GQY(SZ:300076)2020-04-24 16:00Financial Performance - The company's operating revenue for 2019 was ¥86,573,640.69, a decrease of 56.81% compared to ¥200,442,563.57 in 2018[17] - The net profit attributable to shareholders for 2019 was ¥15,197,094.83, down 19.02% from ¥18,765,609.52 in the previous year[17] - The net cash flow from operating activities was negative at ¥-10,935,884.00, a decline of 200.28% compared to ¥10,905,552.27 in 2018[17] - The total assets at the end of 2019 were ¥1,091,801,894.39, a decrease of 0.99% from ¥1,102,768,837.67 at the end of 2018[17] - The net assets attributable to shareholders increased by 0.65% to ¥1,015,903,080.05 at the end of 2019 from ¥1,009,362,915.14 in 2018[17] - The basic earnings per share remained unchanged at ¥0.04 in 2019, compared to ¥0.04 in 2018[17] - The weighted average return on equity was 1.50% in 2019, down from 1.88% in 2018[17] - The company reported a significant improvement in net profit after deducting non-recurring gains and losses, which was a loss of ¥19,467,558.55, an improvement of 63.01% from a loss of ¥52,632,640.39 in 2018[17] - The company reported a total cash dividend of 18,765,609.52 yuan in 2018[97] - The company achieved a net profit attributable to shareholders of 15,197,094.83 CNY for 2019, while the parent company reported a net loss of 28,012,902.76 CNY[93] Revenue and Sales - The overall operating revenue was entirely from the industrial sector, indicating a complete focus on this area[44] - The revenue from the large screen splicing display system was 79,918,695.31 yuan, accounting for 92.31% of total revenue, with a year-on-year decrease of 36.67%[45] - The sales volume of the large screen splicing display system decreased by 62.08% to 1,026 units, while production volume fell by 47.71% to 1,428 units[49] - The company reported a gross margin of 38.07% for the large screen splicing display system, which is a decrease of 7.92% compared to the previous year[47] - The revenue from the intelligent robot business was only 1,719,865.75 yuan, representing a significant year-on-year decline of 86.48%[45] - The company’s total revenue from the East China region was 42,427,062.69 yuan, which is 49.00% of total revenue, but it saw a decline of 69.43% year-on-year[45] Strategic Focus and Business Operations - The company focused on its core business of large-screen display systems, completing several significant projects including those for China Mobile and the Ningbo Public Security Bureau[27] - The company has shifted its strategy by divesting from the intelligent robotics business to concentrate resources on the large-screen video sector[27] - The company operates on a "make-to-order" production model, aligning production schedules with customer orders[28] - The company’s sales model includes both channel distribution and direct sales, ensuring comprehensive technical and business support throughout the marketing process[29] - The company is focusing on developing integrated projects for "smart cities" and "safe cities" to meet the growing market demand for display systems[83] Investments and Acquisitions - A major asset restructuring plan is underway, with the company signing a letter of intent to acquire over 50% of Kaifeng Jinsheng Thermal Energy Co., Ltd.[41] - The company is actively pursuing a major asset restructuring, intending to acquire over 50% of Kaifeng Jingsheng Thermal Power Co., Ltd. to stabilize profit growth[86] - The company has transferred its equity in the project for producing high-definition large screen splicing display systems due to unmet market expansion expectations[72] - The company agreed to transfer 98.71% of its stake in Ningbo Qikewei Intelligent Technology Co., Ltd. for 351.05 million RMB, with an actual payment of 184.75 million RMB after debt considerations[129] Research and Development - Research and development expenses amounted to 9,472,859.61 CNY, representing 10.94% of total revenue, an increase of 4.87 percentage points compared to the previous year[59] - The company is investing in new technologies, with a focus on artificial intelligence and machine learning, budgeting 100 million RMB for R&D in these areas[183] Management and Governance - The company has undergone significant management changes, with multiple resignations and appointments in 2019[180] - The company has established a remuneration committee to oversee the compensation of independent directors[191] - The company has a governance structure that includes specialized committees such as the strategy committee and audit committee, which operate independently[200] Risks and Challenges - The company faced risks and challenges in its future development, which are discussed in the report[4] - The company recognizes risks related to rapid technological changes and market competition, which could impact its market share and financial performance[88] - The company reported a significant increase in accounts receivable, which poses a risk to cash flow and operational liquidity[88] Shareholder Information - The total number of shareholders at the end of the reporting period was 27,263, an increase from 25,994 at the end of the previous month[165] - The largest shareholder, Ningbo Gaosi Investment Co., Ltd., holds 29.72% of the shares, totaling 125,996,000 shares[165] - The second-largest shareholder, Guo Qiyin, holds 12.03% of the shares, totaling 51,014,152 shares, with 12,753,538 shares under lock-up[165] Employee and Compensation - The total number of employees in the company is 193, with 67 in technical roles and 61 in sales[193] - The company paid a total of CNY 5.8878 million in remuneration to 24 current and former directors, supervisors, and senior management in 2019[191] - The company emphasizes a competitive salary policy based on job roles and performance evaluations to enhance employee satisfaction and loyalty[194]