*ST天山(300313) - 2020 Q4 - 年度财报

Financial Performance - The company reported a net profit loss attributable to shareholders for the years 2018, 2019, and 2020, indicating ongoing performance risks [5]. - The company's operating revenue for 2020 was ¥163,309,323.59, a decrease of 28.69% compared to ¥229,005,660.26 in 2019 [25]. - The net profit attributable to shareholders in 2020 was ¥4,211,925.94, a significant turnaround from a loss of ¥60,790,981.91 in 2019, representing a 106.93% increase [25]. - The net cash flow from operating activities improved to ¥13,682,992.18 in 2020, a 139.16% increase from -¥34,937,173.07 in 2019 [25]. - The total assets at the end of 2020 were ¥907,019,358.37, down 20.67% from ¥1,143,399,156.92 at the end of 2019 [25]. - The company's basic earnings per share for 2020 was ¥0.01, compared to a loss of ¥0.19 per share in 2019, marking a 107.08% improvement [25]. - The weighted average return on net assets was 2.77% in 2020, a significant recovery from -34.03% in 2019 [25]. - The company reported a net profit excluding non-recurring gains and losses of -¥18,794,092.71 in 2020, an improvement of 81.22% from -¥100,087,031.59 in 2019 [25]. - In Q4 2020, the net profit attributable to shareholders was ¥7,260,134.35, showing a positive trend after three quarters of losses [27]. Shareholder and Dividend Information - The company will not distribute cash dividends or issue bonus shares for the current fiscal year [12]. - The total cash dividend amount for 2020 was 0.00, which represents 0.00% of the total profit distribution [119]. - The company reported a negative distributable profit for 2018 and 2019, resulting in no cash dividends or capital reserve transfers during those years [117]. - The company has maintained a consistent policy of not distributing dividends during the last three fiscal years due to ongoing losses [117]. - The cash dividend amount for 2019 was also 0.00, with a net profit of -60,790,981.91 [119]. Risks and Legal Issues - The controlling shareholder, Tianshan Agricultural Development Co., Ltd., holds 18.35% of the company's shares, all of which are pledged, posing a high risk of liquidation due to unpaid debts [11]. - The company faces significant risks from animal diseases, which can severely impact production and profitability [7]. - The company is actively cooperating with law enforcement regarding ongoing fraud cases, aiming to minimize losses and protect investor rights [10]. - The company emphasizes the importance of investor awareness regarding potential risks associated with ongoing litigation and financial uncertainties [8]. - The company is exposed to disease risks in livestock farming, which can significantly impact production and profitability if outbreaks occur [106]. - The company is actively addressing legal issues related to a contract fraud case from 2018, with ongoing civil and criminal proceedings [68]. - The company has ongoing litigation regarding advertising rights, with no court judgment made as of the commitment date [125]. Business Strategy and Operations - The company plans to enhance market engagement and customer communication to improve performance and strengthen product competitiveness [5]. - The company is implementing new models to initiate fattening business as a new growth point to enhance risk resistance [6]. - The company is focusing on improving asset efficiency through leasing and disposal strategies to mitigate operational risks [6]. - The company aims to improve economic benefits for farmers by providing tailored breeding solutions based on genetic characteristics [35]. - The company is committed to the "Big Beef Cattle Strategy" over the next five years, focusing on breeding and expanding beef cattle fattening operations [58]. - The company plans to focus on beef cattle fattening in resource-rich regions such as Xinjiang, Shandong, and Inner Mongolia, aiming to establish standardized processes and improve facilities [51]. - The company aims to establish a traceability system for beef cattle to improve product quality and create a high-quality beef supply platform [52]. Market and Industry Trends - The average wholesale price of beef in 2020 was approximately 84.0 RMB/kg, a 14.7% increase compared to 2019, with a peak price of 85.57 RMB/kg in November 2020 [44]. - China's beef consumption reached 9.515 million tons in 2020, ranking second globally, with a per capita consumption of about 6.8 kg [44]. - The beef industry is transitioning from "incremental development" to "efficiency development," driven by strong domestic demand and supportive policies [43]. - The implementation of the "Grain to Feed" policy is expected to lower breeding costs and improve the economic efficiency of beef production [49]. Asset Management and Investments - The company has reduced fixed assets by 20.70% compared to the beginning of the period, mainly due to the disposal of subsidiaries and low-efficiency idle assets [53]. - The company has increased investment in intelligent breeding technology, integrating breeding equipment with information technology to enhance the beef cattle industry [50]. - The company has increased investment properties by 533.18% compared to the beginning of the period, due to the transfer of leased assets [53]. - The company has committed to optimizing human resource allocation to enhance organizational efficiency [158]. Compliance and Governance - The company has committed to ensuring that all disclosures related to the transaction are truthful and complete [137]. - The company has a complete and independent corporate governance structure, ensuring that its shareholder meetings, board of directors, and supervisory board operate independently [133]. - The company has signed an agreement for a debt of 5 billion yuan, which is intended to support its capital increase [132]. - The company is under investigation by the China Securities Regulatory Commission for suspected violations of information disclosure, with an administrative penalty of 300,000 yuan imposed [163].