AsAc(601890)2021-04-26 16:00Financial Performance - The net profit attributable to the parent company for 2020 was CNY 87,163,846.86, with cumulative distributable profits at CNY 445,904,210.57[5] - The company's operating revenue for 2020 was CNY 1,108,893,177.50, a decrease of 13.64% compared to CNY 1,284,082,819.76 in 2019[23] - Net profit attributable to shareholders was CNY 87,163,846.86, down 3.05% from CNY 89,905,431.87 in the previous year[23] - The net profit after deducting non-recurring gains and losses was CNY 46,754,264.02, a decrease of 7.72% from CNY 50,666,337.93 in 2019[23] - The net cash flow from operating activities increased by 34.15% to CNY 156,801,911.99 from CNY 116,888,207.03 in 2019[23] - Basic earnings per share for 2020 were CNY 0.091, a decrease of 3.19% from CNY 0.094 in 2019[26] - The weighted average return on net assets was 2.88%, down 0.17 percentage points from 3.05% in 2019[26] - The company achieved a cash flow from operating activities of 156.80 million RMB, an increase of 34.15% compared to the previous year[45] - The company reported a net profit of CNY 19,405,493.76 in Q2 2020, with a total operating revenue of CNY 289,312,416.45[27] Dividend Distribution - The company plans to distribute a cash dividend of CNY 0.3 per 10 shares, totaling CNY 28,782,000 (including tax) to shareholders[5] - The company achieved a net profit of 87,163,846.86 CNY for the year 2020, with a cumulative profit available for distribution to shareholders of 445,904,210.57 CNY[97] Market Risks - The company faces market risks due to the cyclical nature of the shipping and marine engineering industries, influenced by shipping market conditions and international oil prices[7] - Raw material price fluctuations pose a risk, as the main materials are steel products, and the company has implemented cost control measures to mitigate this impact[9] - Approximately 50% of the company's products are exported, making it susceptible to exchange rate fluctuations, which the company aims to hedge through forward foreign exchange contracts[9] - The COVID-19 pandemic has introduced additional risks related to safety and performance, requiring enhanced risk management capabilities[9] - The company faces risks related to market fluctuations, raw material price volatility, exchange rate changes, and the ongoing impact of the COVID-19 pandemic[95] Production and Sales - The company produced 107,176 tons of ship anchor chains in 2020, an increase of 6,526 tons or 6.48% year-on-year[45] - Total sales volume for the year was 126,469 tons, a decrease of 9,233 tons or 6.8% compared to the previous year[45] - The company secured orders totaling 123,800 tons during the reporting period, with 97,100 tons for ship anchor chains and 26,700 tons for marine platform mooring chains[49] - The sales of marine platform mooring chains decreased by 39.77% year-on-year, totaling 15,350 tons[49] - The marine engineering sector reported revenue of ¥192,015,125.95, a decrease of 45.87% year-over-year, with a gross margin of 29.95%, down 1.53 percentage points[50] - The shipbuilding sector generated revenue of ¥883,182,257.68, a slight decline of 1.21% year-over-year, with a gross margin of 20.55%, down 3.02 percentage points[50] Research and Development - The company’s R&D expenses were 52.46 million RMB, a decrease of 10.04% from the previous year[45] - Total R&D investment reached 52,459,368.70 CNY, accounting for 4.73% of operating revenue, with 221 R&D personnel representing 13.97% of total staff[64] - The company authorized 20 patents during the reporting period, including 3 domestic inventions and 1 international invention, and applied for 28 new patents[65] - Investment in research and development has been prioritized to foster innovation and meet evolving customer demands[154] Financial Management - The fair value of trading financial assets decreased by CNY 37,932,841.97, impacting profit by CNY 5,345,491.86[34] - Financial expenses increased by 85.87% year-on-year, amounting to -1,351,371.89 CNY, primarily due to exchange rate fluctuations and increased interest income[63] - Non-operating income significantly impacted profits, with government subsidies of 12,069,358.15 CNY and financial product income of 27,176,285.41 CNY contributing to a total profit impact of 39,245,643.55 CNY[69] - Accounts receivable financing increased by 904.74% to 28,838,977.38 CNY, reflecting a shift in management practices[72] Corporate Governance - The company has maintained a good integrity status during the reporting period, with no significant debts or regulatory penalties reported[114] - The company has not encountered any major litigation or arbitration matters during the reporting period[114] - The company has continued its relationship with the auditing firm since 2007, with an audit fee of RMB 800,000 for 2020[110] - The company strictly adhered to information disclosure regulations, enhancing transparency and protecting minority shareholders' rights[174] - The company has established a robust internal control system, with no major deficiencies reported during the evaluation[182] Social Responsibility - The company actively participates in social responsibility initiatives, including poverty alleviation projects and charitable donations[128] - The company has provided material assistance to impoverished families and has focused on enhancing their skills and knowledge[131] - The total funding for targeted poverty alleviation reached 15.47 million[132] - The company maintains a commitment to social responsibility and investor relations management[133] Employee Management - The total number of employees in the parent company and major subsidiaries is 1,582, with 922 in the parent company and 660 in major subsidiaries[166] - The company has established a training plan that includes quality management system training, heat treatment knowledge training, safety knowledge training, equipment operation and maintenance training, and non-destructive testing training[168] - The company has implemented a compensation policy that combines individual earnings with company performance to enhance employee motivation[167] Future Outlook - The company aims to achieve a revenue target of 1.2 billion CNY for 2021, with 800 million CNY from ship anchor chains and 400 million CNY from marine engineering mooring chains[92] - The company plans to enhance its market share by strengthening cooperation with international oil companies and expanding into large-specification chain markets[92] - Future outlook indicates a focus on expanding market presence and enhancing product offerings, with specific strategies to be detailed in upcoming reports[154] - The management team remains optimistic about long-term growth prospects despite current market challenges[154]