ZFTC(SH:600794)2021-03-15 16:00Financial Performance - The company's operating revenue for 2020 was CNY 2,064,349,366.60, representing a 9.98% increase compared to CNY 1,876,965,973.46 in 2019[19]. - The net profit attributable to shareholders for 2020 was CNY 212,693,456.75, a 35.05% increase from CNY 157,493,605.92 in 2019[19]. - The net profit after deducting non-recurring gains and losses was CNY 168,787,500.56, up 28.24% from CNY 131,615,789.49 in 2019[19]. - The total assets at the end of 2020 were CNY 3,408,671,669.42, a 20.61% increase from CNY 2,826,156,304.21 at the end of 2019[19]. - The net assets attributable to shareholders increased by 11.01% to CNY 2,165,607,241.33 from CNY 1,950,837,908.26 in 2019[19]. - The basic earnings per share for 2020 was CNY 0.18, an increase of 38.46% compared to CNY 0.13 in 2019[21]. - The weighted average return on equity increased to 10.34% in 2020, up by 1.95 percentage points from 8.39% in 2019[21]. - The company achieved a total profit of 299.11 million yuan, an increase of 34.41% compared to the previous year[46]. - The total profit reached CNY 299,112,487.12, reflecting a growth of 34.41% year-on-year[49]. - The company’s total revenue for the year was 443.05 million yuan, representing a year-on-year growth of 9.77%[47]. Cash Flow and Investments - The cash flow from operating activities showed a negative net amount of CNY -141,641,397.74, a decrease of 164.59% compared to CNY 219,291,348.96 in 2019[19]. - The company’s cash flow from operating activities showed a net cash flow of CNY 8,594,144.63 in the fourth quarter[23]. - The net cash flow from operating activities decreased by CNY 360,932,746.70, a decline of 164.59% compared to the previous year[60]. - The net cash flow from investment activities fell by CNY 272,904,725.62, a decrease of 128.00% year-on-year[61]. - The net cash flow from financing activities increased by CNY 542,035,154.98, reflecting a growth of 153.77% compared to the previous year[61]. - The company raised RMB 397 million from the issuance of bonds, with the funds used in accordance with the prospectus[157]. - Cash inflow from financing activities totaled 992,108,238.29 RMB in 2020, significantly higher than 317,606,463.63 RMB in 2019, marking an increase of approximately 212.5%[199]. - The company reported a cash inflow of 397,000,000.00 RMB from bond issuance in 2020, contributing to the financing activities[200]. Operational Highlights - The company's main business includes integrated logistics services, focusing on liquid chemical storage and solid bulk cargo storage[28]. - The e-commerce subsidiary has seen revenue growth since its establishment in April 2019, contributing to the overall increase in net profit[22]. - The liquid chemical storage segment reported a total profit of 213.63 million yuan, a year-on-year increase of 23.62%[47]. - The solid storage segment achieved a revenue of 62.71 million yuan, with a significant growth of 15.70%[47]. - The bonded trade segment generated revenue of 1,651.26 million yuan, marking an 18.43% increase year-on-year[47]. - The company operates 214 storage tanks with a total capacity of 1,107,900 cubic meters, solidifying its position as a leading player in liquid chemical storage[38]. - The company is focusing on expanding its liquid storage and solid bulk cargo business, with significant growth in methanol business volume and a leading position in the ethylene glycol and diethylene glycol storage sector[79]. Risks and Challenges - The company has outlined various risks in its operations, including business management risks and market competition risks, which are detailed in the report[6]. - The company faces risks related to its dependence on the chemical industry, particularly the demand for ethylene glycol, which is influenced by domestic and global economic conditions[83]. - The petrochemical logistics industry is experiencing increased competition and a trend towards stricter regulatory oversight, particularly concerning hazardous materials storage and transportation[77]. - The company has identified potential risks including management challenges and the need for skilled personnel as it shifts towards smart logistics[84]. Corporate Governance and Management - The company has received a standard unqualified audit report from Tianyuan Certified Public Accountants[4]. - The company held eight board meetings during the reporting period, with seven conducted via communication methods[48]. - The board of directors consists of seven members, including three independent directors, meeting the requirement of having more than one-third independent directors[146]. - The company has established a comprehensive corporate governance structure in compliance with relevant laws and regulations[145]. - The company emphasizes performance-based incentives for its senior management, aligning their interests with shareholder value[136]. - The company has a structured compensation management system for directors and senior management based on performance and responsibilities[136]. Legal Matters - The company is involved in multiple ongoing legal disputes, including a claim for the return of 110,608 tons of ethylene glycol or compensation of 480,528,300 RMB[96]. - The company is currently facing multiple legal proceedings, including a case involving a third party, which is still in the first instance in court[101]. - The company has initiated bankruptcy proceedings against Shanghai Yiqiang Industrial Co., claiming 8,935,964.64 yuan in overdue payments[106]. - The company is involved in ongoing civil litigation related to various financial disputes, including a claim for 28,470,647.03 yuan plus interest[105]. Future Outlook - The company aims to achieve an operating revenue of CNY 2,009.89 million and a net profit attributable to shareholders of CNY 793.13 million for the fiscal year 2021[82]. - The company plans to enhance its operational efficiency through resource integration in the petrochemical logistics sector[67]. - The company plans to integrate warehousing resources along the Yangtze River Delta to extend its logistics chain and improve online and offline integration[81].