CBC(SZ:000017)2020-04-27 16:00Financial Performance - The company's operating revenue for 2019 was ¥76,022,687.75, a decrease of 36.60% compared to ¥119,906,950.34 in 2018[23]. - The net profit attributable to shareholders for 2019 was -¥7,186,905.64, representing a 351.45% increase in losses compared to -¥1,591,968.91 in 2018[23]. - The net cash flow from operating activities was -¥13,791,941.34, worsening by 45.49% from -¥9,479,474.16 in 2018[25]. - The basic earnings per share for 2019 was -¥0.0130, a decline of 348.28% from -¥0.0029 in 2018[25]. - Total assets at the end of 2019 were ¥62,733,602.58, down 14.35% from ¥73,242,960.17 at the end of 2018[25]. - The net assets attributable to shareholders decreased by 50.24% to ¥7,119,396.30 from ¥14,306,301.94 in 2018[25]. - The company reported a significant increase in losses in 2019, indicating ongoing financial challenges[23]. - The company achieved a revenue of 76,022,687.75 CNY in 2019, a decrease of 36.60% compared to the previous year[43]. - The net profit for the year was -7,813,881.65 CNY, representing a 315.52% increase in losses year-over-year[43]. - Cash and cash equivalents decreased by 67.15% to 6,074,367.91 CNY, primarily due to tax payments and investments in new business[43]. - The net increase in cash and cash equivalents was -¥10,414,518.35 in 2019, a 287.39% decline from -¥2,688,389.92 in 2018[68]. Business Operations and Strategy - The company has expanded its business into the jewelry and gold supply chain sector, establishing a joint venture with Shenzhen Diamond Gold Jewelry Co., Ltd. with an investment of CNY 6.5 million, where the company holds a 65% stake[36]. - The company aims to improve its market expansion, product development, and e-commerce sales to enhance its competitive edge in the bicycle industry[36]. - The company plans to raise up to CNY 45 million through a non-public offering of A-shares to enhance its operational strength and development potential[38]. - The company is focusing on e-commerce transformation and optimizing product structure in response to market challenges[41]. - The company plans to enhance the development of mid-to-high-end bicycles and smart accessories, focusing on quality control and supplier management[89]. - The company aims to expand its e-commerce retail business, improving sales capabilities on major platforms and enhancing brand visibility[89]. - The jewelry supply chain business will focus on expanding procurement and sales channels, particularly in the Pearl River Delta region[89]. Research and Development - Research and development expenses increased to 2,753,277.72 CNY, reflecting a focus on enhancing bicycle and lithium battery material business[43]. - R&D personnel increased to 15 in 2019 from 7 in 2018, a growth of 114.29%[65]. - R&D investment amounted to ¥2,753,277.72 in 2019, up 207.82% from ¥894,440.42 in 2018[65]. - R&D investment accounted for 3.62% of operating revenue in 2019, compared to 0.75% in 2018, a change of 2.87%[65]. Shareholder and Governance - The company plans not to distribute cash dividends or issue bonus shares[7]. - Over the past three years, the company has not distributed any cash dividends, with a consistent cash dividend payout ratio of 0.00%[100]. - The company has no controlling shareholder or actual controller, with the largest shareholder being Shenzhen Guosheng Energy Investment Development Co., Ltd. since 2011[165][169]. - The company has no significant changes in shareholding or shareholder structure reported[146]. - The total remuneration paid to directors, supervisors, and senior management for the year 2019 amounted to 1.4397 million yuan[200]. - The company has independent directors, including Song Xishun, who received 47,600 yuan in remuneration[200]. Risks and Challenges - The company has faced a continuous decline in net profit for two consecutive years, leading to a delisting risk warning for its stock[6]. - The bicycle industry faces challenges from rising costs and intense competition, but also opportunities from new national standards and e-commerce[87]. - The company has not disclosed any new product developments or market expansion strategies in the report[20]. Financial Management - The company has made changes to its accounting policies, including the separation of accounts receivable and notes receivable, impacting the reported amounts in the financial statements[107]. - The company reported a credit impairment loss of ¥-2,533,065.87 for the fiscal year 2019[111]. - The company incurred audit fees of ¥450,000 for the domestic accounting firm Tianzhi International Accounting Firm[117]. - The company has no major litigation or arbitration matters during the reporting period[121].