BESTWAY(SZ:300008)2021-04-27 16:00Business Directions and Focus - The company has established three main business directions: "Ship and Ocean Engineering," "Military-Civil Integration," and "New Energy Utilization" after its listing[6] - The company completed its bankruptcy restructuring in December 2020, clarifying its focus on "Ship and Ocean Engineering," "Military Defense," and "New Energy" sectors[6] - The company aims to adjust its industrial and product structure to acquire new orders and enter new product and service areas[11] - The company is focusing on expanding its business structure into three main sectors: marine engineering, military defense, and new energy[46] - The company aims to establish a healthy development pattern characterized by "technology leadership, dual land and sea operations, military-civilian integration, and intelligent green development"[46] Financial Performance - The company's operating revenue for 2020 was ¥523,552,744.58, a decrease of 11.17% compared to ¥589,369,324.87 in 2019[37] - The net profit attributable to shareholders in 2020 was ¥25,557,506.83, a significant turnaround from a loss of ¥358,271,940.85 in 2019, representing a 107.13% increase[37] - The net cash flow from operating activities was negative at ¥128,531,902.11, a decline of 620.93% compared to a positive cash flow of ¥24,673,373.81 in 2019[37] - Basic earnings per share for 2020 were ¥0.0264, recovering from a loss of ¥0.3732 per share in 2019, marking a 107.07% improvement[37] - The company's gross profit margin for the manufacturing sector was 24.10%, a decrease of 20.42% from the previous year[93] Revenue Sources and Segments - The shipbuilding and marine engineering EPC business was one of the most important sources of revenue for the company during the reporting period[46] - Revenue from the ship and marine engineering segment was 45.83 million yuan, a year-on-year increase of 1.39%[87] - Revenue from EPC business decreased by 5.31% to 332.26 million yuan due to insufficient orders in previous years[87] - Revenue from high-performance polymer materials and aerospace equipment products increased by 2.56% to 68.13 million yuan[87] - Revenue from the natural gas business decreased by 44.32% to 64.30 million yuan, impacted by funding and procurement price issues[87] Research and Development - The company’s research and development expenses increased by 5.20% to RMB 35.93 million, reflecting ongoing investment in core marine engineering technologies[118] - The company completed 10 R&D projects focused on core marine engineering technologies and automation systems, enhancing its technological capabilities[119] - R&D investment in 2020 amounted to ¥35,934,317.68, representing 6.86% of operating revenue, an increase from 5.80% in 2019[123] - The company is actively expanding its research and production of unmanned intelligent systems and emergency rescue equipment, focusing on key technologies in autonomous navigation and digital control systems[62] Risk Management - The company faces risks from rising raw material prices and labor costs, which have increased due to market conditions and the pandemic[17] - The company will strengthen credit investigations of shipowners and enhance project execution management to mitigate the risk of order defaults[16] - The company is focused on risk prevention regarding exchange rate fluctuations, particularly for export ship orders denominated in USD[12] - The company is committed to reducing the proportion of costs in revenue through improved management and cost control measures[17] Shareholder and Governance Commitments - The company will not distribute cash dividends, issue bonus shares, or convert reserves into share capital for the year[18] - The company has ongoing commitments to ensure that related transactions are conducted fairly and in accordance with normal commercial practices, with a focus on maintaining transparency and compliance with legal regulations[167] - The company has a commitment to not utilize related transactions to harm the interests of the company and its shareholders, ensuring that all related transactions are conducted at fair market prices[170] - The company has a share reduction commitment from China Great Wall Asset Management Co., Ltd., with a lock-up period of 6 months following the completion of the restructuring on December 29, 2020[173] Market Position and Future Plans - The company has designed and delivered over 2,000 vessels and marine engineering projects, maintaining a leading position in the design of special engineering vessels[49] - The company aims to enhance its overall profitability by exploring the development of military auxiliary ships and creating a comprehensive defense equipment industrial chain[141] - The company plans to strengthen the research and promotion of environmentally friendly and high-end special ship types, focusing on new energy applications in the shipping industry[140] - The company plans to gradually complete the network layout of LNG refueling stations for vehicles and vessels through various strategies, including mergers and strategic partnerships[152]