伊戈尔(002922) - 2020 Q4 - 年度财报

Important Notice, Table of Contents, and Definitions This section provides important notices, the report's table of contents, and definitions of key terms used throughout the document Important Notice The company's board of directors ensures the annual report's truthfulness, accuracy, and completeness, highlighting nine major risks for investors, including international operations, market competition, management, technological updates, raw material price fluctuations, and exchange rate volatility - The company faces nine major operating risks, including: * International Operation Risk: Export revenue accounts for over 50%, highly susceptible to international political, economic, exchange rate, and trade friction impacts[5] * Increased Market Competition Risk: Intense competition from domestic and international manufacturers challenges the company's technology and market expansion capabilities[6] * Management Risk: Company scale expansion demands higher comprehensive management capabilities[9] * Technological Update and Iteration Risk: Rapid industry technological updates pose adverse effects if R&D direction deviates or lacks advantage[12] * Intellectual Property Risk: Potential for infringement or being infringed upon intellectual property[12] * Raw Material Price Fluctuation Risk: Price fluctuations of bulk commodities like silicon steel sheets and copper affect costs[13] * Rising Labor Cost Risk: Continuous increase in labor costs may impact profits[13] * Exchange Rate Fluctuation Risk: Export business primarily settled in USD, EUR, JPY, facing exchange rate fluctuation impacts[13] * Global COVID-19 Pandemic Risk: Worsening pandemic may adversely affect the company's business operations[13] Profit Distribution Plan | Distribution Plan | Details | | :--- | :--- | | Cash Dividend | Cash dividend of RMB 2 per 10 shares (tax inclusive) | | Bonus Shares | 0 shares | | Capital Reserve Conversion | 7 shares converted per 10 shares | | Distribution Base | 174,306,150 shares (total share capital minus repurchased restricted shares) | Table of Contents The report is divided into thirteen chapters, covering standard annual report content such as company overview, business summary, operational analysis, significant events, and financial reports Definitions This section defines key terms and abbreviations used in the report, such as 'Company', 'Reporting Period', and subsidiaries' abbreviations Company Profile and Key Financial Indicators This section introduces the company's profile and presents its key accounting data and financial performance indicators Company Profile Eaglerise Electric Co., Ltd. (Stock Code: 002922) is a company listed on the Shenzhen Stock Exchange, specializing in the R&D and sales of electrical and electronic products Company Basic Information | Item | Information | | :--- | :--- | | Stock Abbreviation | Eaglerise | | Stock Code | 002922 | | Listing Exchange | Shenzhen Stock Exchange | | Legal Representative | Xiao Juncheng | | Company Website | http://www.eaglerise.cn | Key Accounting Data and Financial Indicators In 2020, the company's operating revenue increased by 8.44% year-on-year, but net profit attributable to shareholders decreased by 10.36%, while total assets significantly grew by 63.10% Key Financial Performance | Key Financial Indicators | 2020 (RMB) | 2019 (RMB) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,406,042,508.54 | 1,296,559,124.70 | 8.44% | | Net Profit Attributable to Shareholders | 51,434,187.95 | 57,376,997.10 | -10.36% | | Net Profit Attributable to Shareholders (Excl. Non-recurring) | 36,832,719.71 | 44,298,964.13 | -16.85% | | Net Cash Flow from Operating Activities | 24,440,838.85 | 45,857,422.36 | -46.70% | | Basic Earnings Per Share (RMB/share) | 0.36 | 0.43 | -16.28% | | Total Assets | 2,312,982,402.75 | 1,418,172,092.65 | 63.10% | | Net Assets Attributable to Shareholders | 1,444,333,311.39 | 928,549,698.64 | 55.55% | Quarterly Financial Data | Quarter | Operating Revenue (RMB) | Net Profit Attributable to Shareholders (RMB) | | :--- | :--- | :--- | | Q1 | 198,978,773.88 | -3,227,361.79 | | Q2 | 334,063,427.89 | 18,323,500.12 | | Q3 | 351,533,050.54 | 16,609,624.36 | | Q4 | 521,467,256.23 | 19,728,425.26 | - In 2020, total non-recurring gains and losses amounted to RMB 14.60 million, primarily from government grants (RMB 14.53 million) and