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Public company info - Wuxi Sunlit Science and Technology Company Limited - H Shares , 01289.HK

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Wuxi Sunlit Science and Technology Company Limited - H Shares, 01289.HK - Company Profile
Chairman ZHANG Degang
Share Issued (share) 32,000,000
Par Currency Renminbi
Par Value 1.0
Industry Machinery & Equipment
Corporate Profile Business Summary: The Group is principally engaged in manufacturing and sale of a range of equipment for manufacturing steel wire products. Performance for the year: During the year, The Group’s revenue decreased by approximately RMB13.2 million or approximately 9.8% to approximately RMB121.6 million when compared with the revenue of approximately RMB134.8 million in 2019. Business Review: In 2020, the impact of the unforeseen novel coronavirus disease pandemic (“COVID-19”) spread from social aspects to economic aspects and presented a major challenge to both economies and businesses in China and across the world. It had a profound impact on the development of both the Chinese and world economies, reduced consumption and investment growth, and materially increased the uncertainty as to whether goals and missions can be achieved. Against this backdrop, the Group has not only striven to prevent and control the pandemic, but also adjusted its operation strategies, strengthened its internal management, controlled its operating costs, prevented risks and reinforced its safety and environmental controls in a timely manner so as to ensure smooth production and operation. In the first half of the year, COVID-19 wreaked havoc on and impacted the automobile industry to a significant extent. Nevertheless, bolstered by the implementation of pandemic control and favourable national policies, the growth of annual automobile production and sales in China remained stable, albeit with a slight decrease, in 2020. According to the data from the China Association of Automobile Manufacturers (“CAAM”), the production and sales of automobiles in 2020 amounted to 25.225 million vehicles and 25.311 million vehicles, respectively, representing decreases of 2% and 1.9%, respectively, as compared with the corresponding period last year. Complicated market environment and industrial factors have, to a certain extent, affected the Group’s performance for the Year. The overall results of the Group for the Year showed a decline as compared to that of 2019. Sales amounted to RMB121.6 million in the Year, representing a decrease of 9.8% as compared to that of last year. Net profit of the Group for the year ended 31 December 2020 dropped to RMB2.4 million, mainly due to the increase of foreign exchange losses. Prospects: In 2021, China will continue to focus on its supply-side structural reform. 2021 will present both challenges and opportunities to the Group. In particular, tire manufacturers in China will see opportunities as the performance of international behemoths plummets amidst COVID-19 and countless uncertainties in the global environment. With respect to market segments, the passenger car market has maintained growth since May 2020, while starting from July, the monthly sales volume of new energy vehicles sustained a year-onyear surge, which in turn lifted annual sales to over 1.3 million units for the first time. After the downturn throughout the first 8 months of 2020, vehicle exports recorded historic highs for 2 consecutive months in November and December 2020, and is expected to record rebound with positive growth in 2021. This will drive the demand for brass electroplating wire and, in turn, boost investment in, and production of, related equipment. The Group will seize such opportunities through its consistently stringent management, cost control and lean production. It will closely monitor market and industrial developments, step up its technological investment, nurture technological management and innovation talents, upgrade and improve product performance, and help customers reduce costs, increase efficiency and enhance competitiveness in order for the Group to maintain its leadership position in the market. Also, with a sound financial position, the Group is confident of achieving breakthroughs when market opportunities arose and thus safeguarding the interests of its shareholders.

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