HSTD(SH:900942)2021-04-22 16:00Financial Performance - In 2020, the company's operating revenue was CNY 740,843,191.93, a decrease of 53.89% compared to CNY 1,606,740,374.50 in 2019[21]. - The company reported a loss for the year 2020 due to the impact of the COVID-19 pandemic, leading to no cash dividend distribution or capital reserve transfer to share capital[6]. - The net profit attributable to shareholders of the listed company for 2020 was -46,372,731.00 RMB, a decrease of 113.63% compared to the previous year[22]. - The operating cash flow net amount was -1,035,807.49 RMB, reflecting a decrease of 100.24% year-on-year[22]. - Basic earnings per share for 2020 was -0.06 RMB, down 113.04% from 0.46 RMB in 2019[23]. - The total assets at the end of 2020 were 4,893,855,661.57 RMB, a decrease of 1.49% compared to 4,967,778,433.03 RMB in 2019[22]. - The company experienced a 56.8% year-on-year decline in visitor numbers due to the impact of the COVID-19 pandemic, leading to a significant drop in revenue[23]. - The weighted average return on equity decreased by 9.29 percentage points to -1.05% in 2020 from 8.24% in 2019[23]. - The total revenue for the fourth quarter of 2020 was 286,568,297.40 RMB, showing a recovery compared to earlier quarters[26]. - The net profit attributable to shareholders was -46.3727 million yuan, a decrease of 386 million yuan or 113.63% compared to 2019[39]. - Operating revenue for the period was 740.84 million yuan, down 53.89% from 1.607 billion yuan in the previous year[51]. Risk Management - The company has described potential risks in its annual report, which investors should pay attention to[8]. - The company has a comprehensive risk statement included in the annual report[8]. - The company has not violated decision-making procedures for external guarantees[8]. - The company has not reported any significant changes in its stockholder structure[10]. - The company has maintained a consistent governance structure with all board members present at the board meeting[9]. Community Engagement - The company launched various initiatives to support the community, including donations to Wuhan and providing affordable meals for local residents[40]. - The company reported a total of RMB 97 million in consumption poverty alleviation through purchasing local agricultural products[110]. - The company has helped 13 registered impoverished individuals achieve poverty alleviation through various initiatives[112]. - The company has allocated RMB 10 million for an industry development poverty alleviation project[113]. - The company provided RMB 50,000 worth of advertising space to promote local agricultural products[110]. - The company has established a poverty alleviation leadership group to oversee its initiatives[109]. - The company has committed to continue its poverty alleviation efforts in alignment with local government policies[114]. Strategic Initiatives - The company has been actively involved in setting industry standards for scenic area management, enhancing its operational capabilities[31]. - The company is focused on smart tourism development, including the operation of an official tourism platform and online sales of tourism products[33]. - The company is advancing project construction, including the upgrade of the Paiyun Hotel and the development of new tourist facilities[43]. - The company is actively pursuing its "14th Five-Year" development plan to align with new industry trends and enhance its competitive position[44]. - The company aims to build world-class cultural tourism scenic spots and resorts, focusing on the integration of tourism and culture[74]. - The company plans to expand the Huangshan scenic area and enhance cultural tourism offerings, leveraging its location advantages and market reforms[75]. - The company is committed to enhancing its brand and marketing strategies to strengthen the Huangshan tourism brand[75]. Governance and Compliance - The company has a standard unqualified audit report issued by Rongcheng Accounting Firm[5]. - The company has not reported any significant litigation or arbitration matters during the reporting period[95]. - The company continues to engage the same accounting firm for auditing services, maintaining a long-term relationship[94]. - The company has a diverse board with members holding various positions since April 2018, indicating stability in leadership[129]. - The company has maintained a steady executive team with no significant changes in leadership roles during the reporting period[129]. - The company has a structured approach to executive compensation, aligning interests with shareholder value[129]. - The company’s governance structure complies with the requirements of the China Securities Regulatory Commission[141]. Financial Management - The company has a strong capital position as the only state-controlled listed company in Huangshan, allowing for effective resource integration and regional economic development[37]. - The company has completed strategic resource integration around its core scenic areas, enhancing its competitive advantage in the tourism market[35]. - The company approved a daily related party transaction amounting to a maximum of 39.62 million RMB for 2020, with actual transactions totaling approximately 25.01 million RMB[96]. - The company has invested a total of RMB 941 million in wealth management products using its own funds, with no overdue amounts[101]. - The company has also invested RMB 280 million of raised funds in wealth management products, with no overdue amounts[101]. - The company plans to use up to RMB 3 billion of idle raised funds and up to RMB 10 billion of idle self-owned funds for cash management within one year[106]. Market Trends and Future Outlook - The tourism market in China is expected to reach 10 trillion RMB in consumption during the 14th Five-Year Plan period, driven by mass tourism[73]. - The company plans to expand its market presence by targeting post-pandemic consumer needs in wellness and personalized travel, launching new products like the Huashan Leisure Tourism Resort[77]. - The company is focused on enhancing its organizational structure and governance, including the establishment of various committees to improve decision-making processes[79]. - The company is focused on expanding its market presence and enhancing service offerings through new investments and partnerships[195]. - The company plans to continue expanding its market presence and developing new products to enhance growth prospects[190]. Operational Efficiency - The company is focusing on digital transformation and financial management improvements to enhance operational efficiency[45]. - The company implemented a series of market revitalization measures, including launching ticket exemptions for medical staff and promoting themed activities[42]. - The company is investing 50 million in technology upgrades to improve customer experience and operational capabilities[130]. - The company has undergone significant reforms in organizational structure, compensation, assessment, incentive, and internal control systems[142]. - The company has assessed its ability to continue as a going concern and found no issues affecting its sustainability[197].