Tiamaes(SZ:300807)2021-04-09 16:00Financial Performance - The company's operating revenue and net profit significantly declined due to the impact of the pandemic, with many peers in the smart public transport sector experiencing similar downturns[5]. - The company's operating revenue for 2020 was ¥216,002,483, a decrease of 53.93% compared to ¥468,847,179 in 2019[19]. - The net profit attributable to shareholders for 2020 was ¥3,170,116.73, down 95.75% from ¥74,545,927.21 in 2019[19]. - The net cash flow from operating activities was -¥40,985,227.16, a decline of 371.05% compared to ¥15,120,904.20 in 2019[19]. - The total assets at the end of 2020 were ¥766,110,022.22, a decrease of 17.98% from ¥934,004,454.21 at the end of 2019[19]. - The company reported a basic earnings per share of ¥0.05 for 2020, down 96.60% from ¥1.47 in 2019[19]. - The public transportation passenger volume in 36 major cities in China fell to 44.15 billion, a year-on-year decline of 33.7%, significantly impacting the company's business expansion[63]. - In 2020, the company achieved operating revenue of 216 million yuan, a decrease of 53.93% year-on-year, and a net profit attributable to shareholders of 3.17 million yuan, down 95.75% year-on-year[64]. Business Strategy and Expansion - The company plans to expand its business into other segments such as smart taxis, smart sanitation, smart charging, smart municipal services, and smart cold chain logistics to diversify revenue streams[5]. - The company aims to enhance its core competitiveness and sustainable development capabilities by integrating resources in the overall smart public transport solutions sector[5]. - The company has focused on the smart public transportation sector, providing integrated solutions based on vehicle networking technology[29]. - The company’s primary revenue model relies on smart transformation projects for public transport systems, aiming to expand its services beyond smart buses to other intelligent transportation sectors[37]. - The company plans to actively expand its business into other segments of intelligent transportation, such as smart taxis and smart sanitation, to improve revenue channels and enhance profitability[143]. - The company has developed new business directions in smart taxi, smart sanitation, smart charging, and smart cold chain, with projects launched in cities like Luoyang and Zhengzhou[67]. Research and Development - The company invested 56.87 million yuan in R&D in 2020, accounting for 26.33% of its operating revenue, and filed for 91 intellectual property rights, including 49 patents[68]. - The number of R&D personnel increased to 388 in 2020, making up 57.40% of the total workforce[96]. - The company will increase R&D investment to develop new products based on the evolving needs of public transport customers, leveraging its strengths in integrated smart public transport solutions[144]. - The company has completed the development of an intelligent traffic scheduling system software aimed at traffic management departments, integrating data from various public transport sectors[128]. Risk Management - Investors are advised to be cautious of risks related to industry fluctuations, performance declines, intensified market competition, and accounts receivable recovery[6]. - The company faces risks related to fluctuations in the public transport industry, which could adversely affect its profitability if investment in intelligent management declines[136]. - The company faces risks from intensified market competition as more players enter the intelligent public transport sector, which could impact its market position and profitability[138]. Financial Management and Policies - The company does not plan to distribute cash dividends, issue bonus shares, or increase capital using reserves[7]. - The company has not distributed cash dividends for the 2020 fiscal year, opting to retain earnings for future business expansion[155]. - The company has committed to maximizing long-term investment value for shareholders while ensuring sustainable development[159]. - The company has a policy to ensure that profit distribution does not harm its ongoing operational capabilities[159]. - The company has committed to implementing share repurchase plans if regulatory authorities impose administrative penalties or if judicial rulings identify false statements in the prospectus, with a repurchase price set at the IPO issuance price[164]. Operational Efficiency - Internal management will be strengthened to reduce costs and improve efficiency[5]. - The procurement strategy includes "just-in-time" purchasing to reduce inventory costs and improve capital efficiency, while "centralized purchasing" is used for common materials to achieve cost advantages[39]. - The production model is based on a "make-to-order" approach, allowing flexibility in production planning according to customer demand[40]. - The company has a seasonal revenue pattern, with higher sales typically occurring in the second half of the year, particularly in Q4, due to the procurement cycles of public transport companies[140]. Technological Innovation - The company has developed a proactive safety management system to address traffic accidents caused by driver behavior and vehicle safety issues[33]. - The company has developed an intelligent bus cash management system that includes patented anti-theft features, improving revenue security and data reliability for bus operators[35]. - The charging operation management system integrates vehicle charging and monitoring, enhancing safety and efficiency in managing electric bus charging schedules[36]. - The company has developed a comprehensive urban transportation big data service platform, integrating various transportation modes including buses, subways, taxis, and logistics, enhancing data exchange and management capabilities[48]. Market Position and Influence - The company is a leading provider of intelligent public transport solutions, covering over 400 cities and more than 600 transportation enterprises and management departments[54]. - The government has prioritized public transport development as a national strategy, aiming to improve green travel and enhance public transport service quality by 2022[44]. - The intelligent bus sector is expected to experience rapid growth due to advancements in technology and the implementation of national strategies for smart transportation[45]. - The company has established strategic partnerships with Baidu and Haowei Cloud Computing to explore business models in intelligent transportation and autonomous driving[70]. Compliance and Governance - The company has maintained compliance with all legal and regulatory requirements regarding accounting policy changes[174]. - The company has not issued any non-standard audit reports for the recent period[171]. - The company has successfully fulfilled its commitments to minority shareholders as per the established timeline[169].