65]. - The company has established long-term stable partnerships with major clients such as Huawei, Xiaomi, and Samsung, aiming to optimize its customer structure while expanding its market share[185]. Production and Operations - The company has established a dual-mode production process, combining outsourced processing and in-house manufacturing to enhance operational efficiency[40]. - The company has invested in automation for its packaging production line, aiming for full automation and smart manufacturing[88]. - The company has successfully localized its MEMS production process, achieving full production cycle domestically[97]. - The company is constructing a specialized MEMS sensor packaging and testing production line to improve product quality and capacity, enhancing its market competitiveness[182]. Challenges and Risks - The company faces risks related to new product development, particularly in the MEMS sensor sector, where rapid technological advancements and market demands require continuous innovation[127]. - The company is at risk of talent shortages in the MEMS industry, which could hinder its ability to maintain ongoing R&D capabilities[128]. - The company faces risks from intensified industry competition and potential impacts from macroeconomic factors, including trade tensions[138][139]. Inventory and Cash Flow - The total inventory increased significantly, with MEMS acoustic sensor inventory up 95.81%, pressure sensor inventory up 102.88%, and inertial sensor inventory up 226.46%[149]. - Operating cash flow decreased by 56.75% to CNY 18.41 million, indicating potential liquidity challenges[144]. - The company reported a significant increase in financing cash flow, up 777.69% to CNY 730.26 million, suggesting successful capital raising efforts[144]. Profit Distribution Policy - The company aims to implement a stable and sustainable profit distribution policy, ensuring that cash dividends account for at least 10% of the distributable profits each year[194]. - The company’s differentiated cash dividend policy stipulates that during the mature stage without significant capital expenditure, cash dividends should account for at least 80% of the profit distribution[196]. - The decision-making process for profit distribution was complete, compliant, and transparent[200]. - Independent directors fulfilled their responsibilities during the review of the profit distribution plan[200]. - The legitimate rights and interests of minority shareholders were fully protected[200].