wealth management product income (RMB 3.78 million)[37][40] Company Business Overview This section outlines the company's principal businesses, strategic focus, and analysis of its core competitive advantages Principal Businesses Engaged by the Company The company specializes in the R&D, production, and sales of power supplies and components for consumer and industrial sectors, implementing a '2+X' strategy with core businesses in energy and lighting products - The company implements a "2+X" strategic layout, focusing on energy products and lighting products as its foundation, while also expanding into new application areas such as automotive power supplies, communication power supplies, and energy storage[44] - Main Product Categories: * Energy Products: Applied in photovoltaic, wind power, and industrial control fields, with key clients including Sungrow Power Supply, Huawei, Hitachi, and Schneider[45][46] * Lighting Products: Used in commercial, home, and outdoor lighting, with key clients including IKEA, Osram, and Home Depot, among other internationally renowned enterprises[50][51] * Other Products: Expanding into emerging fields such as automotive power supplies and communication power supplies[52] - The company's operating model is primarily direct sales, with customized production based on client orders, and utilizes distributors or traders in specific regions to enhance market coverage[53] Analysis of Core Competencies The company's core competencies include stable international high-end client resources, strong independent R&D capabilities with 140 patents, a rich product line, rapid response through global presence, and an experienced management team - International Clients and Localized Services: Established long-term stable cooperation with international clients such as IKEA, Hitachi, Osram, and Home Depot, with branches in the US, Japan, and Malaysia providing localized customized services[66] - R&D and Technology: All products are independently developed, with 140 patents (including 14 invention patents) and 10 software copyrights as of the reporting period end, recognized as a "High-Tech Enterprise" and "Provincial Enterprise Technology Center"[69] - Product Line and Quality: Products cover multiple fields including energy and lighting, having obtained numerous international quality and safety certifications such as ISO9001 and ISO14001[70] - Rapid Response Capability: Achieves rapid response to client needs and large-scale production through a global sales network, warehousing centers, and a business unit organizational structure[71] Discussion and Analysis of Operations This section provides a comprehensive discussion and analysis of the company's operational performance, financial position, and investment activities I. Overview In 2020, the company achieved total operating revenue of RMB 1.41 billion, an 8.44% year-on-year increase, primarily driven by increased demand for photovoltaic products, despite a 10.36% decrease in net profit attributable to shareholders Key Financial Highlights | Indicator | 2020 Amount | YoY Change | | :--- | :--- | :--- | | Total Operating Revenue | RMB 1.41 billion | +8.44% | | Net Profit Attributable to Shareholders | RMB 51.43 million | -10.36% | | Net Cash Flow from Operating Activities | RMB 24.44 million | -46.70% | - Revenue growth was primarily driven by photovoltaic industry products, with revenue from high-frequency transformers for photovoltaic inverters increasing by 42.80%, and new sales of step-up grid-connected transformers amounting to RMB 24.61 million[77] - Gross margin decreased by 3.53% year-on-year, mainly due to rising raw material prices (copper, semiconductors), a 14.48% increase in labor costs, and the reclassification of RMB 17.84 million in freight costs to cost of goods sold under the new revenue standard[78] - During the reporting period, the company completed the acquisition of 57% equity in Shenzhen Dingshuo Tongbang and successfully raised RMB 479 million through a non-public offering for the photovoltaic power generation grid-connected equipment intelligent manufacturing project[85] II. Analysis of Principal Business The company's principal business revenue primarily comes from energy and lighting products, with energy products showing significant growth and becoming the main driver, while overall gross margin declined due to rising