高鸿股份(000851) - 2020 Q4 - 年度财报

Important Notes, Table of Contents, and Definitions This section provides important disclaimers, the report's table of contents, and definitions of key terms used throughout the document Important Notes The company's Board of Directors, Supervisory Board, and all senior management ensure the truthfulness, accuracy, and completeness of this annual report's content and assume corresponding legal responsibilities; all directors attended the review meeting; the company details potential operating risks and response strategies in this report and explicitly states no cash dividends, bonus shares, or capital reserve conversions to share capital for the current year - The company's Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the report content and assume legal responsibility[5] - The company plans not to distribute cash dividends, issue bonus shares, or convert capital reserves to share capital for the year 2020[6] Company Profile and Key Financial Indicators This section outlines the company's fundamental information, including its business history, and presents a comprehensive overview of its key financial performance metrics Company Basic Information This chapter provides the company's basic business registration information, contact details, information disclosure channels, and the history of its main business and controlling shareholder changes since listing; after asset restructuring in 2003, the company's main business shifted to communication network products and system integration, and its controlling shareholder changed to China Academy of Telecommunication Research Co., Ltd., remaining unchanged to date - The company's legal representative is Fu Jinglin, with its registered address in Gui'an New Area, Guizhou Province, and its office address in Haidian District, Beijing[25] - Since its restructuring in 2003, the company's controlling shareholder changed to China Academy of Telecommunication Research Co., Ltd., and has remained unchanged since then[30] Key Accounting Data and Financial Indicators In 2020, the company's operating performance significantly declined, with operating revenue decreasing by 38.49% year-over-year, and net profit attributable to shareholders of the listed company turning from profit to loss, a substantial 626.08% year-over-year decrease to -122 million CNY; although non-recurring net profit remained negative, the loss narrowed by 21.72% year-over-year; net cash flow from operating activities, while still negative, significantly improved by 73.10% compared to the previous year 2018-2020 Key Financial Indicators | Indicator | 2020 | 2019 | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue (CNY) | 7.02 billion | 11.41 billion | -38.49% | | Net Profit Attributable to Shareholders of the Listed Company (CNY) | -121.61 million | 23.12 million | -626.08% | | Net Profit Attributable to Shareholders of the Listed Company After Deducting Non-Recurring Gains and Losses (CNY) | -196.38 million | -250.88 million | 21.72% | | Net Cash Flow from Operating Activities (CNY) | -208.32 million | -774.32 million | 73.10% | | Basic Earnings Per Share (CNY/share) | -0.1380 | 0.0262 | -626.72% | | Weighted Average Return on Net Assets | -3.75% | 0.70% | -4.45% | | Total Assets (CNY) | 9.999 billion | 9.33 billion | 7.16% | | Net Assets Attributable to Shareholders of the Listed Company (CNY) | 3.17 billion | 3.32 billion | -4.72% | 2020 Quarterly Key Financial Indicators (Unit: CNY) | Indicator | Q1 | Q2 | Q3 | Q4 | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 850.69 million | 1.79 billion | 1.34 billion | 3.03 billion | | Net Profit Attributable to Shareholders of the Listed Company | -59.06 million | -23.73 million | -30.46 million | -8.36 million | - Total non-recurring gains and losses for 2020 amounted to 74.77 million CNY, primarily from government subsidies and other non-operating income and expenses[40] Business Overview This section details the company's primary business segments, significant asset changes, and core competitive advantages Primary Businesses During the Reporting Period During the reporting period, the company primarily focused on three major business segments: industry enterprise, information services, and IT sales; the industry enterprise segment focuses on intelligent connected vehicles, cloud computing, and intelligent manufacturing, providing core technology products and solutions; the information services segment covers internet marketing, artificial intelligence, IDC, and mobile information services; the IT sales segment mainly deals with IT products and small home appliance sales and related services - Industry Enterprise Segment: Based on core technologies such as intelligent connected vehicles and trusted computing, it provides products and solutions for areas like intelligent connected vehicles, cloud computing, and intelligent manufacturing, and offers software development and system integration services to government and telecom clients[43] - Information Services Segment: Primarily includes internet marketing, artificial intelligence products, IDC data centers, mobile