BEAR APPLIANCE(SZ:002959)2021-04-28 16:00Financial Performance - The company's operating revenue for 2020 was ¥3,659,948,367.01, representing a 36.16% increase compared to ¥2,687,963,985.41 in 2019[23]. - The net profit attributable to shareholders for 2020 was ¥428,135,871.53, a 59.64% increase from ¥268,181,695.31 in 2019[23]. - The net cash flow from operating activities reached ¥1,207,509,003.45, marking a significant increase of 197.12% compared to ¥406,398,404.81 in 2019[23]. - The basic earnings per share for 2020 was ¥2.7445, up 33.04% from ¥2.0629 in 2019[23]. - Total assets at the end of 2020 amounted to ¥3,691,795,779.24, a 45.79% increase from ¥2,532,217,704.26 at the end of 2019[23]. - The net assets attributable to shareholders increased by 18.51% to ¥1,972,837,999.50 at the end of 2020, compared to ¥1,664,702,127.97 at the end of 2019[23]. - The company reported a net profit excluding non-recurring gains and losses of ¥396,119,626.99, which is a 48.40% increase from ¥266,935,184.92 in 2019[23]. - The weighted average return on equity for 2020 was 23.67%, down from 29.60% in 2019[23]. Revenue Breakdown - The kitchen small appliances segment generated ¥3,659,948,367.01, accounting for 100% of total revenue, with significant growth in electric kitchen appliances at 51.09% year-over-year[69]. - Domestic sales contributed ¥3,450,806,463.42, representing 94.29% of total revenue, while international sales surged by 143.23% to ¥209,141,903.59[69]. - The company sold 4,513.74 million units in 2020, a 40.22% increase from 3,218.99 million units in 2019[74]. Cash Flow and Investments - Cash and cash equivalents rose by 64.43% year-on-year to CNY 973.64 million, reflecting strong cash inflows from operations[51]. - Operating cash inflows totaled ¥4,221,877,211.04, a 41.78% increase from the previous year, primarily due to increased cash receipts from sales[87]. - The company reported a total investment of CNY 215,475,013.89 from raised funds during the reporting period[105]. Research and Development - R&D expenses reached ¥105,241,506.05 in 2020, reflecting a 37.54% increase compared to 2019, driven by increased investment in new product development[86]. - The number of R&D personnel increased by 32.37% to 319 in 2020, contributing to enhanced innovation capabilities[84]. - The company has increased its R&D investment to enhance its technological innovation capabilities, focusing on user experience and product design trends[56]. Market Strategy and Sales Channels - The company employs a multi-channel sales strategy, integrating both online and offline sales channels to enhance market reach[40]. - The company is actively exploring new sales channels, including emerging platforms like Pinduoduo and Douyin, to drive growth[63]. - The company has established strong partnerships with major e-commerce platforms, enhancing its online sales channel[55]. Dividend Policy - The company plans to distribute a cash dividend of ¥12 per 10 shares, based on a total of 156,000,000 shares[6]. - The cash dividend for 2020 is 100% of the total profit distribution amount, reflecting the company's strong operational performance[144]. - The company's retained earnings after the 2020 dividend distribution will be 491,743,254.94 CNY, which will be carried forward to future distributions[142]. Future Outlook - The future outlook indicates a trend towards high-end, smart, and health-oriented small appliances, driven by increasing consumer demand and urbanization[121]. - The overall market for small appliances is expected to expand as consumer preferences shift towards personalized and customizable products[121]. - The company aims to enhance its digital, intelligent, and automated manufacturing capabilities to reduce production costs and improve operational efficiency[122]. Risks and Challenges - The company faces risks from raw material price fluctuations, which could adversely affect operating performance if prices rise significantly[132]. - The company is exposed to intense market competition, necessitating continuous product innovation and effective marketing strategies to maintain market share[132]. - The company may face risks related to changes in tax incentives for high-tech enterprises, which could impact profitability if not maintained[133]. Compliance and Governance - The company has established a fundraising management system to ensure the proper and legal use of raised funds, preventing misuse by controlling shareholders or related parties[168]. - The company has committed to enhancing its profit distribution system to clarify return policies for investors, including a future dividend return plan[168]. - The company will ensure compliance with relevant laws and regulations during the share repurchase process[160].