UNI-T(SH:688628)2021-04-25 16:00Financial Performance - The company's operating revenue for 2020 was CNY 885,563,545.51, representing a year-on-year increase of 63.98% compared to CNY 540,037,027.76 in 2019[24]. - The net profit attributable to shareholders for 2020 was CNY 146,994,649.38, a significant increase of 175.95% from CNY 53,268,431.70 in 2019[24]. - The net cash flow from operating activities increased by 238.45% to CNY 229,683,044.65 in 2020, up from CNY 67,863,438.95 in 2019[24]. - The total assets as of the end of 2020 reached CNY 674,109,915.10, reflecting a year-on-year growth of 54.91%[24]. - The basic earnings per share for 2020 was CNY 1.78, which is a 157.97% increase compared to CNY 0.69 in 2019[25]. - The company's net assets attributable to shareholders increased by 54.79% to CNY 413,230,423.35 at the end of 2020[24]. - The gross profit margin for the main business increased to 38.62%, up by 4.81 percentage points from the previous year[145]. - The company's main operating costs for 2020 were RMB 538,909,640.96, reflecting a 52.02% increase from the previous year[144]. Dividend Policy - The proposed profit distribution plan for 2020 includes a cash dividend of RMB 4.5 per 10 shares, totaling RMB 49,500,000, which accounts for 33.67% of the net profit attributable to shareholders[5]. - The company plans to distribute at least 30% of the average annual distributable profit over the last three years as cash dividends[179]. - The company has committed to maintaining transparency regarding the use of undistributed profits and their future plans[181]. - The company has implemented a cash dividend policy ensuring that at least 10% of the distributable profit for the year is distributed as cash dividends, provided certain conditions are met[178]. Governance and Compliance - The company reported no significant risks or governance issues during the reporting period, ensuring transparency and accountability[6]. - The financial report received a standard unqualified audit opinion from Rongcheng Accounting Firm, confirming the accuracy and completeness of the financial statements[9]. - The company has no non-operating fund occupation by controlling shareholders or related parties, indicating strong financial governance[7]. - There are no violations of decision-making procedures regarding external guarantees, reflecting compliance with regulations[7]. - The board of directors and senior management have confirmed the authenticity and completeness of the annual report, ensuring stakeholder confidence[4]. Research and Development - Research and development expenses accounted for 4.75% of operating revenue in 2020, down from 6.44% in 2019[25]. - The total R&D investment for the current year is approximately ¥42.03 million, representing a 20.76% increase from the previous year's ¥34.80 million[92]. - The company has received 329 patents, including 49 invention patents, showcasing its strong R&D capabilities and innovation in various technical fields[59]. - The company emphasizes independent R&D, focusing on core technology accumulation and has a structured development process for new products[48]. Market and Sales Strategy - The company focuses on the research, production, and sales of testing and measurement instruments, with major product lines including electronic testing instruments, temperature and environmental testing instruments, and power testing instruments[35]. - The company has established a strong sales network, exporting to over 80 countries and regions, with nearly 100 overseas distributors[117]. - The company's self-owned brand, UNI-T, accounted for an average of 69.51% of sales revenue during the reporting period, indicating strong market acceptance[59]. - The company aims to enhance its product coverage in various testing and measurement applications by strengthening R&D efforts in response to market trends[39]. Risks and Challenges - The company faces risks related to market competition and potential declines in demand for infrared temperature measurement products post-pandemic[124]. - The company is at risk of contract breaches or loss of orders if it fails to obtain necessary product certifications for its ODM business[128]. - Future trade tensions between China and the US could negatively impact the company's export revenue and profitability in the US market[128]. - The company has experienced a significant increase in product quality requirements due to its products being used in critical industries, which poses a risk if quality issues arise[130]. Production and Capacity - The company has established a modern manufacturing base covering 45,000 square meters, with an annual production capacity of 7.2 million electronic measurement instruments[41]. - The company has a production capacity of 7.2 million electronic measurement instruments annually, with over 1,000 product models in its portfolio[58]. - The total production volume reached 829.68 thousand units, an increase of 37.72% year-over-year, while total sales volume was 764.83 thousand units, up 30.51% year-over-year[146]. International Trade and Expansion - The company actively participates in international trade shows to expand its overseas distributor network, targeting regions such as the EU, Americas, and Asia-Pacific[45]. - The company's overseas sales accounted for approximately 47.73% to 50.46% of its main business revenue over the past three years, indicating significant international market presence[127]. - In 2020, the company's overseas sales amounted to 421.25 million yuan, representing 47.98% of the total annual revenue[129]. Stock Repurchase and Shareholder Commitments - The company has committed to a stock repurchase plan to stabilize its stock price within 36 months post-IPO, subject to specific conditions[193]. - The stock repurchase will not exceed 2% of the total shares before the repurchase, and the total amount for repurchase will not exceed the total funds raised from the IPO[195]. - The company will initiate the stock repurchase if the stock price falls below the latest audited net asset value per share for 20 consecutive trading days[194]. - The commitments from shareholders and management are aimed at maintaining market integrity and protecting investor interests[189].