OGI(SH:600811)2021-04-29 16:00Financial Performance - The company's operating revenue for 2020 was approximately ¥15.46 billion, representing a 17.48% increase compared to ¥13.16 billion in 2019[24]. - The net profit attributable to shareholders for 2020 was approximately ¥240.45 million, a decrease of 58.80% from ¥583.63 million in 2019[24]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was approximately ¥61.46 million, down 66.19% from ¥181.75 million in 2019[24]. - The net cash flow from operating activities for 2020 was approximately ¥48.14 million, a significant decrease of 98.55% compared to ¥3.32 billion in 2019[24]. - Basic earnings per share decreased by 58.44% to CNY 0.0657 in 2020 compared to CNY 0.1581 in 2019[27]. - The weighted average return on equity dropped by 1.66 percentage points to 1.14% in 2020 from 2.80% in 2019[27]. - The company achieved a revenue of 15.461 billion RMB in 2020, representing a year-on-year growth of 17.48% driven by the expansion of its modern agriculture and health food sectors[56]. - The net profit attributable to the parent company was 240 million RMB, a decrease of 58.80% compared to the previous year, primarily due to a decline in investment income from its stake in Minsheng Bank, which fell by 651 million RMB[56]. Assets and Liabilities - The total assets at the end of 2020 were approximately ¥46.90 billion, a slight increase of 0.59% from ¥46.62 billion at the end of 2019[24]. - The net assets attributable to shareholders at the end of 2020 were approximately ¥21.12 billion, reflecting a 0.50% increase from ¥21.02 billion at the end of 2019[24]. - The total balance of long-term equity investments at the end of the period is CNY 16,083,326,056.16, with a decrease of CNY 128,202,625.88 compared to the previous period[97]. - The company has pledged its equity in Jinzhou Port, Minsheng Bank, and other companies as collateral for bank loans[98]. - The total amount of guarantees provided by the company, excluding guarantees to subsidiaries, is RMB 380,154.83 million as of the end of the reporting period[148]. Dividends and Shareholder Returns - The company did not distribute cash dividends or transfer capital reserves to increase share capital for the 2020 fiscal year[5]. - The company has not distributed any cash dividends for the years 2018, 2019, and 2020, with a cash dividend payout ratio of 0% for these years[120]. - The cumulative cash dividend amount from 2018 to 2020, including share buyback, accounted for 40.64% of the average distributable profit over these three years[119]. - The board of directors has approved a dividend payout of RMB 0.50 per share, reflecting a commitment to returning value to shareholders[191]. Operational Highlights - The company operates a full industrial chain in modern agriculture, including processing and trading of rice, oil, and soy products[37]. - The company has established a comprehensive rice processing and sales system, with 13,000 acres of land transferred in the core production area of Wuchang, creating a self-owned organic rice production base[38]. - The product line includes 9 high-end, 26 mid-range, and 17 low-end rice products, with over 3,300 offline retail outlets covering more than 20 provinces and 4 municipalities[38]. - The company has entered over 30 online platforms, including JD.com and Tmall, and has initiated community group buying as a new growth point for brand rice sales[38]. - The company has established a comprehensive agricultural supply chain service, with a logistics service platform that handled an annual transport volume of 3.3852 million tons in 2020, including 2.6823 million tons of soybeans[50]. Research and Development - The company has developed high moisture plant-based meat products, achieving a water content of 65%, which is the highest in the domestic market[48]. - The company plans to invest 157 million RMB in a high-moisture plant-based meat production project, with production expected to commence in Q3 2021[61]. - The company has signed joint research agreements with Shenyang Agricultural University and Shenyang Normal University to develop plant-based meat products and has acquired three related patents[48]. - The total R&D expenditure was CNY 2,015,838.49, accounting for 0.01% of total revenue[77]. Market and Industry Trends - The domestic corn planting area has decreased by 8.24% since 2015, with a projected corn demand of 300 million tons in 2021 and a domestic shortfall of 15 to 30 million tons[44]. - The company operates in the oilseed industry, where domestic demand for oil and protein is increasing, leading to a reliance on imports to meet consumption needs[44]. - The domestic soybean product market is experiencing stable growth, with the top 50 companies in the industry showing annual sales growth from 2014 to 2020[44]. - The company anticipates increased competition in the grain market, shifting from local to international competition, emphasizing production, circulation, and innovation capabilities[105]. Social Responsibility - The company has been actively involved in social responsibility, donating approximately 1,000 tons of rice to 135 medical and social welfare institutions during the pandemic[56]. - The major donations included contributions to Wuhan's Third Hospital, Fifth Hospital, and Huangshi Central Hospital, among others[161]. - The company actively fulfilled its social responsibility by providing rice for meal support to medical personnel involved in pandemic control[161]. Management and Governance - The actual controller of the company is Zhang Hongwei, who holds multiple significant positions including Vice Chairman of China Minmetals Corporation and Chairman of United Energy Group Limited[174]. - The company has maintained a consistent board structure with no significant changes in directors or senior management during the reporting period[179]. - The total remuneration payable to directors, supervisors, and senior management for the year 2020 (before tax) is RMB 11.312 million[200]. - The remuneration decision process involves the human resources department drafting a salary plan, which is then reviewed by the president's office and submitted to the board's remuneration and assessment committee for approval[198].