Jetsen(SZ:300182)2021-04-27 16:00Financial Performance - The company's operating revenue for 2020 was ¥3,183,822,102.40, a decrease of 11.69% compared to ¥3,605,090,213.40 in 2019[25]. - The net profit attributable to shareholders for 2020 was -¥1,230,827,904.91, an improvement of 48.29% from -¥2,380,328,768.16 in 2019[25]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥1,250,285,586.69, showing a 49.68% improvement from -¥2,484,814,848.04 in 2019[25]. - The company's total assets at the end of 2020 were ¥10,727,528,995.85, down 15.75% from ¥12,733,276,437.52 at the end of 2019[25]. - The net assets attributable to shareholders decreased by 15.58% to ¥6,270,471,113.99 at the end of 2020 from ¥7,428,122,978.10 at the end of 2019[25]. - The company generated a net cash flow from operating activities of ¥1,827,801,815.04 in 2020, a decrease of 3.99% from ¥1,903,847,779.53 in 2019[25]. - The company reported a total of ¥104,486,079.88 in non-recurring gains for 2020, compared to ¥23,373,155.57 in 2019[32]. - The company achieved total operating revenue of CNY 318,382.21 million in 2020, a decrease of 11.69% compared to the previous year[62]. - The net profit attributable to shareholders was CNY -123,082.79 million, with an operating profit of CNY -123,561.87 million[62]. Strategic Focus and Operations - The company's strategic focus during the pandemic was on copyright operations, leading to a reduction in high-risk film production and technology projects[6]. - The company reported that the core competitiveness and key financial indicators of its main copyright business did not experience significant adverse changes, aligning with industry trends[6]. - With the recovery of cinemas and increased demand for new media copyrights, the company's profitability is expected to enhance further[6]. - The company is exploring new monetization models for copyright content through deeper operational cooperation with partners[6]. - The company aims to enhance its operational stability and risk resistance through multi-channel monetization capabilities[6]. - The company is actively adjusting its new media copyright distribution strategy to better meet existing customer needs[6]. - The company focused its strategic emphasis on new media copyright operations to solidify its leading position in the market[58]. - The company aims to leverage the opportunities presented by the 5G era to develop a multi-screen digital distribution model, providing exclusive content for various screens[123]. Challenges and Risks - The company faced challenges due to the pandemic, including delayed project implementations and extended customer payment cycles, impacting revenue and cash flow[6]. - The company emphasizes the importance of risk awareness among investors, highlighting potential risks such as policy changes and market competition[9]. - The company faces risks from intensified market competition, particularly in the copyright operation sector, as new media platforms may increase self-produced content[130]. - The company is exposed to policy risks, particularly in the copyright operation sector, as the regulatory environment evolves[126]. - The company is at risk of goodwill and long-term equity investment impairment due to potential performance fluctuations of acquired companies[134]. Investment and Development - The company is focusing on high-quality content production and cautious investment strategies in response to the long investment cycle and slow capital recovery in the industry[67]. - The company completed the construction of several ultra-high-definition platforms, laying a foundation for market expansion in the context of 5G technology[61]. - The company is actively pursuing new technology and product development, particularly in media management and 5G 4K/8K network management systems[91]. - The company has focused on developing modular products in audio and video technology, including non-linear editing and transcoding systems[91]. - The company aims to provide stable and long-term returns to investors, which influenced the decision to not distribute dividends in 2020[153]. Corporate Governance and Compliance - The company is committed to maintaining accurate and complete financial reporting, as stated by its management[5]. - The company has established an independent financial department and accounting system, ensuring compliance with financial regulations[169]. - The company guarantees the independence of its operations, assets, and governance structures, avoiding any interference from controlling entities[169]. - The company has committed to avoiding any competitive business activities that may harm its interests or those of its subsidiaries for a specified period[169]. - The company has established a commitment to fair pricing and market principles in related transactions, ensuring compliance with legal disclosure obligations[169]. Shareholder Relations and Profit Distribution - The company announced a profit distribution plan, with no cash dividends or bonus shares to be distributed to shareholders[9]. - The profit distribution plan for 2020 includes no cash dividends, no stock bonuses, and no capital reserve increase, consistent with the previous two years[153][154][155]. - The total cash dividend amount for 2020 was 0.00 yuan, which represents 0.00% of the net profit attributable to ordinary shareholders[156]. - The company has maintained a negative retained earnings balance, with a reported net loss of -1,230,827,904 yuan for 2020[156]. - The company has not engaged in any cash dividend distribution or stock bonuses for the past three years, reflecting a focus on long-term development[153][154][155].