ST天龙(300029) - 2018 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2018 was ¥9,576,609.27, a decrease of 97.13% compared to ¥333,720,631.77 in 2017[18]. - The net profit attributable to shareholders was -¥135,881,054.05, representing a decline of 302.74% from ¥67,021,927.79 in the previous year[18]. - The net cash flow from operating activities was -¥30,462,027.43, down 383.35% from ¥10,750,505.58 in 2017[18]. - Basic earnings per share were -¥0.6794, a decrease of 302.75% compared to ¥0.3351 in 2017[18]. - Total assets at the end of 2018 were ¥179,772,150.19, a reduction of 65.66% from ¥523,549,619.82 at the end of 2017[18]. - The net assets attributable to shareholders decreased by 53.29% to ¥119,121,910.86 from ¥255,002,964.91 in 2017[18]. - The company reported a significant decline in quarterly revenues, with the fourth quarter revenue at ¥657,740.86, down from previous quarters[20]. - The company reported a gross margin of 14.05% for the industrial sector, down 28.81% year-on-year[40]. - The company reported a net loss of approximately ¥135.88 million for 2018, with a cumulative undistributed profit of approximately -¥953.40 million[72]. Operational Challenges - The company experienced significant operational challenges due to an oversupply in the photovoltaic market, leading to a decline in prices for monocrystalline and polycrystalline silicon wafers[32]. - The company’s production lines were fully suspended throughout the year due to a lack of market demand for monocrystalline and polycrystalline furnaces[33]. - The company sold only 1 photovoltaic device in 2018, a decrease of 99.64% compared to 277 units sold in the previous year[41]. - The company has not disclosed any new product developments or market expansion strategies in the report[18]. - The company has not received new orders during the reporting period, which has severely impacted its operational capacity[184]. Legal and Financial Issues - The company faces risks including industry volatility, technology risks, inventory risks, and significant uncertainties regarding its ability to continue as a going concern[6]. - The company is actively pursuing legal action to recover outstanding receivables when necessary[34]. - The company has filed a lawsuit against Guangdong Bosen for the remaining payment of 60 million RMB, which has not been paid as of the audit report date[88]. - The company has incurred a total of 6,151,352.85 RMB in prepaid amounts to Changzhou Tianlong, which is under dispute due to a lawsuit[86]. - The company is involved in multiple legal proceedings regarding loan recoveries and collateral disputes[97]. Research and Development - The company completed the renovation and upgrade of a 1,700 square meter laboratory, enhancing its capacity for research and development of new photovoltaic and semiconductor materials[30]. - The company has made significant progress in the R&D of new photovoltaic materials and semiconductor silicon materials, including the development of the DRF120 single crystal furnace[34]. - The company plans to enhance R&D investment and introduce new technologies to improve competitiveness in the market[66]. - The company has committed to research and innovation in high-efficiency monocrystalline and semiconductor silicon materials to accumulate technical experience[68]. - The company has reduced its workforce in R&D from 44 to 26 personnel, which is 14.44% of total employees[52]. Asset Management - The company disposed of obsolete assets through public bidding to improve asset utilization efficiency[34]. - The company transferred 55% of its equity in Changzhou Tianlong Optoelectronic Equipment Co., Ltd. for 28 million RMB, but the buyer has not yet paid the transfer amount, prompting legal action[33]. - The company recognized a loss provision of 40,062,638.76 RMB for inventory impairment related to goods sent to Guangdong Bosen, with the cost of the goods being 41,246,156.00 RMB[88]. - The total current assets decreased from ¥348,339,819.13 at the beginning of the year to ¥78,981,571.58 at year-end, indicating a significant reduction[196]. - The total liabilities decreased from ¥523,549,619.82 to ¥179,772,150.19, indicating a reduction of about 65.6%[197]. Shareholder and Governance - The company has not engaged in any investor relations activities during the reporting period[69]. - The company has fulfilled its commitments made by its actual controllers and shareholders during the reporting period[75]. - The company has a diverse board with members holding various positions in other companies, such as Sun Li serving as the executive director of Changzhou Noah Technology Co., Ltd.[142]. - The company’s management team includes professionals with backgrounds in finance and management, enhancing its operational capabilities[141]. - The total remuneration paid to directors, supervisors, and senior management during the reporting period amounted to 3.8388 million yuan[145]. Future Outlook - The company plans to enhance sales efforts to reduce inventory and improve cash collection, while also increasing R&D investment to improve core business performance[84]. - The company aims to recover processing capabilities and improve manufacturing levels while training skilled workers to generate revenue[68]. - The company plans to expand its business in the high-efficiency battery product market, focusing on the production and sales of high-efficiency monocrystalline silicon materials and solar cell components[68]. - The company is actively seeking support from major shareholders and local governments to address liquidity issues and ensure ongoing operations[67]. - The company is looking for quality domestic assets to leverage its public company platform for potential mergers and acquisitions to enhance market risk resilience[68].