operating costs Revenue by Business Segment | Business Category | 2020 Revenue (RMB) | % of Total Revenue | YoY Change | | :--- | :--- | :--- | :--- | | Energy Products | 692,463,016.05 | 49.25% | +23.02% | | Lighting Products | 665,664,682.85 | 47.34% | +0.93% | | Other Products | 47,914,809.64 | 3.41% | -35.36% | Revenue by Region | Region Category | 2020 Revenue (RMB) | % of Total Revenue | YoY Change | | :--- | :--- | :--- | :--- | | Domestic - East China | 339,600,616.81 | 24.15% | +9.35% | | Overseas - North America | 203,350,837.44 | 14.46% | +27.19% | | Overseas - Asia | 141,189,644.26 | 10.04% | +11.45% | - Total sales to the top five clients amounted to RMB 440 million, accounting for 31.30% of total annual sales[105][107] - Total purchases from the top five suppliers amounted to RMB 152 million, accounting for 15.56% of total annual purchases[107] III. Analysis of Non-Principal Business In 2020, the company's non-principal businesses impacted total profit, with investment income from wealth management products and asset impairment losses from inventory and accounts receivable being key factors Non-Principal Business Impact on Profit | Item | Amount (RMB) | % of Total Profit | Reason for Formation | | :--- | :--- | :--- | :--- | | Investment Income | 2,970,845.59 | 5.90% | Primarily income from wealth management investments during the reporting period | | Fair Value Change Gains/Losses | 810,915.07 | 1.61% | Primarily expected returns from unexpired wealth management products during the reporting period | | Asset Impairment | -6,757,433.62 | -13.42% | Primarily impairment losses recognized for inventory and accounts receivable during the reporting period | | Non-operating Income | 292,896.04 | 0.58% | Primarily gains from disposal of fixed assets and insurance company refunds | | Non-operating Expenses | -1,375,977.51 | -2.73% | Primarily losses from disposal of fixed assets during the reporting period | IV. Analysis of Assets and Liabilities At the end of the reporting period, the company's total assets reached RMB 2.31 billion, a 63.10% year-on-year increase, with significant changes in asset structure and a substantial increase in short-term borrowings - Construction in progress significantly decreased, and fixed assets increased, mainly due to the capitalization of Jian Eaglerise's new factory building project (Phase II) upon reaching its intended usable state[64][126] - Short-term borrowings at period-end amounted to RMB 305 million, an increase from the beginning of the period, primarily due to increased bank borrowings for future material procurement payments[126] Restricted Assets | Restricted Asset Item | Book Value at 2020 Year-End (RMB) | Reason for Restriction | | :--- | :--- | :--- | | Accounts Receivable | 46,941,276.95 | Pledge for short-term borrowings | | Fixed Assets | 226,041,498.66 | Mortgage for guaranteed loan contracts | | Intangible Assets | 15,579,552.10 | Mortgage for guaranteed loan contracts | | Notes Receivable | 8,000,000.00 | Pledge for bill issuance | | Total | 296,562,327.71 | - | V. Analysis of Investment Status During the reporting period, the company's total investment amounted to RMB 102 million, with significant equity investments in DEG Malaysia and Shenzhen Dingshuo Tongbang, and progress on IPO and non-public offering funded projects Major Equity Investments | Investee Company | Investment Method | Investment Amount (RMB) | Shareholding % | | :--- | :--- | :--- | :--- | | DEG INDUSTRIAL SUPPLIES SDN.BHD. | Acquisition | 24,087,052.91 | 70.00% | | Shenzhen Dingshuo Tongbang Technology Co., Ltd. | Acquisition | 42,750,000.00 | 57.00% | - The IPO-funded "LED Lighting Power Supply Production Project" commenced operations in July 2020, achieving benefits of RMB 8.96 million during the reporting period, currently in the capacity ramp-up phase[135] - In 2020, the company raised RMB 468 million through a non-public offering, primarily for the "Photovoltaic Power Generation Grid-Connected Equipment Intelligent Manufacturing Project" and to supplement working capital; as of the reporting period end, RMB 6.71 million has been invested in this project, which is in its initial construction phase[138][146][150] IX. Outlook on the Company's Future Development The company will continue to focus on its core business of power supplies and components, expanding its business footprint through