JJIT(SH:900929)2021-03-30 16:00Financial Performance - In 2020, the company's operating revenue was CNY 303,103,607.20, a decrease of 78.29% compared to CNY 1,396,063,238.53 in 2019[21]. - The net profit attributable to shareholders was CNY 5,468,245.47, down 91.43% from CNY 63,838,637.39 in the previous year[21]. - The company's total assets decreased by 21.45% to CNY 1,027,516,257.90 from CNY 1,308,162,706.96 in 2019[21]. - Basic earnings per share decreased by 91.43% to CNY 0.0413 in 2020 compared to CNY 0.4816 in 2019[22]. - The weighted average return on equity dropped by 6.60 percentage points to 0.68% in 2020 from 7.28% in 2019[22]. - The total profit amounted to CNY 449.81 million, down 93.96% from the previous year[44]. - The operating profit for the year was -CNY 55.77 million, a decline of CNY 71.62 million year-on-year[44]. - The company reported a net cash flow from operating activities of CNY -52,082,026.41, compared to CNY -80,233,816.66 in 2019[21]. Revenue Breakdown - The company's tourism and related business accounted for 87.32% of total operating revenue in 2020, a decrease of 9.57 percentage points from the previous year[30]. - Revenue from inbound tourism fell by 90.95%, while outbound tourism revenue decreased by 89.30%[49]. - The tourism and related business revenue dropped by 80.43%, accounting for 87.32% of total revenue, down 9.57 percentage points year-on-year[49]. - The revenue from mainland China was 257.01 million RMB, down 78.91%, while revenue from other regions fell by 90.95%[51]. Cash Flow and Assets - The net cash flow from operating activities was CNY -52,082,026.41, an improvement from -80,233,816.66 in 2019[58]. - Accounts receivable decreased to ¥44,628,298.65, down 56.31% from ¥102,141,100.87, primarily due to collection of receivables[60]. - Prepayments decreased to ¥19,619,573.37, down 72.35% from ¥70,967,145.51, mainly due to the impact of the pandemic on tourism operations[60]. - The company's total assets decreased from RMB 1,308,162,706.96 in 2019 to RMB 1,027,516,257.90 in 2020, a decline of approximately 21.4%[173]. Strategic Initiatives - The company aims to enhance its brand and resource advantages through the integration of its subsidiaries and improved service quality[33]. - The company launched 40 series of tourism and hotel package products, focusing on domestic travel and family vacation markets[40]. - The company developed a "cloud tourism" model to promote overseas travel resources while enhancing cooperation with suppliers[41]. - The company initiated a live-streaming sales model covering local tours and hotel packages to boost online sales[42]. - The company established a B2B2C distribution system to facilitate online business transformation[43]. Market Outlook - The tourism industry faced unprecedented challenges in 2020 due to the COVID-19 pandemic, leading to a deep "U-shaped" recovery trend[31]. - The report forecasts that global tourism will recover to 9.545 billion trips and 4.5 trillion USD in revenue in 2021, reaching 77.7% and 75.6% of 2019 levels, respectively[69]. - The tourism market is expected to recover, with domestic tourism numbers projected to reach 4.1 billion and revenue of 3.3 trillion RMB in 2021, reflecting a growth of 42% and 48% respectively compared to the previous year[79]. Corporate Governance - The company has not faced any non-operating fund occupation by controlling shareholders or related parties[7]. - The company has not violated decision-making procedures for providing guarantees[7]. - The report includes a risk statement regarding forward-looking statements, emphasizing the importance of investor caution[6]. - The company has implemented strict labor protection regulations, ensuring no discrimination in hiring, compensation, and promotion practices, thereby safeguarding employee rights[112]. Shareholder Information - The total number of ordinary shareholders increased from 12,500 to 12,584 during the reporting period, indicating a growth in shareholder engagement[122]. - The largest shareholder, Shanghai Jinjiang Capital Co., Ltd., holds 66,556,270 shares, representing 50.21% of the total shares[125]. - The controlling shareholder is Shanghai Jinjiang Capital Co., Ltd., which also holds substantial shares in other listed companies, including 482,007,225 shares in Jinjiang Hotels[128]. Risk Management - The company faces risks including industry volatility due to external events, operational risks related to accounts receivable, and competition from online travel agencies[86]. - The company has not reported any significant issues regarding the integrity of its controlling shareholders or actual controllers[100]. - The company has not encountered any significant accounting errors that would require correction[98]. Employee and Management Structure - The total number of employees in the parent company is 55, while the main subsidiaries employ 654, resulting in a total of 709 employees[144]. - The company has established a salary growth mechanism for its subsidiaries, linking performance rewards to company performance and individual contributions[145]. - The board of directors consists of 3 independent directors, and the audit and risk control committee is chaired by an independent director[150]. Social Responsibility - The company received the "Model for Fulfilling Social Responsibility" award from the China Travel Service Association for its efforts in social responsibility during the pandemic[111]. - The company activated a disaster guarantee mechanism to protect the rights of travelers during the COVID-19 pandemic, showcasing its responsibility as a state-owned enterprise[114]. - The company promotes environmental protection by advocating for responsible tourism practices and implementing a paperless office policy, ensuring no significant environmental violations occurred during the reporting period[118].