ZJJF(SH:600668)2021-04-26 16:00Financial Performance - In 2020, the company's operating revenue was CNY 324,747.27 million, a decrease of 8.46% compared to CNY 354,753.76 million in 2019[23]. - The net profit attributable to shareholders of the listed company for 2020 was CNY 58,442.02 million, down 19.36% from CNY 72,468.81 million in 2019[23]. - The net profit after deducting non-recurring gains and losses was CNY 51,886.27 million, a decrease of 16.65% compared to CNY 62,251.18 million in 2019[23]. - Basic earnings per share decreased by 19.36% to CNY 1.6985 in 2020 compared to CNY 2.1061 in 2019[24]. - Diluted earnings per share also decreased by 19.36% to CNY 1.6985 in 2020 from CNY 2.1061 in 2019[24]. - The weighted average return on equity fell by 6.66 percentage points to 14.24% in 2020 from 20.90% in 2019[24]. - The company achieved an operating revenue of 3.247 billion yuan in 2020, a year-on-year decrease of 8.46%[46]. - The net profit attributable to shareholders was 584 million yuan, down 19.36% year-on-year[46]. - Total revenue for Q4 2020 reached CNY 100,681.83 million, with a net profit attributable to shareholders of CNY 6,818.95 million[26]. - The company reported a net profit of CNY 12,265.65 million in Q1 2020, which decreased to CNY 6,818.95 million by Q4 2020[26]. Cash Flow and Assets - The net cash flow from operating activities increased by 18.09% to CNY 61,404.69 million from CNY 51,998.13 million in 2019[23]. - As of the end of 2020, the net assets attributable to shareholders of the listed company were CNY 443,550.00 million, an increase of 17.06% from CNY 378,910.99 million at the end of 2019[23]. - The total assets of the company at the end of 2020 were CNY 634,340.32 million, reflecting a growth of 15.86% from CNY 547,517.79 million at the end of 2019[23]. - Cash and cash equivalents decreased by 16.32% to ¥22,971.69 million, accounting for 3.62% of total assets[64]. - Accounts receivable decreased by 21.11% to ¥22,985.85 million, representing 3.62% of total assets[64]. - Inventory increased by 15.06% to ¥34,458.61 million, making up 5.43% of total assets[64]. - Short-term borrowings increased by 145.27% to ¥38,117.50 million, accounting for 6.01% of total liabilities[64]. - Long-term borrowings decreased by 55.01% to ¥9,010.73 million due to early repayment of loans[65]. - The company’s total liabilities increased by 16.90% to ¥12,788.65 million in long-term payables[65]. Business Operations - The company’s main business includes cement and pharmaceuticals, with a focus on antibiotic, cardiovascular, and antidepressant products[32]. - A new dry-process cement production line with a daily capacity of 4,500 tons was completed in Guizhou, enhancing the cement business[33]. - The company employs a cost leadership strategy to enhance productivity and control production costs across its cement enterprises[33]. - Cement sales reached 5.26 million tons during the year, with a new production line in Guizhou starting trial production in September[47]. - The company implemented various technical upgrades in its cement business, resulting in a decrease in standard coal consumption per ton of clinker[47]. - The pharmaceutical segment saw a 13.52% decline in revenue, totaling CNY 1.277 billion, with a gross margin of 36.71%[52]. - The health products segment experienced a revenue increase of 13.98%, with a gross margin of 23.83%[52]. - The company completed the construction of two new logistics warehouses, enhancing operational storage capacity[49]. Research and Development - Total R&D expenditure amounted to 93,975,000 yuan, representing 2.89% of total revenue, with 190 R&D personnel accounting for 8.73% of the total workforce[60]. - The company has over 20 ongoing research projects across various stages, including clinical trials and consistency evaluations, focusing on anti-infective, cardiovascular, and oncology drugs[79]. - The company has established a "4+2" new drug research and development strategy, focusing on market demand and collaboration with renowned research institutions[117]. - The company plans to increase R&D investment, focusing on new product development and consistency evaluation for existing products in its pharmaceutical segment[112]. Market and Competition - The pharmaceutical industry in China saw a total revenue of 2.48573 trillion yuan in 2020, with a growth rate of 4.5%, a decline of nearly 3 percentage points[36]. - The company anticipates increased competition in the southern cement market due to the expected commissioning of 29 new production lines in 2021, adding a capacity of 4.88 million tons[106]. - The company emphasizes the need for innovation and market strategy adjustments in response to the evolving regulatory landscape and competitive pressures in the pharmaceutical sector[108]. Corporate Governance and Shareholder Relations - The company has maintained a stable shareholding structure with no significant changes in the ownership of key executives[176]. - The company emphasizes timely, accurate, and complete information disclosure, adhering to relevant regulations without any violations reported during the period[196]. - The company has a structured approach to determining the remuneration of its directors and senior management based on performance assessments[185]. - The company is committed to enhancing investor relations through various communication channels, including public meetings and online interactions[197]. Social Responsibility and Environmental Management - The company mobilized resources for targeted poverty alleviation, investing a total of RMB 186.572 million, helping 7 registered impoverished individuals to escape poverty[144]. - The company has implemented stricter emission standards since January 1, 2020, reducing SO2 limits from 200 mg/m³ to 100 mg/m³[150]. - The company has established pollution control facilities with a design capacity of 800,000 m³/h for SO2 and NOX emissions, all operating normally[154]. - The company is committed to improving safety and environmental management, aiming for all enterprises to meet safety and environmental standards within three years[114].