Dynagreen(SH:601330)2020-03-27 16:00Dividend Distribution - The company plans to distribute a cash dividend of RMB 0.1 per share (including tax) based on the total share capital on the dividend distribution registration date[6]. - The board of directors has approved the profit distribution plan, which will be submitted to the shareholders' meeting for review[6]. - The company has calculated distributable reserves for dividends at RMB 1,196,756,895.66 for the reporting period[154]. - The company implemented a cash dividend policy, distributing at least 10% of the annual distributable profit in cash, with a cumulative distribution of no less than 30% of the average annual distributable profit over the last three years[165]. - In 2019, the company distributed a cash dividend of 11,612,000 RMB, which accounted for 27.91% of the net profit attributable to ordinary shareholders[167]. - The company did not meet the 30% cash dividend distribution target in 2019 due to the capital-intensive nature of the waste-to-energy industry, opting to retain profits for project construction[165]. - The company’s cash dividend for 2018 was also 11,612,000 RMB, representing 42.57% of the net profit attributable to ordinary shareholders[167]. Financial Performance - The company reported a total revenue of RMB 1.2 billion for the fiscal year 2019, representing a year-on-year growth of 15%[23]. - The company's operating revenue for 2019 was CNY 1,752,449,088.97, representing a 53.71% increase compared to CNY 1,140,074,395.71 in 2018[29]. - Net profit attributable to shareholders for 2019 was CNY 416,088,473.60, a 13.79% increase from CNY 365,651,040.25 in 2018[29]. - The company achieved a total revenue of RMB 1.752 billion in 2019, representing a 53.71% increase compared to the previous year[39]. - The net profit for 2019 was RMB 417 million, which is a 14% increase year-on-year[39]. - The gross profit increased by 40.88% to RMB 945,980,815.36, with a gross margin of 53.98%, down from 58.90% in the previous year[78]. - The company achieved operating revenue of RMB 1,752,449,088.97 in 2019, representing a year-on-year growth of 53.71%[61]. - The total comprehensive income attributable to the parent company's shareholders for the reporting period was RMB 416,084,841.90, an increase from RMB 367,631,101.13 in the same period of 2018, primarily due to the increase in net profit[141]. Operational Highlights - The number of waste-to-energy projects increased to 30, with a total processing capacity of 5 million tons per year[23]. - The company processed 7.1931 million tons of municipal waste, a year-on-year increase of 53.31%[39]. - The company operated 22 power generation projects by the end of 2019, with a waste processing capacity of 19,610 tons per day and an installed capacity of 383.5 MW[42][43]. - Six new projects were completed and connected to the grid in 2019, adding a capacity of 6,100 tons per day, the highest in the company's history[67]. - The company has a total of 18 operational licenses for waste disposal, ensuring compliance with local regulations[118]. - The company has signed four concession agreements for new waste-to-energy projects, including the Pingyang Phase II project and the Jixi project, enhancing project reserves and growth potential[71]. Future Plans and Strategies - The company plans to expand its market presence by entering three new provinces in 2020, aiming for a 20% increase in project acquisitions[23]. - The company aims to achieve carbon neutrality in its operations by 2025, aligning with national environmental goals[23]. - The company plans to continue expanding its project development and construction in 2020, supported by A-share refinancing[40]. - The company aims to complete A-share refinancing and ensure the production of projects in Fengcheng, Hong'an, Yichun, Huizhou Phase II, and Haining expansion within the year[129]. - The company plans to achieve 90%, 80%, and 90% completion rates for the construction of Yongjia Phase II, Pingyang Phase II, and Shishou projects respectively[129]. Risk Management - The company has detailed various risks in the report, particularly in the section discussing future development risks[8]. - The company is facing risks related to government policies that could affect operational support for the waste incineration industry[132]. - The company anticipates that the implementation of waste classification in 46 key cities will impact the volume and calorific value of waste available for incineration[127]. - The company will actively seek alternative waste sources if there is a shortage in supply or calorific value[134]. - The company emphasizes the importance of public perception and aims to improve community understanding of waste incineration through transparency and engagement[134]. Compliance and Governance - The company has received a standard unqualified audit report from KPMG Huazhen[5]. - The report confirms compliance with the disclosure requirements of the Shanghai Stock Exchange and Hong Kong Stock Exchange[9]. - The company emphasizes the importance of accurate and complete financial reporting, as stated by its management[4]. - The management team has nearly 20 years of experience in the industry, enhancing operational efficiency and project quality[57]. - The company has confirmed that all related party transactions conducted during the year were approved by the board and complied with pricing policies[187]. Capital Structure and Financing - The company’s total liabilities increased, with the debt-to-asset ratio rising from 71.25% to 74.42%[103]. - The company plans to issue up to 232.24 million A-shares, with expected total fundraising of up to RMB 2.39 billion, to finance various projects and repay bank loans[198]. - The company’s receivables increased by 95.40% to RMB 452.78 million due to new operational projects and extended settlement cycles[51]. - The company’s contract assets rose by 154.68% to RMB 395.56 million, attributed to new operational projects and accumulated renewable energy subsidy receivables[51]. - The company’s intangible assets increased by 46.29% to RMB 6.45 billion, mainly due to increased expenditures on BOT project construction[51]. Research and Development - Research and development expenses increased by 10% to RMB 100 million, focusing on advanced waste treatment technologies[23]. - The company’s total research and development expenditure was RMB 10,667,001.22, representing 0.61% of total revenue[94]. - The company’s proprietary "multi-drive reverse-push mechanical grate furnace" technology is recognized as industry-leading and has been awarded national invention patents[54]. - The company received 9 new patent authorizations, bringing the total to 62, including 13 invention patents[74]. Environmental Commitment - The company is committed to maintaining compliance with environmental standards and has implemented measures to ensure emissions meet regulatory requirements[138]. - The company aims to strengthen its leading position in the waste incineration power generation industry while contributing to environmental protection efforts[40].