JONJEE(SH:600872)2021-03-23 16:00Financial Performance - The company's operating revenue for 2020 was ¥5,123,374,813.83, representing a 9.59% increase compared to ¥4,674,844,437.35 in 2019[16]. - The net profit attributable to shareholders for 2020 was ¥889,931,677.24, an increase of 23.96% from ¥717,943,134.48 in 2019[16]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥896,861,489.78, up 30.07% from ¥689,521,439.63 in 2019[16]. - Basic earnings per share increased by 23.96% to CNY 1.1171 in 2020 compared to CNY 0.9012 in 2019[17]. - The weighted average return on equity rose to 20.96%, an increase of 1.54 percentage points from 2019[17]. - The gross profit margin for the main business of condiments was 41.51%, an increase of 2.04 percentage points year-on-year[34]. - The company’s net profit attributable to ordinary shareholders for 2020 was 54,171.33 million RMB, representing a net profit margin of 60.87%[74]. - The company reported a total comprehensive income of ¥971,401,471.43 for 2020, compared to ¥791,365,595.06 in 2019, reflecting a growth of 22.7%[193]. Cash Flow and Investments - The net cash flow from operating activities for 2020 was ¥1,000,999,170.24, a decrease of 5.47% compared to ¥1,058,869,197.81 in 2019[16]. - The company reported a net cash flow from operating activities of CNY 382,258,718.62 in Q1 2020[20]. - The net cash outflow from investment activities was ¥1.125 billion, an increase of ¥997 million year-on-year, primarily due to adjustments in investment structure[45]. - Cash inflow from investment activities totaled RMB 7,142,056,615.56, compared to RMB 7,013,848,250.46 in 2019[200]. - Cash outflow from investment activities was RMB 8,267,155,754.71, an increase from RMB 7,141,475,427.22 in 2019[200]. - Cash inflow from financing activities was RMB 560,000,000.00, up from RMB 109,878,000.00 in 2019[200]. Assets and Liabilities - The total assets at the end of 2020 were ¥6,658,923,560.27, an increase of 11.84% from ¥5,953,726,937.24 at the end of 2019[16]. - The net assets attributable to shareholders at the end of 2020 were ¥4,615,875,380.59, a 16.89% increase from ¥3,948,972,297.92 at the end of 2019[16]. - The total liabilities decreased to ¥1,639,260,644.39 in 2020 from ¥1,866,907,928.87 in 2019, a reduction of 12.2%[188]. - The company's total current assets amounted to CNY 2,197,360,392.79, up from CNY 1,859,901,993.37, indicating a growth of approximately 18.2%[187]. - The total equity attributable to shareholders rose to CNY 4,991,639,172.49 from CNY 4,245,796,115.38, marking an increase of about 17.6%[185]. Production and Sales - Total revenue from the seasoning food business accounted for 97.16% of the company's overall revenue in 2020[24]. - The total production volume of seasoning products reached approximately 697,300 tons, with sales of 696,400 tons in 2020[24]. - Soy sauce sales contributed 63.34% to the total revenue of the seasoning food business[24]. - The sales revenue of the Meiwai Xian segment was 4.978 billion yuan, with a year-on-year increase of 11.42%[33]. - The revenue from edible oil was CNY 602,867,240.26, showing a significant growth of 34.99% compared to the previous year[54]. Research and Development - The company established the Chubang Food Research Institute to enhance R&D capabilities and accelerate new product development[32]. - The company's R&D expenses amounted to ¥154.13 million, representing 3.01% of total revenue, with an increase of 4.72% year-on-year[44]. - The company is investing 200 million RMB in research and development for new technologies aimed at enhancing product efficiency[141]. Marketing and Distribution - The company has over 1,400 distributors, achieving a national development rate of 89.02% in prefecture-level cities and 51.04% in county-level markets[30]. - The company’s marketing network is expanding rapidly, with a focus on e-commerce and export sales, creating a comprehensive multi-channel marketing strategy[30]. - The company’s brand "Chubang" has gained widespread recognition, supported by effective marketing strategies that combine traditional and new media[29]. Future Plans and Goals - The company aims to achieve an annual revenue of over 10 billion yuan and an annual production and sales volume exceeding 1 million tons by 2023 as part of its five-year "double hundred" goal[65]. - For 2021, the company targets a revenue of 6.1 billion yuan, representing a year-on-year increase of 19.06%, and a net profit of 985 million yuan, with a year-on-year growth of 10.68%[66]. - The company plans to continue expanding its production capacity and technology upgrades, with ongoing investments in the Zhongshan plant[58]. Risk Management - The company has described the risks it faces in the annual report, which investors are advised to pay attention to[7]. - The company recognizes potential risks in its urban development projects, particularly regarding the uncertainty of land development plans[70]. - The company faces market distribution imbalances and raw material price volatility risks that could impact growth and profit margins[70]. Corporate Governance - The company has appointed Lixin Accounting Firm with a remuneration of CNY 689,000 for auditing services[86]. - The company has established a training system to enhance employees' skills and knowledge, aligning with its development plans[149]. - The board of directors held six meetings during the reporting period, ensuring compliance with relevant laws and regulations[152].