赢时胜(300377) - 2020 Q4 - 年度财报

Financial Performance - The company's net profit attributable to shareholders decreased compared to the previous year, with a decline of 18,017.18 million CNY due to large bad debt provisions and costs from the new equity incentive plan [4]. - The net profit attributable to shareholders decreased by 89.79% to CNY 13,931,906.52 from CNY 136,436,981.53 in the previous year [20]. - The net profit after deducting non-recurring gains and losses was CNY -27,761,524.23, a decline of 231.50% compared to CNY 21,111,032.27 in 2019 [20]. - The company reported a negative net profit for three consecutive years, indicating uncertainty in its ability to continue as a going concern [20]. - The company recorded a total of CNY 34,455,484.71 in revenue deductions for 2020, compared to CNY 4,278,982.19 in 2019 [22]. - The company experienced significant fluctuations in quarterly performance, with a net profit of CNY -114,711,946.41 in Q4 2020 [24]. - The company's revenue for 2020 was CNY 837,770,538.79, representing a 27.79% increase compared to CNY 655,579,978.11 in 2019 [20]. - The operating cash flow for 2020 was CNY 140,880,374.44, an increase of 13.08% from CNY 124,586,918.32 in 2019 [20]. - The total assets at the end of 2020 were CNY 3,013,242,668.14, down 5.41% from CNY 3,185,448,497.87 in 2019 [20]. - The net assets attributable to shareholders decreased by 1.74% to CNY 2,759,756,570.31 from CNY 2,808,647,111.82 in 2019 [20]. - The basic earnings per share for 2020 were CNY 0.0187, a decrease of 89.83% from CNY 0.1838 in 2019 [20]. Business Strategy and Focus - The company plans to fully exit the financial business sector by the end of 2021, focusing on risk management and timely communication with clients [6]. - The company aims to enhance user experience and customer satisfaction through improved delivery efficiency and service quality [37]. - The company is actively exploring innovative business scenarios and applications in the financial industry to meet market demand [37]. - The company is committed to increasing R&D investment in next-generation information technologies, including microservices and big data [117]. - The company is focused on maintaining its market position and exploring new strategies for growth [108]. - The company plans to focus on asset custody and management, launching new information system solutions to maintain its competitive edge in the industry [116]. Research and Development - The company has developed a mature R&D model and service system in asset management and custody solutions, but must adapt to rapid technological changes in the software industry [9]. - The company's R&D investment focused on emerging technologies such as big data, blockchain, and artificial intelligence, enhancing product capabilities and service quality [37]. - The company is investing heavily in R&D, allocating 10% of its revenue, approximately 150 million RMB, to develop new technologies and improve existing products [136]. - Research and development expenses amounted to CNY 325,854,353.72, accounting for 38.90% of total operating revenue, which is an increase from 44.07% in 2019 [82]. Talent Management - The company emphasizes the importance of retaining high-quality talent, implementing effective incentive measures to mitigate the risk of talent loss [8]. - The company has established a dual-cycle system for talent development, focusing on both internal growth and the recruitment of external experts to strengthen its team [54]. - The company increased its average employee count by 13.86% year-on-year, leading to higher labor costs due to market competition for talent [62]. Financial Technology and Market Trends - The financial technology investment in China reached approximately 198.16 billion, representing a year-on-year growth of 11.90% [36]. - The financial services industry saw a 16.9% growth in the information transmission, software, and IT services sector, contributing to the overall economic recovery [31]. - The total assets under management in the financial sector grew to approximately 58.99 trillion, an increase of 13% from the previous year [34]. - The financial technology investment accounted for 20.88% of the total technology investment in 2020, slightly higher than the previous year's 20.48% [36]. Shareholder Returns and Dividends - The company plans to distribute a cash dividend of 1 CNY per 10 shares, with no stock bonus or capital increase from reserves [11]. - The cash dividend accounted for 20.91% of the distributable profit of RMB 359,603,095.84 [124]. - The company has consistently maintained a cash dividend distribution policy in line with its articles of association and shareholder resolutions [123]. - The cash dividend for 2019 was RMB 74,209,208.00, representing 54.39% of the net profit attributable to shareholders [130]. Compliance and Governance - The company is committed to transparency and accountability in its financial reporting and shareholder communications [138]. - The company has not faced any non-standard audit reports during the reporting period, indicating a clean audit status [146]. - The company has adopted new accounting policies effective from January 1, 2020, in accordance with the revised revenue recognition standards issued by the Ministry of Finance [150]. - The board of directors approved the accounting policy changes on April 26, 2020, without the need for a shareholders' meeting [149]. Legal and Risk Management - The company is currently involved in a commercial factoring contract dispute with a claimed amount of 12,648.66 million yuan, which is still under court review [161]. - The company has initiated legal proceedings to recover the 143.12 million yuan in accounts receivable and related costs [196]. - The company has implemented comprehensive measures to reduce systemic risks in its factoring business and will not pursue new clients [196].