cqrb(600106)2021-04-08 16:00Financial Performance - The company's operating revenue for 2020 was CNY 201,736,167.38, a decrease of 15.64% compared to CNY 239,130,785.96 in 2019[24] - The net profit attributable to shareholders for 2020 was CNY 227,232,661.01, down 9.17% from CNY 250,162,626.84 in 2019[24] - The net profit after deducting non-recurring gains and losses was CNY 187,677,236.20, an increase of 7.05% from CNY 175,310,999.26 in 2019[24] - The net cash flow from operating activities was CNY -45,271,455.27, a significant decrease from CNY 696,107,196.97 in 2019[24] - The total assets at the end of 2020 were CNY 6,389,669,383.82, a decrease of 1.08% from CNY 6,459,243,188.77 at the end of 2019[24] - The net assets attributable to shareholders at the end of 2020 were CNY 3,830,565,070.74, an increase of 2.18% from CNY 3,748,981,023.32 at the end of 2019[24] - Basic earnings per share for 2020 were CNY 0.17, down 10.53% from CNY 0.19 in 2019[25] - The weighted average return on net assets for 2020 was 6.02%, a decrease of 0.87 percentage points from 6.89% in 2019[25] Dividend Distribution - The company plans to distribute a cash dividend of CNY 0.52 per 10 shares, totaling CNY 69,109,303.22[7] - In 2020, the company distributed CNY 69,109,303.22 in cash dividends, which accounted for 30.41% of the net profit attributable to ordinary shareholders[97] - The net profit attributable to ordinary shareholders for 2019 was CNY 250,162,626.84, with a dividend payout ratio of 32.36%[97] - The company approved a cash dividend of CNY 0.067 per share and a bonus share distribution of 0.1 shares for the fiscal year 2019, totaling CNY 80,949,708.33 in cash dividends and 120,820,460 bonus shares issued[96] - The company has maintained a consistent cash dividend policy over the past three years, with dividends paid in 2018, 2019, and 2020[98] Non-Operating Income - Non-operating income from the disposal of non-current assets amounted to ¥1,944.48 in 2020, a decrease from ¥4,992,727.93 in 2019[30] - Government subsidies recognized in the current period, closely related to the company's normal operations, totaled ¥175,829.83 in 2020, compared to ¥1,792,714.00 in 2019[30] - The total non-operating income for 2020 was ¥39,555,424.81, down from ¥74,851,627.58 in 2019[32] - The company reported a significant decrease in non-operating income, suggesting challenges in generating income from non-core activities[32] - The company recognized a tax impact of -¥6,447,771.45 on non-operating income, compared to -¥12,528,182.43 in the previous year[32] Infrastructure and Investment - The company plans to enhance profitability by developing infrastructure project investment business, shifting from a reliance on construction revenue to a dual revenue model of investment and construction[43] - The company aims to leverage its strong capabilities in investment, construction, and operation management to capitalize on opportunities in the infrastructure sector during the 14th Five-Year Plan period[43] - The company has a unique BOT operating model, which has been successfully applied in large infrastructure projects, providing a solid foundation for future PPP investment projects[45] - The company owns toll collection rights for the Jialing River Shimen Bridge and Jialing River Jiahua Bridge, with stable cash flow and minimal impact from macroeconomic adjustments[45] - The infrastructure investment in Chongqing is expected to continue growing, supported by the "14th Five-Year Plan" focusing on urban enhancement and major infrastructure optimization[81] Financial Management and Structure - The company will enhance financial management and optimize its financial structure to address potential financial risks associated with capital-intensive infrastructure projects[89] - The company has a dependency risk on revenue from specific toll projects, which are funded through municipal fiscal allocations[89] - The company has engaged Tianjian Accounting Firm for financial and internal control audits for the fiscal year 2020, with an audit fee of CNY 550,000[104] - The company has not reported any significant internal control deficiencies during the reporting period[184] - The company has established a comprehensive corporate governance structure in compliance with relevant laws and regulations, ensuring clear responsibilities among its governing bodies[176] Shareholder Structure - The total number of shareholders increased from 54,144 to 55,841 during the reporting period[131] - The top shareholder, Chongqing International Trust Co., Ltd., holds 198,800,171 shares, representing 14.96% of the total shares[134] - The second-largest shareholder, Tongfang Guoxin Investment Holdings Co., Ltd., has 184,651,147 shares, accounting for 13.89% of the total shares[134] - The controlling shareholder, Tongfang Guoxin Investment Holdings Co., Ltd., holds 184,651,147 shares, accounting for 13.89% of the total share capital[141] - Tongfang Guoxin is the second largest shareholder, and together with the largest shareholder, Chongqing Trust, they hold a combined total of 398,092,318 shares, representing 29.95% of the total share capital[144] Employee and Management Structure - The total number of employees in the parent company was 129, while the total number of employees including major subsidiaries was 140[170] - The company has established a multi-level compensation policy, which includes basic salary, position salary, seniority salary, comprehensive subsidies, and annual performance bonuses[171] - The company has implemented a tiered training system, combining internal and external training methods to support employee growth and meet corporate needs[172] - The company continues to focus on maintaining a stable and experienced management team to drive future growth and strategic initiatives[156] - The average age of the board members is 53 years, indicating a mix of experience and youthful insight within the leadership team[156] Risk Management - The company faces significant competition in the engineering contracting sector, with over 500 national first-class construction enterprises, leading to low profit margins[89] - The company has not reported any penalties from securities regulatory agencies in the past three years[168] - The company has not faced any risks of suspension or termination of its listing during the reporting period[107] - The company maintains independence from its controlling shareholder in terms of personnel, assets, and finances, ensuring no misuse of company resources[176] Financial Ratios - The company's EBITDA for 2020 was 41,610.29 million, representing a 3.08% increase compared to 40,366.62 million in 2019[196] - The current ratio improved to 2.43 in 2020, a 51.88% increase from 1.60 in 2019, primarily due to an increase in current assets[196] - The quick ratio increased by 62.99% to 2.07 in 2020 from 1.27 in 2019, also attributed to the rise in current assets[196] - The debt-to-asset ratio decreased to 40.05% in 2020 from 41.96% in 2019, a reduction of 1.91%[196] - The interest coverage ratio improved to 3.86 in 2020, a 20.63% increase from 3.20 in 2019[196]