CHALIECO(SH:601068)2021-03-29 16:00Financial Performance - The net profit attributable to shareholders for 2020 was -1,976,138,436.83 RMB, indicating a loss for the year[6]. - The company reported a revenue of RMB 2,302,595.1 million for 2020, a decrease of 25.87% compared to 2019[26]. - The net profit attributable to shareholders was RMB -197,613.84 million, a decline of 5,769.99% year-over-year[26]. - The operating cash flow for 2020 was RMB 61,073.56 million, down 44.27% from the previous year[26]. - The company's net assets attributable to shareholders decreased by 22.87% to RMB 873,307.42 million[28]. - Total assets at the end of 2020 were RMB 5,451,402.43 million, a decline of 2.65% from 2019[28]. - The basic earnings per share for 2020 was -0.02 yuan, not applicable for comparison[28]. - The weighted average return on net assets was -0.66%, a decrease of 28.12 percentage points from the previous year[28]. - The total profit for the year was CNY -182,478.06 million, representing a decline of 629.27% year-on-year[134]. - The company faced its first loss since establishment due to the severe impact of the COVID-19 pandemic and other factors[127]. Dividend and Profit Distribution - The board proposed no cash dividend distribution for 2020, nor any capital reserve transfer to share capital[6]. - As of December 31, 2020, the company's undistributed profits amounted to 65,879,116.76 RMB[6]. - The company's unappropriated profits as of December 31, 2020, amounted to RMB 65,879,116.76[81]. Risks and Challenges - The company faces several risks including health risks from COVID-19, cash flow risks, and overseas operational risks[10]. - The report highlights the potential impact of future economic trends on the company's performance[7]. - The company identified a need to strengthen risk prevention measures due to high balances in "two funds" and an increase in litigation cases[127]. Audit and Compliance - The report includes a standard unqualified audit opinion from Da Xin Certified Public Accountants[5]. - The company emphasizes the importance of accurate financial reporting and the responsibility of its management[4]. - There were no non-operating fund occupations by controlling shareholders or related parties[8]. - The company has not violated decision-making procedures for external guarantees[8]. - The company has not disclosed any significant contracts, transactions, or arrangements involving directors or supervisors that could create a conflict of interest during the reporting period[93]. Operational Highlights - The company maintained its position as a leading provider in the non-ferrous metal industry, ranking 94th in the 2020 Fortune China 500 list and 88th in the Top 250 Global Contractors list[41]. - The company signed a total of 6,175 contracts in 2020, with a cumulative contract amount of RMB 39.588 billion[50]. - The company’s total uncompleted contract amount as of December 31, 2020, was RMB 63.979 billion[52]. - The engineering and construction contracting business accounted for 87% of the company's operations, while EPC projects accounted for 4%[48]. - The company’s completed projects in 2020 generated a total revenue of RMB 17.94 billion, with risks primarily related to payment collection[56]. Research and Development - The company’s research and development expenses increased by 15.23% to CNY 60,416.28 million, reflecting a commitment to innovation[134]. - The total R&D expenditure for the company in 2020 was CNY 642.88 million, representing 2.79% of total revenue, with a focus on enhancing core competitiveness[153]. - The company initiated 21 key research projects, focusing on aluminum electrolysis and resource utilization technologies, aiming to maintain industry leadership in non-ferrous metal processing[156]. - In 2020, the company filed 317 domestic patents, including 157 invention patents, and received 222 domestic patent grants, with 12 international patents granted[59]. Market and Industry Trends - The aluminum industry in China saw production increases in 2020, with alumina, electrolytic aluminum, and aluminum products growing by 0.3%, 4.9%, and 8.6% respectively[49]. - The construction industry in China experienced a 2.9% increase in fixed asset investment in 2020, with infrastructure investment growing by 0.9%[49]. Financial Structure and Debt - The company's total borrowings amounted to RMB 1,577,361.14 million, a decrease of RMB 49,230.24 million from RMB 1,626,591.38 million at the end of 2019[169]. - The net interest-bearing debt at the end of 2020 was RMB 922,361.65 million, an increase of RMB 207,819.81 million compared to RMB 714,541.84 million in 2019[169]. - The company's debt-to-asset ratio as of December 31, 2020, was 71.32%, a decrease of 1.19 percentage points from 72.51% at the end of 2019[169]. Employee Development - The company provided training for 12,546 employees in 2020, including 4,077 management personnel and 5,807 engineering technicians[68]. - The company has a total of 40 PhDs and 1,521 Masters among its workforce, with 2,214 senior technical talents as of December 31, 2020[63].