hbky(SH:600985)2021-03-26 16:00Financial Performance - The company's net profit for 2020 was CNY 3,670,068,378.30, with a net profit attributable to shareholders of CNY 3,468,482,762.42, representing a profit distribution of CNY 1,445,475,967.00, which is 41.67% of the net profit attributable to shareholders[3]. - The company's operating revenue for 2020 was approximately ¥52.28 billion, a decrease of 13.00% compared to ¥60.09 billion in 2019[16]. - The net profit attributable to shareholders for 2020 was approximately ¥3.47 billion, down 4.48% from ¥3.63 billion in 2019[16]. - The net cash flow from operating activities decreased by 41.24% to approximately ¥5.51 billion in 2020, compared to ¥9.37 billion in 2019[16]. - The total profit was CNY 4.290 billion, down 1.38% year-on-year, while the net profit attributable to shareholders was CNY 3.468 billion, a decline of 4.48%[31]. - The company achieved a total operating revenue of CNY 19,926,884,436.15, with coal business revenue at CNY 11,329,865,538.54 and coal chemical business revenue at CNY 8,597,018,897.61[34]. - The company reported a total revenue of 2,438,433,467.13 CNY for the year, with a significant increase in net profit attributed to non-operating income[22]. Dividend Distribution - The proposed cash dividend is CNY 6.50 per 10 shares (including tax), based on a total share capital of 2,223,809,180 shares as of the day before the board meeting[3]. - The cash dividend for 2019 was 6 CNY per 10 shares, amounting to 1,303,447,341 CNY, which accounted for 35.93% of the net profit attributable to ordinary shareholders[82]. - In 2020, the company distributed a cash dividend of 0.65 CNY per share, totaling 1,445,475,967 CNY, which represents 41.67% of the net profit attributable to ordinary shareholders[82]. - The cash dividend for 2018 was 5 CNY per 10 shares, totaling 1,086,206,117.50 CNY, representing 30.60% of the net profit attributable to ordinary shareholders[82]. - The company has not proposed a cash profit distribution plan for the reporting period despite having positive distributable profits[83]. Operational Highlights - The company has a coal production capacity of 32.55 million tons per year, with an additional 3 million tons per year from an under-construction mine[26]. - The company operates 16 coal production mines and has a coking capacity of 4.4 million tons per year[26]. - The production of raw coal reached 27.1305 million tons, an increase of 2.37% year-on-year, while the production of commercial coal was 21.6814 million tons, up 4.03%[31]. - The production of coke was 4.1237 million tons, an increase of 7.65%, and the average selling price was CNY 1,771.40 per ton[31]. - The production of methanol reached 380,200 tons, up 14.93%, with an average selling price of CNY 1,574.61 per ton[31]. Risk Management - There were no significant risks that materially affected the company's operations during the reporting period[5]. - The company acknowledges potential risks, including safety, operational, and environmental risks, and has outlined measures to mitigate these risks[79]. - The company has confirmed that there are no non-operating fund occupations by controlling shareholders or related parties[4]. Environmental Compliance - The company is classified as a key pollutant discharge unit by environmental protection authorities, with strict compliance to pollution control measures[120]. - The total sulfur dioxide emissions from the company's facilities were reported at 33.2 tons from the first coke oven, with a concentration of 22 mg/m³[121]. - The company achieved a reduction of 539.48 tons in sulfur dioxide emissions, 881.26 tons in nitrogen oxides, and 129.55 tons in particulate matter in 2020 compared to 2019[128]. - The company has established a comprehensive environmental monitoring plan, ensuring compliance with environmental impact assessments and pollution discharge permits[132]. - The company has received the "National Green Factory" honor, reflecting its commitment to environmental protection[127]. Research and Development - Research and development expenses increased by 10.36% year-on-year to CNY 1,372,927,430.58[33]. - The total R&D investment accounted for 2.62% of the operating revenue, with 6,621 R&D personnel, representing 11.71% of the total workforce[45]. - The company has allocated 200 million CNY for research and development in the upcoming year, a 50% increase from the previous budget[172]. Corporate Governance - The company has committed to ensuring that its directors and senior management do not harm the company's interests and will adhere to the established compensation system linked to performance measures[85]. - The company’s board of directors and senior management remuneration is based on annual financial results and key performance indicators[178]. - The company has maintained a stable management team despite the changes, ensuring continuity in leadership[179]. - The company has established a long-term commitment to adhere to regulations set by the China Securities Regulatory Commission regarding performance compensation measures[92]. Financial Position - The total assets of the company reached RMB 67.011 billion, with total liabilities amounting to RMB 41.550 billion, resulting in a debt-to-asset ratio of 62.01%[146]. - The company's asset-liability ratio improved from 63.51% in 2019 to 62.01% in 2020, reflecting a stronger financial position[157]. - The company maintained a AAA credit rating with a stable outlook, indicating strong financial health and creditworthiness[146]. Future Outlook - The company plans to expand its coal mining operations with new projects, including the Xinh Lake Mine, expected to commence production in 2021[50]. - The expected operating revenue for 2021 is set at 52.95 billion yuan[77]. - The company anticipates continued growth in coal demand due to supportive macroeconomic policies, despite increasing competition from renewable energy sources[74].