Golden Laser(SZ:300220)2021-06-08 16:00Financial Performance - The company's net profit for the year was a loss due to significant revenue decline in the laser segment, impacted by the pandemic [4]. - Inventory impairment provisions and adjustments to other non-current asset gains and losses contributed to the financial downturn [4]. - The acquired company "Wandou No. 1" reported losses, affecting the consolidated financial results [4]. - The company's operating revenue for 2020 was ¥196,820,611.08, a decrease of 11.30% compared to ¥221,899,552.58 in 2019 [21]. - The net profit attributable to shareholders was a loss of ¥55,525,702.75, compared to a profit of ¥15,132,240.66 in 2019, representing a decline of 404.62% [21]. - The net cash flow from operating activities was negative at ¥39,387,391.14, down 833.49% from ¥25,096,155.13 in the previous year [21]. - The basic earnings per share were -¥0.3672, a decrease of 1,406.76% from ¥0.1201 in 2019 [21]. - The net assets attributable to shareholders decreased by 25.29% to ¥264,986,788.00 from ¥284,519,487.25 in 2019 [21]. - The adjusted net profit excluding non-recurring gains and losses was a loss of ¥53,856,798.21, compared to a profit of ¥13,031,627.21 in 2019, indicating a decline of 621.85% [21]. - The weighted average return on net assets was -14.29% in 2020, down from 5.87% in 2019 [21]. - The company has indicated uncertainty regarding its ability to continue as a going concern, as the net profit for the last three accounting years has been negative [21]. Business Operations - The company's asset-liability ratio increased compared to the previous year due to new business expansion, with bank loans and accounts payable rising [5]. - Measures to improve profitability include enhancing equipment quality, increasing the proportion of exclusive IP products, and optimizing market layout [5]. - The company plans to achieve breakeven for new business segments through rapid scale expansion [5]. - The core competitiveness and main business of the company have not experienced significant adverse changes [4]. - The overall industry environment remains stable without unfavorable changes [4]. - The company reported a significant increase in the amount deducted from operating revenue, which rose to ¥22,462,469.58 in 2020 from ¥11,749,844.86 in 2019 [22]. - The company has a strong digital technology application capability, which is expected to enhance operational efficiency during scale expansion [36]. - The company has focused on 23 R&D projects in the industrial smart application sector, enhancing product performance and technological leadership [81]. - The company has developed unique "Cui Nait" technology in laser cladding, positioning itself competitively in the green and low-carbon economic trend [34]. Market and Product Development - The laser equipment business focuses on high-end digital laser manufacturing solutions, with products including fiber laser cutting machines and laser welding machines, targeting various industries such as automotive and medical [31]. - The IP derivative product operation business has seen significant growth, with the integration of downstream channel company "Doll One" enhancing market share and revenue scale [32]. - The company has adopted a strategy of rapid product improvement and development in response to market changes during the pandemic, which has positively impacted operational recovery [32]. - The laser industry is expected to continue growing due to increasing precision requirements in manufacturing, although competition is intensifying with more entrants in the market [33]. - The company holds a competitive edge in metal laser processing equipment, particularly in pipe processing, while facing challenges in the sheet metal processing segment due to increased competition [34]. - The潮玩行业 is projected to reach a market size of 73.6 billion RMB by 2024, with a compound annual growth rate (CAGR) of 29.8% from 2019 to 2024 [35]. - The company launched nine series of fiber laser pipe cutting products, covering applications in the metal pipe processing field, with a focus on differentiated equipment configurations [51]. - The flexible non-metal laser business saw an increase in orders compared to 2019, with significant improvements in production efficiency and delivery times after resuming operations [52]. Financial Management and Investments - The company has increased its long-term equity investments due to the acquisition of 玩偶一号, impacting its equity assets positively [37]. - The company has seen an increase in inventory due to the addition of 玩偶一号's equipment and products [37]. - The company has increased its deferred tax assets due to asset impairment provisions and losses during the reporting period [37]. - The company has a significant gap in sales revenue and gross margin compared to leading competitors, indicating substantial room for improvement [36]. - The company reported a government subsidy of 3,113,801.53 in 2020, up from 2,174,874.13 in 2019, indicating increased support from governmental programs [27]. - The company reported a net profit loss of 24,156,948.11 CNY from the acquisition of "Wandou No.1 (Wuhan) Technology Co., Ltd." [104]. - The company reported a fair value change gain of 44,830.61 CNY on financial assets during the reporting period [99]. - The total amount of financial assets purchased during the period was 14,920,000.00 CNY, with 4,500,000.00 CNY sold [99]. Shareholder and Governance - No cash dividends or stock bonuses will be distributed to shareholders this year [6]. - The company reported a negative profit for 2020, leading to a proposal of no cash dividends or capital reserve transfers for the year [115]. - The actual controller and major shareholder, Liang Wei, has committed to avoiding any direct or indirect competition with the company, ensuring no similar business activities are undertaken [118]. - The company has committed to distributing dividends in cash, stock, or a combination of both, with a minimum of 10% of the distributable profit to be distributed in cash annually over the next three years (2020-2022) [119]. - The company aims to ensure that the cumulative cash dividends over the next three years will not be less than 30% of the average annual distributable profit achieved during the same period [119]. - The company has established a commitment to maintain a stable growth in net profit, which will allow for increased shareholder returns through cash dividends and potential stock dividends [119]. - The company has maintained a continuous relationship with its auditing firm, Daxin Certified Public Accountants, for 12 years, with an audit fee of CNY 700,000 for the current period [127]. - The company has a structured approach to compensation, with independent director allowances proposed by the board and approved by the shareholders' meeting [183]. Employee and Management Structure - The total number of employees in the company is 519, with 209 in the parent company and 310 in major subsidiaries [185]. - The company has a total of 121 production staff, 214 sales personnel, 73 technical staff, 15 financial staff, and 96 administrative staff [186]. - The company has 11 employees with a master's degree or above, 157 with a bachelor's degree, 233 with a college diploma, and 118 with a high school education or below [186]. - The company has a diverse management team, with members holding advanced degrees and professional qualifications, such as registered accountants and tax advisors [182]. - The company has fully paid the salaries of its directors, supervisors, and senior management during the reporting period, adhering to its compensation and performance assessment systems [183]. - The management team is actively involved in various roles within other organizations, indicating a broad network and influence in the industry [182]. Compliance and Regulatory Matters - The company reported no significant litigation or arbitration matters during the reporting period [128]. - The company did not experience any non-operating fund occupation by controlling shareholders or related parties during the reporting period [121]. - The company did not face any delisting risks or bankruptcy restructuring matters during the reporting period [127]. - The company has not engaged in any joint external investment transactions during the reporting period [135]. - The company reported no penalties or rectifications during the reporting period, indicating compliance with regulatory standards [130].