YBTI(SH:600883)2021-04-12 16:00Financial Performance - In 2020, the company achieved a net profit of ¥23,454,451.21, with a total distributable profit of ¥296,142,370.80 as of December 31, 2020[5]. - The proposed cash dividend is ¥0.30 per 10 shares, totaling ¥7,082,640.00, which represents 30.01% of the net profit attributable to shareholders for the year[5]. - The company has a total share capital of 236,088,000 shares as of December 31, 2020[5]. - The company’s capital reserve fund stands at ¥14,547,206.44 as of the end of 2020[5]. - The net profit attributable to shareholders was CNY 23,598,610.11, an increase of 230.16% from CNY 7,147,673.29 in 2019[22]. - The basic earnings per share for 2020 was CNY 0.1000, up 230.03% from CNY 0.0303 in 2019[23]. - The weighted average return on equity increased to 3.49% in 2020, up 2.4 percentage points from 1.09% in 2019[23]. - The company reported a total operating income of ¥21.53 million, a decrease of 32.12% year-on-year, while net profit attributable to shareholders increased by 230.16% to approximately ¥23.60 million[41]. - Investment income for the reporting period reached ¥33.23 million, a year-on-year increase of 68.46%, primarily from long-term equity investment income of ¥24.55 million, up 121.50%[41]. - The company reported a total investment income and fair value change income of 13.08 million RMB, a 43.53% increase year-on-year[59]. Operational Performance - In 2020, the company's operating revenue was CNY 21,534,572.06, a decrease of 32.12% compared to CNY 31,726,569.06 in 2019[22]. - The net cash flow from operating activities was -CNY 17,413,789.50, worsening from -CNY 7,121,013.73 in 2019[22]. - The company's total assets at the end of 2020 were CNY 724,861,496.54, a 4.07% increase from CNY 696,501,463.79 in 2019[22]. - The company primarily engaged in cement grinding, sales, and operations, with a production capacity of approximately 320,000 tons per year[29]. - The company produced 53,559.40 tons of cement, a decrease of 39.12% year-on-year, and sold 52,145.15 tons, down 42.06% year-on-year[40]. - The average selling price of cement decreased by 13.16% year-on-year, resulting in a sales revenue of approximately ¥14.08 million, a decline of 49.69% compared to the previous year[40]. - The company's cement business faced a gross margin of -36.44%, a decrease of 28.50 percentage points year-on-year, indicating significant operational risks[40]. - The edible fungus business achieved a sales revenue of ¥7.27 million, representing a year-on-year growth of 102.54%[41]. - The company’s cement production capacity utilization rate was approximately 16.75%, indicating severe overcapacity in the industry[40]. Market and Industry Analysis - In 2020, the national cement production was 2.38 billion tons, a year-on-year increase of 1.6%[30]. - The average ex-factory price of cement decreased by 4.4% year-on-year in 2020, remaining stable compared to 2019[30]. - Yunnan province's GDP grew by 4.0% in 2020, surpassing the national growth rate by 1.7 percentage points[31]. - The cement industry is closely linked to national economic growth, with a projected GDP growth of approximately 9% and fixed asset investment growth of around 12% in 2021, which is expected to drive cement market demand[76]. - The company's market share in the regional cement market remained at about 1.0%, facing continuous downward pressure on market share[40]. Risk Management - The company has disclosed potential risks in its annual report, advising investors to review the relevant sections for detailed information[9]. - The company’s future plans and statements are subject to uncertainties and do not constitute a commitment to investors[7]. - The company faces risks in the cement business due to market fluctuations and competition, necessitating careful monitoring of industry trends and financial management[83]. - The company recognizes the need to adjust its business structure, focusing on edible mushrooms and food operations while maintaining cement operations as a supplementary business[87]. Corporate Governance - The company has established a cash dividend policy that includes a minimum cash dividend ratio, approved at the 2017 annual shareholders' meeting[94]. - The company has not reported any significant related party transactions during the reporting period[120]. - The company has complied with relevant laws and regulations regarding corporate governance, with no major discrepancies found[166]. - The company has a structured approach to managing its board and supervisory committee, ensuring compliance with governance standards[158]. Legal Matters - The company is involved in a significant lawsuit regarding a cement sales contract dispute, with the case being processed in the People's Court of Longyang District, Baoshan City, Yunnan Province[113]. - The company has initiated a forced execution application to the People's Court of Tengchong City to protect its legal rights due to unpaid debts[114]. - The company received a compensation of 6,560 CNY and has an outstanding amount of 309,438.45 CNY from a court case[115]. Employee and Management Information - The total number of employees in the parent company is 84, with a total of 90 employees including major subsidiaries[161]. - The total remuneration for all directors, supervisors, and senior management at the end of the reporting period amounted to 2.8125 million RMB[159]. - The company has established a remuneration management system for directors, supervisors, and senior management[159]. - The company has not established an equity incentive mechanism for senior management[171]. Investment and Financial Management - The company plans to use up to RMB 300 million for entrusted financial management, which accounts for 45.39% of the audited net assets as of the end of 2019[123]. - The company has engaged in various entrusted financial management products, with amounts including RMB 45 million and RMB 87.52 million from bank and brokerage products respectively[122]. - The company has not reported any impairment provisions for entrusted loans, indicating a stable loan portfolio[129]. - The company continues to monitor market conditions to adjust its investment strategies accordingly[127].