ST深天(000023) - 2020 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2020 was CNY 1,783,181,437.28, a decrease of 2.59% compared to CNY 1,830,534,177.08 in 2019[18]. - The net profit attributable to shareholders for 2020 was a loss of CNY 7,954,264.86, representing a decline of 115.65% from a profit of CNY 50,824,576.74 in 2019[18]. - The net cash flow from operating activities decreased by 26.03% to CNY 88,741,854.78 in 2020, down from CNY 119,963,141.71 in 2019[18]. - The total assets at the end of 2020 were CNY 2,328,082,278.56, a decrease of 7.59% from CNY 2,519,404,048.35 at the end of 2019[18]. - The net assets attributable to shareholders decreased by 1.95% to CNY 464,658,671.97 at the end of 2020, compared to CNY 473,886,318.81 at the end of 2019[18]. - The basic earnings per share for 2020 was CNY -0.0573, a decline of 115.65% from CNY 0.3663 in 2019[18]. - The weighted average return on net assets was -1.70% in 2020, down from 11.12% in 2019, indicating a significant decline in profitability[18]. - The company reported a significant increase in non-operating losses, leading to a negative net profit after deducting non-recurring gains and losses[19]. - The company has indicated uncertainty regarding its ability to continue as a going concern due to negative net profits in recent years[19]. Revenue and Sales - In 2020, the company's concrete business revenue decreased by 8.51% compared to the previous year due to the impact of COVID-19 and price declines[28]. - The industrial segment accounted for 83.67% of total revenue, with a revenue of approximately CNY 1.49 billion, down 8.51% from the previous year[58]. - The real estate segment saw a significant increase in revenue, rising by 51.98% to approximately CNY 266 million, representing 14.93% of total revenue[58]. - The concrete production volume for the year was 2.92 million cubic meters, a decrease of 2.99% from 3.01 million cubic meters in 2019[39]. - The sales volume and production volume of ready-mixed concrete decreased by 2.99% year-on-year, totaling 292,000 cubic meters in 2020[54]. Cost Management and Operational Efficiency - The company is focusing on cost management and technological innovation to mitigate the impact of rising raw material costs[39]. - The company is actively pursuing new station construction and production upgrades to enhance operational efficiency and brand reputation[39]. - Management expenses decreased by 32.42% to 6,538 million yuan, while sales expenses fell by 7.08% to 1,071 million yuan[37]. - The company faced challenges due to a decline in concrete sales prices and an increase in expected credit risk, leading to significant credit impairment losses[36]. Investments and Projects - The company has made significant progress in its real estate projects, with the Lianyungang Tiandi International Mansion project continuing its development and sales[29]. - The company’s land resource reserves are primarily concentrated in first-tier cities, providing a strong foundation for sustainable development in real estate[32]. - The company is actively investing in technology research to enhance its product innovation capabilities, particularly in high-performance concrete and special technical requirements[31]. - The company achieved a 100% reduction in construction in progress, as concrete projects reached a state of readiness for use[30]. Legal and Compliance Issues - The company is involved in multiple ongoing litigation cases, with amounts involved including 137.22万元 and 917.4万元, both of which are still pending resolution[141]. - The company has ongoing labor disputes with amounts ranging from 10.54万元 to 145万元, all currently in various stages of litigation[142]. - The company is actively managing its legal risks, with several cases still in progress and some already settled[141]. - The company has reported a total of 5 ongoing labor disputes, indicating a need for improved employee relations strategies[142]. Dividend Policy - The company plans not to distribute cash dividends or issue bonus shares for the year[5]. - The company reported a net profit attributable to shareholders of RMB -7.95 million for 2020, resulting in no cash dividends being distributed for the year[125]. - The company did not propose any cash dividend distribution plan for the reporting period despite having positive distributable profits[128]. - The total cash dividends distributed over the last three years were RMB 9.68 million, with a significant drop in 2020 due to negative profits[128]. Environmental Responsibility - The company emphasizes its commitment to social responsibility by promoting green building materials and ensuring product quality through strict quality management systems[171]. - The company maintained compliance with environmental regulations, achieving zero incidents of exceeding pollution discharge limits throughout the year[182]. - The company has invested in environmental protection initiatives, including pollution control and the maintenance of environmental facilities[186]. - The company has established an emergency response plan for environmental pollution incidents, enhancing its management mechanisms[185]. Future Strategies - The company plans to enhance its concrete production capacity through technological upgrades and industry consolidation, aiming to improve operational quality and increase gross margins in the concrete sector[100]. - Future strategies include expanding the concrete industry scale by promoting green high-performance concrete and utilizing market tools for mergers and acquisitions[104]. - The real estate sector will focus on developing existing projects, accelerating project development speed, and increasing land reserves in favorable areas to ensure sustainable growth[105]. - The company aims to diversify its real estate projects beyond residential to include commercial and office developments in the future[105].