Cynda(603086)2021-04-26 16:00Financial Performance - The company's operating revenue for 2020 was CNY 1,895,595,666.25, representing a year-on-year increase of 20.39% compared to CNY 1,574,570,054.14 in 2019[17]. - The net profit attributable to shareholders of the listed company was CNY 176,034,335.10, a decrease of 13.97% from CNY 204,618,341.01 in the previous year[17]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 164,940,201.50, down 22.42% from CNY 212,593,825.35 in 2019[17]. - The net cash flow from operating activities was CNY 361,385,546.72, a decline of 9.55% compared to CNY 399,562,923.76 in 2019[17]. - Basic earnings per share decreased by 13.85% to CNY 1.12 in 2020 compared to CNY 1.30 in 2019[19]. - The weighted average return on equity increased by 1.89 percentage points to 10.81% in 2020 from 8.92% in 2019[19]. - The company reported a decline in operating profit to 228.25 million yuan, a decrease of 5.66% year-on-year, due to external market pressures[35]. - Revenue for the year reached CNY 1,895.60 million, representing a year-on-year growth of 20.39%, while operating costs increased by 34.18% to CNY 1,368.29 million[44][46]. Assets and Liabilities - The total assets at the end of 2020 were CNY 2,335,002,206.40, an increase of 1.34% from CNY 2,304,145,473.28 at the end of 2019[18]. - The net assets attributable to shareholders of the listed company were CNY 1,703,781,974.56, reflecting a growth of 9.41% from CNY 1,557,176,380.70 in 2019[18]. - Trading financial assets increased to ¥80,384,715.04, accounting for 3.44% of total assets, up 44.00% from the previous period[58]. - Accounts receivable decreased to ¥207,747,577.03, representing 8.90% of total assets, down 27.52% from the previous period[58]. - Fixed assets rose to ¥537,175,841.18, making up 23.01% of total assets, an increase of 59.25% compared to the previous period[59]. - Contract liabilities grew to ¥108,252,970.88, representing 4.64% of total liabilities, an increase of 30.85% from the previous period[59]. Dividends and Shareholder Returns - The company plans to distribute a cash dividend of CNY 3.50 per 10 shares, totaling CNY 55,471,500, with a cash dividend payout ratio of 31.51%[3]. - The company distributed cash dividends of CNY 3.00 per 10 shares, totaling CNY 33.60 million, and increased share capital by 4.48 million shares[19]. - In 2020, the company distributed a cash dividend of 3.50 RMB per 10 shares, totaling 55,471,500 RMB, which represents 31.51% of the net profit attributable to ordinary shareholders[138]. - In 2019, the cash dividend was 3.00 RMB per 10 shares, amounting to 33,600,000 RMB, accounting for 16.42% of the net profit attributable to ordinary shareholders[138]. Research and Development - The company established a research collaboration with Guizhou University in 2020 to enhance its technological innovation capabilities[26]. - The company is recognized as a national high-tech enterprise with a strong R&D team primarily composed of PhD and master's degree holders, focusing on the development of new herbicides and fungicides[31]. - The company has established a technology innovation research institute in collaboration with universities to enhance its R&D capabilities and product offerings[31]. - The company is actively pursuing new product development and has signed a research collaboration agreement with Guizhou University to create new compounds[88]. - Research and development expenses increased by 16.45% to CNY 95.96 million, accounting for 5.06% of total revenue[53][56]. Market and Product Development - The company is actively pursuing market expansion and integration within the agricultural chemical industry, driven by national policies and regulations[29]. - The company launched a new patented compound, Quikazone, which is the first herbicide approved for use in sorghum fields, filling a gap in the market[38]. - The company launched new products, including a 30% benzylacetone suspension agent and a 43% benzylacetone and mesotrione suspension agent, addressing resistant weeds in corn production[40]. - The company is expanding its product line with new offerings such as the "Zhanma Bai" series for resistant weed control and new fungicide formulations, while also increasing marketing efforts to enhance market penetration[125]. Environmental Management - The company has implemented a comprehensive environmental management system, ensuring that wastewater and emissions meet regulatory standards[165]. - The total COD emissions for the year were 14.415 tons, with a concentration of 323 mg/L, which is within the permitted limits[166]. - The company has implemented various environmental protection facilities, including RTO regenerative thermal oxidizers and wastewater treatment systems[176]. - Emergency response plans for environmental incidents have been established and drills conducted in accordance with regulatory requirements[179]. Corporate Governance and Compliance - The company has appointed Dahua Certified Public Accountants (Special General Partnership) as the auditing firm for the 2020 fiscal year, with an audit fee of RMB 500,000[146]. - The company has not faced any major litigation or arbitration matters during the reporting period[148]. - The company has not received any penalties from the China Securities Regulatory Commission or other relevant departments during the reporting period[148]. - The company has not reported any significant changes in accounting policies or estimates during the reporting period[145]. - The company has not faced any risks of suspension or termination of its listing[148]. Risk Management - The company is enhancing its risk management framework to address market competition, raw material price fluctuations, exchange rate changes, and safety and environmental risks[126][128][129][130]. - The company has established long-term procurement contracts with major suppliers to mitigate risks associated with raw material price fluctuations[99]. - The company has a commitment to repurchase shares if the prospectus is found to have false statements or omissions, with the repurchase price set at the issuance price[142]. Shareholder Structure - The largest shareholder, Wang Xianquan, holds 52,552,091 shares, representing 33.16% of the total shares[190]. - The company’s total number of shares held by domestic natural persons is 39,486,257, accounting for 35.2% of the total shares[182]. - The total number of ordinary shares increased from 112 million to 158.49 million after a capital reserve conversion of 44.8 million shares[184]. - The company’s total share capital after the incentive plan is 15,849 million shares[184].