Jinma Rides(300756)2021-04-26 16:00Financial Performance - The company reported a revenue of 383.01 million yuan for the year, a decrease of 38.75% compared to the previous year[6]. - The net profit attributable to shareholders was a loss of 20.16 million yuan, representing a decline of 118.41% year-on-year[6]. - The significant performance decline was primarily due to the impact of the pandemic on production and operations, which could not be fully mitigated in the second half of the year[6]. - The company's operating revenue for 2020 was CNY 383,010,329, a decrease of 38.75% compared to CNY 625,278,111 in 2019[27]. - The net profit attributable to shareholders for 2020 was a loss of CNY 20,160,580, representing a decline of 118.41% from a profit of CNY 109,504,720 in 2019[27]. - The net profit excluding non-recurring gains and losses was a loss of CNY 36,949,381, down 141.20% from a profit of CNY 89,688,677 in 2019[27]. - The company's total revenue for 2020 was approximately ¥383 million, a decrease of 38.7% compared to ¥625 million in 2019[29]. - The diluted earnings per share for 2020 was -¥0.20, a decline of 118.52% compared to ¥1.51 in 2019[29]. - The company reported a weighted average return on equity of -1.95% for 2020, down from 10.80% in 2019[29]. - The company reported a net profit attributable to shareholders of -20.16 million yuan for the year 2020, with the parent company showing a net profit of -12.44 million yuan[143]. Operational Strategies - The company has a strong order backlog and is expanding production capacity, indicating a potential recovery in operational performance[7]. - The ongoing pandemic poses risks to short-term operational performance, but the company is focused on improving organizational efficiency and cost control[10]. - The company plans to actively develop its cultural tourism terminal operations and expand its upstream and downstream industry chain[7]. - The company is focusing on the development of immersive entertainment products, integrating VR, AR, and MR technologies to meet new market demands[37]. - The company aims to improve its product offerings and enhance customer experience through innovative designs and technology[20]. - Future guidance indicates a cautious recovery as market conditions improve, with a focus on strategic investments and cost management[20]. - The company is exploring potential mergers and acquisitions to strengthen its market position and diversify its offerings[20]. - The company plans to focus on expanding its market presence and developing new technologies in the amusement park sector[20]. Research and Development - The company completed 7 R&D projects in 2020, including significant breakthroughs in technologies like electromagnetic launch roller coasters and flying theaters[70]. - The company applied for 24 patents during the reporting period, including 12 invention patents, and has a total of 139 authorized patents[56]. - The company is actively developing new technologies and products, including VR, AR, and MR applications, to enhance customer experience[53]. - The company has allocated 10 million yuan for research and development in new technologies for amusement park operations in 2021[169]. - Investment in R&D increased by 25% year-on-year, focusing on innovative technologies and product development[167]. Market Expansion - The company plans to expand its market presence by entering two new provinces in 2021, aiming for a 25% increase in market share[169]. - The company is considering strategic acquisitions to enhance its product portfolio, with a budget of 100 million RMB allocated for potential deals[155]. - The company plans to increase its marketing budget by 30% to support new product launches and market expansion efforts[155]. - The demand for high-end amusement facilities, particularly immersive entertainment products, is expected to grow due to urbanization and cultural tourism initiatives in China[45]. - The company is exploring potential mergers and acquisitions to enhance its technological capabilities and expand its product offerings[169]. Financial Management - The company does not plan to distribute cash dividends or issue bonus shares for the year[15]. - The total distributable profit for the year is approximately ¥437.17 million, with no cash dividends distributed[142]. - The company has a clear profit distribution policy, adhering to relevant laws and regulations, with independent directors ensuring the process is transparent and fair[139]. - The company’s retained earnings will continue to be used for production and operations, supporting long-term strategic development[143]. - The company commits to a stable cash dividend plan, ensuring annual cash dividends of no less than 20% of the distributable profits[158]. Governance and Compliance - The company has established a comprehensive investor relations management system to enhance communication with investors, particularly small and medium-sized shareholders, ensuring their rights are protected[135]. - The company is focused on protecting the legitimate rights and interests of shareholders through its governance practices[163]. - The company has made strategic acquisitions, including investments in related parties such as Jinma Investment and Tianlun Investment[164]. - The company has successfully completed its commitments regarding related party transactions with no violations reported during the reporting period[164]. - The company is actively enhancing the role of independent directors to protect the interests of the company and minority shareholders[163]. Challenges and Risks - The company acknowledges risks related to customer defaults and the impact of macroeconomic fluctuations on its growth potential[14]. - The company has faced challenges due to the pandemic, impacting its financial performance and operational strategies[20]. - The company reported a significant discrepancy between net cash flow from operating activities and net profit, with a difference of ¥128,157,251.53, mainly due to delays in product delivery caused by the pandemic[95]. - The company is committed to ensuring that its operations do not negatively impact its financial standing or shareholder value[166]. Future Outlook - The company expects a revenue growth forecast of 10% for the upcoming fiscal year, driven by new product launches and market expansion strategies[167]. - Future strategies include diversifying the product portfolio to mitigate risks associated with market fluctuations[167]. - The company plans to significantly increase its assets through the issuance of new shares, with the raised funds aimed at developing its main business[161]. - The company plans to repurchase shares to stabilize stock prices if the closing price falls below the latest audited net asset value for 20 consecutive trading days[149].