BRILLIANT(SZ:000628)2021-04-28 16:00Revenue and Profit Sources - The main source of revenue and profit for the company is the construction industry, which provides stable profits [25]. - The strategic transformation direction established in 2019 focuses on expanding smart city construction, operation, and related services, which has become the second-largest profit source within one year of operation [25]. - The company continues to engage in futures, cabinetry, and hotel businesses, although these contribute a smaller portion of revenue and profit [25]. - The company’s construction and smart city business revenues have shown nearly double growth annually, significantly improving its financial condition [148]. - The company has established capabilities in project implementation and R&D in the smart city sector, which has become its second-largest profit source [148]. Financial Performance - The company's operating revenue for 2020 was ¥5,533,078,836.61, representing a 67.12% increase compared to ¥3,310,871,524.72 in 2019 [27]. - The net profit attributable to shareholders for 2020 was ¥240,838,411.42, a significant increase of 130.33% from ¥104,561,244.93 in 2019 [27]. - The net cash flow from operating activities for 2020 was ¥160,279,652.10, a turnaround from a negative cash flow of ¥243,347,315.69 in 2019, marking a 165.86% improvement [27]. - The total assets at the end of 2020 amounted to ¥8,338,949,498.00, which is a 41.78% increase from ¥5,881,496,980.76 at the end of 2019 [27]. - The basic earnings per share for 2020 was ¥0.765, reflecting a 127.68% increase from ¥0.336 in 2019 [27]. Strategic Initiatives - The company is actively expanding its construction business in Chengdu, focusing on major projects in five industrial functional areas, which is expected to drive future revenue growth [42]. - Beite Construction plans to continue deep involvement in the construction of five major industrial functional zones in Chengdu High-tech Zone and the Xinchuan Innovation Technology Park in 2021 [50]. - The company aims to transform into a high-quality listed company with stable and sustainable profitability, addressing the need for improved core business profitability [148]. - The company plans to enhance its core competitiveness by investing in R&D, particularly in smart city infrastructure, aiming to develop multiple core products by 2021 [155]. Risk Management and Compliance - The company emphasizes the importance of risk management and has outlined potential risks and countermeasures in its future business outlook [8]. - The company’s financial report has been confirmed as true, accurate, and complete by its management team [6]. - The company has established a strong quality control system that complies with ISO9001 certification requirements, ensuring effective project quality management without major quality accidents during the reporting period [54]. - The company has committed to ensuring that its directors and senior management will faithfully and diligently perform their duties, safeguarding the legitimate rights and interests of the company and all shareholders [175]. Investment and Financing - The company has expanded its financing capabilities by increasing credit limits with banks and completing a private placement of shares to supplement working capital, ensuring operational funding needs [54]. - The total amount of funds raised in 2020 was CNY 268.56 million, with CNY 90 million used to supplement working capital [134]. - The company intends to utilize capital markets for refinancing and mergers to support its growth strategy, while also enhancing its dividend capacity to reward investors [151]. Construction Projects and Operations - The company has 48 ongoing EPC projects with a total project amount of ¥15,362,601,529.60, with cumulative recognized revenue of ¥4,215,824,474.50 and an uncompleted portion amounting to ¥9,878,305,369.17 [95]. - The company reported a significant increase in accounts receivable, with balances reaching ¥48,054.47 for the completed projects [101]. - The company’s construction projects are primarily focused on civil engineering and design, with a significant portion of revenue tied to government contracts [104]. - Total construction costs for 2020 amounted to ¥4,160,227,234.46, representing 84.14% of operating costs, a decrease of 13.35% compared to 2019 [107]. Shareholder and Dividend Information - The company has a total of 352,280,000 shares, with a proposed cash dividend of 1.17 yuan per 10 shares (including tax) for all shareholders [8]. - The total cash dividend amount for 2020 accounted for 100% of the distributable profit of 41,603,740.77 CNY [167]. - The company did not distribute any stock dividends or increase capital reserves during the reporting period [166]. Partnerships and Collaborations - The company has established long-term stable partnerships with large state-owned enterprises and industry leaders, enhancing its competitive edge despite being smaller in scale compared to major construction firms [51]. - Beizhi Intelligent has established strategic partnerships with well-known companies like Beijing SuperMap Software and New H3C, enhancing market expansion and technology collaboration [83]. Challenges and Future Outlook - The company faces challenges in matching talent and management with its rapid business growth, particularly in the smart city sector [148]. - The company will continue to optimize and dispose of non-core businesses and assets to improve its asset structure and focus on its main business [155].