YAPP(SH:603013)2021-03-25 16:00Financial Performance - The company reported a total distributable profit of RMB 1,817,861,148.05 as of December 31, 2020, with a distributable profit for the year of RMB 380,279,253.11[6]. - Operating revenue for 2020 was CNY 8,859,295,780.46, a decrease of 3.05% compared to 2019[25]. - Net profit attributable to shareholders increased by 31.81% to CNY 506,196,183.14 in 2020[25]. - Net cash flow from operating activities rose significantly by 101.78% to CNY 1,635,921,152.19[25]. - Basic earnings per share increased by 32.00% to CNY 0.99 in 2020[27]. - The weighted average return on equity improved to 15.27%, an increase of 2.97 percentage points from 2019[27]. - The net profit attributable to shareholders after deducting non-recurring gains and losses grew by 39.86%[27]. - Total assets decreased by 7.39% to CNY 6,305,901,717.86 at the end of 2020[25]. - The company's net assets attributable to shareholders increased by 5.29% to CNY 3,414,972,406.06[25]. Dividend Distribution - A cash dividend of RMB 7 per 10 shares (including tax) is proposed, amounting to a total of RMB 359,957,150.00, which represents 94.66% of the distributable profit for 2020 and 71.11% of the net profit attributable to shareholders in the consolidated financial statements[6]. - The total share capital as of March 9, 2021, is 514,224,500 shares, which will be used as the basis for the dividend distribution[6]. - The company has maintained a consistent cash dividend policy over the past three years, with distributions increasing from 204,000,000.00 RMB in 2018 to 359,957,150.00 RMB in 2020[106]. - The company implemented a cash dividend distribution of 5.00 RMB per 10 shares for the 2019 fiscal year, totaling 257,115,250.00 RMB, which accounted for 66.95% of the net profit attributable to shareholders[105]. - The company has not made any adjustments to its cash dividend policy during the reporting period[107]. Audit and Compliance - The company has provided a standard unqualified audit report from the accounting firm Xin Yong Zhong He[5]. - The company maintains its commitment to ensuring the accuracy and completeness of the annual report, with all board members present at the meeting[5]. - The company has not faced any risks of suspension or termination of its listing during the reporting period[126]. - There were no significant lawsuits or arbitration matters reported during the year[126]. - The company has maintained good integrity, with no instances of failing to fulfill court judgments or significant debts that have not been repaid[126]. Strategic Development - The company focuses on the research, manufacturing, sales, and service of automotive energy storage systems, with key products including traditional and new energy vehicle storage systems and lightweight composite materials for electric vehicle battery packs[37]. - The company aims to expand new markets and develop new products, ensuring the timely production of new products that meet the "National VI" standards[39]. - The company is actively promoting the development of plug-in hybrid fuel systems and new generation battery pack shells to adapt to market trends[44]. - The company has established a global R&D system to enhance collaborative development capabilities and is focused on technological breakthroughs in fuel systems and alternative fuel storage systems[45]. - The company plans to strengthen its fuel business and optimize automotive functional system supply and service areas during the 14th Five-Year Plan period[98]. Environmental Commitment - The company emphasizes the importance of environmental protection and energy security in its strategic planning and technology development[153]. - The company's fuel tank products have contributed to reducing hydrocarbon emissions from 1000 mg to 300 mg under national standards, and further down to 20 mg under the latest standards[153]. - With the implementation of the National VI standard, the company's products are expected to reduce approximately 500 tons of hydrocarbon pollutants annually[153]. - The fuel tank system can recover no less than 96% of gasoline vapor during refueling, contributing to cleaner emissions[153]. - The contribution of the fuel tank to overall vehicle low emissions is reported to be 39%[153]. Operational Efficiency - The company is implementing refined management practices to enhance operational efficiency and control costs, focusing on intelligent manufacturing[39]. - The company achieved a cost reduction of 44.3 million yuan through various efficiency improvement initiatives, with a 20.4% year-on-year decrease in overdue accounts receivable[52]. - The company reported a significant reduction in sales expenses by 63.39% to CNY 67,282,985.49, primarily due to the reclassification of transportation costs[69]. - The company’s financial expenses decreased by 57.54% to CNY 22,571,660.42, attributed to reduced borrowing costs[71]. Research and Development - The company applied for 41 patents in 2020, with 34 being invention patents, and received various honors, including the "National Manufacturing Single Champion Product" title[52]. - The company’s R&D expenses totaled CNY 266,099,743.91, accounting for 3.00% of operating revenue, with 313 R&D personnel, representing 16.85% of the total workforce[72]. - The company is actively developing hydrogen fuel cell vehicle storage systems and lightweight materials, with ongoing experimental validations for new products[52]. Shareholder Relations - The company has established a robust investor relations management system to enhance communication and trust with investors[156]. - The company has fulfilled all commitments made by its actual controllers and shareholders during the reporting period[109]. - The company will take measures to stabilize its stock price if the closing price is below the latest audited net asset value for 20 consecutive trading days, including stock buybacks or increasing shareholdings by major shareholders[115].