天汽模(002510) - 2020 Q4 - 年度财报

Financial 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 for 2020 was -¥824,755,360.89, 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, a decrease of 6.13% from ¥5,869,872,908.09 at the end of 2019[18]. - The basic earnings per share for 2020 was -¥0.90, down 1,000.00% from ¥0.10 in 2019[18]. - The weighted average return on equity for 2020 was -35.39%, a decrease of 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 total operating revenue for 2020 was approximately ¥1.35 billion, a decrease of 37.94% compared to ¥2.17 billion in 2019[44]. - The revenue from the manufacturing sector was approximately ¥1.31 billion, accounting for 97.31% of total revenue, down 37.86% year-on-year[44]. - The company reported a net increase in cash and cash equivalents of ¥283,441,702.86, a significant rise of 1,718.63% compared to the previous year[61]. Business Operations - The company maintains its main business without changes since its listing, ensuring stability in operations[17]. - The company has maintained its position as the largest automotive body covering mold manufacturer globally, with a stable development in its main business[28]. - The company has approximately 2.3 billion CNY in orders on hand, expected to be delivered in the next 1-2 years, which will help maintain high capacity utilization and stable gross margins[37]. - The company faced challenges due to the COVID-19 pandemic, resulting in a significant decline in order execution and sales scale[35]. - The company’s stamping business showed a recovery trend, with new orders from major clients like NIO and FAW Toyota, which could contribute positively to future performance[38]. - The company has established an independent international marketing system for high-end export molds, achieving sustainable and large-scale exports[86]. - The company is focusing on upgrading its production capabilities with advanced technologies, including flexible manufacturing and digital design[86]. - The company aims to enhance its production efficiency and meet customer demands through the integration of information technology and manufacturing technology[86]. - The company is committed to cost control and efficiency improvements to counteract rising labor costs and competitive pressures in the mold industry[90]. Investment and Financial Strategy - The company plans not to distribute cash dividends or issue bonus shares, indicating a focus on reinvestment[5]. - The company has not engaged in any significant equity or securities investments during the reporting period[69][70]. - The company has committed to avoiding competition with its controlling shareholders and related parties[102]. - The company has not proposed any cash dividend distribution plan despite having positive distributable profits for the reporting period[99]. - The company raised ¥471 million through the issuance of convertible bonds, with a net amount of ¥460.74 million after expenses[73]. - The company plans to temporarily use idle fundraising funds to supplement working capital, with a total amount not exceeding RMB 150 million for a period not exceeding 12 months[76]. - The company has not engaged in any asset or equity acquisition or sale transactions during the reporting period[128]. 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]. - Another related party transaction for labor services was recorded at 399.29 million yuan, also at market price[122]. - The company engaged in a related party transaction for mold and technical services, amounting to 636.75 million yuan, at market price[122]. - The total amount of related party transactions was disclosed to be within the approved limits, with no exceeding amounts reported[121]. - The transactions were published on the "Giant Tide Information Network" for transparency[121]. - The company anticipates that these related party transactions will continue in the future, reflecting ongoing business relationships[121]. Workforce and Management - The company has a workforce of 2,863 employees, with 828 in R&D, showcasing its strong talent pool[33]. - The company has a total of 12 board members, including independent directors and supervisors[180]. - The total remuneration for directors, supervisors, and senior management during the reporting period amounted to CNY 3.5683 million[182]. - The company has implemented a performance evaluation system for all positions to enhance employee efficiency and motivation[187]. - The company has a total of 1,782 employees with higher education, reflecting a strong educational background among staff[185]. - The company has established a transparent performance evaluation mechanism linking executive compensation to business performance[192]. Market and Industry Trends - The competitive landscape in the automotive mold industry is shifting towards high-end products, with significant growth potential in this segment[84]. - The company plans to enhance its market share by capitalizing on the increasing trend of electric vehicles and the growing demand for new energy models from domestic and international manufacturers[90]. - The automotive mold industry is experiencing intense competition, with approximately 300 manufacturers in China, necessitating continuous innovation and quality improvement to maintain market share[91]. - The company is actively pursuing international market expansion and collaboration with foreign mold enterprises to enhance its technical capabilities and service offerings[87]. 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 faces risks from economic cycles affecting the automotive mold industry, as demand is closely tied to macroeconomic conditions[90]. - The company has a large scale of accounts receivable, primarily from reputable automotive manufacturers, but faces potential risks if the industry experiences downturns[92]. - The company has recognized impairment losses on goodwill and long-term equity investments due to underperformance of certain subsidiaries[29]. Environmental and Compliance - The company has established an ISO 14001 environmental management system and achieved a 100% compliance rate for pollutant discharge[143]. - The company and its subsidiaries are not classified as key pollutant discharge units by environmental protection authorities[145]. - The governance structure complies with relevant laws and regulations, ensuring the protection of investor rights[191].