TCICL(SH:600281)2021-04-29 16:00Financial Performance - The company's operating revenue for 2020 was CNY 388.67 million, a decrease of 28.33% compared to CNY 542.33 million in 2019[20]. - The net profit attributable to shareholders for 2020 was CNY 41.60 million, down 13.81% from CNY 48.27 million in 2019[20]. - The basic earnings per share for 2020 was CNY 0.0809, a decrease of 13.75% from CNY 0.0938 in 2019[21]. - The weighted average return on equity decreased to 8.22% in 2020, down 2.25 percentage points from 10.47% in 2019[21]. - The profit for the year was 5,890.46 million RMB, an increase of 11.30% from 5,292.25 million RMB in the previous year[34]. - The company reported a net profit loss of CNY -612,787,702.43 for 2020, compared to a loss of CNY -652,447,101.78 in 2019[131]. - The total comprehensive income for 2020 was approximately ¥41.60 million, compared to ¥48.27 million in 2019, showing a decline of about 13.8%[135]. Cash Flow and Liquidity - The net cash flow from operating activities improved to CNY 81.13 million, compared to a negative cash flow of CNY 193.99 million in 2019[20]. - The cash inflow from operating activities was approximately ¥366.03 million in 2020, down from ¥402.28 million in 2019, representing a decrease of about 9%[140]. - The cash and cash equivalents at the end of 2020 were ¥148,266,058.97, down from ¥193,328,509.82 at the beginning of the year, reflecting a decrease of ¥45,062,450.85[145]. - The company reported a significant increase in asset disposal gains of approximately ¥81.65 million in 2020, compared to no gains reported in 2019[137]. - The total cash inflow from financing activities was ¥198,000,000.00, while cash outflow amounted to ¥335,035,456.79, resulting in a net cash flow of -¥137,035,456.79 for financing activities[145]. Assets and Liabilities - The total assets decreased by 10.22% to CNY 853.97 million at the end of 2020, down from CNY 951.15 million at the end of 2019[20]. - The total liabilities decreased to CNY 327.34 million in 2020 from CNY 466.12 million in 2019, a decline of about 29.8%[127]. - The company's retained earnings improved to -¥620.07 million in 2020 from -¥662.41 million in 2019, indicating a reduction in accumulated losses[127]. - Total current assets decreased to ¥392.88 million in 2020 from ¥476.32 million in 2019, a decline of approximately 17.5%[125]. - Short-term borrowings increased significantly to ¥196.00 million in 2020 from ¥90.00 million in 2019, an increase of approximately 117.8%[126]. Market Position and Strategy - The company expanded its market share in the ammonia oxidation catalyst sector, capturing approximately 20% of the market with a production of 1,748 kg[33]. - The company plans to increase product R&D efforts and actively expand its market presence in 2021[34]. - The company aims to enhance its competitive edge by improving the comprehensive utilization of secondary resources from precious metals, aligning with national policies promoting circular economy[52][55]. - The company is focused on expanding its market presence and enhancing product development strategies[91]. Governance and Management - The company has established a sound internal control mechanism and disclosed an internal control self-evaluation report[107]. - The board of directors consists of 9 members, including 3 independent directors, complying with legal requirements[101]. - The total pre-tax remuneration for the board members and senior management during the reporting period amounted to 129.55 million yuan[88]. - The management team includes experienced professionals from various sectors, enhancing operational capabilities[91]. Risks and Challenges - The company has outlined potential risks in its future development discussions, which investors should be aware of[7]. - The company faces risks related to price volatility of precious metals, which are influenced by various factors including international politics and market demand[58]. - The company emphasizes the importance of continuous product improvement and innovation to meet market demands and avoid technological obsolescence[58]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 23,572, down from 26,010 at the end of the previous month[76]. - The top five customers accounted for 74.65% of total annual sales, highlighting a significant customer concentration risk[44]. - The company did not propose any cash profit distribution plan for ordinary shares during the reporting period, despite having positive profits available for distribution to ordinary shareholders[62]. Compliance and Reporting - The company's financial statements for 2020 were prepared in accordance with the new revenue standards issued by the Ministry of Finance, with no impact on net profit or equity[64]. - The company has engaged Zhongxing Cai Guanghua Accounting Firm for auditing services, with a remuneration of 600,000 RMB for the audit and 300,000 RMB for internal control audit[67]. - There were no major litigation or arbitration matters reported for the year 2020[68].