TECHSEM(SZ:300046)2021-04-23 16:00Financial Performance - The company's operating revenue for 2020 was CNY 388,244,929.38, representing a 46.54% increase compared to CNY 264,937,838.14 in 2019[19] - The net profit attributable to shareholders for 2020 was CNY 32,244,590.70, a significant turnaround from a loss of CNY 220,028,922.10 in 2019, marking a 114.65% improvement[19] - The basic earnings per share for 2020 was CNY 0.1513, a recovery from a loss of CNY 1.0324 in 2019, reflecting a 114.66% increase[19] - The weighted average return on net assets improved to 5.15% in 2020 from -29.25% in 2019, indicating a positive shift in profitability[19] - The total profit reached 31.29 million yuan, with a year-on-year increase of 114.95%[38] - The net profit attributable to shareholders was 32.24 million yuan, up 114.65% year-on-year[38] Cash Flow and Assets - The net cash flow from operating activities increased by 314.47% to CNY 66,195,285.75 in 2020, compared to CNY 15,971,171.96 in 2019[19] - The company's total assets at the end of 2020 were CNY 769,275,218.09, a decrease of 4.65% from CNY 806,758,165.80 at the end of 2019[19] - The net cash flow from operating activities was 66.20 million yuan, reflecting a 314.47% increase year-on-year[42] - The total cash and cash equivalents increased by 889.81% to ¥48,582,865.30, indicating improved liquidity[61] - The company's inventory decreased by 4.78% to ¥134,036,972.12, indicating improved inventory management[65] Business Strategy and Market Position - The company plans to expand sales and market share of existing products such as thyristors, rectifiers, IGBTs, and power electronic modules, while also investing in new technologies like SiC and GaN[6] - The company aims to leverage industry resources through investments, acquisitions, and business collaborations to cultivate new growth points[6] - The company is focusing on market and product structure adjustments to ensure stable growth in the power semiconductor business[30] - The company has maintained a leading market share in the domestic power semiconductor sector for several consecutive years[34] - The domestic power semiconductor market is experiencing steady demand, with the company optimizing its product and market structure to ensure stable growth in its power semiconductor business[83] Research and Development - Research and development expenses rose by 14.49% to ¥9,005,121.12, primarily due to increased investment in semiconductor business[55] - The company continues to emphasize its commitment to research and development in the semiconductor sector[159] - The company has made breakthroughs in high-voltage chip technology, with new products achieving advanced performance metrics, targeting both domestic and international markets[57] Challenges and Risks - The company faced challenges in its internet film business due to the pandemic, resulting in significant asset impairment losses[29] - The company faces risks from intensified market competition and rising material costs, which may impact profit margins, and plans to mitigate these through cost control and resource integration strategies[87] - The company reported a net loss due to underperformance of co-invested dramas, leading to significant asset impairment[80] Shareholder Returns and Dividends - The company has not declared any cash dividends or bonus shares for the year, opting instead for a capital reserve transfer[7] - The company has established a three-year shareholder return plan (2020-2022) to enhance cash dividend policies and protect minority investors[92] - The company's retained earnings as of December 31, 2020, were negative at -120,439,038.34 yuan, leading to no cash dividends being proposed[96] Governance and Compliance - The company has complied with all relevant regulations regarding its cash dividend policy and has ensured that minority shareholders' rights are protected[93] - The company’s independent directors and supervisory board provided independent opinions on the accounting policy changes, ensuring compliance with regulations[109] - The company has a governance structure that complies with relevant laws and regulations, ensuring no significant discrepancies with regulatory requirements[174] Management and Personnel - The total remuneration paid to directors, supervisors, and senior management during the reporting period amounted to CNY 2.4059 million[166] - The company has a total of 7 senior management personnel as of the end of the reporting period[162] - The company has a structured approach to evaluating the performance of senior management, linking compensation to operational results[166] Legal and Regulatory Matters - There are ongoing litigation matters involving a total claim amount of 42.299 million RMB, with a civil judgment requiring the company to pay 1.56 million RMB and overdue penalty of 250,000 RMB[112] - The company confirmed that there were no non-operating fund occupations by controlling shareholders or related parties during the reporting period[107] Market and Sales Performance - The company reported a year-on-year increase in semiconductor business revenue, driven by a rise in production and sales volume[28] - The company sold 1.87 million power semiconductor devices, marking a 24.39% increase compared to the previous year[38] - Domestic sales accounted for ¥377,983,008.36, or 97.36% of total revenue, reflecting a 49.24% increase compared to the previous year[44]