FUJIAN JINSEN(002679)2021-04-28 16:00Financial Performance - The company's operating revenue for 2020 was CNY 148,031,923.45, representing a 15.15% increase compared to CNY 128,552,232.82 in 2019[17]. - The net profit attributable to shareholders for 2020 was CNY 8,726,737.83, a significant increase of 100.52% from CNY 4,351,991.34 in 2019[17]. - The company's operating revenue for 2020 was CNY 148,031,923.45, an increase of 15.23% compared to CNY 128,552,232.82 in 2019[19]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY -8,559,910.75, showing an improvement of 6.21% from CNY -9,126,688.94 in the previous year[19]. - The net cash flow from operating activities was CNY 9,608,191.82, a significant increase of 193.29% compared to CNY -10,298,860.17 in 2019[19]. - The basic earnings per share for 2020 was CNY 0.04, doubling from CNY 0.02 in 2019[19]. - The total assets at the end of 2020 were CNY 1,773,271,020.80, reflecting a growth of 5.99% from CNY 1,673,114,251.58 at the end of 2019[19]. - The net assets attributable to shareholders at the end of 2020 were CNY 755,649,207.21, a slight increase of 0.53% from CNY 751,637,589.38 at the end of 2019[19]. - The company reported a quarterly operating revenue of CNY 93,602,751.52 in Q3 2020, which was the highest among the four quarters[24]. - The net profit attributable to shareholders in Q3 2020 was CNY 40,302,409.75, marking a significant recovery from losses in the first two quarters[24]. - The company received government subsidies amounting to CNY 19,207,916.14 in 2020, an increase from CNY 12,685,678.90 in 2019[25]. - The company achieved a total revenue of CNY 148,031,923.45, representing a year-on-year increase of 15.15%[38]. - The net profit attributable to the parent company was CNY 8,726,737.83, up 100.52% compared to the previous year[38]. - The company completed timber sales of 41,465.14 cubic meters during the reporting period[38]. - The company planted a total of 8,469 acres of trees, including 4,000 acres for forest precision enhancement and 2,000 acres for national reserve forest projects[38]. - The company’s main business revenue from forestry was CNY 141,538,235.09, accounting for 95.61% of total revenue[41]. - The sales volume of timber increased by 25.02% to 254,364.14 cubic meters compared to the previous year[48]. - The company maintained a gross profit margin of 60.87% in the forestry sector, despite a slight decrease of 5.31% year-on-year[46]. Dividend Policy - The company plans to distribute a cash dividend of CNY 0.3 per 10 shares based on a total of 235,756,000 shares, with no bonus shares issued[4]. - The company will maintain a cash dividend policy of at least 35% of the distributable profit for the year, with cash dividends also set at a minimum of 35%[87]. - The cash dividend for 2019 was RMB 0.20 per 10 shares, amounting to RMB 4,715,120.00, which represented 108.34% of the net profit attributable to ordinary shareholders[92]. - The cash dividend for 2020 accounted for 81.05% of the net profit attributable to ordinary shareholders[92]. - The total distributable profit for 2020 was RMB 119,010,909.24, with the cash dividend representing 100% of the profit distribution[93]. - The company has consistently adhered to its profit distribution policy, ensuring stable returns to shareholders[95]. - The independent directors have fulfilled their responsibilities in the decision-making process regarding profit distribution[90]. - The company has not proposed a stock dividend or capital reserve transfer to share capital in the recent fiscal years[91]. - The company’s profit distribution policy emphasizes reasonable returns to investors while considering sustainable development[96]. - The company has a cash dividend policy where the minimum proportion of cash dividends in profit distribution should reach 80% during the mature development stage without significant capital expenditure arrangements[97]. - In cases where the company is in a mature development stage with significant capital expenditure, the minimum cash dividend proportion should be 40%[97]. - If the company is in a long-term development stage with significant capital expenditures, the minimum cash dividend proportion should be 20%[98]. - The company can opt to distribute stock dividends when there is rapid revenue growth and favorable profit investment conditions[98]. - The board of directors must consider the opinions of independent directors, supervisors, and public investors when formulating profit distribution plans[99]. Business Operations and Strategy - The company has maintained its main business operations without significant changes, focusing on forestry management, timber processing, and related services[16]. - The company is actively involved in the development of new technologies and products related to forestry and agriculture[16]. - The company continues to expand its market presence and enhance its operational capabilities in the forestry sector[16]. - The company aims to complete reforestation of 8,000 acres in 2021 while continuing to focus on forest resource cultivation[79]. - The company plans to increase investment in forestry intermediary services to enhance profitability[79]. - The company will actively explore forestry technology service businesses to create additional profit growth points[83]. - The company emphasizes brand development to promote the transformation and upgrading of the forestry industry[79]. - The company acknowledges the structural contradiction between effective supply and growing social demand for timber[79]. - The company plans to leverage its existing resources to expand its market presence and operational scale through strategic acquisitions[83]. - The company is focused on enhancing internal controls and management efficiency to mitigate operational risks[82]. - The company is committed to sustainable forest management and aims to increase the proportion of artificial forests[82]. - The company actively participates in carbon trading services, positioning itself for new opportunities in carbon neutrality initiatives[35]. - The company is considering strategic acquisitions to enhance its supply chain efficiency, with a budget of RMB 300 million allocated for potential deals[178]. Risk Management - The company has faced potential risks and challenges, which are discussed in detail in the risk management section of the report[4]. - The company faces risks from macroeconomic conditions that could weaken timber demand and lead to price declines[80]. - The company is committed to avoiding any form of competition with its subsidiaries to ensure long-term stable development[101]. - The company will take effective measures to prevent potential competition with its subsidiaries and ensure that any business opportunities are