Cosonic(SZ:300793)2021-05-16 16:00Financial Performance - The company's operating revenue for 2020 was approximately ¥2.65 billion, representing a 17.54% increase compared to ¥2.26 billion in 2019[16]. - The net profit attributable to shareholders decreased by 43.48% to approximately ¥68.25 million from ¥120.75 million in 2019[16]. - The net profit after deducting non-recurring gains and losses was approximately ¥27.07 million, a decrease of 77.68% compared to ¥121.29 million in 2019[16]. - The basic earnings per share dropped by 71.74% to ¥0.26 from ¥0.92 in 2019[16]. - The weighted average return on equity decreased to 5.68% from 16.96% in 2019, a decline of 11.28%[16]. - The net cash flow from operating activities increased by 29.90% to approximately ¥98.77 million compared to ¥76.04 million in 2019[16]. - The company reported a net profit of approximately ¥11.74 million in the fourth quarter, showing recovery compared to earlier quarters[18]. - The net profit for 2020 decreased by 43.48% compared to 2019, primarily due to the impact of the COVID-19 pandemic and increased R&D expenses[42]. Assets and Liabilities - The company's total assets increased by 30.63% to approximately ¥2.63 billion at the end of 2020, up from ¥2.02 billion at the end of 2019[16]. - The company's fixed assets increased by 20.15% year-over-year, primarily due to the purchase of machinery and equipment[26]. - Accounts receivable rose by 90.05% compared to the previous year, driven by rapid revenue growth in Q4 2020[26]. - The company's total assets included cash and cash equivalents of ¥518,750,457.80, which represented 19.69% of total assets, down from 27.94% at the beginning of the year[64]. - Accounts receivable increased to ¥771,155,613.00, accounting for 29.27% of total assets, up from 20.12% in the previous year[64]. Revenue Breakdown - Revenue from earphone products was CNY 2337.31 million, up 14.86% from 2019, with TWS earphone revenue soaring by 111.28% to CNY 1526.79 million[41]. - The company's TWS earphones accounted for 65.32% of its earphone business, which itself contributed over 88% to total revenue[25]. - Domestic revenue grew significantly by 87.49% to ¥865,556,820.08, while overseas revenue slightly decreased by 0.44% to ¥1,787,793,288.85[45]. Research and Development - The company has obtained a total of 50 invention patents and 367 utility model patents as of December 31, 2020, with 23 invention patents granted in 2020 alone[30]. - The company is focusing on R&D in TWS technology, smart wearables, and other innovative products to maintain its competitive edge[41]. - The company's R&D expenses increased by 31.36% to ¥104,334,763.69, representing 3.93% of total revenue[55]. Strategic Initiatives - The company is expanding its production capabilities with a three-pronged strategy involving Dongguan, Vietnam, and Jiangxi, enhancing its flexible manufacturing capabilities[30]. - The company has established strategic partnerships with leading brands such as Harman, Huawei, and Panasonic, ensuring a stable customer base[25]. - The company plans to expand its market presence in core areas such as TWS, voice interaction, active noise cancellation, and health monitoring to increase market share[90]. Dividend Policy - The company plans to distribute a cash dividend of ¥1 per 10 shares, based on a total share capital of 266,688,000 shares[4]. - The total distributable profit as of December 31, 2020, is 213,682,409.81 RMB, after accounting for the 2019 dividend distribution of 50,004,000 RMB[109]. - The company is implementing a cash dividend policy, aiming to distribute at least 10% of its distributable profits annually, provided certain conditions are met[99]. Compliance and Governance - The company confirmed that there were no significant violations in the management of raised funds, ensuring compliance with relevant regulations[79]. - The company has ongoing commitments to ensure that its IPO prospectus does not contain false records or misleading statements[121]. - The company is currently fulfilling its commitments regarding employee social insurance and housing fund payments, with ongoing compliance efforts[138]. Market Outlook - The global demand for acoustic products is expected to grow, driven by the rapid development of the consumer electronics industry, with a projected 11.4% year-on-year increase in global smartphone sales, reaching 1.5 billion units in 2021[87]. - The smart speaker market is projected to grow by 21% in 2021, with global shipments expected to reach 163 million units, highlighting the increasing demand for smart home integration[88]. - The wearable device market is anticipated to reach 35.81 billion USD by 2022, with a compound annual growth rate of 33.91%[90]. Shareholder Structure - The company’s shareholding structure includes 74.99% of shares under limited sale conditions and 25.01% under unrestricted conditions[177]. - The largest shareholder, Dongguan Wenfu Industrial Investment Co., Ltd., holds 39.60% of the shares, totaling 105,600,000 shares[184]. - The total number of shareholders at the end of the reporting period was 23,072, an increase from 19,878 at the end of the previous month[183].