神雾节能(000820) - 2020 Q4 - 年度财报

Financial Performance - In 2020, the net profit attributable to shareholders of the listed company was negative, and the operating revenue was below 1 billion RMB[6]. - The company's operating revenue for 2020 was CNY 1,662,522.48, a decrease of 89.75% compared to CNY 16,227,342.49 in 2019[20]. - The net profit attributable to shareholders was CNY -362,986,552.3, an improvement of 82.29% from CNY -2,042,566,079 in the previous year[20]. - The basic earnings per share for 2020 was CNY -0.57, showing an 82.30% increase from CNY -3.21 in 2019[20]. - The company reported a net loss of CNY -2,380,134,658 for the year, which is an 18.00% increase from CNY -1,964,730,819 in 2019[21]. - The company's total assets at the end of 2020 were CNY 13,420,893.22, reflecting a significant decrease of 79.73% from CNY 66,208,282.17 in 2019[20]. - The company has faced continuous net losses for three consecutive years (2018, 2019, and 2020), raising concerns about its ability to continue as a going concern[6]. - The company reported a significant reduction in sales expenses, which fell by 79.67% to ¥1,656,417.81 from ¥8,145,761.72 in 2019[47]. - The total cost of sales for 2020 was ¥8,362,558.35, with a slight increase of 0.00% compared to ¥8,104,804.41 in 2019[43]. Financial Risks and Warnings - As of the end of 2020, the company's net assets were negative, triggering delisting risk warnings from the Shenzhen Stock Exchange[6]. - The company is subject to additional risk warnings due to its financial situation and potential failure of its subsidiary's bankruptcy reorganization[6]. - The company’s stock will be subject to "other risk warnings" as per the stock listing rules due to its financial performance[6]. - The company emphasizes the importance of investor awareness regarding investment risks associated with its future business plans[5]. - The company is facing delisting risk due to negative net profit and revenue below 100 million RMB for the year 2020[74]. - The company is under additional risk warnings due to three consecutive years of negative net profit before non-recurring gains and losses[74]. - The company is at risk of bankruptcy if the restructuring plan fails, as it is the only operating entity[74]. Bankruptcy and Restructuring - The company is currently focusing on the bankruptcy reorganization of its wholly-owned subsidiary, Jiangsu Metallurgical Design Institute Co., Ltd., due to cash flow constraints[31]. - The company has initiated a restructuring process, with a focus on enhancing governance and operational capabilities[73]. - Jiangsu Institute's bankruptcy reorganization plan was approved by Nanjing Intermediate People's Court on April 20, 2021[110]. - Jiangsu Institute applied for bankruptcy reorganization due to severe insolvency, with a debt of CNY 1,421.33 million transferred to the controlling shareholder, Shenwu Group, for repayment[116]. - The debt transfer allows Jiangsu Institute to no longer bear repayment responsibility to creditors, effectively offsetting debts owed to Shenwu Group[117]. Governance and Management - The company has established measures to avoid competition, including potential asset transfers if necessary[90]. - The company has committed to maintaining a complete and independent corporate governance structure[96]. - The company is focusing on improving its corporate governance by increasing the number of independent directors, which may enhance transparency and accountability[169]. - The company has a diverse board with members holding advanced degrees in various fields, including finance, law, and engineering, which may contribute to informed decision-making[170][171][172][173][174][175]. - The company’s management team includes professionals with international education backgrounds, potentially bringing global perspectives to its operations[170][171][172][173][174][175]. Operational Performance and Strategy - The company aims to enhance its operational capabilities in response to the stringent emission standards set by the Ministry of Ecology and Environment, targeting a 60% completion rate for ultra-low emissions transformation in key areas by the end of 2020[66]. - The company aims to leverage its technical advantages and project experience to accelerate the acquisition of new business orders in traditional metallurgical engineering design, targeting a significant market opportunity due to industry upgrades and environmental pressures[67]. - The company is actively pursuing stable revenue through traditional projects and maintaining communication with local state-owned steel enterprises for technical exchanges[68]. - The company is committed to prioritizing the interests of Jiangsu Institute in case of any conflicts arising from industry competition[86]. Compliance and Legal Matters - The company is currently under investigation by the China Securities Regulatory Commission for suspected violations of information disclosure laws[141]. - The company has received administrative penalties related to large prepayments with unclear purposes, requiring corrective measures[114]. - The controlling shareholder has committed to resolving fund occupation issues by repaying through cash or asset disposal by December 30, 2021[115]. Employee and Compensation - The total number of employees in the company is 42, with 2 in the parent company and 40 in major subsidiaries[181]. - The remuneration for directors, supervisors, and senior management was not fully paid during the reporting period due to operational issues[178]. - The company has implemented a salary policy that links income to performance and aims to enhance competitiveness in the talent market[183]. Shareholder and Equity Matters - The company has a total of 296,410,000 shares pledged by Shenwu Technology Group Co., Ltd.[156]. - The company has provided guarantees totaling 22,000 million to its controlling shareholder, Shenwu Group, which accounts for -9.24% of the latest audited net assets[135]. - The company has signed a settlement agreement with its controlling shareholder to resolve guarantee liabilities, which has been approved by the court[191].