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Annual Report 2020

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Annual Report 2020 COOLPAD GROUP LIMITED 酷派集團有限公司 (Incorporated in the Cayman Islands with limited liability) (Stock code : 2369) CORPORATE PROFILE Coolpad Group Limited (the “Company”) was subsidiaries (collectively, the “Group”) have developed incorporated in the Cayman Islands as an exempted a large number of proprietary technologies and patents company with limited liability on 11 June 2002. The shares in mobile operating systems, radio frequency, protocols of the Company (the “Shares”) were listed on The Stock and wireless data decomposed transmission technology, Exchange of Hong Kong Limited (the “Stock Exchange”) etc. The Group has developed advanced research and on 9 December 2004 (Stock Code: 2369). development capabilities in mobile communications and gradually becomes a leader of 4G and 3G smartphone in Yulong Computer Telecommunication Scientific the Mainland China’s telecommunications market. The (Shenzhen) Co., Ltd. (“Yulong Shenzhen”), founded Group never stops enhancing its R&D ability and is striving in April 1993 is an indirect wholly owned subsidiary of to be an important participant and a leader in the latest the Company. Yulong Shenzhen is a leading developer field of 5G and Artificial Intelligence. and provider of integrated solutions for Coolpad 酷派 smartphone sets, mobile data platform system, and value- The Group has succeeded in breaking into the global added business operations in the People’s Republic of telecommunications market in respect of Coolpad China (the “PRC” or the “Mainland China”). Yulong brand. The Group has established strong and close Shenzhen mainly provides its Coolpad products for strategic cooperation relationships with certain global enterprises, government and mobile operators as well as telecommunication operators and is striving to further individual consumers in the PRC. develop its business in the global telecommunication markets. In the last decade, capitalizing on the development of wireless telecommunications technological know-how The Group is committed to providing every individual with in wireless telecommunications across multiple wireless the privilege to enjoy the extravagant experience of using telecommunications network standards including integrated terminal of wireless data solutions. To achieve TD-LTE, FDD-LTE, TD-SCDMA, CDMA-EVDO, WCDMA, this goal, the Group is striving to realize its dream by GSM, and CDMA1X networks, the Company and its providing customized products and services based on its differentiated mobile operating systems and applications. coolpad CONTENTS Corporate Information 2 Financial Highlights 3 Chairman of the Board’s Statement 4 Management Discussion and Analysis 9 Corporate Governance Report 16 Directors and Senior Management 27 Report of the Directors 32 Independent Auditor’s Report 47 Financial Statements 52 Notes to Financial Statements 62 2 COOLPAD GROUP LIMITED Annual Report 2020 CORPORATE INFORMATION Registered Office Auditor Cricket Square Ernst & Young Hutchins Drive Certified Public Accountants P.O. Box 2681 Registered Public Interest Entity Auditor Grand Cayman 22/F, CITIC Tower 1 Tim Mei Avenue KY1-1111 Central, Hong Kong Cayman Islands Legal Advisers to the Company as to Head Office and Principal Place of Hong Kong Law Business in the PRC Baker & McKenzie Coolpad Information Harbor 14th Floor No. 8 of Gaoxin North 1st Road One Taikoo Place Hi-Tech Industry Park (Northern) 979 King’s Road Nanshan District Quarry Bay Shenzhen Hong Kong Principal Place of Business in Legal Advisers to the Company as to Hong Kong Cayman Islands Law 44/F, Office Tower, Convention Plaza Conyers Dill & Pearman 2901 One Exchange Square 1 Harbour Road 8 Connaught Place Wanchai, Hong Kong Central Hong Kong Joint Company Secretaries Mr. MA Fei Principal Share Registrar and Mr. TSANG Hing Bun Transfer Office Suntera (Cayman) Limited Audit Committee and Remuneration Suite 3204, Unit 2A, Block 3 Committee Building D, P.O. Box 1586, Gardenia Court Camana Bay, Grand Cayman, KY1-1100 Mr. CHAN King Chung (Chairperson) Cayman Islands Dr. HUANG Dazhan Mr. XIE Weixin Hong Kong Branch Share Registrar and Transfer Office Nomination Committee Computershare Hong Kong Investor Services Limited Mr. CHAN King Chung (Chairperson) Shops 1712–16 Mr. CHEN Jiajun 17th Floor Mr. XIE Weixin Hopewell Centre 183 Queen’s Road East Authorised Representatives Hong Kong Mr. MA Fei Principal Bankers Mr. TSANG Hing Bun DBS Bank (Hong Kong) Ltd. Contact Information for Investor Bank of China Limited China Construction Bank Corporation Relations Tel: +86 755 3302 3607 Company Website Email: [email protected] www.coolpad.com.hk Stock Code 2369 Annual Report 2020 COOLPAD GROUP LIMITED 3 FINANCIAL HIGHLIGHTS The financial data below are extracted from the Group’s audited financial statements prepared in accordance with Hong Kong Financial Reporting