Financial Performance - The company's operating revenue for 2020 was ¥2,115,519,045.29, representing a 23.36% increase compared to ¥1,714,950,499.82 in 2019[17]. - The net profit attributable to shareholders for 2020 was ¥641,712,981.88, up 22.98% from ¥521,789,390.52 in the previous year[17]. - The net cash flow from operating activities reached ¥955,677,746.12, marking a 26.89% increase from ¥753,155,052.32 in 2019[17]. - Basic earnings per share for 2020 were ¥1.24, a 22.77% increase compared to ¥1.01 in 2019[17]. - Total assets at the end of 2020 amounted to ¥4,648,683,731.20, reflecting a 14.43% increase from ¥4,062,536,347.93 at the end of 2019[17]. - The company's net assets attributable to shareholders increased by 12.04% to ¥3,636,188,706.98 from ¥3,245,487,222.06 in 2019[17]. - The company reported a net profit of ¥76,009,083.20 for the reporting period, an increase from ¥63,116,151.00 in the previous year, representing a year-over-year growth of approximately 20.0%[23]. - The company achieved a revenue of 2.116 billion yuan in 2020, a year-on-year increase of 23.36%[51]. - Net profit attributable to shareholders reached 642 million yuan, up 22.98% compared to the previous year[51]. - Revenue from new materials manufacturing was ¥2,072,112,764.55, accounting for 97.95% of total revenue, with a year-on-year growth of 22.75%[65]. Dividend Distribution - The company plans to distribute a cash dividend of ¥5 per 10 shares, based on a total of 518,350,000 shares[5]. - The company reported a cash dividend of 5 CNY per 10 shares, totaling 259,175,000 CNY for the year[127]. - The total distributable profit for the year was 350,037,380.62 CNY, with cash dividends accounting for 100% of the profit distribution[127]. - The cash dividend payout ratio for 2020 was 40.39% of the net profit attributable to ordinary shareholders, while it was 49.67% for 2019 and 49.16% for 2018[130]. - The total cash dividends distributed over the last three years amounted to RMB 703,525,000, with a consistent cash dividend per share of RMB 5[130]. Research and Development - R&D expenses increased by 44% to 274 million yuan, reflecting significant advancements in new projects and technologies[52]. - The company is enhancing its R&D capabilities through the establishment of an advanced composite materials R&D center, aiming to develop high-end composite materials for military and civilian applications[34]. - The number of R&D personnel increased to 331, representing 17.87% of the total workforce, indicating a focus on innovation[76]. - The proportion of R&D investment to operating income was 12.96%, up from 11.08% in the previous year[76]. - The company has committed to investing RMB 94,648.8 million in various projects, with a total of RMB 90,138.7 million already invested[98]. Market Expansion and Product Development - The company is expanding its product offerings in the new materials sector, targeting applications in aerospace, wind power, and rail transportation, with a focus on high-performance prepreg products[31]. - The company aims to expand its strategic customer base and focus on high-value sectors, particularly in aerospace applications, as part of its 2021 operational plan[110]. - The company plans to enhance its production capacity for T300, T700, T800, and T1000 grade carbon fibers, targeting high-end applications in aviation and aerospace[111]. - New product development included the launch of a composite material that is 30% lighter and 15% stronger than previous versions, aimed at enhancing market competitiveness[121]. - The company plans to temporarily use up to 170 million of idle raised funds for cash management, investing in low-risk financial products[101]. Operational Efficiency and Asset Management - The company reported a loss of ¥2,062,845.29 from the disposal of non-current assets, a decrease from a loss of ¥20,375,016.79 in 2019, indicating improved asset management[22]. - The company's fixed assets increased by 55.65% year-on-year, primarily due to the industrialization of high-strength and high-modulus carbon fiber and the completion of the advanced composite materials center project[42]. - Cash and cash equivalents increased by 70.85% year-on-year, attributed to the increase in net cash flow from operating activities[42]. - The company has established a stable supplier management system, ensuring long-term cooperation with major suppliers[39]. - The company has a comprehensive production model based on customer demand, allowing for customized research and production[39]. Risks and Challenges - The company faced risks including performance volatility and new product development failures, which are discussed in the report[5]. - The company faces risks related to revenue volatility due to the significant contribution of military product sales, which may lead to unpredictable income fluctuations[113]. - The company recognizes the challenges posed by increased competition and the need for innovation, particularly in the carbon fiber sector, which is critical for its growth[110]. - The company faces significant safety management risks due to the use of hazardous materials like acrylonitrile and solvents in the production process[116]. - The impact of raw material price fluctuations on product pricing and profitability is a key concern for the company[114]. Environmental Compliance - The company has received environmental impact report approvals for multiple projects, including high-strength carbon fiber production and advanced composite materials R&D[184]. - The company's wastewater treatment capacity has been expanded from 15 m³/h to 50 m³/h, indicating a significant improvement in environmental protection measures[182]. - The company has implemented a real-time monitoring system for COD, ammonia nitrogen, and pH levels at its wastewater treatment station, ensuring compliance with environmental regulations[183]. - The company has established a temporary storage facility for hazardous solid waste and has contracted a qualified company for its disposal, demonstrating commitment to environmental safety[182]. - The company has maintained compliance with all environmental monitoring requirements, with all test results meeting the necessary standards[183]. Shareholder and Governance - The company has committed to not transferring or managing its shares for 36 months post-IPO, ensuring stability in shareholding[131]. - The controlling shareholder must notify the company of their specific plans for share increases within 10 trading days after triggering conditions are met[137]. - The company has established strict penalties for the controlling shareholder and management if they fail to fulfill their shareholding increase obligations[138]. - The company has not reported any major litigation or arbitration matters during the reporting period[145]. - The company has maintained a continuous audit service from the accounting firm for 7 years, with an audit fee of 910,000 CNY[144].