BESTWAY(SZ:300008)2023-04-21 16:00Acquisition and Business Development - The company acquired 100% equity of Taizhou Jinhai Marine Equipment Co., Ltd. in 2016 and Jiangsu Dajin Heavy Industry Co., Ltd. in 2017, establishing a full industry chain from R&D to manufacturing in the defense equipment sector[5]. - Jiangsu Dajin Heavy Industry Co., Ltd. serves as the main platform for the company's EPC business, which will be further integrated under the general contracting business structure[46]. - The company has developed a unique EPC business model, which has become its most important source of revenue[38]. - The company has actively expanded its traditional business into military-civilian integration and clean energy applications[39]. - The company has established a military-civilian integration business framework, covering six high-tech fields including defense vessels and special rescue equipment[57]. 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[28]. - The net profit attributable to shareholders was -¥358,271,940.85, an improvement of 80.93% from -¥1,878,411,487.24 in the previous year[28]. - The total assets at the end of 2019 were ¥2,024,537,949.15, down 14.20% from ¥2,359,709,293.05 in 2018[28]. - The net assets attributable to shareholders decreased by 46.27% to ¥404,298,197.16 from ¥752,405,066.75 in 2018[28]. - The company incurred financial expenses totaling ¥96.36 million, including unpaid amounts of ¥64.67 million due to overdue debts[80]. Research and Development - The company is actively enhancing R&D efforts in new energy and intelligent ships to improve its core competitiveness in the marine engineering and defense equipment sectors[6]. - The company has maintained a high level of R&D investment, with the number of R&D personnel increasing to 148, representing 19.73% of the total workforce[103]. - The company completed seven R&D projects focused on key technologies in marine engineering and smart ship applications during the reporting period[102]. - The company holds multiple national patents, including 45 invention patents and 201 utility model patents as of the report date[77]. Debt and Financial Risks - The company plans to introduce strategic investors and explore various channels to resolve its debt issues and restore normal operations[14]. - The company is facing risks of bankruptcy due to potential failure in restructuring efforts, which could lead to a court declaration of bankruptcy[12]. - The company has a high pledge rate of shares held by its actual controller, which poses a risk of change in control[11]. - The company reported non-operating fund occupation by major shareholders totaling 1,482.85 million RMB, with an additional 223.20 million RMB added during the reporting period[150]. Market Challenges - The Baltic Dry Index (BDI) remains low, indicating ongoing challenges in the international shipping market, which affects the company's marine engineering business[7]. - The company has faced challenges due to financial environment and debt factors, impacting various business segments[40]. - The company is undergoing a restructuring process, with a court announcement received on March 21, 2019, regarding the acceptance of the restructuring application[161]. Revenue Breakdown - The EPC revenue was ¥333.43 million, representing 56.57% of total revenue, with a year-over-year decrease of 45.49%[87]. - The clean energy business reported revenue of ¥115.47 million, a decline of 56.69% due to financial environment impacts and natural gas procurement prices[81]. - The defense equipment and related business saw revenue of ¥41.94 million, an increase of 44.98% influenced by changes in military procurement methods[81]. Legal and Compliance Issues - Tianhai Defense is involved in a lawsuit with China Great Wall Asset Management, with a total amount of 297 million yuan for principal and 7.95 million yuan for fund occupation fees[158]. - The company has signed a debt repayment agreement on December 20, 2019, to resolve outstanding obligations[160]. - The company has received a restructuring application due to its inability to repay due debts, with the Shanghai Third Intermediate People's Court accepting the application on February 14, 2020[156]. Shareholder Structure - The total number of shares is 960,016,100, with 37.24% being limited shares and 62.76% being unrestricted shares[193]. - The company has a total of 7 major shareholders, with the largest being Liu Nan, followed by Li Lu with 7.32% and Shenzhen Hongmaoseng with 4.95%[200]. - The number of shares held by shareholders with more than 5% ownership has increased, reflecting a consolidation of ownership[199]. - The company has not issued any new shares or conducted any share buybacks during the reporting period[198].