Maysta Chemical(SH:603041)2021-04-23 16:00Financial Performance - The company's operating revenue for 2020 was RMB 389,549,116.60, representing a 15.05% increase compared to RMB 338,597,203.51 in 2019[20]. - The net profit attributable to shareholders of the listed company reached RMB 110,966,394.78, a significant increase of 54.03% from RMB 72,040,655.40 in the previous year[20]. - The net profit after deducting non-recurring gains and losses was RMB 81,019,508.06, up 39.81% from RMB 57,947,863.94 in 2019[20]. - The net cash flow from operating activities was RMB 103,253,835.81, reflecting a 38.06% increase from RMB 74,787,710.10 in 2019[20]. - Total assets at the end of 2020 amounted to RMB 999,738,516.99, an increase of 13.74% from RMB 878,944,289.60 at the end of 2019[20]. - The net assets attributable to shareholders of the listed company were RMB 888,677,656.73, which is an 11.68% increase from RMB 795,707,610.09 in 2019[20]. - The basic earnings per share increased by 54.90% to CNY 0.79 compared to CNY 0.51 in the previous year[21]. - The net profit attributable to shareholders increased by CNY 38.93 million, driven by new product sales growth and increased sales to key customers[22]. - The net cash flow from operating activities increased by CNY 28.47 million, attributed to sales growth from quality customers and improved asset turnover efficiency[22]. - The diluted earnings per share also rose by 54.90% to CNY 0.79, consistent with the basic earnings per share[21]. - The weighted average return on equity increased to 13.24%, up from 9.44% in the previous year[21]. - The total profit reached ¥129,030,980.61, reflecting a growth of 54.51% year-on-year[56]. Dividend Policy - The company plans to distribute a cash dividend of RMB 2.40 per 10 shares, totaling RMB 33,815,913.60 based on the total share capital of 140,899,640 shares[5]. - In 2019, the company distributed RMB 2.20 per 10 shares, amounting to RMB 22,141,372.00, with a net profit distribution ratio of 30.73%[128]. - The company has a three-year shareholder dividend plan (2018-2020) that outlines conditions and ratios for cash dividends[123]. - The independent directors have approved the dividend distribution proposals, ensuring compliance with regulations and protection of minority shareholders' rights[126]. - The company has committed to maintaining a transparent and compliant profit distribution policy, with clear decision-making processes for any adjustments[127]. Research and Development - The company has established a comprehensive R&D, procurement, production, quality control, sales, and customer service system to enhance operational efficiency[31]. - The company focuses on the R&D of polyurethane foam stabilizers, which are essential additives in the production of polyurethane foam plastics[30]. - The company has been recognized as a national high-tech enterprise and has established several innovation platforms to promote product customization and technological advancement[32]. - The company has a strong R&D advantage, with over one-third of its workforce in research roles, and has developed new products recognized as innovative by local authorities[41]. - The company applied for 10 new invention patents in 2020, bringing the total authorized invention patents to 15[82]. - The company is focusing on high-performance, high-quality, and sustainable development in response to market demand upgrades in the polyurethane industry[101]. - The company is committed to a strategic transformation from "polyurethane dispersants" to "polyurethane additives" to drive new business development[113]. Market and Sales Strategy - The domestic sales model combines direct sales and distribution, with hard foam agents primarily sold directly to large manufacturers, while soft foam agents are mainly sold through distributors[35]. - The company has formed long-term stable business relationships with reputable overseas clients and distributors, expanding its international business through various channels[36]. - The company anticipates steady growth in the polyurethane industry, driven by higher safety and environmental standards, leading to intensified competition in the polyurethane foam agent sector[101]. - The company plans to increase its international market share and aims to rank among the top three in the global polyurethane foam stabilizer segment[103]. - The company aims to strengthen its leading position in the polyurethane foam stabilizer industry through innovation-driven strategies[102]. Risk Management - The company has identified risks related to raw material price fluctuations, exchange rate fluctuations, and environmental safety, which investors should be aware of[7]. - The company faces risks from raw material price fluctuations, exchange rate volatility, and safety and environmental concerns, with strategies in place to mitigate these risks[116][117][118]. - The company has implemented a comprehensive safety management system, enhancing its operational safety and compliance with environmental standards[54]. Environmental Compliance - The company prioritizes safety production and environmental protection, implementing ISO9001, ISO14001, and ISO45001 management systems to enhance operational efficiency[172]. - The company adheres to various environmental protection laws and has passed the ISO 14001 environmental management system certification[184]. - The company’s subsidiary, Nanjing Meiside New Materials Co., Ltd., is classified as a key pollutant discharge unit, with specific wastewater discharge data reported[175]. - Wastewater treatment facilities operate normally, ensuring compliance with local environmental discharge standards before releasing treated water into the Yangtze River[177]. - The company has established standardized facilities for hazardous waste storage and management, ensuring proper disposal through qualified units[180]. Corporate Governance - The company has committed to not interfere with its operational management and to protect shareholder interests[141]. - The company commits to strictly fulfill all public commitments made during its initial public offering and actively accepts social supervision[144]. - The company will publicly explain the specific reasons for non-fulfillment at the shareholders' meeting and apologize to shareholders and the public[146]. - The company will ensure that any related party transactions are conducted fairly and will not seek benefits beyond those stipulated in agreements[133]. Shareholder Commitments - The controlling shareholder, Foshan Shunde De Mei Chemical Group Co., Ltd., committed not to transfer or manage its shares for 36 months post-listing, with an automatic extension of the lock-up period if certain price conditions are met[131]. - The actual controller, Huang Guanyong, also pledged not to transfer or manage his shares for 36 months after the company's listing[132]. - Shareholders holding more than 5% of the company, including Nanjing Shichuang and Sun Yu, committed to not reducing their holdings for one year post-listing, with a maximum of 5% reduction per year thereafter[135]. - The company will announce any stock reductions three trading days in advance, adhering to legal and regulatory requirements[134]. Financial Management - The company approved the use of up to RMB 500 million of idle funds for cash management, focusing on high-security and high-liquidity short-term financial products[160]. - The total amount of entrusted financial management includes RMB 33.8 million in bank financial products and RMB 5 million in securities financial products, with no overdue amounts[161]. - The annualized return rates for various entrusted financial products range from 3.20% to 4.10%, with expected returns totaling RMB 502.23 million for one of the bank financial products[162]. Employee Relations - The company emphasizes employee rights and welfare, ensuring timely and full payment of social insurance, which contributes to harmonious labor relations[170]. - The company has implemented an employee stock incentive plan, with the first phase granting 898,000 restricted stocks at a price of 10.62 RMB per share[153].