SHHDKJ(SH:603192)2020-04-17 16:00Financial Performance - The company's operating revenue for 2019 was CNY 1,439,978,422.27, a decrease of 9.58% compared to CNY 1,592,519,755.40 in 2018[20] - The net profit attributable to shareholders for 2019 was CNY 132,155,389.38, an increase of 14.47% from CNY 115,454,115.13 in 2018[20] - The net profit excluding non-recurring gains and losses was CNY 121,402,540.24, reflecting a 12.73% increase from CNY 107,693,081.77 in 2018[20] - The cash flow from operating activities was CNY 89,401,787.37, a slight decrease of 0.66% compared to CNY 89,992,834.92 in 2018[20] - The total assets at the end of 2019 were CNY 1,708,946,094.01, an increase of 4.56% from CNY 1,634,418,531.33 at the end of 2018[20] - The net assets attributable to shareholders increased to CNY 1,207,864,539.38, up 8.16% from CNY 1,116,769,908.00 in 2018[20] - Basic earnings per share decreased by 4.62% to CNY 1.24 in 2019 compared to CNY 1.30 in 2018[21] - The weighted average return on equity fell to 11.38% in 2019, down 3.21 percentage points from 14.59% in 2018[21] Dividend Policy - The company plans to distribute a cash dividend of CNY 3.72 per 10 shares, totaling CNY 39,680,000.12[5] - The company's cash dividend proposal for 2019 is to distribute a cash dividend of 3.72 RMB per 10 shares, totaling approximately 39.68 million RMB, which accounts for 30.03% of the net profit attributable to shareholders[132] - In 2019, the company distributed a cash dividend of 3.72 CNY per share, totaling approximately 39.68 million CNY, with a payout ratio of 30.03% of the net profit attributable to ordinary shareholders[134] - In 2018, the cash dividend was 3.50 CNY per share, amounting to around 37.33 million CNY, with a payout ratio of 32.34%[134] - The company did not propose a cash profit distribution plan for the reporting period despite having positive distributable profits for ordinary shareholders[135] Business Operations - The company’s main business remains focused on the research, production, and sales of polyurethane resin products, with no significant changes reported[32] - The company employs a direct sales model, emphasizing customized products and technical services to meet client needs[33] - The production model is based on a make-to-order approach, aligning production plans with sales orders to accommodate diverse client requirements[33] - The company added over 100 new customers in 2019, enhancing its market presence[46] - The company is focusing on developing high-tech, high-value-added products to enhance its competitive edge in the market[44] - The company is advancing a project with an annual production capacity of 180,000 tons of polyurethane resin, which is currently in the equipment installation and debugging phase[50] Research and Development - The company holds 26 valid authorized invention patents and has applied for 16 additional patents, reflecting its commitment to R&D[39] - The company applied for 6 invention patents and 1 utility model patent, with 1 invention patent granted in 2019[55] - The company has invested CNY 30.92 million in safety and environmental protection over the past three years, ensuring compliance with national standards[40] - The company is focusing on the development of new products and technologies, particularly in the polyurethane resin sector, which is experiencing stable market demand[80] - The new product, thermoplastic polyurethane elastomer (TPU), is gaining traction across various industries, indicating significant market expansion potential[80] - The company has successfully developed various new products, including solvent-free polyurethane for automotive interiors and TPU for outdoor clothing, which are now in stable mass production[84] Market Performance - The company reported a significant increase in export sales, with a revenue increase of 50.91% year-over-year from foreign sales[62] - The sales volume of leather polyurethane increased by 2.43% year-over-year, reaching 109,382.60 tons, while the production volume increased by 1.27%[63] - The gross margin for leather polyurethane was 23.60%, a decrease of 5.57% compared to the previous year[62] - The revenue from Jiangsu province was CNY 320,631,393.09, with a gross margin of 31.13%, showing a year-over-year increase of 14.32% in revenue[62] Financial Management - The company has not reported any non-operating fund occupation by controlling shareholders or related parties[7] - The company has not engaged in any capital reserve transfers to increase share capital[5] - The company has been recognized as a high-tech enterprise and will enjoy a reduced corporate income tax rate of 15% for three consecutive years[49] - The company plans to enhance market promotion efforts for newly developed products, including environmentally friendly polyurethane materials for various applications[48] - The company plans to enhance production capacity and profitability through fundraising projects, although there are risks associated with not achieving expected returns due to market uncertainties[124] Environmental Responsibility - The company has invested in environmental protection facilities and has passed the ISO 14001:2015 certification, but faces risks from increasing environmental compliance costs[122] - The company has a wastewater treatment capacity of 200 tons per day and operates a complete set of waste gas treatment facilities[176] - The company achieved a chemical oxygen demand (COD) discharge of 0.054 tons, which is below the annual limit of 0.13 tons[181] - The company reported a nitrogen discharge of 0.001789 tons, under the annual limit of 0.01 tons[181] - The company has established an ISO14001 environmental management system and has been certified[183] Corporate Governance - The company has established a comprehensive profit distribution decision-making process involving the board of directors and shareholders to ensure transparency and stakeholder engagement[131] - The company has undergone changes in accounting policies, particularly in the classification and measurement of financial assets, aligning with the new financial instrument standards issued by the Ministry of Finance[143] - The financial statements for 2019 will reflect adjustments in the format as per the new guidelines, including the separation of "receivables" into "notes receivable" and "accounts receivable"[146] - The company has not reported any instances of funds being occupied or overdue receivables during the reporting period[143] - The company has not encountered any non-standard audit opinions from its accounting firm during the reporting period[143] Strategic Planning - The company plans to optimize its product structure by developing functional, high-performance, and environmentally friendly polyurethane resins to meet market demands[111] - The company intends to expand its marketing network both domestically and internationally, targeting new customers and products to increase market coverage[115] - The company will pursue acquisitions to enhance product structure, expand sales scale, and strengthen core competitiveness[118] - The company aims to attract high-level talent and optimize its human resources to support its strategic goals[116]