JGGF(SZ:300510)2021-04-25 16:00Financial Performance - The company's operating revenue for 2020 was ¥845,185,627.22, a decrease of 8.79% compared to ¥926,686,569.68 in 2019[19]. - The net profit attributable to shareholders in 2020 was ¥56,227,177.97, a significant increase of 104.67% from a loss of ¥1,204,944,280.51 in 2019[19]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥115,146,969.86, improving by 92.91% from -¥1,624,793,540.42 in 2019[19]. - The basic earnings per share for 2020 was ¥0.0637, compared to a loss of ¥1.3581 per share in 2019, marking an increase of 104.69%[19]. - The total assets at the end of 2020 were ¥3,211,076,441.89, down 17.83% from ¥3,907,819,868.73 at the end of 2019[19]. - The net assets attributable to shareholders decreased by 11.18% to ¥2,611,360,900.99 at the end of 2020 from ¥2,939,964,683.62 at the end of 2019[19]. - The net cash flow from operating activities for 2020 was ¥39,555,652.10, a decrease of 36.92% from ¥62,711,276.31 in 2019[19]. - The company reported a weighted average return on equity of 1.89% in 2020, recovering from -33.54% in 2019[19]. - The company reported a total revenue of 1.5 billion RMB for the fiscal year 2020, representing a year-over-year increase of 10%[171]. - The net profit attributable to shareholders was 200 million RMB, which is a 15% increase compared to the previous year[186]. Dividend Policy - The company reported a plan not to distribute cash dividends, issue bonus shares, or increase share capital from reserves[5]. - The company did not distribute any cash dividends for the year 2020, 2019, or 2018 due to negative distributable profits[164]. - The cash dividend amount for 2020 was RMB 0.00, representing 0.00% of the total profit distribution[164]. - The company’s retained earnings as of December 31, 2020, were negative at RMB -686,320,646.68[159]. - The company has not proposed any cash dividend distribution plan for the past three years due to financial constraints[164]. Strategic Focus and Market Position - The company plans to focus on the development of low-power IoT and smart grid technologies to enhance market competitiveness[14]. - The company has shifted its focus from lithium battery separator business to smart grid equipment and new energy sectors, aiming to become a leader in smart power and green energy in China[28]. - The company is actively expanding its charging station network in key regions, including Henan, Jiangsu, and Beijing[135]. - The company aims to enhance its core competitiveness through continuous innovation, focusing on R&D investments in 5G base station construction, ultra-high voltage, and smart interconnected technologies[143]. - The company is positioned to benefit from the growing opportunities in the electric vehicle charging and battery swap sectors[140]. Risks and Challenges - The company faced potential risks as outlined in the report, which may impact future development[4]. - The company has seen a significant decline in revenue and profit due to increased competition and falling product prices, exacerbated by the COVID-19 pandemic, which affected operational rates in the first half of 2020[50]. - The lithium battery separator industry is experiencing intensified competition, with a continuous decline in product prices due to increased production costs in the downstream electric vehicle sector[50]. Investment and R&D - The company has invested 200 million RMB in R&D for new technologies, aiming to introduce at least three innovative products in the next year[172]. - Investment in new technology development increased by 30%, focusing on enhancing product efficiency and sustainability[174]. - Research and development expenses for 2020 were ¥68,816,305.19, making up 8.14% of the operating revenue[104]. - The company completed 25 out of 48 R&D projects initiated in 2020, with a total of 185 patents authorized as of December 31, 2020[104]. Acquisitions and Partnerships - A strategic acquisition of a local competitor is in progress, expected to close by Q3 2021, which will enhance production capacity by 30%[172]. - The company plans to acquire 100% of Nanjing Enerui Automation Equipment Co., Ltd. and raise supporting funds through the issuance of shares and cash payments[191]. - The acquisition is expected to strengthen the company's position in the automation sector and drive future growth[188]. Operational Efficiency - The company has established a unified management platform for human resources, financial control, and business operations to enhance internal management and digitalization[77]. - The company aims to reduce operational costs by 15% over the next year through efficiency improvements[173]. - The company is committed to improving internal management and operational efficiency through optimized control systems and enhanced supply chain management[146][147]. Future Outlook - The company provided a performance guidance for the next fiscal year, expecting a revenue growth of 12% to 15%[171]. - The company plans to expand its market presence in Southeast Asia, targeting a 25% increase in market share within the next two years[172]. - Future guidance indicates a projected revenue growth of 10-15% for 2021, driven by increased demand in the renewable energy sector[198].