BEIJING, Oct. 10, 2020 /PRNewswire/ -- Recon Technology, Ltd. (Nasdaq: RCON) ("Recon" or the "Company"), a China-based independent solutions integrator in the oilfield service and environmental protection, electric power and coal chemical industries, today announced its financial results for fiscal year 2020.
Fiscal 2020 Financial Highlights:
Management Commentary
Mr. Shenping Yin, co-founder and CEO of Recon, stated, "The COVID-19 pandemic had a significant impact on our operation of the second-half of fiscal 2020, resulted in a delay in project performance timeline and thus delayed recognition of revenue. Nevertheless, we are pleased with our ability to handle such challenge and we believe our delayed projects will be completed methodically as social and overall conditions in China resume. We're also very proud that our clients remained stable and we believe our strategy to establish long term cooperation with clients valuing our essential automation solution and value-added services will help us reposition our business by bringing more resources through companies that want to adopt effective online and industrial automotive solutions and Internet-of-Things in China."
"We believe Recon has been prepared for larger projects in automation and environmental protection segments. We never stop improving our business structure and focusing on opportunities that can leverage our knowledge and experience in energy industry. We believe all our current efforts will drive our long-term net profit growth targets," concluded Mr. Yin.
Fiscal 2020 Financial Results:
Revenue
Total revenues were approximately RMB65.8 million ($9.3 million), representing a decrease of 35.8% compared to fiscal year 2019.
Automation products and software. Revenues from automation products and software decreased to approximately RMB51.4 million ($7.3 million), representing a decrease of 19.1% from fiscal year 2019. The decrease was primarily due to the postponed acceptance of several projects and less expenditures budgeted by Shenhua Group and decreased orders from Xinjiang East Hope New Energy Co., Ltd.
Equipment and accessories. Revenue from equipment and accessories decreased to approximately RMB14.2 million ($2.0 million), representing a decrease of 40.6% from fiscal year 2019, mainly due to less demand of the Company's products by oilfield companies as a result of low oil price.
Oilfield environmental protection. Revenue from oilfield environmental protection decreased by 99.2% to almost nil for this period, mainly affected by late acceptance inspection of the Company's Gansu production project, thus orders were not fulfilled and revenue was not recognized during the fiscal year 2020.
Cost and Margin
Total cost of revenues decreased by 36.4% to approximately RMB46.2 million ($6.5 million), mainly due to the decreased cost in line with revenue.
Gross profit decreased to approximately RMB19.6 million ($2.8 million), representing a decrease of 34.4% from fiscal year 2019. Gross margin was maintained at a same level of 29.8%, compared to a 29.2% of last year. Specifically, gross margin for automation and equipment segments were all improved during fiscal year 2020. The Company expects that the gross margin for oilfield environmental protection segment will be back to a 40% level when the treatment process is completed and revenue is recognized.
Operating Expenses
Total operating expenses decreased to approximately RMB39.8 million ($5.6 million), representing a decrease of 26.5%.
Selling and distribution expenses. Selling and distribution expenses were approximately RMB4.4 million ($0.6 million), representing a 51.3% decrease from fiscal year 2019. This decrease was mainly caused by less traveling expenses and entertainment expenses as the Company tried to control its operating expenditure, as well as the restriction on travelling and outdoor activities imposed by PRC government due to the COVID-19 during the fiscal year 2020.
General and Administrative Expenses. General and administrative expenses was approximately RMB26.1 million ($3.7 million), representing a 36.7% decrease from fiscal year 2019. The decrease was mainly due to the decrease in stock-based compensation expense.
Research and development expenses. Research and development expenses were approximately RMB7.0 million ($1.0 million), representing an increase of 7.6% from fiscal year 2019. This increase was primarily due to more expenses spent on design of new automation platform systems.
Net Loss
Loss from operations was RMB20.2 million ($2.9 million), representing a decrease of 22.0% from fiscal year 2019, which was a loss of RMB25.8 million.
Basic and diluted EPS. Basic and diluted net loss per share were RMB4.16 ($0.59), compared to RMB6.49 ($0.92) in fiscal year 2019.