information, and mobile media businesses[43] - IT Sales Segment: Core business involves selling IT products from brands like Lenovo and Asus to major clients such as Suning and JD.com, and expanding into small home appliance brand sales[46] Significant Changes in Major Assets During the reporting period, the company's major assets underwent significant changes; fixed assets increased by 65.30%, primarily due to the conversion of subsidiary-developed products to self-use and the completion and capitalization of IDC machine rooms; construction in progress surged over 800 times, as a subsidiary reclassified a large amount of properties under construction to self-held; cash and cash equivalents increased by 96.61%, stemming from the receipt of project investment funds, compensation, and new borrowings Significant Changes in Major Assets Explanation | Major Asset | Change | Explanation | | :--- | :--- | :--- | | Fixed Assets | Increased 65.30% | Subsidiary-developed products converted to self-use and IDC machine rooms completed and capitalized | | Construction in Progress | Increased 80028.52% | Subsidiary transferred properties under construction originally classified as inventory to construction in progress | | Cash and Cash Equivalents | Increased 96.61% | Received project investment funds, compensation, and new borrowings | | Other Receivables | Decreased 66.21% | Received project investment funds and compensation | Core Competitiveness Analysis The company's core competitiveness is reflected in its three major business segments; the industry enterprise segment holds multiple Class A/Level 1 qualifications, is one of the main developers of domestic intelligent connected vehicle technical standards, and possesses technological and market advantages in trusted computing and broadcast BSS/OSS systems; the information services segment holds cross-regional IDC licenses and a talent pool for integrated innovation; the IT sales segment has significant channel advantages and stable strategic partnerships in Jiangsu Province's 3C retail market - Industry Enterprise Segment: - Possesses multiple high-level qualifications, including Class A for confidential information system integration and Level 1 for security engineering - As one of the main developers of domestic intelligent connected vehicle technical standards (e.g., LTE-V), it owns a series of C-V2X core products and has widely deployed them in multiple demonstration zones - Has deep accumulation in the broadcast BSS/OSS system field, with its intelligent customer service system holding over 90% market share[48][50] - Information Services Segment: - Holds cross-regional IDC operating licenses in Beijing and Shanghai - Possesses an integrated and innovative talent team spanning the internet and communication industries[51] - IT Sales Segment: - Holds channel advantages in Jiangsu Province's 3C retail market, having established long-term strategic partnerships with terminal retailers like Suning and JD.com[52] Management Discussion and Analysis This section provides an in-depth analysis of the company's operational performance, financial position, and investment activities during the reporting period, along with future outlook Overview In 2020, affected by the pandemic and industry competition, the company faced significant operating pressure, with full-year operating revenue decreasing by 38.49% year-over-year, and net profit attributable to the parent company turning into a loss of 122 million CNY; the company actively responded by focusing on its core business and optimizing its industrial structure, particularly expanding its intelligent connected vehicle and internet marketing businesses; starting from the fourth quarter, the effects of business transformation gradually became apparent, and performance improved 2020 Key Operating Data | Indicator | Amount (CNY) | YoY Change | | :--- | :--- | :--- | | Operating Revenue | 7.02 billion | -38.49% | | Net Profit Attributable to Parent Company | -121.61 million | -626.08% | | Net Profit After Deducting Non-Recurring Gains and Losses | -196.38 million | 21.72% | - The company's intelligent connected vehicle business achieved significant progress, making breakthroughs in national pilot zones like Tianjin, Changsha, and Chongqing, leading in roadside unit (RSU) market share, and becoming the exclusive supplier of Baidu's autonomous driving V2X modules[56] - The IT sales business adopted a build-to-order model to avoid inventory buildup, actively expanded small home appliance sales, and maintained business scale and supply chain stability[61] Main Business Analysis This chapter provides a detailed analysis of the company's main business revenue and cost structure, expense changes, R&D investment, and cash flow status; IT sales business remains the primary revenue source but significantly declined by 45.07% year-over-year; the information services business has the highest gross profit margin (51.64%) and increased by 25.64 percentage points year-over-year; the company significantly increased R&D investment, growing by 86.67% year-over-year, primarily directed towards