Fuanna(002327)2021-04-26 16:00Financial Performance - The company's operating revenue for 2020 was ¥2,874,049,807.28, representing a 3.06% increase compared to ¥2,788,843,144.50 in 2019[25]. - The net profit attributable to shareholders for 2020 was ¥516,462,867.24, which is a 1.89% increase from ¥506,869,476.73 in 2019[25]. - The net profit after deducting non-recurring gains and losses was ¥482,261,893.11, showing a 10.33% increase from ¥437,113,139.50 in 2019[25]. - The basic earnings per share for 2020 was ¥0.62, a 1.64% increase from ¥0.61 in 2019[25]. - E-commerce revenue accounted for approximately 39.46% of total revenue, with a year-on-year growth of 12.61%[80][92]. - The gross profit margin for the e-commerce channel was 49.12%, reflecting a year-on-year increase of approximately 3.6%[92]. - The company's gross profit margin for the textile segment was 53.94%, with a year-on-year increase of 2.01%[98]. - The company reported a total sales volume of 132,481.91 million units, a decrease of 1.03% compared to 2019[102]. Cash Flow and Assets - The net cash flow from operating activities decreased by 22.88% to ¥666,095,033.41 from ¥863,694,769.70 in 2019[25]. - Total assets at the end of 2020 were ¥4,480,016,554.77, a decrease of 4.73% from ¥4,702,428,440.70 at the end of 2019[25]. - The company’s cash and cash equivalents decreased by ¥146,639,392.90, marking a significant decline of 338.45% compared to the previous year[135]. - The total balance of restricted assets at the end of the reporting period was CNY 54,703,523.48, down from CNY 192,681,385.55 at the end of the previous year[143]. - The proportion of inventory to total assets decreased to 16.90% from 17.66% year-on-year, with inventory valued at ¥757,020,911.08[139]. Dividends and Shareholder Returns - The company plans to distribute a cash dividend of ¥5 per 10 shares to all shareholders[7]. - The total cash dividend (including other methods) for 2020 reached 551,358,178.15 yuan, which accounted for 100% of the total distributable profit[191]. - The company declared a cash dividend of 5 yuan (including tax) for every 10 shares, with a total cash dividend amount of 413,529,513.50 yuan for the year 2020[191]. - The company has established a shareholder return plan for 2018-2020, aiming for a minimum cash dividend of 10% of the distributable profit each year[179]. - The company has maintained a consistent cash dividend policy over the past three years, distributing 5 yuan per 10 shares each year since 2018[191]. Strategic Initiatives and Market Position - The company emphasizes a complete original design and self-owned brand operation model, focusing on high-quality and personalized consumer needs[37]. - The company plans to enhance its e-commerce capabilities and new retail management to adapt to changing consumer behaviors and market conditions[48]. - The company anticipates that the concentration of the industry will accelerate, with strong brands increasing their market share due to rising production costs[43]. - The company has established long-term strategic partnerships with leading e-commerce platforms such as Tmall and JD.com, with an e-commerce team of approximately 280 people focused on product and marketing upgrades[66]. - The company is focusing on product upgrades and marketing strategies to adapt to market changes[172]. Production and Operations - The company has shifted a significant portion of its production to the western region, leveraging lower labor costs and geographical advantages to reduce logistics costs and improve market responsiveness[51]. - The company has a design and R&D team of over 200 people, focusing on product design and process development, ensuring innovative and fashionable products each season[57]. - The company's total production capacity was 5.21 million units, with a capacity utilization rate of 93.00%, up from 89.00% in the previous year[114]. - The company is focusing on upgrading its production equipment to enhance efficiency and capacity, including the automation of production lines[93]. Challenges and Risks - The company faces risks from rising labor costs and fluctuations in raw material prices, particularly in Shenzhen where costs are increasing rapidly[49]. - The company experienced a decline in cash flow in the first quarter, with a net cash flow from operating activities of -¥186,819,056.22[30]. - The company reported a net loss from investment activities of ¥127,517,949.93, an improvement of 28.77% compared to a loss of ¥179,031,813.82 in 2019[135]. Awards and Recognition - The company has received multiple awards for brand strength and innovation, including recognition as a national high-tech enterprise and a top governance award[36]. - The company has participated in the formulation of 13 industry standards, including 6 national standards and 6 industry standards, demonstrating its leadership in industry standardization[60]. Subsidiaries and Expansion - The company established two wholly-owned subsidiaries with a registered capital of ¥10 million each in 2020[106]. - The company reported a total asset of 519,119,373.88 for its subsidiary Shenzhen Fu Anna E-commerce[168]. - The company plans to expand its retail presence in first-tier cities and penetrate the mid-to-high-end consumer market in third and fourth-tier cities[172].