Financial Performance - The company reported a significant loss due to goodwill impairment of CNY 251.09 million related to subsidiaries, leading to a substantial decline in performance [4]. - The transfer of 60% equity in the controlling subsidiary Dongguan Hangseng resulted in an investment loss of CNY 17.03 million [4]. - The company's operating revenue for 2020 was ¥753,140,651.33, a decrease of 6.90% compared to ¥808,959,388.40 in 2019 [32]. - The net profit attributable to shareholders for 2020 was -¥214,235,576.41, representing a decline of 396.79% from ¥72,184,681.20 in 2019 [32]. - The company's net profit after deducting non-recurring gains and losses was -¥224,903,515.29 for 2020, a decline of 528.88% from ¥52,439,804.68 in 2019 [32]. - The company reported a net loss from investment activities of ¥43,811,736.27 in 2020, a deterioration from a loss of ¥8,939,699.22 in 2019 [111]. - The company reported a net profit attributable to shareholders of -214,235,576.41 CNY for the year 2020, indicating a negative performance [174]. - The company’s performance in 2020 reflects a significant decline compared to a net profit of 15,442,206.72 CNY in 2019 [176]. Revenue and Growth - Jiangsu Kuangshun Photosensitivity New-Material reported a revenue of CNY 1.2 billion for the fiscal year 2020, representing a year-on-year growth of 15% [26]. - The company has set a performance guidance of CNY 1.5 billion in revenue for 2021, reflecting a growth target of 25% [26]. - User data indicates a 20% increase in demand for PCB-related products, driven by the growth in the electronics sector [26]. - The company achieved a significant increase in revenue, achieving a total of 1.5 billion RMB for the year, representing a growth of 20% compared to the previous year [198]. - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 25% based on new product launches and market expansion strategies [200]. Product Development and Innovation - New product development includes the introduction of UV-curable inks, expected to contribute an additional CNY 50 million in revenue in 2021 [26]. - The company is focusing on high-performance specialty coatings, with products like high solid content environmentally friendly coatings and anti-fingerprint coatings leading the industry [63]. - The company has developed a new type of liquid photoresist etching ink and LDI-specific inner layer coating ink, both of which have started sales [62]. - The company is actively developing new products, including water-based coatings and UV high solid content coatings, which have begun initial testing at partner factories [76]. - New product development includes the launch of a high-performance photopolymer material, expected to contribute an additional 200 million RMB in revenue [186]. Research and Development - Investment in R&D increased by 15% in 2020, focusing on innovative materials for the electronics industry [26]. - The company has established two major R&D platforms: Jiangsu Provincial Enterprise Technology Center and Jiangsu Provincial PCB Supporting Ink Engineering Technology Research Center [58]. - The company’s R&D expenses amounted to 47.82 million yuan, accounting for 6.35% of operating revenue, representing a year-on-year increase of 20.61% [73]. - The company has allocated 100 million RMB for R&D in new technologies over the next fiscal year [188]. - The company is committed to increasing its research and development efforts to ensure product competitiveness and mitigate risks associated with new product development not meeting expectations [162]. Market Expansion and Strategy - The company plans to expand its production capacity by 30% in the next fiscal year to meet increasing market demand [26]. - The company is actively pursuing market expansion in Southeast Asia, targeting a 10% market share by 2023 [26]. - The company aims to increase its market share by developing adaptive marketing strategies and expanding into new markets and customers [74]. - The company plans to enhance its marketing efforts to increase market share, focusing on both domestic and international markets while maintaining close relationships with downstream enterprises for collaborative product development [158]. - Jiangsu Guangxin is expanding its market presence in Southeast Asia, targeting a 10% market share by 2023 [187]. Financial Management and Governance - The company does not plan to distribute cash dividends or issue bonus shares [17]. - The total distributable profit for the year is approximately ¥42.12 million, with no cash dividends distributed, resulting in a cash dividend ratio of 0.00% [173]. - The company has committed to protecting the interests of minority shareholders and public investors in its profit distribution policy [192]. - The company has engaged in various investor communication activities to discuss its main business and market strategies [170]. - The company is enhancing its credit management policies to mitigate risks associated with potential increases in bad debts from accounts receivable [167]. Challenges and Risks - The company faces risks related to the inability to recover accounts receivable, which could lead to increased bad debts affecting performance [15]. - The company faces growth risks due to potential declines in market demand for electronic chemicals, which could negatively impact sales and profitability if new products are not timely introduced [159]. - The management has acknowledged the risk of not meeting expected integration goals due to mismatched management capabilities with the current business scale [168]. - The company has reported a significant increase in user data, reflecting a growing customer base and market demand [126]. Asset Management and Restructuring - The company has established subsidiaries to enhance technical strength and expand business areas, including Jiangyin Guangqing and Shenzhen Lejian [42]. - The company has successfully implemented major asset restructuring, which has been disclosed in accordance with regulatory requirements [143]. - The company plans to acquire 100% equity of Jiangsu Hongtai High Molecular Materials Co., Ltd. through a combination of share issuance and cash payment, as part of a major asset restructuring initiative [184]. - The company has completed the cancellation of its fundraising special account as of December 28, 2020, and terminated the corresponding tripartite supervision agreement with the sponsor and bank [140]. - The company has rapidly expanded its business structure through internal development, mergers, and acquisitions, leading to a significant increase in the number of subsidiaries and sales scale [168].
广信材料(300537) - 2020 Q4 - 年度财报