intelligent connected vehicle projects; although operating cash flow was a net outflow, its condition significantly improved compared to the previous year 2020 Operating Revenue Composition (By Industry) | By Industry | Operating Revenue (CNY) | Operating Cost (CNY) | Gross Margin | Operating Revenue YoY Change | | :--- | :--- | :--- | :--- | :--- | | Industry Enterprise Business | 1.86 billion | 1.60 billion | 13.83% | -11.03% | | Information Services Business | 137.99 million | 66.74 million | 51.64% | -34.87% | | IT Sales Business | 4.95 billion | 4.86 billion | 1.81% | -45.07% | 2020 Major Expense Changes | Expense Item | 2020 (CNY) | 2019 (CNY) | YoY Change | Significant Change Explanation | | :--- | :--- | :--- | :--- | :--- | | Selling Expenses | 144.17 million | 182.24 million | -20.89% | Market expansion affected by the pandemic, leading to decreased sales service fees and advertising expenses | | R&D Expenses | 123.48 million | 66.15 million | 86.67% | Increased R&D investment, especially for intelligent connected vehicle projects | 2020 R&D Investment Status | Indicator | 2020 | 2019 | Change Percentage | | :--- | :--- | :--- | :--- | | R&D Expenditure (CNY) | 199.39 million | 119.03 million | 67.51% | | R&D Expenditure as % of Revenue | 2.84% | 1.04% | 1.80% | 2020 Cash Flow Statement Key Data | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | YoY Change | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -208.32 million | -774.32 million | 73.10% | | Net Cash Flow from Investing Activities | 260.15 million | 519.33 million | -49.91% | | Net Cash Flow from Financing Activities | 417.30 million | -950.28 million | 143.91% | | Net Increase in Cash and Cash Equivalents | 469.08 million | -1.21 billion | 138.92% | Analysis of Assets and Liabilities As of the end of 2020, the company's total assets were 9.999 billion CNY, an increase of 7.16% year-over-year; the asset structure underwent significant changes, with construction in progress substantially increasing due to properties being reclassified as self-held, and cash and cash equivalents nearly doubling due to increased collections and borrowings; on the liability side, short-term borrowings increased by 4.21 percentage points to 18.27% to meet business working capital needs; some of the company's assets are restricted, with a total value of approximately 641 million CNY Balance Sheet Major Item Changes | Item | 2020 Year-End Amount (CNY) | % of Total Assets | Change from Year-Start | Significant Change Explanation | | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 1.10 billion | 11.01% | Increased 96.61% | Received project investment funds, compensation, and new borrowings | | Construction in Progress | 650.91 million | 6.51% | Increased 80028.52% | Subsidiary transferred properties under construction originally classified as inventory to construction in progress | | Short-term Borrowings | 1.83 billion | 18.27% | Increased 39.24% | Increased bank borrowings to meet business working capital needs | - As of the end of the reporting period, the book value of the company's restricted assets totaled 641 million CNY, primarily including construction in progress, investment properties pledged for borrowings, and restricted cash and cash equivalents such as deposits[96] Investment Status During the reporting period, the company's investment amount significantly increased by 8636.94% to 549 million CNY; equity investments primarily involved capital injections into existing subsidiaries to support business development and the establishment of new subsidiaries to expand regional markets, such as setting up technology companies in Chongqing, Anhui, and Fujian; non-equity investments focused on industrial park construction and intelligent connected vehicle projects, such as Huaxi Huigu Industrial Park and Chongqing Shiyu Expressway project - Investment during the reporting period was 549 million CNY, a significant increase of 8636.94% compared to 6.29 million CNY in the same period last year[97] - Significant equity investments included 200 million CNY capital injections into subsidiaries Gaohong Data and Gaohong Dingheng, respectively, and the establishment of new subsidiaries such as Chongqing Gaohong, Anhui Gaohong, and Fujian Gaohong[101] - The 149 million CNY raised in 2016, originally intended for an intelligent warehousing and logistics platform project, was terminated due to market changes; the remaining 146 million CNY was permanently used to supplement working capital and has been fully utilized during the reporting period[109][111][114] Outlook on Company's Future Development The company looks to the future, believing that national investment in new infrastructure (5G, industrial internet, intelligent connected vehicles) will bring significant development opportunities; the company's strategic goal is to become a vital force in new smart city construction, focusing on intelligent connected vehicles, industrial internet, and big data centers; the company will leverage its advantages in intelligent connected vehicle standard setting and trusted computing technology, while also recognizing