Jidong Equipment(SZ:000856)2021-03-22 16:00Financial Performance - The company's operating revenue for 2020 was ¥2,652,227,344.31, an increase of 4.16% compared to ¥2,546,400,307.04 in 2019[18]. - The net profit attributable to shareholders decreased by 81.02% to ¥4,480,745.28 from ¥23,611,962.97 in the previous year[18]. - The basic earnings per share dropped by 81.06% to ¥0.0197 from ¥0.1040 in 2019[18]. - The company reported a net profit of -¥8,198,841.35 after deducting non-recurring gains and losses, an improvement of 4.64% from -¥8,597,664.24 in 2019[18]. - The company reported a net profit of CNY 584,524 for the year 2020, with a total distributable profit of CNY -356,745,692.76, resulting in no profit distribution or capital reserve increase[84]. - In 2019, the company achieved a net profit of CNY 17,920,181.14, leading to a total distributable profit of CNY -357,330,216.76, and similarly did not distribute profits or increase capital reserves[84]. - For 2018, the net profit was CNY 26,570,694.47, with a total distributable profit of CNY -375,250,397.90, resulting in no profit distribution or capital reserve increase[85]. Cash Flow and Assets - The net cash flow from operating activities surged by 1,508.90% to ¥152,970,039.19, compared to ¥9,507,728.57 in 2019[18]. - The total cash inflow from operating activities was ¥2,068,709,754.77, reflecting a year-on-year increase of 26.88%[54]. - The company's cash and cash equivalents increased by 961.95% to ¥75,554,503.87 from ¥7,114,672.76 in the previous year[54]. - Total assets at the end of 2020 were ¥2,487,560,337.56, reflecting a 7.86% increase from ¥2,306,289,386.93 in 2019[18]. - The net assets attributable to shareholders increased by 1.32% to ¥345,204,012.48 from ¥340,723,267.20 in 2019[18]. - The accounts receivable decreased to ¥471,732,542.74, accounting for 18.96% of total assets, down from 27.99% in the previous year[59]. Revenue Breakdown - The revenue from mechanical equipment and spare parts decreased by 15.73% to ¥1,300,162,690.96, accounting for 49.02% of total revenue[39]. - The construction installation segment saw a significant increase of 35.92%, generating ¥766,350,574.57, which is 28.89% of total revenue[39]. - The company reported a 70.15% decline in overseas revenue, which amounted to ¥9,241,297.98, down from ¥30,961,882.96 in the previous year[39]. Research and Development - The company's R&D expenses amounted to ¥22,155,321.55, a decrease of 14.70% compared to ¥25,972,205.06 in the previous year[53]. - The proportion of R&D expenses to operating income decreased to 0.84% from 1.02% in the previous year[53]. - The company aims to enhance its innovation capabilities by focusing on the development of energy-saving, green, and intelligent equipment, aligning with industry standards for technological advancement[78]. - The company has allocated 100 million RMB for research and development in new technologies for sustainable production[159]. Market Strategy and Expansion - The company aims to strengthen market expansion by promoting the second-generation new dry-process cement technology and providing system solutions for resource utilization and environmental protection[29]. - The company plans to expand its market presence in Southeast Asia, targeting a 20% market share by 2025[159]. - The company is actively pursuing market expansion through innovative marketing models and comprehensive service offerings[78]. - The company is adjusting its product structure to emphasize high-tech products such as vertical mills and intelligent electrical cabinets, aiming to enhance product competitiveness[79]. Corporate Governance and Compliance - The company has established a clear and independent governance structure, ensuring compliance with relevant laws and regulations, with no unresolved governance issues reported[175]. - The board of directors consists of more than one-third independent directors, ensuring effective decision-making and compliance with legal requirements[176]. - The company has implemented measures to ensure fair and transparent related-party transactions, with independent directors overseeing these transactions[178]. - The company has maintained a commitment to protecting the rights of minority shareholders, ensuring equal voting rights and transparency in decision-making processes[175]. Employee and Management Structure - The total number of employees in the company is 1,699, with 1,553 from major subsidiaries and 146 from the parent company[169]. - The company implements a performance-based salary system for senior management, linking remuneration to annual performance targets[166]. - The company has maintained a 100% signing rate for labor contracts with employees, ensuring compliance with national labor laws[125]. - The total pre-tax remuneration for directors and senior management during the reporting period amounts to CNY 458.28 million[168]. Risks and Challenges - The company highlighted potential risks and countermeasures in its future development outlook section[5]. - The company faces potential risks in product development and market competition, which may impact profit margins if not managed effectively[79]. Legal and Regulatory Matters - The company is involved in a significant lawsuit with a claim amounting to RMB 36.1966 million, which is still in progress and has not yet been executed[101]. - The company has not faced any penalties or rectification issues during the reporting period[103]. - The company has not experienced any significant accounting errors requiring retrospective restatement during the reporting period[97]. Shareholder Information - The total number of common shareholders at the end of the reporting period was 33,965, an increase from 32,899 at the end of the previous month[135]. - The largest shareholder, Jidong Development Group, holds 30.00% of the shares, totaling 68,099,999 shares[136]. - The controlling shareholder is a local state-owned entity, Jidong Development Group, established on September 16, 1996[138].