Financial Condition
As of June 30,2020, the Company had cash of RMB30.3 million ($4.3 million), compared to RMB4.5 million as of June 30, 2019. As of June 30, 2020, the Company had working capital of RMB64.1 million ($9.1 million), while as of June 30, 2019, the Company had working capital of RMB55.7 million. The increase was mainly contributed to securities offerings during May and June of 2020.
Net cash used in operating activities was RMB5.2 million ($0.7 million) for fiscal year 2020, compared to net cash used in operating activities of approximately RMB32.2 million for fiscal year 2019. Net cash used in investing activities was RMB2.1 million ($0.3 million) for fiscal year 2020, compared to RMB13.5 million for fiscal year 2019. Net cash provided by financing activities was RMB33.2 million ($4.7 million) for fiscal year 2020, compared to net cash provided by financing activities of RMB3.5 million for fiscal year 2019.
Exchange Rate
The translation of RMB amounts into U.S. dollars are included solely for the convenience of readers and have been made at the rate of RMB7.06973 to $1.00, the approximate exchange rate prevailing on December 31, 2019.
About Recon Technology, Ltd.
Recon Technology, Ltd. (RCON) is China's first non-state-owned oil and gas field service company listed on NASDAQ. Recon supplies China's largest oil exploration companies with advanced automated technologies, efficient gathering and transportation equipment and reservoir stimulation measures for increasing petroleum extraction levels, reducing impurities and lowering production costs. Since 2017, the Company has expanded its business operations into other segments of the broader energy industry including electric power, coal chemicals, renewable energy and environmental protection in the energy and chemical industries. Through the years, Recon has taken leading positions on several market segments of the oil and gas field service industry. Recon also has developed stable long-term cooperation relationships with its major clients, and its products and service are well accepted by clients. For additional information please visit: www.recon.cn.
Safe Harbor Statement
This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and service demand and acceptance, changes in technology, economic conditions, the impact of competition and pricing, government regulation, the effect of novel coronavirus and other health matters on target markets, and other risks contained in reports filed by the company with the Securities and Exchange Commission. All such forward-looking statements, whether written or oral, and whether made by or on behalf of the company, are expressly qualified by the cautionary statements and any other cautionary statements which may accompany the forward-looking statements. In addition, the company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.
IR contact:
In China:
Ms. Liu Jia
Recon Technology, Ltd.
Phone: +86 (10) 8494-5799
Email: info@recon.cn
RECON TECHNOLOGY, LTD CONSOLIDATED BALANCE SHEETS |
|||||||||||||
As of June 30 |
As of June 30 |
As of June 30 |
|||||||||||
2019 |
2020 |
2020 |
|||||||||||
ASSETS |
RMB |
RMB |
U.S. Dollars |
||||||||||
Current assets |
|||||||||||||
Cash |
¥ |
4,521,325 |
¥ |
30,336,504 |
$ |
4,291,042 |
|||||||
Notes receivable |
3,073,680 |
4,180,885 |
591,378 |
||||||||||
Trade accounts receivable, net |
68,535,282 |
48,244,015 |
6,824,026 |
||||||||||
Trade accounts receivable- related party, net |
