ST有棵树(300209) - 2020 Q4 - 年度财报

Financial Performance - The company reported a net profit attributable to shareholders of -870.83 million yuan, primarily due to a significant decline in software and IT services, resulting in a loss of 569.53 million yuan[6]. - The company reported a revenue of ¥5,026,531,094.60 in 2020, representing a 29.97% increase from ¥3,867,356,287.56 in 2019[31]. - The net profit attributable to shareholders was a loss of ¥870,832,785.32, a decrease of 1,858.22% compared to a profit of ¥49,529,118.44 in the previous year[31]. - The net cash flow from operating activities was negative at ¥-279,967,662.49, a decline of 357.64% from ¥108,665,701.42 in 2019[31]. - The total assets decreased by 16.27% to ¥4,537,247,145.93 at the end of 2020, down from ¥5,418,617,859.07 in 2019[31]. - The company reported a net cash flow from operating activities of -CNY 17,749.74 million, a decline of 214.17% compared to the previous year[57]. - The company reported a net profit attributable to the parent company of -87,083.28 million yuan for the year 2020[118]. Cross-Border E-Commerce - The cross-border e-commerce business generated revenue of 4,748.93 million yuan, a year-on-year increase of 20.16%, with a net profit attributable to shareholders of 415.88 million yuan, up 27.95%[6]. - The cross-border e-commerce business is growing, but the company is facing increasing restricted funds due to platform rules[20]. - The company has shifted its focus to cross-border e-commerce, which has become its main source of revenue and profit since 2019[41]. - The cross-border e-commerce business operates primarily through the B2C model, selling products to consumers in over 200 countries via platforms like Amazon and eBay[41]. - The company aims to enhance its global presence by leveraging technology to promote Chinese manufacturing worldwide[41]. - The company plans to focus on expanding its cross-border e-commerce business, which has shown strong growth[70]. - The cross-border e-commerce export industry has a broad development outlook, with no signs of overcapacity or continuous decline[8]. Risks and Challenges - The company faces risks related to accounts receivable collection, with over 700 million yuan in overdue accounts from Yuanjiang Information, which has not improved despite management changes[10]. - Inventory management risks have increased due to changes in consumer demand during the pandemic, leading to potential stockpiling of unsold goods[14]. - The company is exposed to foreign exchange risks due to operations in multiple currencies, including USD and JPY, and plans to mitigate these risks through market research and strategic currency management[15]. - The company faces a cash flow shortage risk with ¥460 million in loans due and difficulties in receivables collection[20]. - The company acknowledges the risk of integration failure at Yuanjiang Information due to ongoing operational difficulties and the departure of key personnel[104]. - The company has outstanding loans of 460 million yuan, and its cash flow is under pressure due to a decline in operating performance in its software and information technology services business[110]. Strategic Initiatives - The company plans to restructure and divest its software and IT services business due to declining performance and cash flow challenges[20]. - The company aims to expedite asset disposal and explore additional financing channels to alleviate short-term cash flow pressures[20]. - The company plans to strengthen the management of its subsidiary Yuanjiang Information and will implement various measures, including legal actions, to recover accounts receivable and reduce the collection cycle[106]. - The company is adjusting its business structure to reduce performance volatility and is focusing resources on premium e-commerce platforms like Amazon[106]. - The company aims to create a multi-brand matrix in the cross-border e-commerce sector, focusing on differentiated competitive advantages in product and brand strength[104]. Shareholder and Profit Distribution - The company will not distribute cash dividends or issue bonus shares for the year[21]. - The company has established a clear profit distribution policy to ensure stable returns to shareholders, adhering to regulatory requirements[115]. - The company decided not to distribute profits for the fiscal year 2020 due to negative distributable profits of -101,014.00 million yuan as of December 31, 2020[118]. - The company has not proposed any cash dividend distribution plan for the last three years due to ongoing losses[120]. Operational Efficiency and Management - The company has implemented a digitalized procurement management system to optimize purchasing processes and reduce inventory risks[42]. - The company utilizes a mixed warehousing strategy, combining self-operated warehouses with third-party logistics services like Amazon FBA[43]. - The company has integrated an IT big data smart cloud system to improve operational efficiency across various business processes[51]. - The company aims to enhance inventory management and improve supply chain efficiency to mitigate inventory management risks[108]. - The company is actively seeking to improve its international management capabilities to reduce risks associated with overseas operations[109]. Research and Development - The company has allocated 30 million RMB for research and development in new technologies for the upcoming fiscal year[130]. - The company is investing heavily in R&D, allocating 200 million yuan for the development of new technologies[156]. - The number of R&D personnel decreased to 335 in 2020 from 451 in 2019[81]. - R&D expenditure amounted to ¥66,710,723.65, representing 7.45% of operating revenue[82]. Compliance and Governance - The company has established a commitment to protect the interests of minority shareholders, particularly in terms of operational independence and financial integrity[136]. - The company guarantees that there are no improper benefits obtained through related transactions, and any losses incurred due to violations will be borne by the responsible parties[151]. - The company has committed to ensuring compliance with social insurance payments, with a willingness to bear any related costs and responsibilities[173]. - The management emphasized the importance of compliance and transparency in financial reporting, ensuring all disclosures are accurate and complete[157].