deficiencies in talent reserves and the profitability of some businesses; facing macroeconomic, market uncertainty, financial, and management risks, the company has formulated corresponding response strategies, such as seizing new infrastructure opportunities, expanding global markets, and optimizing financing structure - Development Opportunities: The nation's increased investment in new infrastructure such as 5G, artificial intelligence, industrial internet, IoT, and smart cities presents significant development opportunities for the company's intelligent connected vehicle and intelligent manufacturing industries[135] - Development Strategy: The company's strategic goal is to become a vital force in new smart city construction, empowering government, enterprises, public welfare, and social governance, with a focus on new infrastructure (intelligent connected vehicles, industrial internet, big data centers)[150] - 2021 Operating Plan: - Intelligent Connected Vehicles: Continuously conduct NR-V2X and LTE-V2X technical standard research, promoting the integration of smart transportation solutions - Intelligent Manufacturing: Achieve breakthroughs in key industrial internet platform technologies, such as ultra-high-speed storage and IoT rule engines - Trusted Computing: Focus on R&D and market expansion around domestic platforms and power industry applications[154] - Major Risks and Responses: - Macroeconomic Risk: Mitigate risk by seizing national new infrastructure investment opportunities - Market Risk: The intelligent connected vehicle business model is immature; this will be offset by expanding pilot projects and global operations; trusted computing has low customer acceptance, which will be addressed by expanding technical routes and application areas - Financial Risk: Strengthen collection management and optimize financing structure - Management Risk: Optimize decision-making processes and introduce professional talent[158] Significant Matters This section covers crucial events and decisions, including profit distribution, major subsidiary performance, related party transactions, and other significant corporate actions Profit Distribution and Capital Reserve Conversion to Share Capital for Ordinary Shares The company's 2020 profit distribution plan is to not distribute cash dividends, issue bonus shares, or convert capital reserves to share capital; reviewing the past three years, the company only implemented a cash dividend plan of 0.2 CNY per 10 shares in 2019, with no profit distribution in 2018 and 2020 - The company plans no profit distribution for 2020, no cash dividends, no bonus shares, and no conversion of capital reserves to share capital[168][169] Analysis of Major Holding and Participating Companies This chapter discloses the operating performance of the company's major holding and participating companies; among them, Beijing Datang Gaohong Data Network Technology Co., Ltd. and Jiangsu Gaohong Dingheng Information Technology Co., Ltd. are the main profit contributors, with net profits of 17.98 million CNY and 26.20 million CNY, respectively; Datang Fusion Communication Co., Ltd. and Gaohong Hengchang Technology Co., Ltd. incurred significant losses, with net profits of -28.74 million CNY and -26.42 million CNY, respectively Major Subsidiary 2020 Operating Performance (Unit: CNY) | Company Name | Operating Revenue | Operating Profit | Net Profit | | :--- | :--- | :--- | :--- | | Beijing Datang Gaohong Data Network Technology Co., Ltd. | 3.24 billion | 15.36 million | 17.98 million | | Jiangsu Gaohong Dingheng Information Technology Co., Ltd. | 2.22 billion | 35.25 million | 26.20 million | | Datang Fusion Communication Co., Ltd. | 737.08 million | -39.88 million | -28.74 million | | Gaohong Hengchang Technology Co., Ltd. | 767.13 thousand | -26.42 million | -26.42 million | Significant Related Party Transactions During the reporting period, the company engaged in multiple daily operating-related purchase and sales transactions with related parties; among these, the largest procurement was for labor services from Datang Fusion Information Service Co., Ltd., amounting to 71.44 million CNY; the largest sale was goods to Guotang Automobile Co., Ltd., totaling 60.11 million CNY; additionally, the company applied for loans totaling 555 million CNY from related parties such as Datang Telecom Technology Industry Holdings Co., Ltd - Among daily operating related party transactions, the largest procurement was for labor services from Datang Fusion Information Service Co., Ltd., amounting to 71.44 million CNY; the largest sale was goods to Guotang Automobile Co., Ltd., totaling 60.11 million CNY[228][234] - During the reporting period, the company applied for loans totaling 555 million CNY from related parties Datang Telecom Technology Industry Holdings Co., Ltd. and China Academy of Telecommunication Research Co., Ltd[248] Other Significant Matters During the reporting period, the company completed several significant matters; the company relinquished part of its indirect equity in the 'Datang Gaohong Scientific Research and Industrial Development Base