*ST越博(300742) - 2018 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2018 was approximately ¥493.31 million, a decrease of 45.19% compared to ¥900.07 million in 2017[16]. - The net profit attributable to shareholders for 2018 was approximately ¥21.21 million, down 77.50% from ¥94.26 million in 2017[16]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was approximately -¥40.23 million, a decline of 150.48% compared to ¥79.70 million in 2017[16]. - The basic earnings per share for 2018 was ¥0.30, down 81.25% from ¥1.60 in 2017[16]. - The total revenue for 2018 was RMB 493.31 million, representing a decrease of 45.19% compared to RMB 900.07 million in 2017[75]. - The revenue from pure electric powertrain systems was RMB 427.94 million, accounting for 86.75% of total revenue, down 9.62% from RMB 867.34 million in 2017[75]. - The gross profit margin for the new energy vehicle sector was 35.14%, with a decrease of 8.38% compared to the previous year[77]. - The company’s sales volume of pure electric powertrain systems decreased by 51.43% to 14,319 units in 2018[80]. - The company reported a significant increase in financial expenses by 91.79% to ¥27,505,761.48, attributed to higher interest expenses on short-term loans[88]. - The company reported a negative net cash flow from operating activities, with increasing accounts receivable posing a risk of overdue payments and bad debts[125]. Assets and Liabilities - The total assets at the end of 2018 were approximately ¥2.51 billion, an increase of 42.26% from ¥1.76 billion at the end of 2017[16]. - The net assets attributable to shareholders at the end of 2018 were approximately ¥1.13 billion, up 64.22% from ¥688.76 million at the end of 2017[16]. - The company’s total assets included accounts receivable of ¥1,139,438,428.65, which represented 45.43% of total assets, a decrease of 6.14% from the previous year[97]. - The company’s cash and cash equivalents increased by 177.90% to ¥97,906,495.67, compared to a decrease of ¥125,682,621.02 in 2017[92]. - The total investment cash outflow rose by 149.85% to ¥556,186,585.60, mainly due to the purchase of bank wealth management products[92]. - The company has restricted assets totaling CNY 296,846,536.55, including cash of CNY 129,914,885.81 due to bank acceptance bill guarantees and bank loan pledges[98]. Research and Development - The company specializes in the R&D, production, and sales of electric vehicle powertrain systems, aiming to become a leader in the new energy vehicle power system sector[26]. - The company emphasizes R&D capabilities and has a stable long-term order acquisition model due to high customer retention[32]. - The company has successfully developed multiple core technologies in the field of new energy vehicle powertrains, including original innovations in vehicle control systems and integrated power systems[40]. - The company’s R&D capabilities are highlighted by a range of patents, including a vehicle control system (ZL 2015109013637) and a dual-motor control system (ZL 2016214226900)[40]. - The company is committed to continuous investment in R&D to maintain core competitiveness and improve product innovation[119]. - The company has established a strict decision-making mechanism for R&D projects, focusing on market demand and technical feasibility[128]. Market and Sales Strategy - The company is actively expanding its product application areas and developing powertrain systems for new energy passenger vehicles, currently in the verification stage[27]. - The sales strategy focuses on direct sales, with pricing based on production costs plus a profit margin, allowing for flexibility in response to market changes[37]. - The company is actively researching and expanding its market presence based on local policies and industry development characteristics across various cities[67]. - The company plans to enhance its marketing capabilities and service levels to increase market share, particularly for star products and system solutions[119]. - The company aims to strengthen its position in the new energy vehicle power system sector by focusing on core technologies such as integrated power system technology and energy management systems[118]. Risks and Challenges - The company faces potential risks as outlined in the future development outlook section of the report[4]. - The company faces risks related to policy changes, market dependence on major clients, and fluctuations in raw material prices, which could adversely affect operations[120][122][123]. - The company recognizes the seasonal nature of its business, with higher sales typically occurring in the second half of the year, particularly in Q4 due to government subsidy distributions[126]. - The company is facing management risks due to the increasing complexity of its organizational structure and management system since its listing[127]. Corporate Governance and Compliance - The company has not engaged in any investor relations activities during the reporting period[130]. - The company has not issued any non-standard audit reports for the recent period, indicating compliance with financial regulations[148]. - The company has not engaged in any related party transactions during the reporting period[158]. - The company has not experienced any major litigation or arbitration matters during the reporting period[155]. - The company has established a robust supply chain management system to ensure fair and orderly supplier evaluations, maintaining long-term strategic partnerships with multiple suppliers[180]. Future Outlook - The company expects a revenue growth of 25% for the upcoming fiscal year, projecting a total revenue of 1.875 billion RMB[140]. - The company is exploring market expansion opportunities, particularly in the Asia-Pacific region, aiming for a market share increase of 5% by the end of 2019[174]. - The company plans to ensure smooth achievement of its 2019 operational goals and maintain liquidity, which is the reason for not distributing profits in 2018[136]. - The company is committed to sustainability, with a goal to reduce carbon emissions by 15% over the next three years through innovative practices[174].