SOYEA(SZ:000909)2020-05-21 16:00Financial Performance - The company's operating revenue for 2019 was ¥1,105,128,356.15, a decrease of 28.12% compared to ¥1,537,403,748.49 in 2018[16] - The net profit attributable to shareholders for 2019 was ¥27,513,002.79, down 25.48% from ¥36,919,185.33 in 2018[16] - The net profit after deducting non-recurring gains and losses was -¥29,420,985.04, a decline of 251.06% compared to ¥19,476,887.72 in 2018[16] - The net cash flow from operating activities was -¥149,758,776.80, a decrease of 127.18% from ¥550,985,477.18 in 2018[16] - The basic earnings per share for 2019 was ¥0.088, down 25.42% from ¥0.118 in 2018[16] - Total assets at the end of 2019 were ¥3,239,508,775.69, a slight decrease of 0.06% from ¥3,241,412,204.47 at the end of 2018[16] - The net assets attributable to shareholders at the end of 2019 were ¥1,071,731,410.23, an increase of 1.49% from ¥1,056,012,615.58 at the end of 2018[16] - The company reported a total revenue of 56,933,987.83, with a significant portion attributed to electronic information products and services[25] - In 2019, the company achieved total operating revenue of 1,105.13 million CNY and a net profit attributable to shareholders of 275.13 million CNY[40] - Revenue from the electronic information sector increased by 29.56% to ¥408,977,242.78, while revenue from the real estate sector plummeted by 77.70% to ¥187,689,394.85[53] - The gross profit margin for the electronic information sector was 20.20%, a decrease of 0.68 percentage points from the previous year[56] Cash Flow and Investments - The company reported a significant negative cash flow in the first quarter of 2019, with a net cash flow from operating activities of -¥227,385,561.14[20] - Investment activities generated a net cash inflow of ¥49,616,279.84, a significant increase from -¥391,120,511.17 in the previous year[63] - The total cash and cash equivalents decreased by ¥89,353,194.12, indicating a substantial reduction in liquidity[63] - Cash and cash equivalents decreased from 271,908,821.18 yuan at the beginning of 2019 to 195,733,886.97 yuan at the end of 2019, a reduction of 2.35 percentage points in total asset proportion[65] - The company raised 27,180,000 yuan through a non-public stock issuance in 2016, with 16,337,890 yuan utilized and 6,191,840 yuan remaining unspent[74] - The cumulative usage of raised funds reached 47.83% of the total amount raised[74] - The total actual use of raised funds in 2019 was RMB 33.38 million, with RMB 130 million temporarily used to supplement working capital[79] - The company received RMB 4.88 million in interest income from raised funds in 2019[79] Market and Business Development - The company is focusing on the development of smart transportation and vehicle networking, with products already applied in multiple cities[29] - The company has established a strong position in the information system integration market, particularly in smart community projects and electric vehicle charging station systems[30] - The company is actively expanding its market presence outside of Hangzhou, leveraging mixed ownership and construction agency models[32] - The automotive electronics market is experiencing rapid growth, driven by trends in smart connectivity and electric vehicles[28] - The company actively expanded into new fields such as smart government, smart dining, and smart education, successfully winning multiple project bids in smart bus systems[40] - The company plans to enhance market competitiveness through collaborations with peers and upstream/downstream businesses, as well as exploring capital increases and strategic investments[47] - The company aims to expand its real estate business in 2020, focusing on rapid sales and stable operations of existing projects[50] Real Estate and Assets - The company’s real estate business is transitioning from a heavy asset model to a lighter asset model, focusing on management, technology, and personnel output in the construction sector[46] - The company’s subsidiary, ZTE Real Estate, has a first-class qualification in real estate development and has been a significant player in the construction of affordable housing in Hangzhou[46] - The ongoing projects include the Wenhong Jinzuo in West Lake District with a planned investment of 380 million RMB and a construction area of 8,764.8 square meters[48] - The company has no new land reserve projects reported for the year[48] - The average occupancy rate for commercial properties in Hangzhou is reported at 100% for several projects, indicating strong demand[50] Legal and Compliance Issues - The company faced multiple legal disputes related to sales contracts, with claims amounting to 3,117.69 million and 1,613.83 million respectively[117][119] - A court ruling in August 2019 required Zhejiang Construction Group to pay the company overdue payments, including principal, interest, and penalties[117] - The company has ongoing litigation with Zhejiang Shuzhi Trade Co., with claims totaling 3,040.07 million, which is currently under review by the Hangzhou Intermediate People's Court[119] - The company has made significant efforts to resolve outstanding debts through legal channels, indicating a proactive approach to financial management[120] - The company continues to monitor and manage its legal disputes to mitigate potential financial risks associated with these claims[119] Governance and Management - The company has a diverse board with members holding various professional backgrounds, including engineering, finance, and law[172][173] - The total remuneration for directors, supervisors, and senior management during the reporting period amounted to CNY 4.3177 million[180] - The company has established a performance-based salary system linked to job roles and efficiency to enhance economic benefits[183] - The company adheres to the regulations set by the Company Law, Securities Law, and relevant guidelines, ensuring effective governance and protecting investor interests[187] - The independent directors have not raised any objections regarding company matters during the reporting period, indicating a consensus on governance practices[191] Research and Development - Research and development expenses amounted to ¥33,080,472.80, representing 8.09% of total revenue, down from 11.08% in 2018[62] - The company applied for 36 patents and received 31 patent authorizations during the reporting period, demonstrating its commitment to technological innovation[42] - The company emphasizes the importance of technology innovation as a core strategy for sustainable development[93] Shareholder and Capital Management - The total distributable profit for the company is approximately ¥266.14 million, with no cash dividends or stock bonuses proposed[103] - The company is committed to a stable cash dividend policy, ensuring that shareholder interests are protected while balancing operational needs[99] - The company will not conduct any profit distribution or capital reserve transfer to increase share capital in the upcoming period[104] - The company has not engaged in any significant related party transactions during the reporting period[127] Social Responsibility and Environmental Management - The company emphasizes social responsibility, focusing on integrity and employee welfare, including purchasing social insurance and implementing a pension system[143] - The company has implemented comprehensive environmental management practices and has maintained ISO 14001 environmental management system certification for several years[144]