3,409,912 |
3,068,920 |
434,093 |
||||||||||
Inventories, net |
1,270,523 |
1,985,723 |
280,877 |
||||||||||
Other receivables, net |
5,665,593 |
6,350,802 |
898,309 |
||||||||||
Loans to third parties |
4,960,000 |
3,200,377 |
452,687 |
||||||||||
Purchase advances, net |
1,343,576 |
178,767 |
25,286 |
||||||||||
Contract assets, net |
4,633,940 |
31,537,586 |
4,460,933 |
||||||||||
Prepaid expenses |
192,837 |
198,294 |
28,048 |
||||||||||
Prepaid expenses - related parties |
217,600 |
- |
- |
||||||||||
Total current assets |
97,824,268 |
129,281,873 |
18,286,679 |
||||||||||
Property and equipment, net |
3,661,321 |
29,756,879 |
4,209,055 |
||||||||||
Construction in progress |
21,524,994 |
- |
- |
||||||||||
Land use right, net |
1,307,887 |
1,280,648 |
181,145 |
||||||||||
Investment in unconsolidated entity |
31,078,971 |
31,541,850 |
4,461,536 |
||||||||||
Long-term other receivables, net |
440,015 |
3,640 |
515 |
||||||||||
Prepayments for construction in progress |
1,144,098 |
- |
- |
||||||||||
Operating lease right-of-use assets (including ¥Nil and ¥803,503 |
- |
2,549,914 |
360,681 |
||||||||||
Total Assets |
¥ |
156,981,554 |
¥ |
194,414,804 |
$ |
27,499,611 |
|||||||
LIABILITIES AND STOCKHOLDERS' EQUITY |
|||||||||||||
Current liabilities |
|||||||||||||
Short-term bank loans |
¥ |
2,500,000 |
¥ |
9,520,000 |
$ |
1,346,586 |
|||||||
Trade accounts payable |
14,089,293 |
23,034,347 |
3,258,163 |
||||||||||
Other payables |
2,246,410 |
2,609,486 |
369,107 |
||||||||||
Other payable- related parties |
2,290,873 |
4,498,318 |
636,279 |
||||||||||
Contract Liabilities |
120,000 |
3,486,033 |
493,093 |
||||||||||
Accrued payroll and employees' welfare |
1,384,529 |
1,917,635 |
271,246 |
||||||||||
Investment payable |
6,400,000 |
6,400,000 |
905,268 |
||||||||||
Taxes payable |
2,180,847 |
1,108,288 |
156,765 |
||||||||||
Short-term borrowings |
1,081,096 |
200,000 |
28,290 |
||||||||||
Short-term borrowings - related parties |
9,010,525 |
10,230,746 |
1,447,120 |
||||||||||
Long-term borrowings - related party - current portion |
780,797 |
847,346 |
119,856 |
||||||||||
Operating lease liabilities - current (including ¥Nil and ¥450,728 |
- |
1,328,976 |
187,981 |
||||||||||
Total Current Liabilities |
42,084,370 |
65,181,175 |
9,219,754 |
||||||||||
Operating lease liabilities - non-current (including ¥Nil and ¥352,775 |
- |
1,210,088 |
171,165 |
||||||||||
Long-term borrowings - related party |
8,196,204 |
7,379,253 |
1,043,782 |
||||||||||
Total Liabilities |
50,280,574 |
73,770,516 |
10,434,701 |
||||||||||
Commitments and Contingencies |
|||||||||||||
Equity |
|||||||||||||
Common stock, ($ 0.0925 U.S. dollar par value, 20,000,000 shares |
2,712,773 |
4,577,233 |
647,441 |
||||||||||
Additional paid-in capital |
250,624,798 |
282,505,455 |
39,959,870 |
||||||||||
Statutory reserve |
4,148,929 |
4,148,929 |
586,858 |
||||||||||
Accumulated deficit |
(164,780,885) |
(184,027,586) |
(26,030,358) |
||||||||||
Accumulated other comprehensive gain |
2,909,936 |
2,825,731 |
399,694 |
||||||||||
Total stockholders' equity |
95,615,551 |
110,029,762 |
15,563,505 |
||||||||||
Non-controlling interests |
11,085,429 |
10,614,526 |
1,501,405 |
||||||||||
Total equity |
106,700,980 |
120,644,288 |
17,064,910 |
||||||||||
Total Liabilities and Equity |
¥ |
156,981,554 |
¥ |
194,414,804 |
$ |
27,499,611 |
|||||||
RECON TECHNOLOGY, LTD CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS |
