CZDH(SH:600230)2021-04-09 16:00Financial Performance - In 2020, the company achieved a net profit of CNY 61,324,455.32, with a total distributable profit of CNY 2,313,725,622.67 after accounting for retained earnings [6]. - The company's operating revenue for 2020 was CNY 1,653,264,775.04, representing a decrease of 21.48% compared to CNY 2,105,568,631.04 in 2019 [24]. - The net profit attributable to shareholders decreased by 19.43% to CNY 36,935,813.37 from CNY 45,842,510.81 in the previous year [24]. - The company reported a significant decline in net profit after deducting non-recurring gains and losses, which amounted to CNY -43,355,130.67, a decrease of 212.32% compared to the previous year [24]. - The basic earnings per share for 2020 was CNY 0.0897, down 19.41% from CNY 0.1113 in 2019 [25]. - The weighted average return on net assets decreased to 1.03% in 2020, down from 1.29% in 2019, a reduction of 0.26 percentage points [26]. - The company plans to distribute a cash dividend of CNY 0.15 per 10 shares, totaling CNY 6,177,952.53 [6]. Assets and Liabilities - The total assets of the company increased by 28.69% to CNY 6,372,663,011.19 at the end of 2020, up from CNY 4,951,822,761.16 in 2019 [24]. - The company's net assets attributable to shareholders rose slightly by 0.89% to CNY 3,573,386,052.07 from CNY 3,541,898,915.14 in 2019 [24]. - The company's long-term borrowings increased by 151.63% to 1,174,835,970.43 CNY, driven by financing needs for project construction [61]. - The total liabilities increased to ¥2,461,330,041.27 from ¥1,047,967,434.61, marking a growth of approximately 134.0% [196]. Cash Flow - The cash flow from operating activities in Q3 and Q4 was significantly higher than in the first half of the year, indicating improved financial health [28]. - The cash flow from operating activities was CNY 170,911,381.59, an increase of 40.35% year-on-year [45]. - The net cash flow from operating activities increased by 49,134,751.30 CNY to 170,911,381.59 CNY, attributed to tax refunds received during the pandemic [58]. - Cash and cash equivalents decreased to RMB 1,090,484,752.32 from RMB 1,305,172,947.14 in 2019, reflecting a decline of approximately 16.4% [195]. Production and Market Presence - The company's TDI production in 2020 was 131,300 tons, accounting for approximately 9.58% of the domestic total, indicating a strong market presence [36]. - The TDI production totaled 131,307.87 tons, a decrease of 11.79%, while sales were 122,262.5 tons, down 16.36% [42]. - The main business income from TDI was CNY 1,302,809,321.39, with a gross margin of 3.53%, down 1.61 percentage points from the previous year [46]. - The company’s caustic soda production capacity is 160,000 tons, primarily serving the Hebei and Shandong provinces, maintaining a stable market influence [37]. Research and Development - The company is actively developing new products in the polyurethane sector, including mining polyurethane and casting adhesives, which have received positive feedback from downstream customers [68]. - A new laboratory for polycarbonate modification has been established to enhance research and development capabilities, focusing on halogen-free flame-retardant polycarbonate and high-flow, high-toughness polycarbonate/ABS alloys [69]. - The company has signed cooperation agreements with well-known universities to enhance research capabilities and accelerate the transformation of scientific achievements [69]. Environmental Compliance - The company has consistently met environmental standards for wastewater and air emissions, with all monitored pollutants within limits [130]. - The total annual permitted emissions for COD, NH3-N, SO2, and NOx at the subsidiary were 236.694 tons, 25.966 tons, 27.19 tons, and 101.82 tons respectively, while the actual emissions were 96 tons, 4.62 tons, 0 tons, and 24.582 tons, indicating compliance within the permitted limits [132]. - The company emphasizes its commitment to environmental protection and green development, ensuring that pollution control facilities operate effectively [138]. Shareholder Information - The total number of ordinary shareholders increased from 31,848 to 34,792 during the reporting period, reflecting a growth in shareholder engagement [141]. - The largest shareholder, Cangzhou Dahua Group Co., Ltd., holds 190,467,424 shares, accounting for 46.25% of total shares [143]. - The company has no significant changes in major shareholders during the reporting period [145]. Management and Governance - The company has a structured approach to compensation, aligning management incentives with company performance [152]. - The management team includes individuals with backgrounds in finance, engineering, and strategic planning, enhancing the company's operational capabilities [153]. - The company has implemented a performance evaluation system for senior management, determining salary levels based on job value assessments [170]. Audit and Compliance - The independent auditor provided a standard unqualified opinion on the financial statements, affirming their fair presentation [176]. - There were no significant internal control deficiencies identified during the reporting period, ensuring the integrity of financial reporting [172]. - The company has not reported any changes in its ordinary share capital structure during the reporting period [140].