Project' and has received the full 950 million CNY in debt repayment and compensation; the company completed the re-election of independent directors; furthermore, the company initiated a non-public offering of shares plan for no more than 1.25 billion CNY, which has been accepted by the CSRC; the company also injected a total of 400 million CNY into two core subsidiaries and changed its registered address - The company relinquished part of its indirect equity in the 'Datang Gaohong Scientific Research and Industrial Development Base Project' and has received the full 950 million CNY in debt repayment and compensation[303] - The company initiated a non-public offering of shares plan for 2020, intending to raise no more than 1.25 billion CNY, with the application accepted and approved by the China Securities Regulatory Commission[304] - The company injected 200 million CNY each into its wholly-owned subsidiaries Gaohong Data and Gaohong Dingheng to support business development[307] Share Changes and Shareholder Information This section details changes in the company's share capital structure, provides an overview of its shareholder base, and identifies the controlling shareholder and ultimate beneficial owner Share Change Status During the reporting period, the company's total share capital of 907,629,867 shares remained unchanged; the share structure changed, with restricted shares decreasing by 7,783,584 shares due to the listing of shares from equity division reform, the lifting of restrictions on non-publicly issued shares, and the departure of senior executives; correspondingly, unrestricted shares increased by the same amount - During the reporting period, the total share capital of 907,629,867 shares remained unchanged, with restricted shares decreasing by 7.78 million shares and converting to unrestricted shares[314] Shareholders and Actual Controller Information As of the end of the reporting period, the total number of ordinary shareholders was 73,852; the controlling shareholder is China Academy of Telecommunication Research Co., Ltd., with a 12.81% stake; the actual controller is the State-owned Assets Supervision and Administration Commission of the State Council; among the top ten shareholders, besides the controlling shareholder and its concerted parties, the rest are natural person shareholders Top Ten Shareholder Holdings | Shareholder Name | Shareholder Type | Shareholding Percentage | Shares Held at Period-End | | :--- | :--- | :--- | :--- | | China Academy of Telecommunication Research Co., Ltd. | State-owned Legal Entity | 12.81% | 116.24 million | | Zeng Dongwei | Domestic Natural Person | 1.35% | 12.22 million | | Ma Shilie | Domestic Natural Person | 0.67% | 6.07 million | | Chen Guangnan | Domestic Natural Person | 0.48% | 4.38 million | | Liu Wentao | Domestic Natural Person | 0.47% | 4.25 million | | Datang Gaoxin Venture Capital Co., Ltd. | State-owned Legal Entity | 0.45% | 4.05 million | | Ye Jun | Domestic Natural Person | 0.44% | 4.00 million | | Liu Xuchun | Domestic Natural Person | 0.44% | 3.96 million | | Zhang Shengjun | Domestic Natural Person | 0.42% | 3.86 million | | Zhou Shu | Domestic Natural Person | 0.41% | 3.73 million | - The company's controlling shareholder is China Academy of Telecommunication Research Co., Ltd., and the actual controller is the State-owned Assets Supervision and Administration Commission of the State Council[323][327] Directors, Supervisors, Senior Management, and Employees This section provides information on the company's board, supervisory board, senior management, including their shareholdings and changes, as well as a profile of the overall employee structure Changes in Shareholdings of Directors, Supervisors, and Senior Management During the reporting period, the total number of shares held by current and former directors, supervisors, and senior management did not change, totaling 3,656,116 shares at period-end; the company completed the re-election of its board of directors and appointed a new deputy general manager during the reporting period - During the reporting period, there were no changes in the shareholdings of directors, supervisors, and senior management, with a total of 3,656,116 shares held at period-end[338][341] - The company completed its board re-election, appointed new independent directors, and appointed Mr. Bi Haizhou as Deputy General Manager; some directors and Deputy General Manager Mr. Hou Yucheng resigned due to the expiration of their terms[342] Company Employee Information As of the end of the reporting period, the company had a total of 1,173 active employees; in terms of professional composition, technical and sales personnel are the main groups, accounting for 43.14% and 40.32% respectively; regarding educational background, employees with bachelor's degrees or higher account for over 77%, with master's and doctoral degrees accounting for approximately 20%; the company's remuneration policy is based on job value combined with performance appraisal, and it continuously provides employee training through a combination of online and offline methods Employee Professional