||||||||||||||||
For the years ended June 30, |
||||||||||||||||
2018 |
2019 |
2020 |
2020 |
|||||||||||||
RMB |
RMB |
RMB |
USD |
|||||||||||||
Revenues |
||||||||||||||||
Revenues - third party |
¥ |
84,135,037 |
¥ |
98,657,433 |
¥ |
65,760,651 |
$ |
9,301,722 |
||||||||
Revenues - related party |
577,009 |
3,726,894 |
- |
- |
||||||||||||
Revenues |
84,712,046 |
102,384,327 |
65,760,651 |
9,301,722 |
||||||||||||
Cost of revenues |
||||||||||||||||
Cost of revenues - third party |
80,097,834 |
70,316,198 |
46,154,255 |
6,528,433 |
||||||||||||
Cost of revenues - related party |
464,027 |
2,202,765 |
- |
- |
||||||||||||
Cost of revenues |
80,561,861 |
72,518,963 |
46,154,255 |
6,528,433 |
||||||||||||
Gross profit |
4,150,185 |
29,865,364 |
19,606,396 |
2,773,289 |
||||||||||||
Selling and distribution expenses |
8,013,353 |
9,076,266 |
4,417,413 |
624,835 |
||||||||||||
General and administrative expenses |
34,687,317 |
41,288,351 |
26,120,099 |
3,694,644 |
||||||||||||
Provision for (net recovery of) doubtful accounts |
(841,242) |
610,776 |
2,203,531 |
311,685 |
||||||||||||
Research and development expenses |
3,215,653 |
3,133,545 |
7,042,385 |
996,132 |
||||||||||||
Operating expenses |
45,075,081 |
54,108,938 |
39,783,428 |
5,627,296 |
||||||||||||
Loss from operations |
(40,924,896) |
(24,243,574) |
(20,177,032) |
(2,854,007) |
||||||||||||
Other income (expenses) |
||||||||||||||||
Subsidy income |
371,650 |
1,149,016 |
1,210,318 |
171,197 |
||||||||||||
Interest income |
68,028 |
40,391 |
54,746 |
7,744 |
||||||||||||
Interest expense |
(897,521) |
(1,589,045) |
(1,451,890) |
(205,367) |
||||||||||||
Income (loss) from investment in unconsolidated entity |
- |
(959,905) |
462,879 |
65,473 |
||||||||||||
Impairment loss of investment in unconsolidated entity |
(4,037,736) |
- |
- |
- |
||||||||||||
Foreign exchange transaction gain (loss) |
(4,068) |
56,603 |
(17,720) |
(2,506) |
||||||||||||
Other income |
65,539 |
162,585 |
78,417 |
11,092 |
||||||||||||
Other income (expense), net |
(4,434,108) |
(1,140,355) |
336,750 |
47,633 |
||||||||||||
Loss before income tax |
(45,359,004) |
(25,383,929) |
(19,840,282) |
(2,806,374) |
||||||||||||
Income tax expenses |
16,230 |
398,477 |
282,322 |
39,934 |
||||||||||||
Net loss |
(45,375,234) |
(25,782,406) |
(20,122,604) |
(2,846,308) |
||||||||||||
Less: Net loss attributable to non-controlling interests |
(1,302,913) |
(426,501) |
(875,903) |
(123,895) |
||||||||||||
Net loss attributable to Recon Technology, Ltd |
¥ |
(44,072,321) |
¥ |
(25,355,905) |
¥ |
(19,246,701) |
$ |
(2,722,413) |
||||||||
Comprehensive loss |
||||||||||||||||
Net loss |
(45,375,234) |
(25,782,406) |
(20,122,604) |
(2,846,308) |
||||||||||||
Foreign currency translation adjustment |
1,765,249 |
1,393,843 |
(84,205) |
(11,911) |
||||||||||||
Comprehensive loss |
(43,609,985) |
(24,388,563) |
(20,206,809) |
(2,858,219) |
||||||||||||
Less: Comprehensive loss attributable to non-controlling |
(1,302,913) |
(426,501) |
(875,903) |
(123,895) |
||||||||||||
Comprehensive loss attributable to Recon Technology, |
¥ |
(42,307,072) |
¥ |
(23,962,062) |
¥ |
(19,330,906) |
$ |
(2,734,324) |
||||||||
Loss per common share - basic and diluted |
¥ |
(19.19) |
¥ |
(6.49) |
¥ |
(4.16) |
$ |
(0.59) |
||||||||
Weighted - average shares -basic and diluted |
2,296,693 |
3,908,833 |
4,624,615 |
4,624,615 |
||||||||||||
RECON TECHNOLOGY, LTD CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||||||||||||||