Standards (“HKFRSs”). Results Year ended 31 December (HK$’000) 2020 2019 2018 2017 2016 (Restated) Revenue 811,757 1,858,090 1,277,164 3,378,077 7,969,477 (Loss)/profit before tax (299,063) 118,111 (419,408) (2,702,251) (4,356,068) Income tax (expense)/credit (45,965) (3,299) 8,746 (20,825) (45,352) (Loss)/profit for the year (393,828) 112,094 (410,662) (2,723,076) (4,401,420) Financial Position As at 31 December (HK$’000) 2020 2019 2018 2017 2016 Non-current assets 3,233,696 1,720,375 1,856,007 1,991,344 2,741,032 Current assets 1,087,820 1,639,603 1,260,759 2,859,486 7,113,372 Non-current liabilities 383,479 328,057 278,352 296,464 67,213 Current liabilities 2,619,184 2,323,697 2,423,747 3,764,950 6,248,881 Net assets 1,318,853 708,224 414,667 789,416 3,538,310 Note: The results of the discontinued operation prior to 2019 have not been restated or reclassified. Therefore, the results prior to 2019 may not be comparable to 2019 and 2020. 4 COOLPAD GROUP LIMITED Annual Report 2020 CHAIRMAN OF THE BOARD‘S STATEMENT Chairman of the Board CHEN JIAJUN Dear Fellow Shareholders: I am deeply honored to report the consolidated results for the year ended 31 December 2020 (the “Year”) to the shareholders of the Group. The Group confronted a great number of changes, challenges and opportunities in the Year. On one hand, we aligned the interests of our employees and the Group closely and continued to strictly control operation costs and other risks with positive attitude toward difficulties and changes, on the other hand, we have strived to make immediate and effective responses to different events to provide a strong support to the long-term development of the Group. Looking back to 2020, the main business of the Group was greatly affected by the COVID-19 pandemic, in response to the market changes, the Group will carry out new development strategies and forge ahead. For the Year, the Group recorded a turnover of HK$811.76 In 2020, the sales of smartphone decreased due to the million, representing a decrease of 56.31% from weak overseas consumption affected by the COVID-19. HK$1,858.09 million for the year ended 31 December At the same time, the global resumption of production 2019, which was mainly attributed to the impact of the did not meet expectations and some of the devices COVID-19 pandemic. During the Year, the Group’s overall continued to be out of stock, resulting in large price gross profit margin was 15.04%, representing a decrease fluctuations. The Group’s product gross margins continued of 8.2 percentage points from 23.24% for the year ended to decline and the overseas market was under pressure. 31 December 2019. The Group recorded a net loss from In response to this situation, the Group had continued to continuing operations of HK$345.03 million, representing deepen cooperation with operators and adapted to the an decrease of HK$459.84 million, as compared with the new market environment during the COVID-19 pandemic net profit of HK$114.81 million for the year ended 31 period, and the sales of some products increase since we December 2019. The turnaround from profit to loss for successfully seized new opportunities arising from the 2020 is mainly attributable to the impact of the COVID-19 COVID-19 pandemic. In addition, the Group successfully pandemic during the Year. Both the basic and diluted loss expanded its business to Japan and Latin America. In per share of the Group were HK$6.56 cents for the Year. Japan, the Group gained the order for a 5G phone project Annual Report 2020 COOLPAD GROUP LIMITED 5 CHAIRMAN OF THE BOARD’S STATEMENT supporting millimeter wave band at first time, which The Group attaches great importance to R&D capability. will be of great significance to enhance the Company’s During the Year, the Group continued to strengthen R&D position in the Asia-Pacific communications market. In capability, with R&D personnel accounting for more than China, the Group also restarted domestic phone business 50%. The Group has applied for more than 10,000 patents and rebuilt operation team in 2020 to gradually restore in aggregated, obtained more than 900 5G-related patents the production layout and sales channel in market. The in the 5G field, and also participated in the formulation Group has successfully reopened Jingdong online sales of 5G-related standards. According to the Top 100 PRC in June, 2020; released X10, a 5G phone with pricing low Corporation in Granted Invention Patents in 2020 jointly to RMB1 thousand, in cooperation with China Telecom, released by the Intellectual property right media IPRdaily which was equipped with the first 5G chip from domestic manufacturer UNISOC; successfully released several cell and incoPat Innovation Index Research Centre, Yulong phone products and initially restored our domestic product Shenzhen, a wholly-owned subsidiary of the Group, ranks line. 53rd among all Chinese companies with 329 patents.
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