ACEG(SH:600502)2021-03-23 16:00Financial Performance - The company's operating revenue for 2020 was CNY 56,972,444,417.50, representing a 20.54% increase compared to 2019 [25]. - The net profit attributable to shareholders for 2020 was CNY 815,788,533.84, which is a 36.84% increase from the previous year [25]. - The net cash flow from operating activities for 2020 was -CNY 4,656,337,498.76, showing a 30.48% improvement compared to -CNY 6,698,055,187.30 in 2019 [25]. - The total assets at the end of 2020 were CNY 105,806,669,990.16, a 17.00% increase from the end of 2019 [25]. - The basic earnings per share for 2020 was CNY 0.47, reflecting a 34.29% increase from CNY 0.35 in 2019 [25]. - The weighted average return on equity for 2020 was 9.01%, an increase of 2.48 percentage points compared to 6.53% in 2019 [25]. - The gross profit for 2020 was CNY 6.62 billion, with a gross profit margin of 11.63%, reflecting a decrease of 0.73 percentage points from the previous year [67]. - The total profit reached 1.726 billion yuan, reflecting a year-on-year growth of 35.64%, with a budget completion rate of 119% [55]. - The company’s total revenue for the period reached approximately 84.25 billion CNY, representing an 8.54% increase year-over-year [70]. Dividend Policy - The company plans to distribute a cash dividend of 2 CNY per 10 shares, totaling 344.23 million CNY based on a total share capital of 1,721,160,272 shares as of December 31, 2020 [6]. - The company distributed a cash dividend of 0.15 CNY per share in 2019, totaling 258.17 million CNY, based on a total share capital of 1,721,160,272 shares [145]. - In 2020, the company proposed a cash dividend of 2 CNY per 10 shares, amounting to 344.23 million CNY, with a net profit of 815.79 million CNY, resulting in a payout ratio of 42.20% [146]. - The company has consistently paid cash dividends for three consecutive years from 2018 to 2020, distributing a total of 688.46 million CNY, which is 94.65% of the average distributable profit over the last three years [145]. Risk Management - The company reported no significant risks affecting its future development strategy or ongoing operations during the reporting period [8]. - The company has not identified any non-operating fund occupation by controlling shareholders or related parties [8]. - The company has not faced any violations of decision-making procedures regarding external guarantees [8]. - The company has a comprehensive risk management framework in place to address various risks, including project management and environmental compliance [142]. - The company has implemented measures to strengthen risk management, including enhancing financial structure and optimizing funding channels to mitigate liquidity and debt default risks [142]. Operational Highlights - The company has committed to ensuring the accuracy and completeness of the financial report in the annual report [4]. - The company has not proposed any capital reserve transfer to increase share capital for the reporting period [6]. - The company has not reported any instances where more than half of the directors could not guarantee the authenticity of the annual report [8]. - The company has detailed potential operational risks in the report, which can be found in the section discussing operational conditions [8]. - The company operates 7 hydropower stations with a total installed capacity of 246,100 KW and an annual designed power generation of approximately 1 billion KWH [35]. Market Expansion and Business Development - The company plans to continue expanding its market presence and investing in new technologies to drive future growth [27]. - The company is actively expanding its business into provinces such as Shaanxi, Shandong, Jiangxi, and Henan, enhancing its market presence [35]. - The company has established 2 prefabricated construction production bases and is constructing 1 more, with a planned annual output of 160,000 cubic meters of precast components [35]. - The company has a strong focus on risk prevention and investment safety in its real estate development projects [34]. - The company aims to have prefabricated buildings account for 30% of new construction area by 2025, as per national policy [41]. Legal and Compliance Matters - The company is currently involved in a legal arbitration case with a claim amount of CNY 6,467.59, which has been resolved with a ruling requiring the opposing party to pay CNY 1,677.43 and retain a guarantee amount of CNY 645.68 [168]. - The company has ongoing litigation involving claims totaling CNY 5,021.11, with a first-instance ruling requiring payment of CNY 1,748.53, and the case is currently under appeal [171]. - The company has no major litigation or arbitration matters that could impact its financial position significantly [168]. - The company has appointed Rongcheng Accounting Firm for auditing services, with an audit fee of CNY 350,000 for 18 years [165]. Corporate Social Responsibility - The company has invested a total of 1.6751 million RMB in targeted poverty alleviation efforts, focusing on collective industries and public facility construction in designated villages [198]. - The company helped 12 registered impoverished individuals to escape poverty through its initiatives [199]. - The company contributed 20 million RMB to a central enterprise poverty alleviation fund, aimed at developing revolutionary old areas [198]. - The company has actively participated in educational support initiatives, increasing its assistance fund for impoverished students to 100,000 RMB [197].