BYIS(SH:600581)2021-04-12 16:00Financial Performance - In 2020, the company achieved a net profit of ¥316,278,230.76, a significant increase of 184.58% compared to ¥111,139,007.10 in 2019[5]. - The operating revenue for 2020 was ¥21,723,191,629.85, representing a growth of 5.39% from ¥20,612,490,685.42 in 2019[23]. - The total annual net profit for 2020 was CNY 316 million, showing a significant increase of 184.58% compared to the previous year[37]. - The company achieved a total annual revenue of CNY 21.7 billion in 2020, representing a year-on-year growth of 5.39%[37]. - The operating profit rose to approximately CNY 392.67 million, representing a significant increase of 234.89% year-on-year[40]. - The company reported a profit before tax of approximately CNY 381.65 million, an increase of 231.68% compared to the previous year[40]. - The basic earnings per share for 2020 were ¥0.206, up 182.19% from ¥0.073 in 2019[24]. - The total comprehensive income for 2020 was CNY 312,338,842.55, significantly higher than CNY 112,627,104.08 in 2019[187]. Cash Flow and Assets - The net cash flow from operating activities increased by 365.36% to ¥2,252,663,116.67, up from ¥484,064,738.12 in the previous year[23]. - The company’s cash and cash equivalents increased by 454.37% to ¥2,407,635,865.98, significantly improving liquidity[55]. - The company's total assets rose to ¥22,444,779,052.59, marking a 15.13% increase from ¥19,495,345,077.35 in 2019[23]. - Current assets totaled CNY 8,396,665,254.56, up from CNY 5,286,427,697.55 in 2019, indicating a significant increase of about 58.5%[182]. - Cash and cash equivalents reached CNY 2,407,635,865.98, compared to CNY 434,303,830.66 in the previous year, reflecting a substantial rise of approximately 453.5%[182]. Production and Market Position - The company maintained a market share of 36.1% in the domestic rebar market and 73.5% in the plate market within Xinjiang[32]. - The production capacity of the company includes 7 million tons of iron, 7.3 million tons of steel, and 7.7 million tons of materials annually[32]. - The company produced 5.91 million tons of iron, 6.25 million tons of steel, and 5.97 million tons of commercial materials in 2020, with respective year-on-year increases of 39,000 tons, 45,000 tons, and 46,000 tons[37]. - The expected demand for steel in Xinjiang in 2021 is approximately 11.4 million tons, driven by market recovery[70]. Research and Development - Research and development expenses surged by 199.03% to approximately CNY 216.97 million, indicating a strong focus on innovation[40]. - The total R&D expenditure was ¥216,970,741.88, which is 1% of the total revenue, with 586 R&D personnel making up 10.92% of the total workforce[52]. - The company aims to enhance its low-carbon metallurgy innovation capabilities, establishing a dedicated working group for this purpose[39]. Environmental Responsibility - The company reported a total particulate matter emission of 970.869 tons, sulfur dioxide emission of 2529.86 tons, and nitrogen oxides emission of 4271.428 tons, all within the permitted limits[122]. - The company has implemented 182 sets of environmental protection facilities, all of which are operating normally and meeting emission standards[123]. - The company has established an emergency response plan for environmental accidents, which has been filed with the Urumqi Environmental Emergency Center[125]. - The total emissions of COD and ammonia nitrogen were reported as zero, indicating effective wastewater treatment[122]. Corporate Governance and Shareholder Relations - The company has established a governance structure that complies with relevant laws and regulations, ensuring transparency and protecting minority shareholders[155]. - The board of directors consists of 9 members, including 3 independent directors, with various specialized committees in place[156]. - The company has maintained a strict information disclosure policy, ensuring timely and fair access to information for all shareholders[155]. - The company has committed to protecting the interests of minority shareholders by ensuring that the restructuring does not dilute current earnings per share[97]. Related Party Transactions - The total amount of related party transactions with Baogang Company reached approximately ¥2,642,347,320.17 for coking coal, accounting for 83.19% of similar transactions[111]. - The company has implemented significant asset restructuring to reduce reliance on related parties and enhance operational independence[113]. - The company strictly adheres to fair pricing principles for related party transactions, ensuring compliance with market prices where applicable[113]. Future Plans and Strategic Initiatives - The company plans to increase its production capacity for steel to 720,000 tons in 2021, up from 625,000 tons in 2020[44]. - The company plans to produce 6.5 million tons of iron, 7.2 million tons of steel, and 6.8 million tons of materials in 2021, aiming for a revenue of 25.3 billion yuan[73]. - The company aims to implement green development strategies and improve energy efficiency in response to carbon emission targets by 2030 and 2060[77].