THDB(SH:600867)2021-04-15 16:00Financial Performance - In 2020, the company achieved a net profit attributable to shareholders of 929,916,045.06 yuan, representing a 14.63% increase compared to 811,206,148.03 yuan in 2019[5]. - The company's total revenue for 2020 was 2,892,169,238.81 yuan, reflecting a 4.14% growth from 2,777,148,879.86 yuan in 2019[23]. - The net profit after deducting non-recurring gains and losses was 954,990,467.13 yuan, an 18.00% increase from 809,336,530.97 yuan in the previous year[23]. - The company's cash flow from operating activities amounted to 1,192,286,108.30 yuan, up 3.48% from 1,152,169,735.74 yuan in 2019[23]. - The total assets of the company at the end of 2020 were 5,803,260,212.00 yuan, an 8.47% increase from 5,349,909,572.36 yuan at the end of 2019[23]. - The company's net assets attributable to shareholders increased to 5,553,989,427.11 yuan, marking an 11.07% rise from 4,724,291,512.88 yuan in the previous year[23]. - Basic earnings per share increased by 15.00% to CNY 0.46 in 2020 compared to CNY 0.40 in 2019[24]. - The weighted average return on equity rose by 1.14 percentage points to 17.72% in 2020 from 16.58% in 2019[24]. - The total profit for 2020 was 1,108.13 million yuan, reflecting a growth of 16.34% compared to the previous year[50]. - The net profit attributable to the parent company was 929.92 million yuan, marking a 14.63% increase year-on-year[50]. Dividend and Shareholder Returns - The company plans to distribute a cash dividend of 2.10 yuan per 10 shares, amounting to a total of 425,037,592.98 yuan, which represents 45.71% of the net profit attributable to shareholders[6]. - The company did not propose any stock bonus or capital reserve transfer to share capital for the year[6]. - The cash dividend for 2019 represented 49.75% of the net profit attributable to ordinary shareholders, while the 2020 cash dividend represents 45.71%[158]. - The company completed a share buyback of 9,999,979 shares during the period from February 5, 2021, to March 31, 2021[157]. - The company executed a share buyback plan from December 26, 2019, to February 20, 2020, repurchasing 16,100,000 shares for a total of 200,457,967.43 CNY[162]. Research and Development - The company is engaged in the research, production, and sales of pharmaceuticals, focusing on diabetes and endocrine treatments[31]. - The company has been recognized as a high-tech enterprise and a national technology innovation demonstration enterprise[31]. - Research and development expenses rose by 37.01%, totaling CNY 106,926.06 million, indicating a strong focus on innovation[91]. - The company has made significant progress in GLP-1 receptor agonists, with projects including Liraglutide, Dulaglutide, and Semaglutide initiated since 2014[65]. - The company is actively developing insulin analogs, with the approval of glargine insulin and ongoing progress for other products[56]. - The company has submitted clinical trial applications for multiple insulin products, including Insulin Aspart Injection and Insulin Lispro Injection, aimed at treating diabetes[130]. - The company has several products in the research phase, including Regaglitazone and its combination formulations, targeting Type 2 diabetes[129]. - The company's R&D investment for the reporting period was CNY 243.12 million, an increase of 22.17% compared to the previous year[137]. - Major R&D projects include the development of insulin products, with specific investments of CNY 49.65 million for insulin raw materials and CNY 48.53 million for GLP-1 analog injections[139]. Market Position and Strategy - The company holds over 34% market share in the recombinant human insulin market, ranking second after foreign enterprises[39]. - The company has developed a comprehensive product line including second-generation and third-generation insulins, with the third-generation insulin (insulin glargine) recently approved for sale[39]. - The company is actively expanding its market presence in grassroots healthcare settings, focusing on diabetes education and training for primary care physicians[38]. - The company has strengthened its sales team and improved performance management, enhancing the motivation of sales personnel[54]. - The company has established a specialized sales team to promote its diabetes-related products, enhancing market coverage and penetration[140]. Operational Efficiency and Cost Management - The company reduced its operating costs by 18.45%, with costs amounting to CNY 588,376.62 million in 2020[91]. - The company reported a decrease in operating costs for the pharmaceutical sector, totaling CNY 529,655,136.51, down 13.18% from the previous year[99]. - The company enhanced its procurement capabilities, leading to improved cost control and a stronger bargaining position[101]. - The company plans to optimize its supply chain management to lower production and operational costs[150]. Environmental and Compliance Management - The company has established and implemented quality, environmental, and occupational health safety management systems to ensure effective product quality and employee health[186]. - The company is not classified as a key pollutant discharge unit and has met the discharge standards for wastewater and emissions[188]. - The company achieved a COD concentration of 24.31 mg/L in wastewater discharge, well below the permitted level of 80 mg/L[189]. - The company has received a pollution discharge permit in August 2020, ensuring compliance with environmental regulations[189]. - The company has established an emergency response plan for environmental incidents, which was approved by experts in November 2020[193]. Risk Management - There were no significant risks that materially affected the company's production and operations during the reporting period[9]. - The company faces risks from industry policy changes, including increased regulatory scrutiny and potential price reductions due to centralized procurement[151]. - The company will actively respond to the challenges posed by the COVID-19 pandemic while ensuring employee safety and health[152]. Corporate Governance - The company has no major litigation or arbitration matters during the reporting period[172]. - The company has no unfulfilled court judgments or significant overdue debts as of the end of the reporting period[172]. - The company has engaged Zhongzhun Accounting Firm for 27 years, with an audit fee of 80 million RMB for the current period[170]. - The company has not faced any risks of suspension or termination of listing during the reporting period[172].