organic growth and external M&A, with strategic plans for 2021 including business expansion, capacity upgrades, and digital transformation - Development Strategy: Continuously focus on the R&D, production, and sales of power supplies and components, concentrating on the main business while extending upstream and downstream, and continuously expanding the business footprint[166] - Key Operating Plan for 2021: * Business Expansion: Accelerate production localization in Malaysia, expand into photovoltaic grid-connected step-up transformers, data center phase-shifting transformers, and smart lighting businesses[167] * Capacity Upgrade: Prioritize the photovoltaic step-up transformer intelligent manufacturing project to build an intelligent and digital factory[168] * Management Optimization: Improve the talent system and performance appraisal, and continue to advance digital projects such as PLM and CRM[169][170] * Capital Operations: Utilize the listed company platform to integrate high-quality resources through investments and M&A[171] Significant Events This section details significant corporate events, including profit distribution, commitment fulfillment, and changes in accounting policies and consolidation scope I. Common Share Profit Distribution and Capital Reserve to Share Capital Conversion During the reporting period, the company executed its 2019 profit distribution plan and proposed the 2020 profit distribution plan, which includes a cash dividend of RMB 2 per 10 shares and a conversion of capital reserves to 7 shares per 10 shares Profit Distribution Plans (Past Three Years) | Year | Cash Dividend per 10 Shares (RMB) | Bonus Shares per 10 Shares (Shares) | Capital Reserve Conversion per 10 Shares (Shares) | | :--- | :--- | :--- | :--- | | 2020 (Proposed) | 2.0 | 0 | 7 | | 2019 | 2.0 | 0 | 0 | | 2018 | 1.5 | 0 | 0 | Cash Dividend Ratio (Past Three Years) | Year | Cash Dividend Amount (RMB) | Ratio of Cash Dividend to Net Profit Attributable to Shareholders (Consolidated) | | :--- | :--- | :--- | | 2020 | 34,861,230.00 | 67.78% | | 2019 | 27,030,295.00 | 47.11% | | 2018 | 19,798,931.25 | 47.61% | III. Fulfillment of Commitments During the reporting period, the company's controlling shareholder, actual controller, and other relevant parties strictly fulfilled all commitments made during initial public offerings, refinancing, and equity incentive activities - The 36-month lock-up commitment by controlling shareholder Maiges Investment and actual controller Xiao Juncheng regarding the initial public offering of shares was fulfilled on December 29, 2020[185][188] - The share lock-up commitments of subscribers to the 2020 non-public offering (including actual controller Xiao Juncheng) are currently being fulfilled, with lock-up periods of 36 months or 6 months[191] VI. Explanation of Changes in Accounting Policies, Accounting Estimates, and Accounting Methods Compared to Prior Year Financial Report Effective January 1, 2020, the company adopted the revised 'Accounting Standard for Business Enterprises No. 14 – Revenue', primarily reclassifying performance-related freight costs to cost of goods sold and adjusting the presentation of contract liabilities - The company adopted the new revenue standard effective January 1, 2020, with key changes including judging revenue recognition based on transfer of control instead of transfer of risks and rewards[216][217] - In accordance with transition provisions, the company adjusted the cumulative impact of contracts not yet completed at the initial adoption date, reclassifying advances from customers to contract liabilities, with no impact on retained earnings at the beginning of the period[217] VIII. Explanation of Changes in Consolidation Scope Compared to Prior Year Financial Report In 2020, the company's consolidation scope changed, adding four new subsidiaries through establishment and non-common control business combinations New Subsidiaries Included in Consolidation Scope | Subsidiary Name | Method of Acquisition | Date of Consolidation | | :--- | :--- | :--- | | Guangdong Eaglerise Network Technology Co., Ltd. | Establishment | April 26, 2020 | | Guangdong Eaglerise Power Electronics Co., Ltd. | Establishment | September 15, 2020 | | DEG INDUSTRIAL SUPPLIES SDN. BHD. | Non-common control business combination | January 1, 2020 | | Shenzhen Dingshuo Tongbang Technology