Feilu(SZ:300665)2020-04-20 16:00Financial Performance - The company's operating revenue for 2019 was ¥498,934,677.26, representing a 30.13% increase compared to ¥383,398,045.74 in 2018[17]. - The net profit attributable to shareholders for 2019 was ¥21,198,223.33, a decrease of 16.13% from ¥25,274,381.41 in 2018[17]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥15,810,049.56, down 26.97% from ¥21,648,384.25 in 2018[17]. - The net cash flow from operating activities improved significantly to ¥101,842,998.85, a 411.41% increase from -¥32,703,901.63 in 2018[17]. - The total assets of the company at the end of 2019 were ¥1,012,349,829.12, an 18.99% increase from ¥850,816,625.02 at the end of 2018[17]. - The net assets attributable to shareholders decreased slightly to ¥452,728,891.78, down 1.05% from ¥457,548,039.31 at the end of 2018[17]. - The basic earnings per share for 2019 were ¥0.175, a decrease of 15.87% from ¥0.208 in 2018[17]. - The diluted earnings per share also stood at ¥0.175, reflecting the same decrease of 15.87% from the previous year[17]. - The weighted average return on equity for 2019 was 4.63%, down from 5.63% in 2018[17]. Cash Flow and Investments - The net cash flow from operating activities was -30,130,110.89 CNY in 2019, a significant decrease from 118,439,016.44 CNY in 2018[20]. - The company received government subsidies amounting to 7,214,200.00 CNY in 2019, up from 3,947,897.98 CNY in 2018[23]. - The company has established a centralized procurement model for raw materials, ensuring a stable supply and reducing procurement costs through bulk purchasing[29]. - The company’s labor outsourcing model helps control costs and maintain work quality by outsourcing non-core processes[30]. - The company’s integrated coating and construction services are tailored to meet specific customer needs, enhancing its competitive edge in the market[31]. - The company reported a significant improvement in accounts receivable collection, enhancing its financial condition[63]. - The company’s financial expenses surged by 122.29% to ¥15.70 million, attributed to increased short-term bank loans for investment activities[76]. - The company has committed to ensuring that the cash dividend policy complies with relevant laws and regulations[147]. Research and Development - The company focuses on the research and development of anti-corrosion and protective materials for various sectors, including rail transit and civil construction[27]. - The company adopts a dual-track R&D model, focusing on customized solutions and innovative developments based on market demand[28]. - The company has developed water-based coatings for urban rail and high-speed trains, with successful applications in major manufacturers like CRRC[45]. - The company has launched functional anti-icing coatings and odorless elastic putty, addressing health concerns and enhancing product offerings[46]. - The company has established a professional team for composite material product design, production, and after-sales service, enhancing its competitive edge in the new materials market[77]. - The company is investing 100 million RMB in R&D for innovative technologies over the next two years[132]. Market and Product Development - The company has expanded its product applications to include high-speed rail, urban rail vehicles, and renewable energy sectors such as wind and nuclear power, indicating a diversification strategy[41]. - The company is recognized as a major promoter of domestic and environmentally friendly solutions in the high-end equipment coating field for rail transit[40]. - The company has developed a comprehensive service model combining material supply and construction services, which has been widely adopted in various sectors, including rail transportation and wind power[31]. - The company aims to explore joint ventures or strategic partnerships with other major clients, having already established capital cooperation with Guangxi Railway Group and Shanghai Railway Group[110]. - The company plans to expand its market presence in Southeast Asia, aiming for a 25% market share within three years[132]. Environmental and Social Responsibility - The company emphasizes environmental protection and sustainable development, implementing green management and clean production practices[182]. - The company provided job opportunities for 93 disabled individuals, contributing to social responsibility and poverty alleviation efforts[185]. - The company is classified as a key pollutant discharge unit, with total emissions of toluene at 0.11 tons per year and xylene at 0.589 tons per year, both compliant with national standards[189]. - The company has implemented pollution control measures, achieving a sulfur dioxide emission of 0.007 tons per year, well below the permitted limit of 0.45 tons[196]. - The company has committed to enhancing its environmental management system, focusing on clean production and low-carbon development[195]. Shareholder and Governance - The company implemented an employee stock ownership plan, granting 1.47 million restricted shares to enhance internal cohesion and attract talent[64]. - The company has established measures to ensure compliance with share lock-up commitments, including authorization for direct handling of share lock-up procedures[130]. - The company has committed to fulfilling promises made by shareholders and related parties during the reporting period[128]. - The company will conduct profit distribution at least once a year, with the specific distribution ratio determined by the board based on operational conditions[136]. - The company emphasizes the importance of communication with shareholders, especially minority shareholders, regarding any adjustments to the profit distribution policy[137]. Future Outlook - The company provided a future outlook, projecting a revenue growth of 10% for the next fiscal year, targeting 1.32 billion RMB[132]. - The company plans to distribute cash dividends in cash or stock, with a minimum cash distribution of 20% of the distributable profit if there are no major capital expenditures[136]. - The company aims to achieve a production capacity of 5,000 tons per year for the damping materials project, which has been relocated to a new production base[101]. - The company plans to continue using part of its idle raised funds temporarily to supplement working capital, with a total of CNY 4,000 million being transferred back to the special account by December 24, 2018[97].