GZYJPCO(SH:603058)2021-04-08 16:00Financial Performance - The company's operating revenue for 2020 was CNY 438,812,562.48, a decrease of 6.73% compared to CNY 470,453,005.57 in 2019[21] - The net profit attributable to shareholders of the listed company was CNY 158,043,231.20, an increase of 11.90% from CNY 141,238,121.13 in the previous year[21] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 81,406,468.30, a decrease of 28.90% from CNY 114,488,172.35 in 2019[21] - The net cash flow from operating activities increased by 141.43% to CNY 153,253,110.57, compared to CNY 63,476,536.18 in 2019[21] - The total assets at the end of 2020 were CNY 1,515,686,686.30, representing a 29.01% increase from CNY 1,174,872,119.80 at the end of 2019[21] - The net assets attributable to shareholders of the listed company increased by 13.28% to CNY 1,165,464,455.98 from CNY 1,028,878,042.00 in 2019[21] - The company reported a consolidated operating income of 438,812,562.48 yuan, a decrease of 6.73% compared to the previous year, while total profit increased by 12.84% to 186,226,616.14 yuan[53] - The net profit attributable to the parent company was 158,043,231.20 yuan, reflecting an increase of 11.90% year-on-year, but the net profit after deducting non-recurring gains and losses decreased by 28.90% to 81,406,468.30 yuan[53] - The gross profit margin for the year was 36.36%, with a decrease of 3.88 percentage points compared to the previous year[58] - The company experienced a 6.73% decrease in overall revenue, with the printing and packaging sector contributing 434,092,149.58 yuan, down 7.73% year-on-year[58] Revenue Breakdown - The company achieved a sales revenue of 438.81 million yuan in 2020, a decrease of 6.73% compared to the previous year, primarily due to the impact of COVID-19 and a decline in product bidding prices[23] - The company’s revenue from cigarette label products reached 378 million yuan, providing stable performance returns[32] - The revenue from liquor label products increased by 95.26% to 43.31 million yuan, reflecting successful market expansion[32] - The revenue from pharmaceutical label products was 11.38 million yuan, a decrease of 3.57% year-on-year[33] - The revenue from the medical cannabis segment was 4,720,412.90 yuan, with a gross margin of 61.47%[58] - The company's wine label business saw a revenue increase of 95.26% year-on-year in 2020, with plans to capture 10% of the Guizhou wine label market within 3-5 years[85] Investments and Acquisitions - The company reported a goodwill value of 90.76 million yuan at the end of the reporting period, resulting from the acquisition of the Australian subsidiary Pijen (No22) Pty Ltd[23] - Long-term borrowings amounted to 100.74 million yuan, mainly due to loans taken for the acquisition of the Australian subsidiary[23] - The company has acquired a license for industrial hemp cultivation in Yunnan, expanding its operations in the industrial hemp sector[43] - The company completed an overseas acquisition of an Australian medical cannabis operator in 2020, positioning itself in the growing medical cannabis industry[92] - The company holds a 46.64% stake in Pijen No 22 Pty Ltd, which provides a 45% interest in Tasmanian Botanics Pty Ltd, enhancing its market position in the cannabis sector[44] Market Strategy and Future Plans - The company is optimistic about the future of the medical and industrial hemp industry, having acquired Australian companies to enhance its market position[31] - The company plans to steadily advance the cultivation and application research of industrial hemp, aiming to establish a significant scale in the hemp application industry to enhance profitability and market competitiveness[34] - The company plans to enhance its industrial hemp applications in consumer goods and fine chemicals domestically while advancing its investment projects in Tasmania[51] - The company aims to achieve an annual production target of 30 tons of medical cannabis dry flowers within 1-3 years as part of its new industry development plan[86] - The company plans to expand its cigarette label printing business into Hubei, Zhejiang, and Yunnan markets, aiming to increase order share gradually[83] Risk Management and Compliance - The company emphasizes the importance of risk awareness regarding future plans and development strategies[6] - The company has not faced any non-operating fund occupation by controlling shareholders or related parties[7] - The company has not violated decision-making procedures for providing guarantees[7] - The company has established a comprehensive emergency response plan for environmental pollution incidents, which has been filed with local environmental authorities[125] - The company has implemented strict measures for wastewater treatment, ensuring that all production wastewater is recycled and treated without external discharge[121] Environmental and Social Responsibility - The company has committed to enhancing its environmental protection measures and compliance with relevant regulations[120] - The company donated a total of 500,000 RMB to the Wuhan University of Technology Guizhou Alumni Association for educational support over ten years[115] - The company provided financial assistance to 22 impoverished students, totaling 50,000 RMB[117] - During the COVID-19 pandemic, the company donated 1,000,000 RMB to the Guizhou Red Cross for pandemic prevention efforts[119] - The company plans to continue its educational poverty alleviation efforts and industry support to consolidate poverty alleviation achievements[118] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 15,178, a decrease from 19,771 at the end of the previous month[144] - The top ten shareholders held a total of 194,566,200 shares, representing 46.43% of the total shares, with no shares under pledge or freeze[146] - The company released 735,000 restricted shares during the year, primarily due to the equity incentive plan[142] - The largest shareholder, Guizhou Yongji Real Estate Development Co., Ltd., held 194,566,200 shares, with no changes in the number of shares during the reporting period[146] Corporate Governance - The company has established a modern corporate governance structure and complies with relevant laws and regulations since its listing in December 2016[172] - The board of directors is elected in accordance with the company's articles of association, ensuring fairness and independence in the selection process[173] - The company has maintained a complete separation in personnel, assets, finance, and business operations from its controlling shareholder[172] Internal Controls and Auditing - The internal control audit report received a standard unqualified opinion[176] - The company confirmed that there were no significant deficiencies in internal control during the reporting period[176] - The management's assessment of goodwill impairment was identified as a key audit matter due to inherent uncertainties[183] - The company has implemented key internal controls related to revenue recognition, which were tested and evaluated[182]