米奥会展(300795) - 2020 Q4 - 年度财报

Financial Performance - The company reported total revenue of 94.35 million yuan in 2020, a decrease of 77.84% year-on-year[4]. - The total profit for the year was -81.77 million yuan, representing a decline of 194.89% compared to the previous year[4]. - The net profit attributable to ordinary shareholders, after deducting non-recurring gains and losses, was -62.63 million yuan, down 199.51% year-on-year[4]. - The company's operating revenue for 2020 was ¥94,353,305.35, a decrease of 77.84% compared to ¥425,776,377.62 in 2019[27]. - The net profit attributable to shareholders in 2020 was -¥64,629,535.80, representing a decline of 197.75% from ¥66,116,562.79 in 2019[27]. - The net cash flow from operating activities was -¥12,387,015.37 in 2020, down 120.92% from ¥59,224,048.26 in 2019[27]. - The total assets at the end of 2020 were ¥530,568,359.42, a decrease of 19.63% from ¥660,193,235.01 at the end of 2019[27]. - The net assets attributable to shareholders decreased by 27.84% to ¥434,081,499.96 at the end of 2020 from ¥601,517,675.10 at the end of 2019[27]. - The basic earnings per share for 2020 was -¥0.65, a decline of 178.31% from ¥0.83 in 2019[27]. - The weighted average return on net assets was -13.13% in 2020, down 34.04% from 20.91% in 2019[27]. Business Strategy and Market Focus - The company transitioned its offline exhibition business to a global online digital exhibition model in response to the COVID-19 pandemic[4]. - The company aims to enhance its digital exhibition market promotion and strengthen new product development to mitigate the impact of the pandemic on its business performance[8]. - The company plans to focus on developing the "Belt and Road" market and increase efforts in RCEP countries while optimizing its business model[10]. - The company is focusing on digital exhibition services and foreign trade digital marketing as part of its future strategy[20]. - The company is accelerating the development of its foreign trade digital marketing SaaS platform, aiming to provide a comprehensive marketing solution for foreign trade enterprises[99]. - The company plans to enhance its market presence in RCEP countries, hosting both online and offline professional exhibitions in nations such as Japan, South Korea, and Indonesia[100]. Risks and Challenges - The company faces risks related to delisting due to negative net profit and revenue below 100 million yuan, which may lead to a "delisting risk warning" for its stock[7]. - The ongoing COVID-19 pandemic continues to pose risks to the company's overseas exhibition business and overall operations[8]. - Currency exchange rate fluctuations pose a risk to the company's operating costs, particularly in transactions involving foreign currencies[106]. - The company is cautious about new business expansions, ensuring thorough feasibility studies to mitigate risks associated with industry competition and macroeconomic factors[106]. Research and Development - The company has invested CNY 13.67 million in R&D in 2020, accounting for 14.49% of total revenue[43]. - The company has developed 21 authorized software copyrights and filed 4 patent applications by the end of 2020[43]. - The company has established a digital R&D center of over 2,000 square meters in Hangzhou, employing over 100 R&D, product, and operations personnel[51]. - The company is increasing its R&D investment to strengthen its competitive edge in technology, focusing on areas like big data, automated marketing, and intelligent matching[101]. Digital Transformation and Online Engagement - The company shifted its focus to digital exhibitions, achieving a revenue of 82.70 million yuan from digital exhibitions and other services, a significant increase of 1,572.90% year-on-year[58]. - The company hosted nearly 100 online digital exhibitions, attracting merchants from over 20 countries, including Mexico and Brazil[38]. - The digital exhibition business included trade live streaming services, with 317 trade live streaming events held, and 91095 overseas professional buyers participated[38]. - The company has accumulated over 20 million independent buyer data from 154 countries on its TradeChina platform[48]. - The company has over 1.28 million registered buyers on its digital exhibition platform, with more than 150,000 active suppliers[48]. Shareholder and Dividend Policy - The company will not distribute cash dividends or issue bonus shares for the year[14]. - The total distributable profit for 2020 was RMB 5,211,415.77, with a cash dividend payout ratio of 0.00%[113]. - The company has maintained a consistent cash dividend policy, with no dividends paid in 2018 and 2020, while dividends were paid in 2019[112]. - The company’s actual profit available for distribution to ordinary shareholders was positive, yet no cash dividend proposal was made for 2020[113]. - The company has committed to maintaining compliance with its dividend policy and ensuring shareholder rights are protected[114]. Corporate Governance and Compliance - The company has not faced any major litigation or arbitration issues during the reporting period, indicating a stable legal environment[139]. - The company has engaged Tianjian Accounting Firm for auditing services, with a remuneration of 500,000 RMB, and has maintained this relationship for 8 years[137]. - The company has not encountered any penalties or corrective actions during the reporting period, reflecting compliance with regulations[140]. - The company has established a commitment to prioritize investment opportunities related to competitive businesses under equal conditions[130]. Future Outlook - The company provided guidance for the next fiscal year, projecting a revenue growth of 10% to 1.32 billion RMB[193]. - New product launches are expected to contribute an additional 200 million RMB in revenue next year[193]. - The company is expanding its market presence in Southeast Asia, targeting a 25% market share by 2025[193]. - Cost management strategies are projected to improve operating margins by 5% in the upcoming year[193].