offered to the company[102]. - The company aims to minimize and regulate related transactions with its controlling subsidiaries[103]. - Transactions with independent third parties will be conducted to avoid conflicts of interest and ensure fair pricing[103]. Corporate Governance and Compliance - The board of directors has ensured the accuracy and completeness of the financial report, taking legal responsibility for its content[3]. - The company has established a sound corporate governance structure, ensuring clear responsibilities among decision-making, supervisory, and management bodies[192]. - The board of directors consists of 9 members, including 3 independent directors, complying with legal requirements[194]. - The company has improved its information disclosure and investor relations management, ensuring timely and accurate communication with stakeholders[197]. - The company adheres to the principles of independence in operations, ensuring no interference from the controlling shareholder in decision-making and business activities[200]. - The company has established a party organization that plays a core leadership role in governance, ensuring alignment with national policies[199]. - The company maintains a complete and independent business operation capability, with no financial resources being occupied by the controlling shareholder or its subsidiaries[200]. - The company implemented the new revenue recognition standards starting January 1, 2020, which required adjustments to retained earnings and other financial statement items[110]. - There were no significant accounting errors requiring retrospective restatement during the reporting period[111]. - The company did not experience any changes in the scope of consolidated financial statements during the reporting period[112]. - The current domestic accounting firm is Rongcheng Accounting Firm (Special General Partnership), with an audit service fee of 650,000 RMB[113]. - The audit service has been provided for 2 consecutive years by the current accounting firm, with the lead auditor Li Jianbin serving for 5 years and Han Jinghua for 1 year[113]. - There were no major lawsuits or arbitration matters during the reporting period[114]. - The company did not experience any penalties or rectification during the reporting period[115]. - There were no significant related party transactions during the reporting period[118]. - The company did not have any major contracts or leasing situations during the reporting period[123]. Social Responsibility and Community Engagement - The company emphasizes the protection of employee rights and adheres to labor laws, ensuring all employees have signed labor contracts and receive social insurance[135]. - The company helped 110 registered poor households, totaling 482 individuals, with a financial aid of 304,000 yuan in 2020[141]. - The company signed carbon sink cooperation agreements for bamboo forests with 11 townships, covering an area of approximately 240,000 acres[141]. - The company implemented cooperative afforestation on 8,483 acres of land in 2020, contributing to local ecological development[141]. - The company paid a total of 264,000 yuan in wages to 110 poor households for forest resource protection information roles[141]. - The company provided 10,000 yuan in subsidies for the reconstruction of a dilapidated house for one poor household[141]. - The company is committed to ecological, employment, and industrial poverty alleviation strategies in 2021, continuing its support for impoverished households[144]. - The company actively participates in social welfare activities and promotes environmental protection initiatives[137]. - The company aims to enhance its social responsibility practices in line with the Shenzhen Stock Exchange's guidelines[138]. Employee and Management Structure - The total number of employees in the company is 262, with 93 in the parent company and 169 in major subsidiaries[186]. - The company has a total of 265 employees receiving salaries during the reporting period[186]. - The compensation for directors and senior management during the reporting period totaled 2.75 million yuan[185]. - The company has 117 production personnel, 27 sales personnel, 66 technical personnel, 15 financial personnel, and 37 administrative personnel[186]. - The company has 3 employees with a master's degree, 70 with a bachelor's degree, and 75 with a college diploma[187]. - The company emphasizes a salary policy based on fairness, efficiency, and incentives, linking compensation to performance assessments[188]. - The company conducted targeted training programs to enhance employee skills and align with annual business objectives[189]. Shareholder Information - The total number of shares before the change was 235,756,000, and after the change, it remained the same at 235,756,000, indicating no new shares were issued or repurchased[150]. - The largest shareholder, Fujian Jinsen Group Co., Ltd., holds 70.32% of the shares, totaling 165,777,268 shares, with 82,888,600 shares pledged[152]. - The company had a total of 14,880 common shareholders at the end of the reporting period, down from 20,277 at the previous month-end[152]. - The top ten shareholders include various entities, with the largest being Fujian Jinsen Group Co., Ltd., followed by Jiangxi State-owned Assets Operation Co., Ltd. with 1,503,310 shares[153]. - There were no changes in the number of shares held by the top ten unrestricted shareholders during the reporting period[154]. - The company did not conduct any repurchase transactions during the reporting period[154]. - The total number of shares held by unrestricted shareholders at the end of the reporting period was 165,777,268 shares for Fujian Jinsen Group Co., Ltd.[154]. - The company reported no issuance of securities excluding preferred shares during the reporting period[151]. - There were no significant changes in the company's asset and liability structure during the reporting period[151]. - The company did not disclose any new strategies or market expansions in the current report[151]. - The controlling shareholder of Fujian Jinlin Forestry Co., Ltd. is Fujian Jinlin Group Co., Ltd., a local state-owned enterprise established on February 23, 1993[155]. - The actual controller is the Jianle County Finance Bureau, which is a local state-owned asset management institution[156]. - There were no changes in the controlling shareholder or actual controller during the reporting period[156]. - The company does not have any preferred shares or convertible bonds outstanding during the reporting period[158][161]. - All directors, supervisors, and senior management personnel held no shares at the beginning and end of the reporting period, indicating no changes in their shareholdings[163].