SENSTEED(SZ:000981)2021-04-29 16:00Financial Performance - The company reported a significant decline in revenue, with total revenue for 2020 amounting to 1.5 billion RMB, a decrease of 20% compared to the previous year[1]. - The net loss for the year was 300 million RMB, representing a loss margin of 20%[1]. - The company reported a total revenue of 1.2 billion RMB for the year 2020, representing a year-over-year increase of 15%[19]. - The net profit for the year was 200 million RMB, which is a 10% increase compared to the previous year[19]. - The company’s operating revenue for 2020 was ¥7,959,664,190.44, representing a 12.93% increase from ¥7,048,447,295.80 in 2019[25]. - The net profit attributable to shareholders for 2020 was -¥1,087,492,587.90, an improvement of 84.84% compared to -¥7,173,765,671.56 in 2019[25]. - The company reported a net profit attributable to ordinary shareholders of -1,087,492,587.90 yuan for 2020, with a cash dividend payout ratio of 0.00%[159]. - The company has not distributed cash dividends in the past three years, maintaining a consistent payout ratio of 0.00%[159]. User Engagement - User data indicated a decrease in active users by 15%, with the total number of active users dropping to 2 million[1]. - User data showed an increase in active users by 25%, reaching a total of 500,000 users by the end of 2020[19]. Investment and Development Plans - The company plans to invest 200 million RMB in new product development and technology research in the upcoming year[1]. - The company has allocated 50 million RMB for research and development in new technologies for the upcoming year[19]. - New product development includes the launch of a smart home solution, expected to generate an additional 100 million RMB in revenue in 2021[19]. - The company plans to expand its market presence in the southern regions of China, targeting a 30% growth in market share by 2022[19]. - The company is exploring market expansion opportunities in Southeast Asia, targeting a 5% market share by the end of 2022[1]. - The company plans to develop a total construction area of 517,300 square meters in 2021, including the launch of the Nanchang Wangcheng Phase I project with a total construction area of 329,700 square meters[8]. Strategic Acquisitions - A strategic acquisition of a local competitor is under consideration, which could potentially increase market presence by 30%[1]. - A strategic acquisition of a local competitor is anticipated to enhance the company's service offerings and increase customer base by 20%[19]. Financial Stability and Risk Management - The audit report highlighted concerns regarding financial stability, prompting the company to implement cost-cutting measures[1]. - The board of directors emphasized the importance of risk management strategies in light of the current market conditions[1]. - The company is focusing on cost reduction and efficiency improvement through comprehensive cost analysis and optimization of suppliers[40]. - The company aims to optimize its asset-liability structure by converting part of its financing debt into equity capital following the implementation of its debt repayment plan[8]. Market Performance and Challenges - The automotive industry in China is still experiencing negative growth, affecting the company's performance in the automotive parts sector[130]. - The sales of gearboxes were below expectations due to the impact of the COVID-19 pandemic and economic downturn, resulting in a loss of CNY 8,609.18 million for the reporting period[125]. - The company faced multiple inquiries regarding the risk of delisting throughout May and June 2020, indicating investor concerns about its financial stability[145]. Restructuring Efforts - The company is currently undergoing a restructuring process, with multiple communications regarding the progress of the restructuring plan and share capital increase[149]. - The company is focused on improving its operational performance amidst restructuring challenges[147]. - The restructuring plan includes potential share capital increases, which could affect the company's equity structure[147]. - The company has been transparent in its communications with investors, addressing various concerns and inquiries[147]. Corporate Governance and Compliance - The company guarantees the independence of its financial department and accounting system, ensuring no shared bank accounts with the controlling company[162]. - The company has established a completely independent organizational structure, ensuring no competition with the controlling company[162]. - The company is committed to complying with relevant laws and regulations during the restructuring process to improve information disclosure and shareholder value[141]. - The company has pledged to avoid any direct or indirect competition with its main business activities post-restructuring[187]. Research and Development - The company holds 212 authorized patents and 38 registered trademarks in the automotive transmission sector, showcasing its strong R&D capabilities[49]. - The company is committed to increasing R&D investment to explore new business growth points and improve market share in the automotive sector[138]. - The total R&D investment for 2020 was CNY 638,426,737.48, which is 8.02% of operating revenue, down from 11.44% in 2019[94]. Real Estate Development - The company has expanded its real estate development area to over 12 million square meters, serving more than 50,000 homeowners[37]. - Revenue from real estate sales reached CNY 3,854,182,087.85, representing 48.42% of total revenue and a significant increase of 174.74% year-on-year[79]. - The company’s inventory of real estate decreased by 45.83% year-on-year, primarily due to the transfer of completed projects[82].