TECHSEM(SZ:300046)2020-04-19 16:00Financial Performance - The company's operating revenue for 2019 was ¥264,937,838.14, a decrease of 36.63% compared to ¥418,108,792.96 in 2018[20] - The net profit attributable to shareholders for 2019 was -¥220,028,922.10, representing a decline of 356.53% from a profit of ¥85,771,733.25 in 2018[20] - The net profit attributable to shareholders after deducting non-recurring gains and losses for 2019 was CNY 20,688,413.24, a decrease from CNY 27,179,527.70 in 2018, reflecting a decline of approximately 23.5%[23] - The net cash flow from operating activities improved to ¥15,971,171.96, a significant increase of 388.11% compared to -¥5,543,416.00 in 2018[20] - The net cash flow from operating activities for 2019 was CNY 15,408,566.28, compared to CNY 29,751,082.91 in 2018, indicating a decrease of about 48%[23] - The weighted average return on net assets was -29.25%, a decrease of 39.20 percentage points from 9.95% in 2018[20] - The total assets at the end of 2019 were ¥806,758,165.80, down 23.19% from ¥1,050,389,797.77 at the end of 2018[20] - The net assets attributable to shareholders decreased by 31.88% to ¥610,160,550.58 from ¥895,704,578.38 in 2018[20] Impairment and Goodwill - The company recognized an impairment loss of ¥28,829.67 million related to goodwill from the acquisition of Beijing Bianchun Tian Film Co., Ltd[8] - The company’s goodwill decreased by CNY 28,829.67 million, a 100% decline, primarily due to substantial goodwill impairment recognized during the reporting period[33] - The company reported a goodwill impairment provision of 28.82967 million yuan for the year 2019 due to unmet performance commitments[104] Semiconductor Business - The company plans to expand sales and market share of existing products such as thyristors, rectifiers, IGBTs, and power electronic modules[6] - The company aims to invest, acquire, and collaborate to cultivate new growth points in the semiconductor industry[7] - The total revenue from the semiconductor business showed a slight decline, with the overall market demand remaining stable[30] - The semiconductor business sold 150.33 million power semiconductor devices, a decrease of 7.07% year-on-year, with thyristor sales at 57.62 million units, down 5.04%[39] - The company’s power semiconductor products are widely used in various industries, including metallurgy, motor control, and new energy, maintaining a leading position in the domestic market[30] - The company achieved total operating revenue of ¥26,493.78 million in 2019, a year-on-year decrease of 36.63%[39] - The company is focusing on the research and development of third-generation wide bandgap semiconductor materials and devices, such as SiC and GaN[6] - The company is focusing on the development of third-generation wide bandgap semiconductor technologies, such as SiC and GaN, to enhance its competitive edge[34] - The gross margin for the semiconductor segment was 34.27%, with a slight decrease of 2.04% compared to the previous year[46] R&D and Innovation - The company’s R&D expenses increased by 7.15% to ¥786.53 million, reflecting a focus on enhancing semiconductor technology[42] - The company holds 55 patents, including 9 invention patents, and has actively participated in drafting 17 national or industry standards[34] - The company obtained 3 patents during the reporting period, including 2 invention patents, enhancing its technological competitiveness[36] - The company plans to invest in the "High Power Semiconductor Device Industry Upgrade Project" as part of its strategic development[40] Market and Sales Strategy - The company maintained a market share in the domestic power semiconductor sector, with a leading position for several consecutive years[35] - The company’s foreign sales accounted for 4.40% of total revenue, down 17.40% year-on-year, indicating challenges in international markets[44] - The company aims to enhance its competitiveness in the power semiconductor sector, despite facing challenges from international competitors and technology gaps[81] - The company plans to strengthen external cooperation to expand its product line and market coverage, enhancing the scale of its semiconductor business[84] - The power semiconductor market demand remains stable, with the company optimizing its product and market structure to ensure steady growth in its power semiconductor business[83] Financial Management and Dividends - The company emphasizes a stable cash dividend policy to enhance shareholder returns, aligning with regulatory guidelines and investor expectations[91] - The company reported a cash dividend of 0.00 CNY per 10 shares for the fiscal year 2019, with a total cash dividend amount of 213,120,000 CNY[92] - The total distributable profit for the year was -152,683,629.04 CNY, indicating a negative retained earnings situation[92] - The company did not propose any cash dividend distribution plan for 2019 due to negative retained earnings[96] - The company’s net profit for 2019 was reported at -220,028,922.10 CNY, resulting in a cash dividend payout ratio of 0.00%[96] Corporate Governance - The company has established performance evaluation methods for senior management based on operational performance and individual work performance[174] - The company has a total of five senior management personnel listed in the report, including the chairman, general manager, and vice presidents[173] - The company’s board of directors and supervisors' remuneration standards are proposed by the remuneration and assessment committee and approved by the board of directors[174] - The company maintains an independent governance structure, complying with relevant laws and regulations, ensuring no significant discrepancies with regulatory requirements[184] - The company held four temporary shareholder meetings and one annual meeting in 2019, with investor participation rates ranging from 30.02% to 35.31%[187] Environmental and Social Responsibility - The company completed the environmental protection facilities and equipment for the 1.25 million high-power semiconductor device technology upgrade project in 2012, ensuring compliance with environmental requirements[138] - The company has a total of 12 emission outlets, with 1 wastewater outlet and 11 gas outlets, and the total COD emissions are 7.143 tons/year, which is within the approved emission limit of 7.3 tons/year[138] - The company donated 1 million CNY to the Xiangyang Red Cross for COVID-19 prevention efforts[136] - The company has not initiated any targeted poverty alleviation work during the reporting year[137] Legal and Compliance - The company reported no penalties or rectification issues during the reporting period[117] - The company maintains a good integrity status, with no significant debts or court judgments outstanding[118] - The company has complied with the new financial reporting formats as mandated by the Ministry of Finance in 2019, adjusting comparative data accordingly[106] Future Outlook - For 2020, the company plans to achieve a revenue of 40,115 million CNY and a profit of 7,644 million CNY, focusing on enhancing the competitiveness of its IGBT and MOSFET products[86] - The company provided a future outlook, projecting a revenue growth of 12% for the next fiscal year, targeting 1.68 billion[165] - The company is expanding its market presence in Southeast Asia, aiming to increase market share by 5% within the next two years[165] - A strategic acquisition of a smaller semiconductor firm was completed, expected to enhance the company's technology capabilities and add 100 million in annual revenue[165]