TJBE(SZ:000695)2021-04-23 16:00Financial Performance - The company's operating revenue for 2020 was ¥535,218,235.66, a decrease of 7.63% compared to ¥579,422,666.76 in 2019[19]. - The net profit attributable to shareholders in 2020 was -¥16,516,156.84, representing a decline of 223.91% from a profit of ¥13,329,548.16 in 2019[19]. - The basic earnings per share for 2020 was -¥0.0743, down 223.83% from ¥0.0600 in 2019[19]. - The weighted average return on equity for the company was -2.82% for the year[36]. - The company reported a significant increase in the net loss from non-recurring gains and losses, with a net profit of -¥15,937,181.59 compared to a profit of ¥10,643,251.28 in 2019, marking a decline of 249.74%[19]. - The company reported a significant decline in revenue due to the COVID-19 pandemic, affecting both upstream suppliers and downstream customers[37]. - The company reported a net profit of ¥74,388,925.34 for 2018, with a distributable profit of ¥13,118,138.64 after accounting for legal reserves and previous undistributed profits[89]. - In 2019, the company faced a net loss of ¥10,795,324.26, resulting in a distributable profit of only ¥2,322,814.38, and did not declare any cash dividends due to financial pressures from the COVID-19 pandemic[90]. - For 2020, the company reported a net loss of ¥16,516,156.84, leading to a negative distributable profit of ¥4,668,700.38, and again did not propose any cash dividends[91]. - The company has not distributed any cash dividends over the past three years, with the cash dividend payout ratio being 0% for 2019 and 2020[92]. Assets and Liabilities - Total assets at the end of 2020 amounted to ¥1,076,730,574.26, an increase of 10.08% from ¥978,123,899.85 at the end of 2019[19]. - The net assets attributable to shareholders decreased by 4.38% to ¥360,737,587.59 from ¥377,253,744.43 in 2019[19]. - The company's total assets included cash and cash equivalents of 56,624,672.2, accounting for 5.26% of total assets, down from 10.96% at the beginning of the year[61]. - Accounts receivable increased to 354,577,178, representing 32.93% of total assets, a slight increase from 32.65% at the beginning of the year[61]. - Inventory rose to 111,578,399, which is 10.36% of total assets, up from 7.98% at the beginning of the year[61]. - Fixed assets amounted to 372,294,018, making up 34.58% of total assets, an increase from 26.02% at the beginning of the year due to the acquisition of property[62]. - Short-term borrowings increased to 83,079,741.7, representing 7.72% of total assets, up from 4.56% at the beginning of the year[62]. - The total value of restricted assets at the end of the reporting period was 303,987,437.06, including cash, receivables, and fixed assets[63]. Cash Flow - The net cash flow from operating activities was -¥64,263,003.29, which is a 263.30% increase in cash outflow compared to -¥17,688,803.07 in 2019[19]. - The net cash flow from operating activities decreased by 263.30%, primarily due to slower customer payments and increased raw material purchases at the end of the period[59]. - The net cash flow from financing activities increased by 45.02%, indicating a higher need for financing due to significant reductions in operating cash flow[57]. - The net increase in cash and cash equivalents was -48,090,913.04, showing an improvement of 55.82% compared to the previous year, as there were no major asset investments this period[58]. - Operating cash flow inflow totaled ¥543,400,103.14, an increase of 3.71% from ¥523,942,818.78 in 2019[56]. Business Operations - The company did not experience any changes in its main business operations or controlling shareholders during the reporting period[18]. - The company highlighted challenges in its operational outlook for 2021, which may impact future performance[6]. - The company’s subsidiary, Haishun Printing, is focusing on smart manufacturing upgrades to enhance operational efficiency and market share[29]. - The company has completed the acquisition of a 51% stake in Haishun Printing, which is expected to strengthen its market position in the packaging printing sector[29]. - The company’s other subsidiary, Xinhua Printing, has obtained all necessary printing qualifications and completed its first major production tasks despite pandemic challenges[37]. - The company is actively enhancing its internal management and talent development to navigate the initial stages of Xinhua Printing's operations[37]. - The company plans to improve its product structure by increasing the proportion of high-margin products and enhancing cost control measures[82]. - The company aims to strengthen the management of Hai Shun Printing and Xinhua Printing to enhance their competitiveness and service capabilities in the market[82]. - The company is focused on becoming a leading enterprise in book and periodical printing in China, ensuring the completion of publishing responsibilities and improving economic returns[84]. Research and Development - Research and development expenses decreased by 26.20% to ¥14,215,689.14 from ¥19,261,713.13 in 2019[54]. - The number of R&D personnel increased to 64, up 6.67% from 60 in 2019[54]. - The company is investing 500 million RMB in R&D for new technologies aimed at improving energy efficiency[97]. Governance and Compliance - The company is committed to improving its internal control systems and investor relations to ensure compliance and transparency[38]. - The company has maintained its accounting firm, Lixin Certified Public Accountants, for the eighth consecutive year, ensuring continuity in its audit processes[104]. - The company has not faced any penalties from securities regulatory authorities for its current and recently departed directors, supervisors, and senior management[198]. - The company has committed to avoiding competition with Tianjin Publishing Group, ensuring no overlap in core business operations[145]. - The company has established a strategic committee, audit committee, and remuneration committee under the new board structure[142]. Social Responsibility - The company donated over 700,000 RMB in cash and materials to the Tianjin Charity Association for pandemic control efforts[131]. - Haishun Printing signed a partnership agreement to donate 100,000 RMB to support poverty alleviation in Gansu Province, along with additional donations of books valued at over 80,000 RMB[132]. - The company actively participated in poverty alleviation consumption initiatives, contributing a total of 10,748.3 RMB to support impoverished areas[133]. - The company has been recognized multiple times as an excellent green printing unit, reflecting its dedication to eco-friendly practices[137]. Market Presence and Future Outlook - The company plans to expand its market presence through strategic partnerships and new product offerings in the coming year[113]. - The company is focused on enhancing its technological capabilities to improve operational efficiency and service delivery[113]. - The company anticipates a continued upward trend in revenue growth for the next fiscal year, driven by increased demand in the market[113]. - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 12% to 15%[98].