Co., Ltd. | Non-common control business combination | August 31, 2020 | XV. Implementation of Company Equity Incentive Plan, Employee Stock Ownership Plan, or Other Employee Incentive Measures During the reporting period, the company implemented two tranches of unlocking under the 2019 Restricted Stock Incentive Plan, with shares from both initial and reserved grants becoming tradable - On July 3, 2020, the conditions for the first unlocking period of the initially granted portion of the 2019 Restricted Stock Incentive Plan were met, and 1.2643 million shares held by 73 incentive recipients became tradable[228] - On December 22, 2020, the conditions for the first unlocking period of the reserved granted portion of the 2019 Restricted Stock Incentive Plan were met, and 0.3150 million shares held by 11 incentive recipients became tradable[229] Share Changes and Shareholder Information This section reports on changes in the company's share capital and provides detailed information about its shareholders and actual controller I. Share Changes During the reporting period, the company's total share capital increased from 135 million shares to 174 million shares, primarily due to a non-public offering, which also led to a decrease in the proportion of restricted shares - The company's total share capital increased from 135,151,475 shares to 174,408,600 shares, mainly due to the non-public offering of 39,257,125 new shares in November 2020[262][265] - Restricted shares decreased from 78.03 million shares at the beginning of the period to 49.00 million shares at the end, while unrestricted shares increased from 57.12 million shares to 125 million shares[262] III. Shareholder and Actual Controller Information As of the end of the reporting period, the company had 12,452 common shareholders, with Foshan Maiges Investment Co., Ltd. as the controlling shareholder and Mr. Xiao Juncheng as the actual controller Top Five Shareholders | Shareholder Name | Shareholder Nature | Shareholding % | Shares Held at Period-End | | :--- | :--- | :--- | :--- | | Foshan Maiges Investment Co., Ltd. | Domestic Non-State-Owned Legal Person | 34.45% | 60,089,750 | | Wang Yilong | Domestic Natural Person | 4.81% | 8,386,908 | | Zhang Zexue | Domestic Natural Person | 4.28% | 7,458,401 | | Minmetals Securities Co., Ltd. | Domestic Non-State-Owned Legal Person | 3.17% | 5,524,004 | | Deng Guorui | Overseas Natural Person | 2.03% | 3,543,728 | - The company's controlling shareholder is Foshan Maiges Investment Co., Ltd., and the actual controller is Mr. Xiao Juncheng, who holds 100% of Maiges Investment's equity[281][287][288] Directors, Supervisors, Senior Management, and Employees This section provides information on the company's directors, supervisors, senior management, and overall employee structure I. Changes in Shareholdings of Directors, Supervisors, and Senior Management During the reporting period, Chairman and actual controller Mr. Xiao Juncheng increased his shareholding by 3,276,004 shares through a non-public offering, while Director and General Manager Mr. Wang Yilong reduced his shareholding by 540,000 shares - Chairman Xiao Juncheng's total shares held at period-end were 63,365,754 shares, having increased his shareholding by 3,276,004 shares through participation in a non-public offering during the current period[301][305] - Director and General Manager Wang Yilong held 8,386,908 shares at period-end, having reduced his shareholding by 540,000 shares during the current period[301] VI. Company Employee Information As of the end of the reporting period, the company had a total of 2,457 active employees, with production personnel forming the largest group and the majority of employees having technical secondary school education or below Employee Professional Composition | Professional Composition | Number of Employees | | :--- | :--- | | Production Personnel | 1,614 | | Sales Personnel | 122 | | Technical Personnel | 301 | | Financial Personnel | 38 | | Administrative Personnel | 382 | | Total | 2,457 | Employee Education Level | Education Level | Number of Employees | | :--- | :--- | | Master's and Above | 21 | | Bachelor's | 335 | | Associate's | 251 | | Technical Secondary School and Below | 1,850 | | Total | 2,457 | Corporate Governance This section describes the company's corporate governance framework and the effectiveness of its internal