Category | Professional Category | Number of Employees | | :--- | :--- | | Production Personnel | 0 | | Sales Personnel | 473 | | Technical Personnel | 506 | | Financial Personnel | 66 | | Administrative Personnel | 83 | | Management Personnel | 45 | | Total | 1,173 | Corporate Governance This section describes the company's governance framework, its adherence to regulatory requirements, and the effectiveness of its internal control systems Overview of Corporate Governance The company strictly adheres to the requirements of laws and regulations such as the 'Company Law' and 'Securities Law', maintaining a sound and standardized corporate governance structure; the company is completely separate from its controlling shareholder in terms of business, personnel, assets, organization, and finance, maintaining independent operating capabilities; during the reporting period, there were no significant differences between the company's actual corporate governance status and the relevant regulations of the China Securities Regulatory Commission - The actual corporate governance status of the company does not materially differ from the normative documents on corporate governance for listed companies issued by the China Securities Regulatory Commission[373] - The company is completely separate from its controlling shareholder in terms of business, personnel, assets, organization, and finance, possessing independent and complete business operations and autonomous operating capabilities[374] Internal Control Status The company conducted a self-assessment of its internal controls, and Zhong Shen Asia Pacific Certified Public Accountants issued a standard unqualified audit opinion on internal controls; the report concluded that as of December 31, 2020, the company maintained effective internal controls over financial reporting in all material respects; the total assets and operating revenue of the units included in the evaluation scope accounted for 88.31% and 96.69% of the consolidated statements, respectively; no material weaknesses in internal control were identified during the reporting period - The accounting firm issued a standard unqualified audit opinion on the company's internal control over financial reporting for 2020[395] - No material weaknesses or significant deficiencies related to financial or non-financial reporting were identified during the reporting period[389][394] Financial Report This section presents the independent auditor's report and the company's complete audited financial statements, including balance sheets, income statements, and cash flow statements Audit Report Zhong Shen Asia Pacific Certified Public Accountants issued a standard unqualified audit opinion on the company's 2020 financial statements; the auditors believe that the financial statements fairly reflect the company's financial position and operating results; key audit matters include goodwill impairment, allowance for doubtful accounts, and revenue recognition, for which the auditors have performed sufficient audit procedures - The audit opinion is a standard unqualified opinion[401] - Key audit matters include: - Goodwill Impairment: Considered a key audit matter due to the significant judgments and assumptions involved in future cash flow projections for impairment testing - Allowance for Doubtful Accounts: Accounts receivable constitute a high proportion of total assets (38.72%), and determining the allowance for doubtful accounts requires significant management judgment and estimation - Revenue Recognition: Revenue is a key performance indicator, and there is an inherent risk of management manipulating the timing of revenue recognition[404][407][411][416] Financial Statements This chapter provides the company's consolidated and parent company financial statements for 2020, including the balance sheet, income statement, cash flow statement, and statement of changes in owners' equity, accompanied by detailed accounting policies, accounting estimates, and notes to the financial statement items Consolidated Balance Sheet Summary (December 31, 2020) | Item | Period-End Balance (CNY) | Year-Start Balance (CNY) | | :--- | :--- | :--- | | Total Assets | 9.999 billion | 9.33 billion | | Total Liabilities | 6.31 billion | 5.42 billion | | Total Equity Attributable to Parent Company Owners | 3.17 billion | 3.32 billion | Consolidated Income Statement Summary (2020) | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Total Operating Revenue | 7.02 billion | 11.41 billion | | Total Operating Costs | 7.11 billion | 11.54 billion | | Total Profit | -135.95 million | 33.76 million | | Net Profit | -139.86 million | 20.54 million | | Net Profit Attributable to Parent Company Shareholders | -121.61 million | 23.12 million | Consolidated Cash Flow Statement Summary (2020) | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -208.32 million | -774.32 million | | Net Cash Flow from Investing Activities | 260.15 million | 519.33 million | | Net Cash Flow from Financing Activities | 417.30 million | -950.28 million | | Net Increase in Cash and Cash Equivalents | 469.08 million | -1.21 billion |