Cybrid(SH:603212)2021-03-01 16:00Financial Performance - The company's operating revenue for 2020 was CNY 2,182,509,678.96, representing a 2.20% increase compared to CNY 2,135,491,647.33 in 2019[19]. - Net profit attributable to shareholders was CNY 194,090,190.41, a 2.01% increase from CNY 190,273,102.49 in the previous year[19]. - The basic earnings per share for 2020 was CNY 0.50, down 5.66% from CNY 0.53 in 2019[19]. - The gross profit margin for the company in 2020 was 17.96%, a decrease of 0.8 percentage points from 2019 due to changes in accounting standards[96]. - The revenue from non-photovoltaic materials increased by 105.67% compared to 2019, with SET material sales growing from CNY 187,700 to CNY 16.36 million monthly by year-end[90]. - The company achieved a revenue of CNY 2.18 billion in 2020, representing a year-on-year growth of 2.20%[91]. - The net profit attributable to shareholders was CNY 194 million, an increase of 2.01% compared to the previous year[91]. Cash Flow and Assets - The net cash flow from operating activities decreased by 81.29% to CNY 28,921,770.32, down from CNY 154,611,645.28 in 2019[19]. - Cash and cash equivalents increased by 83.04% from 289.73 million yuan in 2019 to 530.32 million yuan in 2020, primarily due to funds received from the IPO[70]. - Accounts receivable rose by 24.01% from 833.75 million yuan in 2019 to 1.0339 billion yuan in 2020, attributed to a significant increase in sales in Q4 2020[70]. - Inventory increased by 84.48% from 192.09 million yuan in 2019 to 354.36 million yuan in 2020, due to preparations for anticipated new production capacity[70]. - The company's total assets include restricted cash of ¥96,787,929.25, primarily for bank guarantees[126]. Dividends and Share Capital - The company plans to distribute a cash dividend of 0.5 CNY per 10 shares, totaling 20,000,500 CNY, representing a cash dividend payout ratio of 10.30% for the year 2020[5]. - As of December 31, 2020, the total share capital of the company was 400,010,000 shares[5]. Research and Development - The company is focused on developing functional polymer materials for various applications, including energy and electronics[11]. - The company is actively engaged in research and development of new products and technologies in the photovoltaic sector[11]. - The company has established a technical platform with eight types of adhesives and has invested in research facilities to support its product development and market expansion[36]. - The company has a strong focus on R&D, with a dedicated innovation center and multiple technical platforms, enhancing its ability to respond to market demands efficiently[73]. - The company plans to enhance R&D investments for technological improvements and product series expansions in the photovoltaic business[150]. - The company intends to expand its R&D team to 150 personnel and establish a research institute in Japan to enhance innovation efficiency[193]. Market Position and Strategy - The company achieved a global market share of 30.1% for its KPf backsheet products in 2020, maintaining the leading position for seven consecutive years[40]. - The company holds the largest global market share in photovoltaic backplanes and the second largest in POE encapsulation films, indicating strong competitive positioning[146]. - The company has established a mature global customer base, adding over 20 new customers for POE films and MoPro series products during the reporting period[79]. - The company has entered supply chains of major clients in various sectors, including Tesla and BYD, demonstrating its market expansion capabilities[79]. - The company is committed to maintaining its leading position in the photovoltaic encapsulation materials industry through strategic investments and market expansion efforts[146]. Production and Capacity - The company reported a production capacity utilization rate of 81.68% for photovoltaic backplanes, with a total investment of 13,615.81 million square meters[136]. - The photovoltaic encapsulation film achieved a production capacity utilization rate of 109.56%, with a total investment of 99,333.41 million and current investment of 41,329.04 million[139]. - The existing capacity for photovoltaic backplanes is 170 million square meters per year, with plans for technical upgrades to produce various types of backplanes[188]. - As of the end of 2020, the company has a production capacity of 10 million square meters per month for POE encapsulation films, which is expected to increase to 30 million square meters per month by April 2021[191]. Risks and Compliance - The company has not identified any significant risks that could materially impact its operations during the reporting period[6]. - The company faces risks related to industry cycles, policy changes, market competition, and technological iterations, which could impact its operational performance[197][198][199][200]. - The company is focused on risk prevention and improving internal controls to enhance social trust and employer reputation[188]. Strategic Partnerships and Agreements - The company signed a strategic cooperation agreement with Guodian Investment and Leasing Co., Ltd. on June 22, 2020, to collaborate on the full lifecycle maintenance of solar photovoltaic power plants[45]. - The company has been recognized in the European and American markets for its repair materials for aging photovoltaic power plants since 2017[45]. - The company is leading the drafting of industry standards for photovoltaic component repair[45].