NCFC(SH:600889)2021-04-07 16:00Financial Performance - In 2020, the company's operating revenue was CNY 365,967,191.74, a decrease of 44.36% compared to CNY 657,709,337.23 in 2019[19]. - The net profit attributable to shareholders was CNY 11,030,446.01, a significant recovery from a loss of CNY 131,385,179.35 in 2019[19]. - The basic earnings per share for 2020 was CNY 0.03, recovering from a loss of CNY 0.36 per share in 2019[21]. - The weighted average return on equity improved to 0.79% in 2020 from -9.06% in 2019[21]. - The net cash flow from operating activities was CNY 54,063,473.82, a recovery from a negative cash flow of CNY -84,354,690.71 in 2019[19]. - The company achieved a non-recurring profit of ¥175,175,276.44 for the year 2020, compared to ¥101,936,404.59 in 2019, marking a year-over-year increase of approximately 72%[26]. - The company reported a net profit of 198.18 million yuan from Nanjing Jinling Biobased Fiber Co., Ltd. for the year 2020[92]. - The net profit for the year 2020 was RMB 58.79 million, achieving 97.99% of the promised net profit of RMB 60 million[108]. - The total profit for 2020 was RMB 76,211,577.59, a recovery from a total loss of RMB 156,663,031.46 in 2019[199]. Assets and Liabilities - The company's total assets increased by 19.69% to CNY 2,309,365,617.27 at the end of 2020, compared to CNY 1,929,424,138.48 at the end of 2019[20]. - The company's net assets attributable to shareholders increased by 1.02% to CNY 1,400,683,102.40 at the end of 2020[20]. - The company's total liabilities increased due to the acquisition of Shanghai Yueke Company, with other payables rising by 58.84% to 312,657,032.61 yuan[70]. - The company’s total liabilities reached ¥767,172,966.14, up from ¥531,897,375.16, indicating a growth of around 44.3%[192]. - The company’s total current assets decreased to ¥572,091,054.08 from ¥887,611,338.66, reflecting a decline of approximately 35.5%[195]. Acquisitions and Investments - The company completed the acquisition of 51.91% of Shanghai Yueke New Materials Co., Ltd. for a total consideration of RMB 389.36 million[36]. - The company completed the transfer of 100% equity in Nanjing Faber Water Treatment Co., enhancing its strategic focus on core business areas[35]. - The company paid the first installment of the equity acquisition amounting to 236.61 million yuan, acquiring a total of 51.91% equity from the counterpart[89]. - The company engaged independent asset appraisers to assess the fair value of identifiable assets and liabilities acquired in the business combination, indicating a focus on accurate valuation[180]. Production and Capacity - The company has a production capacity of 80,000 tons per year for viscose staple fiber as of the end of 2020, indicating strong manufacturing capabilities in this segment[31]. - The company is advancing the construction of a 40,000-ton Lyocell short fiber project to upgrade its viscose fiber main business[38]. - The production capacity of Shanghai Yueke's new material series is currently 60,000 cubic meters per year, with a new project under construction expected to have an annual capacity of 35,000 tons[51]. - Jiangsu Jinling produced 30,500 tons of viscose short fibers in 2020, focusing on safety and environmental protection while reducing production costs[42]. Research and Development - Research and development expenses amounted to CNY 2.50 million, a decrease of 9.70% from the previous year[57]. - The company has established two provincial-level R&D institutions, enhancing its research capabilities in fiber production technology[77]. - The company has filed for 9 patents during the year, including 3 invention patents, and received 9 authorized patents[53]. - The company has 26 valid patents, including 1 invention and 25 utility models, indicating a strong focus on R&D and innovation[78]. Environmental Compliance - The company reported no exceedances in wastewater discharge, with COD emissions at 130.74 tons and ammonia nitrogen at 1.63 tons[120]. - The company achieved zero emissions for H2S and CS2 in 2020, with all pollution control facilities operating normally[127]. - The company’s environmental credit rating for 2020 was rated blue, indicating satisfactory compliance with environmental regulations[131]. - The company has implemented a self-monitoring scheme for environmental compliance, with regular monitoring and public disclosure of data[130]. Dividend Policy - The company plans to distribute a cash dividend of CNY 0.20 per 10 shares based on the total share capital of 366,346,010 shares[5]. - The company aims to maintain a cash dividend distribution of at least 30% of the average distributable profit over the last three years[102]. - The company has established a differentiated cash dividend policy, with a minimum cash dividend ratio of 80% for mature stages without significant capital expenditure[103]. - The company has not proposed any cash profit distribution plan for the reporting period despite having positive distributable profits[105]. Corporate Governance - The company held 1 annual general meeting and 1 extraordinary general meeting during the reporting period, ensuring compliance with governance procedures[163]. - The board of directors consists of 7 members, including 3 independent directors, complying with legal and regulatory requirements[164]. - The company has no significant related party transactions or competition with its controlling shareholder, maintaining operational independence[163]. - The audit committee confirmed that the financial statements comply with national accounting standards and accurately reflect the company's financial status and operating results[168].