YINGLIU(SH:603308)2021-04-29 16:00Financial Performance - The company's operating revenue for 2020 was CNY 1,833,129,761.65, a decrease of 1.47% compared to CNY 1,860,466,263.02 in 2019[21] - Net profit attributable to shareholders for 2020 was CNY 201,614,666.94, representing a significant increase of 54.28% from CNY 130,684,191.09 in 2019[21] - The net profit after deducting non-recurring gains and losses was CNY 143,056,787.07, up 69.99% from CNY 84,156,328.30 in the previous year[21] - Basic earnings per share for 2020 was CNY 0.41, a 36.67% increase compared to CNY 0.30 in 2019[25] - The weighted average return on equity increased by 1.09 percentage points to 5.47% in 2020 from 4.38% in 2019[25] - Total operating income for Q4 2020 was CNY 479,591,792.25, with a net profit attributable to shareholders of CNY 70,075,115.27[26] - The company reported a net cash flow from operating activities of CNY -87,356,948.09 for the year 2020[30] - The company's total revenue for 2020 was 1,833,129,761.65 RMB, a slight decrease of 1.47% compared to the previous year[45] - The company reduced its operating costs by 5.39% to 1,129,115,827.68 RMB[45] Assets and Liabilities - As of the end of 2020, the total assets amounted to CNY 8,203,381,287.14, reflecting a growth of 10.13% from CNY 7,448,953,514.99 at the end of 2019[24] - The net assets attributable to shareholders reached CNY 3,780,564,470.35, an increase of 5.13% from CNY 3,596,227,676.43 in 2019[24] - Accounts receivable increased significantly to CNY 39.37 million, representing 0.48% of total assets, up 1,267.39% from the previous period due to increased domestic revenue and longer credit terms for domestic customers[66] - Construction in progress rose to CNY 1,633.03 million, accounting for 19.93% of total assets, a 62.02% increase from the previous period, primarily due to investments in high-temperature alloy precision casting and aerospace industrial park projects[66] - Intangible assets increased to CNY 665.41 million, making up 8.11% of total assets, a 63.96% increase from the previous period, mainly due to the acquisition of land use rights[66] - Deferred income increased by 60.29% to CNY 421.20 million, representing 5.14% of total assets, primarily due to an increase in government subsidies recognized as deferred income[66] Dividends and Share Capital - The company plans to distribute a cash dividend of CNY 1.24 per 10 shares, totaling CNY 60,507,298.66 based on the total share capital of 487,962,086 shares as of December 31, 2020[6] - The company intends to increase its share capital by 4 shares for every 10 shares held, resulting in a new total share capital of approximately 683,146,921 shares[6] - For the year 2020, the company distributed a cash dividend of 1.24 yuan per 10 shares, amounting to approximately 60.51 million yuan, representing 30.01% of the net profit attributable to ordinary shareholders[85] Research and Development - The company has over 100 patents and proprietary technologies, contributing to its competitive edge in high-end equipment manufacturing[38] - The company’s total R&D investment amounted to ¥298,320,085.69, representing 16.27% of total revenue[61] - Research and development expenses decreased by 6.79% to 224,189,104.37 RMB[48] - The company successfully completed 60-hour durability tests for two new engine models, YLWZ130 and YLWZ190, laying a solid foundation for their certification[44] - The company is actively involved in national key research and development programs, collaborating with several prestigious research institutions[38] Market and Industry Position - The company exports to over 30 countries, serving nearly 100 clients, including more than ten Fortune 500 companies[33] - The company ranks first in export volume among valve component manufacturers in China[39] - In 2020, the company's domestic revenue increased by 47.08%, surpassing international revenue for the first time in nearly a decade[44] - Revenue from the aerospace new materials and components sector grew by 80.45% year-on-year[44] - Revenue from the nuclear energy new materials and components sector increased by 10.65% year-on-year, with minimal impact from the pandemic[44] Risk Management - The company has provided a risk statement regarding forward-looking statements, indicating potential risks in future plans and strategies[6] - The company faces risks from fluctuations in raw material prices, particularly scrap steel and nickel, which could impact pricing stability and operating performance[81] - The company is exposed to exchange rate risks due to its export sales denominated in foreign currencies, primarily USD, GBP, and EUR[81] - The company has implemented measures to manage risks associated with the COVID-19 pandemic, which could affect downstream industry demand and international customer operations[81] Corporate Governance - The company has established a comprehensive risk management system to ensure the rights and interests of all shareholders[1] - The company has a clear governance structure with independent decision-making and supervision mechanisms[1] - The company has implemented a performance evaluation mechanism for senior management, assessing their performance quarterly and annually[177] - The internal control audit report received a standard unqualified opinion, indicating no significant deficiencies in internal controls[178] - The company has not received any administrative regulatory measures requiring rectification from regulatory authorities during the reporting period[167] Environmental Responsibility - The company emphasizes environmental protection, adopting advanced equipment and technologies to minimize pollutant emissions and implementing clean production practices[114] - The company produces minimal waste, with effective waste management systems in place, ensuring compliance with environmental standards[115] - Anhui Yingliu Machinery Co., Ltd. has established a wastewater treatment station that processes wastewater to meet the first-level discharge standards of the "Comprehensive Discharge Standard for Wastewater" (GB8978-1996) before releasing it into the municipal pipeline[122] - The company has a comprehensive emergency response plan for environmental incidents, enhancing the ability to manage and mitigate environmental emergencies[124] Employee Relations - The company has implemented a labor contract system, providing employees with social insurance including pension, medical, unemployment, work injury, and maternity insurance[1] - The company has established a welfare system that includes social insurance and housing fund contributions, along with annual training and team-building activities[162] - The company has a dynamic salary management policy that incentivizes employee performance based on market conditions and company profitability[162] - The company has implemented a training program that includes both internal and external training to enhance employee skills and knowledge[163] Audit and Compliance - The company has engaged Tianjian Accounting Firm for auditing services, with a fee of CNY 900,000 for the year[96] - The company has no significant changes in accounting policies or estimates that would impact financial reporting[96] - The company has no outstanding debts or court judgments against it, maintaining a good credit status[99] - The audit report indicates that the auditors have obtained reasonable assurance that the financial statements are free from material misstatement[189]