control system I. Basic Status of Corporate Governance During the reporting period, the company operated strictly in accordance with relevant laws and regulations, with its corporate governance practices complying with CSRC requirements and maintaining independence from its controlling shareholder - The company's actual corporate governance status shows no significant discrepancies with the normative documents issued by the China Securities Regulatory Commission[341] - The company maintains independence from its controlling shareholder and actual controller in terms of assets, business, personnel, organization, and finance, possessing a complete business system and independent operating capabilities[342][343] IX. Internal Control Evaluation Report The company's board of directors believes that as of December 31, 2020, a comprehensive internal control system has been established and maintained effectively, with no material weaknesses or significant deficiencies identified in financial or non-financial reporting - The company's self-evaluation report on internal control concluded that no material weaknesses were found in financial or non-financial reporting internal controls[359][363] - The accounting firm issued a standard unqualified internal control attestation report, consistent with the board of directors' self-evaluation report opinion[364] Financial Report This section presents the company's audited financial statements, including the balance sheet, income statement, and cash flow statement I. Audit Report Rongcheng Certified Public Accountants (Special General Partnership) issued a standard unqualified audit opinion on the company's 2020 financial statements, confirming fair presentation of financial position and operating results Audit Opinion Summary | Item | Content | | :--- | :--- | | Type of Audit Opinion | Standard Unqualified Opinion | | Audit Firm Name | Rongcheng Certified Public Accountants (Special General Partnership) | | Audit Report Signing Date | March 29, 2021 | - Key Audit Matters: 1. Revenue Recognition: Due to revenue being a key indicator and the inherent risk of manipulating recognition timing[373] 2. Provision for Inventory Impairment: Inventory book value is material, and determining its net realizable value involves significant management accounting estimates and judgments[376] II. Financial Statements The financial statements present the company's financial position at the end of 2020 and its full-year operating results and cash flows, showing total assets of RMB 2.31 billion and net profit attributable to owners of the parent of RMB 51.43 million Consolidated Balance Sheet Key Items | Consolidated Balance Sheet Key Items | December 31, 2020 (RMB) | December 31, 2019 (RMB) | | :--- | :--- | :--- | | Total Current Assets | 1,594,615,989.02 | 782,154,433.44 | | Total Non-current Assets | 718,366,413.73 | 636,017,659.21 | | Total Assets | 2,312,982,402.75 | 1,418,172,092.65 | | Total Current Liabilities | 834,206,733.63 | 477,344,268.69 | | Total Non-current Liabilities | 19,276,260.64 | 12,205,706.61 | | Total Liabilities | 853,482,994.27 | 489,549,975.30 | | Total Equity Attributable to Owners of Parent | 1,444,333,311.39 | 928,549,698.64 | | Total Equity | 1,459,499,408.48 | 928,622,117.35 | Consolidated Income Statement Key Items | Consolidated Income Statement Key Items | 2020 Annual (RMB) | 2019 Annual (RMB) | | :--- | :--- | :--- | | I. Total Operating Revenue | 1,406,042,508.54 | 1,296,559,124.70 | | II. Total Operating Costs | 1,366,226,595.76 | 1,232,021,228.66 | | III. Operating Profit | 51,433,280.91 | 62,140,009.18 | | IV. Total Profit | 50,350,199.44 | 60,352,474.54 | | V. Net Profit | 47,709,561.17 | 56,539,820.24 | | Net Profit Attributable to Owners of Parent | 51,434,187.95 | 57,376,997.10 | Reference Documents This section lists the documents available for public inspection, ensuring transparency and accessibility of key corporate records - Reference documents include: * Financial statements signed and sealed by the company's responsible person, chief accounting officer, and head of accounting department[993] * Original audit report bearing the seal of the accounting firm and signatures and seals of certified public accountants[993] * Original copies of all company documents and announcements publicly disclosed on the CSRC-designated website during the reporting period[993]