Dare Auto(SZ:300473)2021-04-27 16:00Financial Performance - The company reported a significant impact on its overseas business performance due to the COVID-19 pandemic, leading to a loss for the year as revenue did not meet expectations[4]. - The company's operating revenue for 2020 was approximately ¥3.39 billion, a decrease of 12.30% compared to ¥3.86 billion in 2019[20]. - The net profit attributable to shareholders was a loss of approximately ¥422.81 million, representing a decline of 805.95% from a profit of ¥59.89 million in 2019[20]. - The company's net assets attributable to shareholders decreased by 14.18% to approximately ¥1.94 billion, down from ¥2.26 billion in 2019[20]. - The company reported a basic and diluted earnings per share of -¥3.71 for 2020, compared to ¥0.57 in 2019, reflecting a decline of 750.88%[20]. - The company reported a net loss of RMB 422,805,340.24 for the 2020 fiscal year, resulting in a cash dividend payout ratio of 0.00%[121]. - The company’s total revenue for 2020 was approximately ¥3.39 billion, a decrease of 12.30% compared to the same period last year[66]. - The company reported a significant increase in investment activity cash inflow by 724.48%, totaling ¥90.53 million[77]. Asset Management - A total impairment provision of CNY 346.25 million was made for goodwill and long-term assets related to the German subsidiary CCI, significantly affecting the company's current performance[4]. - The total assets at the end of 2020 were approximately ¥4.61 billion, a decrease of 7.04% from ¥4.96 billion at the end of 2019[20]. - The company reported a goodwill impairment of CNY 333,292,400.00 due to losses from the impact of COVID-19 on the automotive industry[82]. - CCI's overseas assets amounted to approximately 1.67 billion yuan, with a net asset ratio of 84.89%[45]. Risk Management - The company has outlined potential risks and countermeasures in its future development outlook section, emphasizing the importance of risk management[8]. - There are no major risks to the company's ongoing operations, indicating stability in its business model[6]. - The company has established a risk management framework to address potential risks and ensure timely collection of accounts receivable[64]. - The company has implemented strict quality management systems to mitigate product quality risks, adhering to IATF16949:2016 standards[112]. Market Environment - The automotive parts industry does not face overcapacity, continuous decline, or technological substitution issues, suggesting a favorable market environment[5]. - The domestic automotive production and sales reached 25.3 million units, with a slight year-on-year decline of 1.9%, while commercial vehicle production and sales grew by 20%[36]. - The domestic automotive parts industry is experiencing a trend of increasing concentration, with major players dominating specific components[39]. - The domestic automotive parts industry is entering a new phase of accelerated upgrading and high-quality development, driven by internationalization and technological advancements[39]. Product Development and Innovation - The company is actively expanding its product line in the new energy sector, including hydrogen fuel cells and all-solid-state batteries[30]. - The company continues to focus on technological innovation and industry leadership in its core products, including noise, vibration, and harshness (NVH) solutions[30]. - The company has developed a platform electric hydraulic power steering pump (EHPS) that is compatible with both traditional and new energy vehicles, maintaining a leading position globally[31]. - The company has developed high-efficiency, compact oil pumps for various automatic transmissions, with successful mass production for clients like SAIC and Great Wall Motors[33]. - The company has achieved significant breakthroughs in automotive electronics, including Bluetooth smart key technology and automatic parking systems, which have entered mass production[53]. Strategic Partnerships and Expansion - CCI has effectively expanded its presence in the Asian market, particularly in China, with projects for Geely and Chery achieving mass production[31]. - The company has entered the supply chain for major automakers like Toyota and Ford, enhancing its competitive position in the automotive electronics sector[34]. - CCI has formed strategic partnerships with major automotive manufacturers including Daimler, BMW, and Ford, enhancing its market presence[50]. - The company is actively seeking mergers and acquisitions in the automotive parts industry to integrate quality resources and expand its global footprint[104]. Financial Policies and Dividends - The company does not plan to distribute cash dividends, issue bonus shares, or increase capital from reserves[9]. - For the 2020 fiscal year, the company did not distribute any cash dividends, nor did it issue bonus shares or increase capital from the capital reserve[119]. - The company distributed a cash dividend of RMB 1.20 per 10 shares for the 2019 fiscal year, totaling RMB 13,669,766.40, which represents 22.82% of the net profit attributable to ordinary shareholders[121]. - The company has maintained compliance with its cash dividend policy and relevant regulations throughout the reporting period[118]. Corporate Governance - The company has maintained stable leadership with no changes in the board of directors or senior management during the reporting period[190]. - The independent directors bring academic and professional expertise, contributing to governance and oversight[193]. - The remuneration for directors and supervisors is determined by the shareholders' meeting, while the remuneration for senior management is decided by the board of directors[200]. - The company has a diverse management team with extensive experience in the automotive parts industry, including positions in various related companies[191][192][193][194]. Social Responsibility - The company donated 1 million RMB to support COVID-19 prevention and treatment efforts[153]. - The company contributed 50,000 RMB to support children in impoverished areas as part of a charity initiative[153]. - The company emphasizes social responsibility and aims to contribute to building a harmonious society while focusing on technology and innovation[154].