Homa(002668)2020-04-28 16:00Corporate Governance and Structure - The company’s legal representative is Zhao Guodong, who is also the actual controller and major shareholder[9]. - The company has established a governance structure to enhance internal management and compliance with legal standards[80]. - The company operates independently from its controlling shareholder, maintaining separate business, personnel, assets, institutions, and financial operations[189]. - The board of directors consists of 5 members, including 3 independent directors, and held 12 meetings during the reporting period[190]. - The supervisory board has 3 members, including 1 employee representative, and convened 7 meetings in compliance with legal regulations[191]. - All senior management personnel are exclusively employed by the company, with no additional roles in the controlling shareholder's enterprises[197]. - The company has clear ownership of its assets, with no control or occupation by the actual controller or related parties[198]. - The company has established independent financial management, including a separate accounting system and independent bank accounts[200]. - The company has established a complete and independent business system, with no reliance on the controlling shareholder for any operational activities[196]. - The company has no non-operating fund occupation by controlling shareholders or related parties during the reporting period[97]. Financial Performance - The company achieved operating revenue of CNY 7,392,507,540.78 in 2019, a decrease of 5.26% compared to the previous year[6]. - The net profit attributable to shareholders was CNY 53,288,549.27, representing a significant increase of 102.80% year-on-year[6]. - The net profit after deducting non-recurring gains and losses was CNY 17,367,899.42, up 100.95% from the previous year[6]. - The net cash flow from operating activities reached CNY 1,186,286,220.04, a remarkable increase of 1,051.29% compared to the previous year[6]. - The total assets at the end of 2019 were CNY 8,775,065,376.57, a decrease of 8.12% from the previous year[6]. - The net assets attributable to shareholders increased by 8.76% to CNY 2,553,288,016.46 at the end of 2019[6]. - The company reported a total of CNY 200 million in financial assets related to wealth management products, which are also pledged as collateral[60]. - The company reported a net profit compensation amount of CNY 784 million due to the underperformance of its subsidiary, with a net impairment provision of CNY 82.97 million for the year[60]. - The company reported a total penalty interest of 4,256,469.91 CNY related to disputes with Shandong International Trust, impacting the current period's performance by 4,024,272.03 CNY[105]. Revenue and Sales - The company sold 9,540,900 units of refrigerators during the reporting period, with revenue from refrigerator sales amounting to CNY 7,180,820,600, a year-on-year growth of 4.99%[33]. - The net profit from refrigerator sales was CNY 56,196,560, reflecting a growth of 59.21% year-on-year[33]. - The home appliance sector accounted for 96.95% of total revenue, with revenue of 7,166.93 million yuan, reflecting a growth of 5.15% year-on-year[38]. - The company reported a total sales volume of 954.09 thousand units in the home appliance sector, an increase of 6.84% year-on-year[42]. - Domestic revenue decreased by 36.96% to 1,634.24 million yuan, while international revenue increased by 10.51% to 5,758.27 million yuan[38]. Research and Development - The company has established a robust cost control system, optimizing operations across multiple stages from order receipt to production[30]. - Research and development expenses were ¥251,225,097.31, down 25.44% from the previous year, accounting for 3.40% of operating revenue[49]. - The company did not capitalize any research and development expenses this year, fully expensing all R&D costs[50]. - The company aims to enhance its market share in mid-to-high-end products, transitioning to sustainable growth alongside scale[77]. - The company is focused on optimizing its product structure to adapt to industry trends and enhance its competitive edge in the refrigerator market[77]. Shareholder and Dividend Policy - The company reported a plan not to distribute cash dividends or issue bonus shares for the year[5]. - The company maintains a cash dividend policy that aligns with its profit distribution strategy, ensuring transparency and protection of minority shareholders' rights[87]. - The company has a complete decision-making process for cash dividends, ensuring transparency and compliance[88]. - Independent directors have fulfilled their responsibilities in the decision-making process regarding cash dividends[88]. - The company has not proposed any cash dividend distribution plan despite having positive profits available for distribution in 2019[92]. Legal and Compliance - The company is involved in a lawsuit with China Everbright Bank, with a disputed amount of CNY 10,098,940, and has executed CNY 66,879,531.81 of the judgment amount[104]. - There were no significant accounting errors requiring retrospective restatement during the reporting period[99]. - The company has no significant changes in accounting policies or estimates compared to the previous year[98]. - The company has not reported any major litigation or arbitration involving its controlling shareholder[107]. - The company has no plans for significant mergers or acquisitions reported in the current period[97]. Social Responsibility and Environmental Management - The company has actively fulfilled its social responsibilities, focusing on multi-party win-win and shared benefits[125]. - The company has implemented environmental management practices and has not faced any administrative penalties from environmental authorities[129]. - The company has built wastewater and exhaust gas treatment systems that meet local pollution discharge standards[133]. - The company has developed an emergency response plan for environmental incidents and conducts regular drills[134]. Management and Human Resources - The company has undergone significant changes in its board and management structure, reflecting a potential shift in strategic focus[168]. - The company’s current management team is expected to drive future growth and operational efficiency through their diverse backgrounds and expertise[169]. - The total remuneration for the board of directors and senior management during the reporting period amounted to CNY 652.56 million[181]. - The company employed a total of 8,830 staff, with 7,189 in production, 517 in sales, and 786 in technical roles[181]. - The company has established a performance management system that links employee performance to remuneration, focusing on efficiency and fairness[182].