APLUS(SZ:300163)2021-04-26 16:00Financial Performance - The company's revenue for 2020 decreased by 38.75% year-on-year, primarily due to the sale of its subsidiary KRS in June 2019 and the impact of the COVID-19 pandemic on production and operations[4]. - The net profit attributable to shareholders for 2020 fell by 62.52% compared to the previous year, largely due to a significant decline in asset disposal gains from 49.49 million in 2019 to -0.3372 million in 2020[4]. - The company's operating revenue for 2020 was ¥275,721,490.77, a decrease of 38.75% compared to ¥450,181,969.11 in 2019[21]. - The net profit attributable to shareholders for 2020 was ¥18,182,348.54, down 62.52% from ¥48,506,025.14 in 2019[21]. - The weighted average return on equity for 2020 was 3.09%, down from 9.50% in 2019, indicating a decline in profitability[21]. - The company reported a basic earnings per share of ¥0.0384 for 2020, a decline of 62.46% from ¥0.1023 in 2019[21]. - The company received government subsidies amounting to ¥4,875,685.26 in 2020, compared to ¥8,298,293.10 in 2019[26]. - The net cash flow from operating activities increased significantly to ¥80,035,668.12, a rise of 1,009.72% compared to ¥7,212,237.11 in 2019[21]. - The net profit after deducting non-recurring gains and losses was ¥373,902.89, a turnaround from a loss of ¥17,288,089.71 in 2019, marking a 102.16% improvement[21]. Market and Competitive Position - The company maintains a competitive advantage in the polymer composite shading materials industry, with significant market capacity for future growth[30]. - The company faces risks related to market competition, raw material price fluctuations, and high reliance on foreign sales, which could impact its operational results[7][8]. - The company emphasizes the importance of advanced technology and brand recognition as key barriers to market entry in the high-end polymer composite shading materials market[85]. - The company aims to enhance its international market presence by focusing on product adaptability, channel resource development, and brand awareness through international exhibitions[44]. - The company plans to increase its domestic sales proportion while expanding its export scale to mitigate revenue fluctuations from international markets[44]. Research and Development - The company developed four innovative new polymer composite shading materials during the reporting period, enhancing its product portfolio[30]. - The company plans to enhance R&D efforts focusing on new materials, process improvements, and innovative designs to maintain its competitive edge in the shading fabric market[61]. - The number of R&D personnel increased to 23, representing 16.51% of total employees, with R&D expenditure accounting for 5.98% of revenue in 2020[62]. - R&D expenses increased by 12.59% to ¥16,481,022.18, reflecting the company's increased investment in R&D[60]. Subsidiaries and Investments - The company increased its consolidated scope to include 12 subsidiaries, adding three new entities in 2020[56]. - The company established a new subsidiary, Ningbo Pioneer New Materials (Thailand) Co., Ltd., with an investment of 1,900,000.00, fully funded by its own resources[74]. - The company set up another subsidiary, Ordos Pioneer Energy Co., Ltd., with an investment of 8,100,000.00, also fully funded by its own resources[74]. - The company has a total investment of 13,000,000.00 in new subsidiaries during the reporting period[74]. Operational Efficiency - The overall operational capability remains stable, with no significant risks to its ongoing business operations[6]. - The company has initiated measures to expand from fabric to finished shading products, leveraging existing technology reserves[85]. - The company is committed to improving order response capabilities and handling unconventional orders to better meet sales demands[88]. - The company will continue to adjust product pricing in response to market changes to maintain its market share in the sunlight fabric sector[87]. Shareholder and Governance - The company has not distributed cash dividends for the past three years, maintaining a policy of reinvesting profits into operations and development[94]. - The company reported a total share count of 474,000,000, with 365,421,842 shares (77.09%) being unrestricted and 108,578,158 shares (22.91%) being restricted[137]. - The company’s major shareholder, Lu Xianfeng, stepped down as chairman, and his shares are subject to a six-month lock-up period following his departure[139]. - The company’s current board includes experienced professionals with backgrounds in engineering, finance, and management, enhancing its operational capabilities[157][165]. - The company has established specialized committees under the board, including strategy, remuneration and assessment, audit, and nomination committees[179]. Compliance and Internal Control - The company has not reported any non-standard audit reports for the recent period[103]. - There were no significant internal control deficiencies reported during the evaluation period, indicating robust internal controls[198]. - The internal control audit report confirmed that the company maintained effective internal controls related to financial reporting as of December 31, 2020[200]. - The company emphasizes strict compliance with information disclosure regulations, ensuring accurate and timely communication with investors[181].