For the years ended |
||||||||||||||||
2018 |
2019 |
2020 |
2020 |
|||||||||||||
RMB |
RMB |
RMB |
U.S. Dollars |
|||||||||||||
Cash flows from operating activities: |
||||||||||||||||
Net loss |
¥ |
(45,375,234) |
¥ |
(25,782,406) |
¥ |
(20,122,604) |
$ |
(2,846,308) |
||||||||
Adjustments to reconcile net loss to net cash used in |
||||||||||||||||
Depreciation and amortization |
1,119,049 |
1,124,011 |
1,609,700 |
227,689 |
||||||||||||
Gain from disposal of equipment |
(78,285) |
- |
(89,156) |
(12,611) |
||||||||||||
Provision for (net recovery of) doubtful accounts |
(841,242) |
610,776 |
2,203,531 |
311,685 |
||||||||||||
Provision for slow moving inventories |
65,245 |
65,380 |
56,817 |
8,037 |
||||||||||||
Amortization of right of use assets |
- |
- |
1,408,551 |
199,237 |
||||||||||||
Reversal of interests expense |
- |
- |
(81,096) |
(11,471) |
||||||||||||
Restricted shares issued for management and employees |
15,462,124 |
21,288,204 |
7,944,835 |
1,123,782 |
||||||||||||
Loss (income) from investment in unconsolidated entity |
- |
959,905 |
(462,879) |
(65,473) |
||||||||||||
Impairment loss of investment in unconsolidated entity |
4,037,736 |
- |
- |
- |
||||||||||||
Restricted shares issued for services |
3,050,896 |
845,781 |
33,927 |
4,799 |
||||||||||||
Changes in operating assets and liabilities: |
||||||||||||||||
Notes receivable |
2,116,998 |
922,282 |
(1,107,205) |
(156,612) |
||||||||||||
Trade accounts receivable |
11,972,175 |
(40,461,376) |
18,428,088 |
2,606,619 |
||||||||||||
Trade accounts receivable-related party |
- |
(3,409,912) |
- |
- |
||||||||||||
Inventories |
(5,012,984) |
(1,197,529) |
(1,124,935) |
(159,120) |
||||||||||||
Other receivable |
(1,717,096) |
(928,882) |
(206,146) |
(29,159) |
||||||||||||
Purchase advance |
(296,903) |
5,784,669 |
1,210,309 |
171,196 |
||||||||||||
Contract assets |
(127,325) |
7,554,745 |
(26,938,013) |
(3,810,332) |
||||||||||||
Prepaid expense |
318,759 |
316,845 |
(5,457) |
(772) |
||||||||||||
Prepaid expense - related parties |
- |
(217,600) |
217,600 |
30,779 |
||||||||||||
Operating lease liabilities |
- |
- |
(1,419,402) |
(200,772) |
||||||||||||
Trade accounts payable |
(2,706,304) |
(400,034) |
8,205,660 |
1,160,675 |
||||||||||||
Other payables |
(179,507) |
(861,620) |
(23,600) |
(3,338) |
||||||||||||
Other payables-related parties |
(102,563) |
(920,584) |
2,207,445 |
312,239 |
||||||||||||
Deferred revenue |
(1,174,585) |
- |
- |
- |
||||||||||||
Advance from customers |
27,756 |
(37,856) |
3,366,033 |
476,119 |
||||||||||||
Accrued payroll and employees' welfare |
140,828 |
784,095 |
533,109 |
75,407 |
||||||||||||
Accrued expenses |
- |
- |
9,425 |
1,333 |
||||||||||||
Taxes payable |
(269,358) |
1,748,934 |
(1,085,213) |
(153,501) |
||||||||||||
Net cash used in operating activities |
(19,569,820) |
(32,212,172) |
(5,230,676) |
(739,873) |
||||||||||||
Cash flows from investing activities: |
||||||||||||||||
Investment in unconsolidated entity |
(4,037,736) |
(4,205,080) |
- |
- |
||||||||||||
Purchases of property and equipment |
(1,503,410) |
(1,735,956) |
(85,974) |
(12,161) |
||||||||||||
Proceeds from disposal of equipment |
32,000 |
- |
900 |
127 |
||||||||||||
Payments for land use right |
(1,361,969) |
- |
- |
- |
||||||||||||
Repayments from loans to third parties |
435,250 |
1,000,000 |
11,239,623 |
1,589,824 |
||||||||||||
Payments made for loans to third parties |
