Financial Performance - The company's operating revenue for 2020 was CNY 797,315,988.92, a decrease of 10.74% compared to 2019[22]. - The net profit attributable to shareholders for 2020 was CNY 123,706,693.93, down 22.65% year-over-year[22]. - The net cash flow from operating activities decreased by 38.61% to CNY 174,723,229.28 in 2020[22]. - The total assets increased by 103.01% to CNY 2,011,485,943.36 at the end of 2020 compared to the end of 2019[25]. - The net assets attributable to shareholders rose by 161.33% to CNY 1,566,079,286.54 at the end of 2020[25]. - Basic earnings per share for 2020 were CNY 0.9766, a decrease of 26.72% from 2019[24]. - The weighted average return on equity decreased to 15.45% in 2020, down 12.77 percentage points from 2019[24]. - The decline in performance was primarily due to the impact of COVID-19 on the logistics and transportation industry, affecting product sales[24]. - The total profit was 15,456.16 million RMB, down 22.20% year-on-year, while the net profit attributable to shareholders was 12,370.67 million RMB, a decline of 22.65%[62]. - The company’s total assets increased from 990,809,780.24 RMB to 2,011,485,943.36 RMB, while the total liabilities rose from 341,524,072.28 RMB to 391,733,233.86 RMB, resulting in a decrease in the debt-to-asset ratio from 34.47% to 19.47%[183]. Dividend Policy - The company plans to distribute a cash dividend of 6 RMB per 10 shares (including tax) and to increase capital stock by 3 shares per 10 shares from capital reserves, totaling a cash dividend of 96 million RMB based on a total share capital of 160 million shares[4]. - The company emphasizes a stable profit distribution policy to ensure reasonable returns for investors while maintaining sustainable development[103]. - The company plans to distribute cash dividends of at least 10% of the distributable profits for the year, provided there are no major investment plans or cash expenditures[104]. - In 2020, the company distributed cash dividends amounting to 96,000,000.00 RMB, representing 77.60% of the net profit attributable to ordinary shareholders[109]. - The company has a policy to prioritize cash dividends, with a minimum of 80% cash distribution during mature stages without major expenditures[105]. - The board of directors must propose the profit distribution plan, which requires approval from more than half of the board and independent directors' opinions[106]. - The company has not adjusted its cash dividend policy during the reporting period[107]. - The company may issue stock dividends if revenue and profit grow rapidly, while ensuring cash dividends are also distributed[105]. Operational Risks and Governance - The company has detailed potential operational risks in the annual report, specifically in the section discussing future development[8]. - The company has confirmed that there are no non-operating fund occupations by controlling shareholders or related parties[6]. - The company has not violated decision-making procedures for providing guarantees[6]. - The company has ensured that all board members attended the board meeting, affirming the accuracy and completeness of the annual report[9]. - The company operates under the legal representation of Liu Hongbing, with Qin Ming as the board secretary and Wu Song as the securities affairs representative[15][16]. - The company has established a robust corporate governance structure to protect shareholder rights, particularly for minority investors[170]. - The company has implemented measures to prevent conflicts of interest among its major shareholders and management[114]. - The company has committed to repurchase all newly issued shares if the prospectus is found to contain false statements or omissions by regulatory authorities[118]. Market and Industry Position - The company operates primarily in the clean transportation energy supply sector, focusing on the production, processing, storage, transportation, and sales of LNG and CNG[33]. - The company sources natural gas mainly from upstream suppliers like PetroChina, typically signing annual contracts that specify pricing and supply terms[33]. - The company is classified under the "Gas Production and Supply" sector according to the China Securities Regulatory Commission and the National Bureau of Statistics[34]. - The industry is regulated by the Ministry of Housing and Urban-Rural Development, with local governments issuing gas operation licenses[35]. - The government encourages the development of natural gas infrastructure and technology, as outlined in various national policies and plans[36][37]. - The company is positioned to benefit from the government's push for cleaner energy and the expansion of natural gas usage in transportation and residential sectors[39]. - The company is actively pursuing market expansion in the natural gas sector, particularly in response to increasing environmental regulations and the push for cleaner energy sources[92]. Strategic Initiatives and Future Outlook - The company plans to enhance its market presence through strategic partnerships and investments in new technologies and infrastructure[40]. - The company is focusing on expanding its clean energy business through acquisitions and establishing LNG refueling stations along major highways[60]. - The company aims to stabilize its core operations while actively expanding its business areas and innovating its business models[60]. - The company is developing a 1 million cubic meter LNG plant as part of its ongoing projects, enhancing its production capacity[56]. - The company is committed to enhancing its financial performance through effective asset management and strategic investments[150]. - The company is evaluating potential mergers and acquisitions to strengthen its market position and operational capabilities[154]. - The company anticipates a continuous increase in demand for natural gas vehicles, with over 10 million vehicles expected to be gasified by 2020[91]. - The company aims to enhance its strategic initiatives to ensure sustainable growth and profitability in the natural gas sector[155]. Environmental and Social Responsibility - The company emphasizes compliance with environmental regulations and has not experienced any major environmental incidents during the reporting period[172]. - The company maintains a commitment to green development and aims for "zero emissions" in its production processes[171]. - The company engaged in various social responsibility initiatives, including donations totaling RMB 41.98 million to support poverty alleviation efforts during the COVID-19 pandemic[165]. - The company donated educational materials worth RMB 85,500 to 191 impoverished households in Akiti Kandun Township, contributing to local poverty alleviation[166]. - The company plans to continue its poverty alleviation efforts in 2021, focusing on consolidating and expanding the achievements of poverty alleviation campaigns[169]. Shareholder and Management Structure - Liu Hongbing is the controlling shareholder and actual controller of the company, also serving as the chairman and general manager[192]. - The company reported a total of 86,207,416 shares held by its directors and senior management at the end of the reporting period, with no changes in shareholding during the year[200]. - The company has no actual controller or significant changes in control during the reporting period, ensuring stable governance[196]. - There are no shareholders holding more than 10% of the shares other than the controlling shareholders, indicating a concentrated ownership structure[197]. - The management team remains stable, with no changes in the number of shares held by directors and senior management throughout the year[200].