LYG(SH:600876)2021-03-30 16:00Financial Performance - In 2020, Luoyang Glass achieved a net profit of 790,500 RMB, with a cumulative undistributed profit at the end of the year of -136,221,790 RMB[6]. - The company's operating revenue for 2020 reached ¥3,045,614,913.68, a 64.20% increase compared to ¥1,854,842,208.09 in 2019[24]. - Net profit attributable to shareholders was ¥327,361,858.49, reflecting a significant increase of 506.23% from ¥53,999,883.71 in the previous year[24]. - The net cash flow from operating activities was ¥354,080,797.78, up 1,474.25% from ¥22,491,988.77 in 2019[24]. - The company's total assets increased by 6.94% to ¥5,604,575,811.17 at the end of 2020, compared to ¥5,241,039,877.95 at the end of 2019[24]. - Basic earnings per share rose to ¥0.5930, a 514.51% increase from ¥0.0965 in 2019[24]. - The weighted average return on equity increased to 22.38%, up 18.14 percentage points from 4.24% in 2019[24]. - The company's revenue from new materials reached approximately ¥3.01 billion, with a year-over-year increase of 67.30%[48]. - The gross margin for new materials improved by 7.01 percentage points to 31.06%[48]. - Revenue from new energy glass was approximately ¥2.56 billion, reflecting a year-over-year increase of 66.13%[48]. - The gross margin for new energy glass increased by 8.28 percentage points to 32.86%[48]. - The company reported a net cash flow from operating activities of ¥354.08 million, a significant increase compared to ¥22.49 million in the previous year[62]. - The net profit for 2020 reached RMB 391 million, up from RMB 68.6 million in 2019, representing a growth of 469.5%[81]. - The total assets of the company as of the end of 2020 were approximately RMB 7.68 billion, compared to RMB 6.73 billion in 2019, indicating a year-on-year increase of 14.1%[81]. - The company's debt-to-asset ratio at the end of the reporting period was 67.97%, a decrease of 5.05 percentage points from the previous year[85]. Corporate Governance - The company has received a standard unqualified audit report from Da Xin Accounting Firm[5]. - All board members attended the board meeting, ensuring the integrity of the annual report[5]. - The company has no non-operating fund occupation by controlling shareholders or related parties[8]. - There are no violations of decision-making procedures for providing guarantees[8]. - The company has not faced any issues with more than half of the board members being unable to guarantee the authenticity of the annual report[8]. - The company has not distributed any dividends in the past three years, with net profits of 327.36 million yuan in 2020[112]. Research and Development - Research and development expenses increased by 80.70% year-on-year, totaling RMB 120,749,370.37[43]. - The number of R&D personnel was 332, accounting for 12.57% of the total workforce[61]. - The company plans to increase R&D investment to ensure that R&D expenditure accounts for no less than 5% of revenue[102]. - The company aims to maintain a leading technological advantage in the ultra-thin glass substrate and new energy glass sectors through continuous innovation[98]. Environmental Responsibility - The company has implemented various pollution discharge standards for its subsidiaries, including air and wastewater standards[151]. - The total annual emission limit for SO2 is set at 69.94 tons, with the actual emission during the reporting period being 0 tons, indicating compliance[159]. - The total annual emission limit for NOx is 162.4 tons for Longmen, with actual emissions reported at 0 tons during the reporting period, also indicating compliance[159]. - The total annual emission limit for COD is 3.2 tons, with actual emissions reported at 0 tons, demonstrating adherence to environmental standards[159]. - The company invested 12 million yuan in 2020 to upgrade environmental protection facilities, enhancing pollution control measures[163]. - The company has established a comprehensive pollution prevention facility and continuously improves its operational management to reduce energy consumption and emissions[163]. - The company has installed online monitoring systems for pollutants, ensuring real-time data availability for public scrutiny[168]. - The company has established an Environmental Protection Committee and an Ecological Environment Protection Supervision Leadership Group to enhance environmental protection efforts[169]. Market Outlook - The domestic photovoltaic industry saw a rapid growth, with a 60.1% year-on-year increase in newly installed capacity, reaching 48.2GW in 2020[33]. - The photovoltaic glass market is expected to grow significantly, with new installations projected to reach 55-65GW in 2021[74]. - The global photovoltaic market is expected to reach a total installed capacity of 150-170 GW in 2021, creating a favorable long-term outlook for the photovoltaic glass business[97]. Strategic Initiatives - The company plans to raise up to RMB 2 billion through a private placement to invest in two solar cell packaging material projects[39]. - The company aims to achieve a production volume of no less than 169 million square meters and revenue exceeding 3.3 billion yuan in 2021[99]. - The company will focus on cost reduction and efficiency improvement initiatives, including optimizing procurement to lower costs[102]. - The company intends to strengthen its core technology team to enhance product development and quality control[104]. - The company will continue to pursue mergers and acquisitions to strengthen its position in the renewable energy sector[99]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 35,397, a decrease from 43,747 at the end of the previous month[195]. - The total number of ordinary shares decreased from 552,396,509 to 548,540,432 due to the repurchase and cancellation of 3,856,077 shares[192]. - The top shareholder, HKSCC Nominees Limited, held 247,754,699 shares, representing 45.17% of the total shares[196]. - The company has pledged a total of 55,597,956 shares as of December 24, 2020, indicating a level of financial leverage[198].