Drinda(SZ:002865)2021-03-12 16:00Financial Performance - The company reported a total revenue of 1.2 billion RMB for the year 2020, representing a year-on-year increase of 15%[7]. - The company's operating revenue for 2020 was ¥858,474,941.70, representing a 3.84% increase compared to ¥826,734,130.90 in 2019[13]. - The net profit attributable to shareholders for 2020 was ¥13,546,420.99, a decrease of 21.37% from ¥17,227,122.44 in 2019[13]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥20,310,282.13, a decline of 288.30% compared to ¥10,786,131.81 in 2019[13]. - The net cash flow from operating activities improved to ¥50,447,966.68 in 2020, a significant increase of 280.02% from -¥28,023,026.99 in 2019[13]. - The total assets at the end of 2020 were ¥1,857,557,669.51, showing a slight increase of 0.90% from ¥1,840,996,158.25 at the end of 2019[14]. - The net assets attributable to shareholders increased by 13.92% to ¥1,047,855,068.64 in 2020 from ¥919,780,065.51 in 2019[14]. - The total operating revenue for 2020 was ¥858,474,941.70, representing a year-on-year increase of 3.84% compared to ¥826,734,130.90 in 2019[36]. - The automotive parts business accounted for ¥834,043,618.65, or 97.15% of total revenue, with a year-on-year growth of 3.05%[37]. - Gross profit margin for the automotive parts business was 23.98%, down by 4.95% from the previous year[37]. Dividend Distribution - The company proposed a profit distribution plan to distribute a cash dividend of 0.5 RMB per 10 shares (before tax) to all shareholders[3]. - The cash dividend amount for 2020 was ¥6,575,984.25, representing 48.54% of the net profit attributable to ordinary shareholders[71]. - The total cash dividend (including other methods) for 2020 was ¥6,575,984.25, which accounted for 100% of the distributable profit[73]. - The cash dividend amount for 2019 was ¥12,090,051.80, which was 70.18% of the net profit attributable to ordinary shareholders[71]. - The cash dividend amount for 2018 was ¥18,252,000.00, representing 43.63% of the net profit attributable to ordinary shareholders[71]. - The proposed cash dividend for 2020 is ¥0.5 per 10 shares, with a total share base of 131,519,685 shares[72]. - The company did not distribute any bonus shares in the last three years[72]. Research and Development - The company is focusing on R&D for new automotive interior and exterior trim products to enhance market competitiveness[7]. - The company has established a research and development center in Suzhou to support innovation in automotive parts[6]. - Research and development expenses totaled ¥53,321,941.44, which is 6.21% of total revenue, an increase of 11.32% from 2019[44]. - The company holds 126 patents, including three invention patents, showcasing its strong R&D capabilities[27]. - Investment in R&D increased by 30%, focusing on innovative automotive interior components and smart technology integration[156]. - The company has invested 1 million RMB in R&D for new technologies aimed at improving product quality and reducing production costs[79]. Market Expansion and Strategy - The company plans to expand its production capacity with projects in Zhengzhou and Suzhou, aiming for an annual output of 300,000 and 250,000 automotive trim sets respectively[6]. - The company is actively expanding its customer base, focusing on major automotive manufacturers and new energy vehicle projects[32]. - The company plans to expand its market presence in Southeast Asia, targeting a 5% market share within the next two years[79]. - A strategic acquisition of a local competitor is under consideration, which could enhance the company's production capacity by 30%[78]. - The company aims to transform from a single supplier of automotive interior and exterior parts to a system solution provider for interior and exterior parts design and manufacturing[67]. - The company plans to deepen cooperation with upstream and downstream companies in the photovoltaic industry to drive business transformation and enhance competitiveness[67]. Risk Management - The company has identified key risks in its future operations, which are detailed in the report[2]. - The company anticipates risks from macroeconomic slowdown, increased competition, and rising costs, particularly in raw materials and labor[68]. - The company will strengthen subsidiary management and performance evaluation to improve operational efficiency and mitigate risks[68]. Corporate Governance - The company has appointed Zhongzheng Tiantong Accounting Firm for auditing services during the reporting period[11]. - The company has committed to not reducing its shareholding in the company for two years after the lock-up period ends, unless for financial needs[74]. - The company has a commitment to ensure fair pricing in related transactions to protect the interests of all shareholders[75]. - The company will initiate a stock price stabilization plan if the stock price falls below the audited net asset value for 20 consecutive trading days within three years post-IPO[75]. - The company will actively compensate investors for measurable economic losses through mediation or establishing a compensation fund, particularly focusing on protecting the interests of small and medium investors[77]. - The company has pledged to strictly adhere to all public commitments made during its IPO process and accept social supervision[77]. Legal Matters - The company is currently involved in a lawsuit with a claim amount of 2,250 million, which has not resulted in any expected liabilities[93]. - The company is currently applying for enforcement of a court ruling regarding a contract dispute, which includes a claim for RMB 6,581,196.58 in mold fees and RMB 3,278,599.11 in product payments[95]. - The company is facing a lawsuit for a total of RMB 11 million in claims related to mold and design fees[95]. - The company is focused on ensuring compliance with court rulings and recovering debts through legal channels[94]. Employee and Management - The company employed a total of 1,738 staff, with 1,136 in production, 87 in sales, and 174 in R&D[164]. - The company has established a scientific compensation system linked to performance and industry standards[165][166]. - The management team is committed to enhancing the company's market position and exploring new growth opportunities[155]. - The company experienced a turnover in senior management, with Yang Lihua resigning as Deputy General Manager for personal reasons on October 19, 2020[154]. Financial Position - The company's debt-to-asset ratio improved to 43.59% in 2020 from 50.04% in 2019, a decrease of 12.89%[150]. - The interest coverage ratio decreased to 1.4 times in 2020 from 1.76 times in 2019, primarily due to increased financial expenses from borrowing costs[150]. - The company reported a long-term investment increase to CNY 55,986,111.36 from CNY 43,811,806.37, an increase of approximately 27.8%[197]. - Total liabilities decreased to CNY 809,702,600.87 from CNY 921,216,092.74, a reduction of approximately 12.1%[199]. - The company's equity increased to CNY 1,047,855,068.64 from CNY 919,780,065.51, reflecting a growth of about 14%[199].