TQM(SZ:002510)2021-04-27 16:00Financial Performance - The company's operating revenue for 2020 was ¥1,345,852,020.96, a decrease of 37.94% compared to ¥2,168,713,304.23 in 2019[18]. - The net profit attributable to shareholders was -¥824,755,360.89 in 2020, representing a decline of 1,025.32% from a profit of ¥89,131,430.96 in 2019[18]. - The net cash flow from operating activities increased by 29.12% to ¥197,540,035.91 in 2020, compared to ¥152,994,837.99 in 2019[18]. - The total assets at the end of 2020 were ¥5,509,984,938.80, down 6.13% from ¥5,869,872,908.09 at the end of 2019[18]. - The basic earnings per share for 2020 was -¥0.90, a decrease of 1,000.00% from ¥0.10 in 2019[18]. - The weighted average return on equity was -35.39% in 2020, down 38.79% from 3.40% in 2019[18]. - The company reported a significant increase in the net profit attributable to shareholders after deducting non-recurring gains and losses, which was -¥761,633,879.24 in 2020 compared to -¥26,529,827.79 in 2019, an increase of 2,770.86%[18]. - The company’s net assets attributable to shareholders decreased by 22.20% to ¥2,076,121,751.51 in 2020 from ¥2,668,464,277.58 in 2019[19]. - The company’s revenue after deducting non-recurring items was ¥1,309,711,900.00 in 2020, down from ¥2,107,529,100.00 in 2019[19]. - The total operating revenue for 2020 was approximately ¥1.35 billion, a decrease of 37.94% compared to ¥2.17 billion in 2019[44]. Market and Industry Position - The company has maintained its position as a leading manufacturer in the automotive mold industry, with a stable customer base including major domestic and international automotive manufacturers[28]. - The company is the largest global supplier of automotive cover molds, benefiting from economies of scale in cost control and order fulfillment[32]. - The company is actively expanding its market presence while implementing cost reduction and efficiency improvement measures to prepare for future growth[36]. - The company’s overseas market orders accounted for nearly 50% of total orders in recent years, indicating a significant increase in international business[37]. - The competitive landscape in the automotive mold industry is shifting towards high-end products, with significant growth potential in this segment[85]. Challenges and Risks - The company reported a significant impact from economic cyclical adjustments affecting the automotive mold industry, highlighting risks such as market fluctuations and accounts receivable bad debt risks[4]. - The company faced challenges due to the COVID-19 pandemic, resulting in a significant decline in order execution and sales scale[35]. - The company reported a risk of uneven monthly income and profit due to the uncertainty in new model development plans from downstream automotive manufacturers[92]. - The company has a significant amount of accounts receivable, primarily from reputable large automotive manufacturers, which poses a risk if the automotive industry experiences a downturn[93]. - The company faces risks related to long-term equity investment impairments due to the rapid growth and scale of its external investments[94]. Research and Development - The company has a high-quality team with 828 R&D personnel, including nearly 80 senior talents, enhancing its innovation capabilities[33]. - The company’s R&D investment amounted to ¥68,415,906.54, representing 5.08% of operating revenue, an increase of 1.73% compared to the previous year[59]. - The company is focusing on upgrading its production capabilities with advanced technologies, including flexible manufacturing and digital design[87]. - The company aims to enhance its production efficiency and meet customer demands through the integration of information technology and manufacturing technology[87]. Corporate Governance and Management - The company has established a performance assessment mechanism for senior management to determine remuneration based on operational performance and performance indicators[182]. - The company has a total of 7 current directors and supervisors, with various roles in other companies[180]. - The governance structure complies with relevant laws and regulations, ensuring transparency and protection of shareholder rights[192]. - The company has established an independent organizational structure, including a shareholders' meeting, board of directors, supervisory board, and management team, ensuring independence from shareholders and other controlled enterprises[197]. Shareholder and Capital Management - The company plans not to distribute cash dividends, issue bonus shares, or increase capital from reserves[5]. - The company did not distribute cash dividends for the years 2019 and 2020, and in 2018, it distributed a total of 27,625,533.96 CNY, which accounted for 13.02% of the net profit attributable to shareholders[99]. - The company has not made any capital reserve transfers or bonus share distributions in the last three years[99]. - The company raised ¥47,100 million through a public offering of convertible bonds, with a net amount of ¥460,736,900.00 after expenses[74]. Employee and Training Programs - The total number of employees in the company is 2,863, with 959 in the parent company and 1,904 in major subsidiaries[186]. - The professional composition includes 1,696 production personnel, 54 sales personnel, 828 technical personnel, 29 financial personnel, and 256 administrative personnel[186]. - The training program for 2020 focused on new employees and middle management, covering company policies, culture, and skills training[189]. Related Party Transactions - The company reported a related party transaction amounting to 283.71 million yuan for technical services and processing fees, which is at market price[121]. - The company engaged in a related party transaction for labor services was recorded at 98.80 million yuan, also at market price[121]. - The company has a 47.08% equity stake in Hunan Tianqi Automotive Mold Technology Co., Ltd., which is involved in these transactions[122]. - The reported transactions are all within the approved limits and do not exceed the thresholds set for related party dealings[121]. Future Outlook - The company anticipates stable growth in the upcoming year, supported by ongoing projects and market demand[123]. - The company is exploring potential mergers and acquisitions to strengthen its market position and diversify its product offerings[123]. - The company plans to continue its market expansion and product development strategies, as indicated by the ongoing convertible bond issuance and share repurchase activities[156].