BNMC(SH:601011)2021-04-26 16:00Financial Performance - The company's operating revenue for 2020 was approximately ¥2.67 billion, a decrease of 1.86% compared to ¥2.73 billion in 2019[25]. - Net profit attributable to shareholders decreased by 23.94% to approximately ¥53.55 million in 2020 from ¥70.41 million in 2019[25]. - Basic earnings per share decreased by 25% to ¥0.03 in 2020 from ¥0.04 in 2019[26]. - The total revenue for 2020 was 2,674,729,838.30 RMB, representing a year-on-year decline of 1.86%[57]. - The net profit attributable to shareholders was 53,553,400 RMB, down 23.94% year-on-year[57]. Cash Flow and Dividends - The board proposed a cash dividend of 0.5 CNY per 10 shares, totaling approximately 80.24 million CNY, which accounts for 149.83% of the net profit attributable to shareholders for 2020[6]. - The net cash flow from operating activities increased by 47.61% to approximately ¥322.31 million in 2020, compared to ¥218.35 million in 2019[27]. - The company reported a 47.61% increase in net cash flow from operating activities, attributed to improved inventory management and reduced cash payments to employees and taxes[76]. Assets and Liabilities - The total assets at the end of 2020 were approximately ¥11.09 billion, an increase of 2.39% from ¥10.83 billion at the end of 2019[25]. - The company's total assets included 5,776,134,550.63 CNY in construction in progress, which accounted for 52.08% of total assets[78]. - Accounts receivable increased by 75.02% compared to the previous year, influenced by adjustments in customer credit policies[78]. - The company reported a significant increase in other current liabilities, attributed to the reclassification of VAT from customer payments under new accounting standards[79]. Production and Sales - The company produced 1,207,791 tons of coke and sold 1,270,437 tons, with a decrease in production of 9.36% and an increase in sales of 6.06% compared to the previous year[63]. - The sales volume of fine coal increased by 243.36% year-on-year, mainly due to a reduction in self-use during the period[64]. - The company aims to procure 1 million tons of raw coal and produce 115,000 tons of coke in 2021, alongside other production targets[110]. Research and Development - The company holds 131 patents and completed seven key technological transformation projects during the reporting period[38]. - Research and development expenses totaled 1,284.25 million CNY, representing 0.48% of total revenue, with 98 R&D personnel making up 4.00% of the total workforce[75]. - The company is focusing on the research and development of graphene materials and their downstream applications, targeting projects like 5G heat dissipation materials[117]. Environmental Compliance - The company has maintained compliance with environmental regulations, ensuring that pollutants are discharged within permitted limits[172]. - The actual emissions of pollutants from the company's coking process were within the limits, with particulate matter at 16.8 mg/m3 and sulfur dioxide at 45 mg/m3, both below the standards of 30 mg/m3 and 50 mg/m3 respectively[173]. - The wastewater treatment facilities operated normally during the reporting period, with treated water meeting discharge standards and being reused[176]. Strategic Initiatives - The company is focusing on industry upgrades and compliance with new regulations in the coking industry, which may impact operational efficiency and market positioning[83]. - The company is exploring mergers and acquisitions to enhance industry concentration and achieve efficient development in line with national policies[84]. - The company is committed to enhancing environmental management and preparing for carbon emission trading in the future[112]. Shareholder Information - The largest shareholder, Heilongjiang Baotailong Group Co., Ltd., holds 457,177,693 shares, representing 28.49% of total shares, with 308,520,000 shares pledged[189]. - The number of ordinary shareholders decreased from 96,876 to 96,052 during the reporting period, indicating a reduction of approximately 0.85%[188]. - The company completed the repurchase of 5.5872 million shares of restricted stock due to unmet performance targets in 2020[184]. Challenges and Risks - The company has faced risks including price volatility, industry competition, production safety, policy changes, and transformation challenges since 2020[126]. - The company is facing challenges due to upstream raw material shortages and structural oversupply in the downstream market, impacting operations in 2021[110]. - The company has actively taken measures to mitigate the impact of the COVID-19 pandemic on raw coal procurement and production costs[127].