ZJDR(SH:600113)2021-04-27 16:00Financial Performance - The company's operating revenue for 2020 was approximately ¥504.06 million, a slight increase of 1.14% compared to ¥498.37 million in 2019[19]. - Net profit attributable to shareholders decreased by 78.21% to ¥29.64 million from ¥136.07 million in the previous year, primarily due to a significant decline in the fair value of holdings in Wenzhou Bank[20]. - Basic and diluted earnings per share fell by 80% to ¥0.07 from ¥0.35 in 2019[20]. - The net cash flow from operating activities increased by 25.97% to ¥201.96 million, up from ¥160.32 million in 2019[19]. - Total assets at the end of 2020 were approximately ¥1.95 billion, reflecting a 2.38% increase from ¥1.90 billion in 2019[19]. - The weighted average return on equity decreased to 2.03%, down 8.56 percentage points from 10.59% in 2019[20]. - The company reported a net profit of ¥16.21 million in Q1 2020, which increased to ¥156.71 million by Q4 2020, but ended the year with a loss of ¥73.76 million in Q4[23]. - Non-recurring gains and losses included a loss of ¥122.98 million from fair value changes in financial assets, significantly impacting the overall profit[26]. - The company's net assets attributable to shareholders increased slightly by 0.68% to ¥1.47 billion from ¥1.46 billion in 2019[19]. - The total operating revenue for 2020 was CNY 504,059,396.46, representing an increase of 1.36% compared to CNY 498,371,052.15 in 2019[181]. - The net profit for 2020 was CNY 25,983,362.57, a significant decrease of 80.85% from CNY 135,693,893.77 in 2019[182]. Dividend Policy - As of December 31, 2020, the company's distributable profit amounted to RMB 321,225,375.14, with a proposed cash dividend of RMB 0.25 per share, totaling RMB 10,285,779.00 for all shareholders[5]. - The cash dividend represents 34.70% of the net profit attributable to shareholders in the consolidated financial statements[5]. - The company plans to maintain the total distribution amount unchanged even if the total share capital changes before the dividend distribution date[5]. - In 2020, the company distributed a cash dividend of 0.25 RMB per share, with a total payout of approximately 29.64 million RMB, representing 34.70% of the net profit attributable to shareholders[91]. - The company has not proposed a cash dividend distribution plan for the current reporting period, despite positive profits available for distribution[92]. Audit and Compliance - The company has received a standard unqualified audit report from Tianjian Certified Public Accountants[4]. - The board of directors and senior management confirm the authenticity, accuracy, and completeness of the annual report[6]. - The company has not reported any instances of funds being occupied or any progress on debt recovery during the reporting period[97]. - The internal control audit report issued by Tianjian Accounting Firm confirmed the effectiveness of the company's internal controls as of December 31, 2020, with a standard unqualified opinion[155]. - The company strictly adhered to information disclosure obligations, with no regulatory criticisms or penalties for disclosure violations during the reporting period[151]. Business Operations - The company continues to focus on its main business of agricultural products wholesale and fresh food distribution, with no significant changes in its business model during the reporting period[31]. - The company holds 78 million shares of Wenzhou Bank, with a fair value decline impacting the company by -122.98 million RMB due to new financial instrument accounting standards[35]. - The company's market cluster in the Louqiao area supplies over 90% of the total vegetable and fruit supply in Wenzhou, enhancing its competitive pricing advantage[38]. - The company has established a multi-brand system including "Dongri Agricultural Wholesale," "Mapai Fresh," and "Smart Agricultural Trade," actively promoting project expansion[45]. - The "Mapai Fresh" platform was launched to meet the needs of small C-end customers, ensuring fresh food delivery during the COVID-19 pandemic[47]. - The company is enhancing its information technology capabilities, integrating various data systems to improve market management and operational efficiency[40]. - The company has initiated the "Zhejiang Longyou" and "Shanxi Linfen" agricultural logistics projects, receiving positive feedback from investors and local governments[45]. - The company has implemented a standardized and information-driven approach to improve operational efficiency and brand image during the pandemic[43]. - The company has developed a comprehensive ERP system for its delivery business, optimizing workflows and enhancing service capabilities[40]. Financial Position - Total assets at the end of 2020 were CNY 1,949.61 million, an increase of 2.38% year-on-year[51]. - The company's total liabilities rose to ¥426,629,220.28 in 2020, compared to ¥408,425,278.87 in 2019, which is an increase of approximately 4.4%[176]. - The company's equity attributable to shareholders increased to ¥1,466,347,107.80 in 2020 from ¥1,456,514,965.30 in 2019, showing a growth of about 0.6%[176]. - The total liabilities to equity ratio stood at approximately 29.1% in 2020, compared to 27.3% in 2019, suggesting a slight increase in leverage[176]. - The total cash and cash equivalents amounted to ¥240,772,651.18 in 2020, compared to ¥206,819,784.50 in 2019, reflecting an increase of about 16.4%[174]. Management and Governance - The company has a strong management team with extensive experience in agricultural market operations, contributing to its core competitiveness[39]. - The company continues to emphasize governance and compliance with regulatory requirements in its operations[133]. - The company has established a strict remuneration assessment system linking executive pay to company performance[138]. - The company has a governance structure that complies with the requirements of the Company Law and Securities Law, ensuring effective decision-making and oversight[149]. - The company has appointed a new supervisor and vice general manager during the reporting period, indicating ongoing management adjustments[141]. Market Challenges and Future Outlook - The company faced significant operational challenges during the COVID-19 pandemic, with a notable decline in market efficiency and a complete halt in the lighting market operations[84]. - The competitive landscape for agricultural wholesale markets is intensifying, with new business models reducing traditional market roles, necessitating strategic adaptations[85]. - The company aims to achieve an operating income of over 500 million RMB in 2021, maintaining consistency with 2020's revenue, despite uncertainties due to government land requisition affecting the lighting market[83]. - The company anticipates a year-on-year increase in total profit for 2021, although this target is subject to macroeconomic policies and market conditions[83].