(1,960,000) |
(4,000,000) |
(9,480,000) |
(1,340,928) |
||||||||||||
Payments and prepayments for construction in progress |
(9,157,103) |
(4,606,823) |
(3,782,912) |
(535,086) |
||||||||||||
Net cash used in investing activities |
(17,552,968) |
(13,547,859) |
(2,108,363) |
(298,224) |
||||||||||||
Cash flows from financing activities: |
||||||||||||||||
Proceeds from short-term bank loans |
45,000 |
2,500,000 |
9,520,000 |
1,346,586 |
||||||||||||
Repayments of short-term bank loans |
(45,000) |
- |
(2,500,000) |
(353,620) |
||||||||||||
Proceeds from short-term borrowings |
4,600,000 |
1,081,096 |
200,000 |
28,290 |
||||||||||||
Repayments of short-term borrowings |
(4,900,000) |
- |
(1,000,000) |
(141,448) |
||||||||||||
Proceeds from short-term borrowings-related parties |
20,188,318 |
5,000,000 |
17,415,000 |
2,463,319 |
||||||||||||
Repayments of short-term borrowings-related parties |
(21,332,036) |
(5,000,000) |
(16,195,000) |
(2,290,753) |
||||||||||||
Proceeds from long-term borrowings-related party |
10,000,000 |
- |
- |
- |
||||||||||||
Repayments of long-term borrowings-related party |
(371,975) |
(684,191) |
(747,630) |
(105,751) |
||||||||||||
Proceeds from sale of common stock, net of issuance costs |
65,004,531 |
- |
26,141,051 |
3,697,603 |
||||||||||||
Refund of capital contribution by a non-controlling |
- |
(200,000) |
- |
- |
||||||||||||
Capital contribution by non-controlling shareholders |
3,700,000 |
850,000 |
405,000 |
57,286 |
||||||||||||
Net cash provided by financing activities |
76,888,838 |
3,546,905 |
33,238,421 |
4,701,512 |
||||||||||||
Effect of exchange rate fluctuation on cash |
1,765,249 |
1,393,873 |
(84,203) |
(11,906) |
||||||||||||
Net (decrease) increase in cash |
41,531,299 |
(40,819,253) |
25,815,179 |
3,651,509 |
||||||||||||
Cash at beginning of year |
3,809,279 |
45,340,578 |
4,521,325 |
639,533 |
||||||||||||
Cash at end of year |
¥ |
45,340,578 |
¥ |
4,521,325 |
¥ |
30,336,504 |
$ |
4,291,042 |
||||||||
Supplemental cash flow information |
||||||||||||||||
Cash paid during the year for interest |
¥ |
868,042 |
¥ |
1,542,381 |
¥ |
1,400,462 |
$ |
198,093 |
||||||||
Cash paid (received) during the year for taxes |
¥ |
(22,671) |
¥ |
2,002 |
¥ |
282,322 |
$ |
39,934 |
||||||||
Non-cash investing and financing activities |
||||||||||||||||
Shares issued to settle salary payable |
¥ |
1,554,908 |
¥ |
- |
¥ |
- |
$ |
- |
||||||||
Issuance of common stock in exchange of shares of FGS, |
¥ |
¥ |
21,433,796 |
¥ |
- |
$ |
- |
|||||||||
Investment payable in exchange of interest of FGS |
¥ |
- |
¥ |
6,400,000 |
¥ |
- |
$ |
- |
||||||||
Right-of-use assets obtained in exchange for operating |
¥ |
- |
¥ |
- |
¥ |
1,228,963 |
$ |
173,834 |
||||||||
Inventories used for fixed assets |
¥ |
- |
¥ |
- |
¥ |
409,735 |
$ |
57,956 |
||||||||
Payable for construction in progress |
¥ |
3,096,781 |
¥ |
5,694,980 |
¥ |
732,513 |
$ |
103,613 |
||||||||
Receivable for disposal of property and equipment |
¥ |
81,900 |
¥ |
- |
¥ |
110,000 |
$ |
15,559 |
||||||||
Payable for issuance cost of common stock |
¥ |
- |
¥ |
- |
¥ |
374,696 |
$ |
53,000 |
||||||||
The accompanying notes are an integral part of these consolidated financial statements. * Retrospectively restated for effect of stock split on December 27, 2019. |
||||||||||||||||
View original content:http://www.prnewswire.com/news-releases/recon-technology-ltd-reports-financial-results-for-fiscal-year-2020-301149639.html
