BESTWAY(SZ:300008)2020-05-24 16:00Acquisitions and Business Development - The company acquired 100% equity of Taizhou Jinhaiyun Ship Equipment Co., Ltd. in 2016 and Jiangsu Dajin Heavy Industry Co., Ltd. in 2017, establishing a full industry chain from R&D to manufacturing [6]. - The company has developed a unique EPC business model that has rapidly gained market recognition and become a significant revenue source [51]. - The company has been actively expanding its traditional business into military-civilian integration and clean energy applications [51]. - The company has established a military-civilian integration business framework, covering six high-tech fields including defense vessels and special rescue equipment [66]. - The company has established a comprehensive military-civilian integration strategy, positioning itself as a pioneer in the defense equipment market [146]. Financial Performance - The company's operating revenue for 2019 was ¥589,369,324.87, a decrease of 42.70% compared to ¥1,028,627,302.36 in 2018 [42]. - The net profit attributable to shareholders for 2019 was -¥358,271,940.85, an improvement of 80.93% from -¥1,878,411,487.24 in 2018 [42]. - The total assets at the end of 2019 were ¥2,024,537,949.15, down 14.20% from ¥2,359,709,293.05 at the end of 2018 [42]. - The net assets attributable to shareholders decreased by 46.27% to ¥404,298,197.16 from ¥752,405,066.75 in 2018 [42]. - The company reported a significant asset impairment loss of CNY -104,999,070.95, accounting for 29.26% of total profit [124]. Debt and Restructuring - The company is undergoing a restructuring process to improve its financial structure and mitigate debt risks, with a focus on executing the restructuring plan effectively [19]. - The company acknowledges the risk of being delisted if the restructuring fails, which could lead to bankruptcy [20]. - The actual controller's stock pledge rate is high, with all shares subject to judicial freezing, posing a risk of control change [16]. - The company faced a bankruptcy reorganization application due to inability to repay debts, with the Shanghai Third Intermediate People's Court accepting the reorganization on February 14, 2020 [188]. - The company has entered a restructuring phase following a court's acceptance of the reorganization application [197]. Research and Development - The company is enhancing R&D efforts in new energy and intelligent ships to improve core competitiveness in shipbuilding and defense equipment sectors [9]. - The company has established and completed seven R&D projects focusing on key technologies in marine engineering and intelligent ship research [117]. - The company has maintained a high level of R&D investment, ensuring core patents and software copyrights in key technology areas [117]. - The company is committed to a strategic direction of "design-led, military-civilian integration, and intelligent green development" for future growth [51]. - The company has a strong technical research and development team that has participated in national-level research projects and key engineering projects, enhancing its competitive edge [64]. Revenue Sources and Challenges - The company has secured over 20 engineering general contracting projects, including wind power installation platforms and LNG transport vessels, delivering nearly 100 ships, which has become the most important source of revenue [57]. - The company has faced challenges in its funding chain due to financial environment and debt factors, impacting various business segments [51]. - The company reported a total sales revenue of 333,430,650.25 for shipbuilding, down 45.49% from 611,633,066.58 in the previous year [100]. - The clean energy business reported revenue of ¥11,547.21 million, a decline of 56.69% due to financial environment impacts and natural gas procurement prices [90]. - The company incurred financial expenses totaling ¥96.36 million, including unpaid amounts of ¥64.67 million due to overdue debts [90]. Legal and Compliance Issues - The company reported a total litigation amount of 297 million yuan related to a dispute with China Great Wall Asset Management [191]. - The company has reached a settlement agreement regarding a debt repayment of 26.1 million yuan, with a total payment of 43.36 million yuan already made to China Great Wall Asset Management [191]. - The company is obligated to pay 150 million yuan in principal and interest related to a loan dispute with China Minsheng Bank [194]. - The company has been involved in multiple legal proceedings, with ongoing litigation impacting its financial obligations and restructuring efforts [197]. - The company has reached a settlement in a dispute involving a total of 31.1256 million yuan, with joint liability from other parties involved [191]. Market and Operational Strategy - The company is focused on building a value-added natural gas utilization industry chain, particularly in the water transportation sector, aligning with the national "clean energy" strategy [149]. - The company plans to actively develop land and inland gas refueling projects as part of its clean energy business strategy, focusing on project maturity and successful implementation [152]. - The company is enhancing its production efficiency and advancing automation and smart manufacturing technologies to address labor shortages in the shipbuilding sector [151]. - The company has designed and delivered over 2,000 vessels and marine engineering projects, maintaining a leading position in the industry [55]. - The company aims to enhance its capabilities in the research and promotion of environmentally friendly and high-end special ship types, focusing on clean energy utilization in ships and deep-sea equipment market opportunities [145].