Tiamaes(SZ:300807)2022-04-26 16:00Financial Performance - The company reported a significant decline in revenue due to the ongoing impact of the pandemic, with a notable decrease in public transport passenger volume and related financial pressures on bus enterprises [4]. - The net profit for the reporting period showed a loss, attributed to increased expenses and intensified industry competition [4]. - The company’s operating revenue for 2021 was ¥232,757,525.16, representing a 7.76% increase compared to ¥216,002,483.00 in 2020 [19]. - The net profit attributable to shareholders for 2021 was -¥37,267,462.21, a significant decrease of 1,275.59% from a profit of ¥3,170,116.73 in 2020 [19]. - The net cash flow from operating activities was -¥91,883,720.87 in 2021, a decline of 124.19% compared to -¥40,985,227.16 in 2020 [19]. - The overall gross margin for the reporting period was 40.03%, a decrease of 11.21 percentage points compared to the previous year [73]. - The company received government subsidies amounting to ¥13,091,665.67 in 2021, down from ¥19,245,088.52 in 2020 [24]. - The company reported a significant increase in financing cash inflow by 216.95% to ¥53,787,284.20, following the repayment of bank loans and cash dividends in the previous period [111]. Business Strategy and Focus - The company’s primary business focus remains on the smart public transport sector, primarily serving bus enterprises [4]. - The company is actively involved in the development of new technologies and solutions to enhance public transport efficiency and user experience [35]. - The company plans to expand its business from smart public transport to other smart traffic areas to enhance user stickiness and core competitiveness [66]. - The company aims to enhance market share in the smart bus sector by improving existing product solutions and developing new products based on customer needs [135]. - The company plans to increase technological innovation by focusing on cloud computing, big data, and IoT technologies to enhance product competitiveness [137]. Market and Industry Trends - The urbanization rate in China reached 64.72% by the end of 2021, with a projected increase to 78.6% by 2040, highlighting the growing demand for urban public transport solutions [39]. - The government aims for public transport motorization rates of at least 50% in super-large cities and 40% in large cities by 2022, indicating a strong policy push for public transport development [40]. - The overall market for smart public transport remains fragmented with low industry concentration, presenting opportunities for the company to expand its market presence [34]. - The company operates in the smart bus sector, which is experiencing growth in vehicle ownership, operational routes, passenger volume, and operational mileage, leading to increased market demand for smart transportation solutions [148]. Risks and Challenges - The management highlighted potential risks including fluctuations in the public transport industry, performance decline, intensified market competition, and seasonal revenue risks [5]. - The ongoing severe domestic pandemic situation may adversely affect the company's business operations [4]. - The company faces intensified market competition as more enterprises enter the smart bus industry, which may impact its market position and profit levels if it fails to enhance its technical capabilities and scale [148]. - The company has a high accounts receivable balance, primarily from public transport enterprises and large bus manufacturers, which poses a risk if effective measures are not taken to manage this receivable scale [152]. Research and Development - The company holds 265 patents and over 257 software copyrights, with more than 50% of its 600 employees being R&D personnel [74]. - Research and development expenses totaled ¥68,658,300, an increase of 20.73% compared to 2020, accounting for 29.50% of operating revenue [81]. - The company is focusing on integrating advanced technologies like big data and AI to improve operational safety and decision-making capabilities [104]. - The number of R&D personnel increased by 1.55% to 394 in 2021, with R&D personnel accounting for 58.72% of the total workforce [108]. Governance and Management - The company maintains a complete and independent business structure, with no interference from its controlling shareholder in operational decisions [165][168]. - The company has established a robust internal management and control system, ensuring compliance with relevant laws and regulations, thereby enhancing governance standards [156]. - The company has a diverse management team with backgrounds in various sectors, including public transportation and technology [176][177][178]. - The company has been actively managing its board composition to ensure effective governance and oversight [175]. Future Outlook - The company has not provided specific forward-looking commitments, urging investors to maintain a cautious approach [4]. - The company aims to enhance customer satisfaction and reduce after-sales maintenance costs through the development of a big data-based intelligent vehicle terminal remote operation and maintenance cloud platform [103]. - The company is well-positioned to benefit from the ongoing urbanization and the government's strategic emphasis on public transport development as a solution to urban congestion and pollution [39].