梅花生物(600873) - 2020 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2020 was approximately CNY 17.05 billion, an increase of 17.15% compared to CNY 14.55 billion in 2019[16]. - The net profit attributable to shareholders of the listed company for 2020 was CNY 982.06 million, a slight decrease of 0.67% from CNY 988.64 million in 2019[16]. - The net profit after deducting non-recurring gains and losses was CNY 911.76 million, reflecting a growth of 6.50% compared to CNY 856.10 million in 2019[16]. - Basic earnings per share remained stable at CNY 0.32 in 2020, unchanged from 2019[17]. - The weighted average return on equity increased to 10.99% in 2020, up by 0.31 percentage points from 2019[17]. - The net profit attributable to shareholders for Q4 2020 was CNY 162,958,621.91, a decrease from CNY 183,360,687.01 in Q3 2020[19]. - The company achieved a total revenue of 17.05 billion CNY in 2020, representing a year-on-year growth of 17.15%[29]. - The net profit attributable to shareholders remained stable at 982 million CNY, while the net profit excluding non-recurring gains and losses increased by 6.50%[29]. Cash Flow and Assets - The net cash flow from operating activities decreased by 40.63% to CNY 1.66 billion from CNY 2.80 billion in 2019[16]. - The total assets of the company at the end of 2020 were approximately CNY 18.99 billion, a decrease of 1.68% from CNY 19.32 billion at the end of 2019[16]. - The net cash flow from operating activities for the reporting period was 1.661 billion yuan, a decrease of 40.63% compared to the same period last year, primarily due to increased procurement costs[50]. - Cash and cash equivalents decreased to CNY 1,571,825,251.63 from CNY 2,218,021,323.05, representing a decline of 29.1%[167]. - The inventory balance as of December 31, 2020, was RMB 2,236,456,327.39, with a provision for inventory impairment of RMB 13,953,857.98, indicating potential risks due to market price fluctuations[160]. Research and Development - The company applied for a record 25 patents in 2020, marking a significant increase in intellectual property efforts[23]. - The company invested significantly in R&D, collaborating with top experts and institutions in Germany and Japan to stay updated on new technologies and products[24]. - Research and development expenses increased by 185.97% due to heightened investment in new projects at the Jilin base and other R&D initiatives[31]. - R&D expenses totaled 468,201,630.62 CNY, representing 2.75% of total revenue, with a year-on-year increase of 185.97%[48]. Production and Sales - The company’s main products include lysine, MSG, threonine, and nucleotides, with domestic sales contributing 11.144 billion CNY and international sales 5.16 billion CNY[29]. - The company’s production capacity for MSG reached 250,000 tons in 2020, enhancing its competitive strength in the flavoring agent sector[29]. - Animal nutrition amino acids production reached 2,055,330 tons, with sales of 2,066,085 tons, marking a year-on-year increase of 14.45% in production and 16.43% in sales[38]. - Revenue from animal nutrition amino acids increased by 32.05%, while the gross margin remained stable[37]. - Revenue from human medical amino acids rose by 11.39%, with a gross margin increase of 2.70 percentage points due to higher sales volumes and optimized production technology[37]. Dividend and Profit Distribution - The company plans to distribute a cash dividend of CNY 3.0 per 10 shares, amounting to an estimated total of CNY 930 million[5]. - The company maintains a proactive profit distribution policy, ensuring stable cash flow while expanding its scale and providing high dividends to shareholders[28]. - The company's net profit attributable to ordinary shareholders for 2020 was approximately 982 million RMB, representing a distribution ratio of 94.70%[70]. Risks and Challenges - The company faces specific risks as detailed in the report, particularly in the sections discussing operational conditions and financial instruments[7]. - The company faces risks related to raw material price fluctuations, particularly corn, which significantly impacts production costs[67]. - The company is exposed to foreign exchange risks due to its foreign currency assets and liabilities, primarily in USD[67]. Environmental and Social Responsibility - The company achieved a wastewater recycling rate of over 93% at Tongliao, significantly reducing water resource usage and wastewater discharge[106]. - The company donated a total of 6 million yuan to six locations for COVID-19 prevention and control efforts, including Wuhan and Hebei[101]. - The company has invested approximately 1.5 billion yuan in upgrading the boiler flue gas treatment system, achieving ultra-low emission standards[108]. Corporate Governance - The company has implemented a standardized management approach, resulting in inventory turnover days controlled at around 60 days and accounts receivable turnover days within 10 days[27]. - The company continues to appoint Da Hua Accounting Firm (Special General Partnership) for the 2020 financial report and internal control audit, with an audit fee of RMB 1,200,000[76]. - The internal control audit by Da Hua Accounting Firm has a fee of RMB 800,000[76]. - The company has established a performance management system based on financial results as the final standard for evaluating executives[152]. Shareholder Information - The total number of shareholders increased from 115,539 to 131,863 during the reporting period[122]. - The top shareholder, Meng Qingshan, holds 854,103,033 shares, representing 27.55% of the total shares[123]. - The company has implemented a stock incentive plan, with a vesting period of up to 48 months for restricted stock[125].