DIBAY(SH:603320)2021-04-14 16:00Financial Performance - In 2020, the company's operating revenue reached ¥728,629,452.26, representing a 5.36% increase compared to ¥691,588,115.08 in 2019[23]. - The net profit attributable to shareholders was ¥41,774,517.62, a slight increase of 1.84% from ¥41,021,500.26 in the previous year[23]. - The net profit after deducting non-recurring gains and losses decreased by 23.05% to ¥28,907,507.63 from ¥37,568,007.53 in 2019[23]. - The net cash flow from operating activities improved significantly by 40.47%, totaling ¥95,184,387.33 compared to ¥67,762,830.82 in 2019[23]. - Basic earnings per share decreased by 21.95% to CNY 0.32 in 2020 compared to CNY 0.41 in 2019[24]. - The net profit attributable to shareholders for the fourth quarter was CNY 10,071,331.98, with a total annual net profit decrease of 23.05% after excluding non-recurring gains and losses[27]. - The weighted average return on equity decreased by 0.48 percentage points to 5.95% in 2020 from 6.43% in 2019[24]. - The company reported a significant increase in net cash flow from operating activities, amounting to CNY 95.18 million, a 40.47% increase compared to the previous year[49]. - The company achieved a revenue of 850 million yuan and a net profit of 55.27 million yuan in 2020[86]. - The company reported a net profit margin improvement, with retained earnings increasing to CNY 323,823,785.15 in 2020 from CNY 299,644,591.70 in 2019, a growth of about 8.1%[194]. Assets and Liabilities - As of the end of 2020, the total assets amounted to ¥1,151,436,796.44, reflecting a 6.22% increase from ¥1,084,059,934.32 at the end of 2019[23]. - The total liabilities decreased by 66.67% for short-term loans, down to ¥500,000.00, reflecting a reduction in bank borrowings[65]. - The total amount of guarantees provided by the company, excluding those to subsidiaries, is 4,742,740.45 RMB, which accounts for 0.66% of the company's net assets[111]. - Current liabilities rose to CNY 204,678,489.59 in 2020, compared to CNY 182,003,009.88 in 2019, an increase of about 12.4%[193]. - Non-current liabilities totaled CNY 226,317,092.71 in 2020, up from CNY 211,137,477.46 in 2019, reflecting a growth of approximately 7.2%[193]. Research and Development - The company’s R&D innovation system focuses on continuous product upgrades, ensuring sustained technological leadership[35]. - Research and development expenses increased to CNY 32.73 million, up 17.45% year-on-year, with 10 patents applied for and 13 patents granted during the reporting period[47][49]. - The total amount of R&D investment accounted for 4.49% of operating revenue, with 126 R&D personnel representing 14.55% of the total workforce[61]. - The company is investing in research and development to stay competitive and address the evolving technology landscape in the compressor industry[91]. Market and Sales - Domestic sales of refrigerator compressors reached 15.69 million units, with a year-on-year growth of 18.5%, the highest increase in recent years[36]. - The company’s main business includes the R&D, production, and sales of household, commercial, and vehicle-mounted compressor sealing motors[32]. - The company’s commercial products are used in various applications, including ice machines and air conditioning systems, with notable brands like Gree and York[32]. - The company anticipates a retail volume growth of 2.0% and a retail revenue growth of 2.3% for the refrigerator market in 2021, supported by favorable economic policies and consumer demand for high-quality products[71]. Dividend and Shareholder Policies - The company plans to distribute a cash dividend of ¥1.00 per 10 shares to all shareholders, pending approval at the annual general meeting[5]. - The company is committed to maintaining a cash dividend policy of at least 20% of the distributable profits each year from 2020 to 2022[94]. - In 2020, the total cash dividend distributed amounted to 13,000,731.50 RMB, representing 31.12% of the net profit attributable to ordinary shareholders[96]. - The company proposed a cash dividend of 1.00 RMB per 10 shares for the 2020 fiscal year, subject to shareholder approval[95]. Corporate Governance - The company has established a comprehensive internal control system to ensure fair treatment of all shareholders, particularly minority shareholders[121]. - The company has a dedicated investor relations management system to enhance communication with investors, including a hotline for inquiries[164]. - The audit report confirmed that the financial statements fairly reflect the company's financial position as of December 31, 2020, in all material respects[174]. - The internal control audit report issued a standard unqualified opinion, affirming the effectiveness of the company's internal controls as of December 31, 2020[170]. Risks and Challenges - The company has outlined potential risks in its future development in the report, advising investors to be cautious[9]. - The company faces risks from rising labor and raw material costs, which could impact profit margins[89]. - The company anticipates market fluctuations due to changes in downstream industry trends and competitive pressures[88]. Employee and Management Information - The total number of employees in the parent company is 821, with a combined total of 866 employees including major subsidiaries[156]. - The actual remuneration paid to directors, supervisors, and senior management in 2020 amounted to 1.4715 million yuan[154]. - The company has a total of 6 directors, including 3 independent directors, ensuring compliance with legal requirements[162]. Strategic Initiatives - The company is focusing on high-end, smart markets and free embedded markets, which are expected to drive growth in the coming years[71]. - The company plans to enhance its production capabilities through automation and digitalization, aiming for improved delivery accuracy and efficiency[83]. - The management emphasized a focus on sustainability initiatives, aiming to reduce carbon emissions by 20% over the next three years[150].