COFCO TECH(SZ:000930)2021-04-28 16:00Financial Performance - The company's operating revenue for 2020 was ¥19,909,350,658.56, representing a 2.25% increase compared to ¥19,471,955,122.45 in 2019[23] - The net profit attributable to shareholders for 2020 was ¥593,116,803.94, a slight increase of 0.05% from ¥592,821,396.27 in 2019[23] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥521,231,909.82, an increase of 28.65% compared to ¥405,170,523.35 from the previous year[26] - The net cash flow from operating activities was -¥2,910,855,638.13, a decrease of 179.76% compared to ¥3,649,709,320.82 from the previous year[26] - Total assets increased by 19.40% to ¥20,484,494,619.23 from ¥17,156,862,702.52 at the end of the previous year[26] - The weighted average return on equity was 5.86%, down from 6.21% in the previous year[26] - The company achieved a total operating revenue of ¥19,909,350,658.56 in 2020, representing a year-on-year increase of 2.25%[60] - The revenue from fuel ethanol and its by-products was ¥9,617,670,959.00, accounting for 48.31% of total revenue, with a growth of 3.39% compared to the previous year[60] - The total revenue for 2020 was 20,600,000,000 CNY, with a year-on-year increase of 4.20%[71] Shareholder Information - The company plans to distribute a cash dividend of ¥0.65 per 10 shares to all shareholders, based on a total of 1,865,717,988 shares[7] - The company’s basic earnings per share remained stable at ¥0.3209, with diluted earnings per share slightly decreasing to ¥0.3202[26] - In 2020, the company distributed cash dividends of 0.65 yuan per 10 shares, totaling 121,271,669.22 yuan, which represents 20.45% of the net profit attributable to shareholders[127][129] Business Operations - The company’s main business has shifted to include the production and sales of fuel ethanol, edible alcohol, starch, starch sugar, citric acid, and monosodium glutamate since 2018[21] - The company reported a significant increase in production capacity and market expansion efforts in the biofuel sector[21] - The company achieved total sales of nearly 600,000 tons of specialty products, including waxy corn starch and flavored syrup, enhancing its profitability structure[39] - The company maintained profitability in fuel ethanol products despite a decline in sales prices due to falling international oil prices[38] - The company’s main products, including alcohol and starch, saw price increases, enhancing its profitability despite a challenging market environment[55] - The company’s ethanol business optimized production facilities, achieving a market share of 40% in fuel ethanol, disinfection alcohol, and edible alcohol, ranking first in the industry[56] - The company trained over 16,000 employees through its "COFCO Technology University" initiative, improving labor efficiency by over 10%[56] Research and Development - The company continues to focus on research and development of new products and technologies to enhance its market position[21] - The company increased its research and development investment, establishing four R&D bases and two national research centers, which enhanced its ability to launch high-value-added new products[41] - The company reported a significant increase in research and development expenses, totaling 113,672,793.15 CNY, a 30.43% increase compared to the previous year[78] - The company integrated R&D resources, currently holding 8 national key R&D projects, enhancing its innovation-driven development strategy[56] - The company plans to increase R&D investment in specialized starch, waxy corn modified starch, specialized syrup, high-end maltodextrin, functional sugars, and specialty alcohols to enhance market share[120] Environmental and Social Responsibility - The company supplied approximately 400,000 tons of medical and disinfectant alcohol to 25 provinces and cities in China during the pandemic, showcasing its commitment to social responsibility[42] - The company plans to respond to national plastic pollution control policies by developing a full industrial chain for green biodegradable materials[38] - The company maintained a 100% compliance rate in 113 supervisory inspections, demonstrating its commitment to environmental protection and sustainable development[44] - The company is committed to high-quality development and sustainable innovation in line with the new development pattern[117] - The company has a commitment to sustainable development, emphasizing renewable bioenergy and biodegradable materials in its product offerings[199] - The company allocated CNY 6 million for poverty alleviation efforts, focusing on industry-based support in targeted areas[200] Inventory and Cash Flow - The company's inventory and prepaid auction grain payments increased, contributing to a significant difference between net cash flow from operating activities and net profit[86] - Inventory increased significantly from ¥2,802,537,253.55 (16.30% of total assets) to ¥4,991,461,587.39 (24.37% of total assets), reflecting an increase of 8.07%[88] - The net cash flow from financing activities increased by 221.51% to ¥3,754,583,318.86, primarily due to an increase in share capital and borrowings[86] - The company reported an asset impairment loss of ¥276,552,833.45, which represented -34.49% of total profit, mainly due to indications of inventory impairment[87] Corporate Governance and Compliance - The company has not faced any penalties or rectification issues during the reporting period[155] - The integrity status of the company and its controlling shareholders is good, with no significant debts or court judgments outstanding[156] - The company has committed to ensuring that any unavoidable related transactions are conducted fairly and legally, protecting the interests of the listed company and its shareholders[139] - 中粮集团 committed to avoiding competition with the listed company and ensuring fair treatment in related transactions[143] - The company has established a long-term commitment to avoid related transactions unless absolutely necessary[139] Market Position and Strategy - The company maintains a leading position in the domestic fuel ethanol industry, with a market share of approximately 40%[115] - The company plans to focus on high-demand, high-margin specialty products, including modified starches and functional alcohols, to meet market needs[117] - The biodegradable materials market is experiencing rapid growth, with demand for polylactic acid (PLA) products increasing significantly[116] - The company aims to enhance its production capabilities for starch, sugar, and lactic acid to support its PLA business[117] - The company will implement a procurement strategy to reduce costs and expand the range of quality raw materials in 2021[118] Related Party Transactions - The company reported related party transactions amounting to 57.06 million RMB for packaging materials, accounting for 21.36% of similar transactions[165] - The company also reported related party service fees totaling 1.23 million RMB, which represents 34.85% of similar service fees[165] - The total actual related party transactions for the listed company in 2020 did not exceed the annual forecast total[173] - The company has not reported any major related party transactions during the reporting period[179]