AA Belt(SH:603580)2021-04-13 16:00Financial Performance - The company's operating revenue for 2020 was CNY 194,159,732.72, a slight increase of 0.34% compared to CNY 193,502,065.89 in 2019[22]. - Net profit attributable to shareholders decreased by 14.03% to CNY 30,565,110.49 from CNY 35,552,502.05 in the previous year[22]. - The basic earnings per share for 2020 was CNY 0.2339, down 14.04% from CNY 0.2721 in 2019[23]. - The total assets of the company increased by 7.00% to CNY 495,256,798.98 at the end of 2020, compared to CNY 462,878,009.79 at the end of 2019[22]. - Cash flow from operating activities decreased by 35.31% to CNY 19,345,880.74 from CNY 29,906,304.77 in 2019[22]. - The company's net assets attributable to shareholders increased by 4.78% to CNY 438,922,204.73 at the end of 2020, compared to CNY 418,897,022.58 at the end of 2019[22]. - The weighted average return on equity decreased by 1.62 percentage points to 7.10% in 2020 from 8.72% in 2019[23]. - The net profit after deducting non-recurring gains and losses was CNY 26,757,221.02, a decrease of 2.75% from CNY 27,514,746.10 in 2019[22]. - The company reported quarterly revenues of CNY 35,966,114.76 in Q1, CNY 48,149,305.96 in Q2, CNY 70,070,512.43 in Q3, and CNY 39,973,799.57 in Q4 of 2020[25]. Dividend and Profit Distribution - The company plans to distribute a cash dividend of 0.82 RMB per 10 shares, totaling 10.7152 million RMB based on a total share capital of 13.06732 million shares as of December 31, 2020[5]. - The company will carry forward the remaining undistributed profits to the next fiscal year[5]. - The cash dividend payout ratio for 2020 is 35.06%, compared to 30.14% in 2019 and 31.29% in 2018[89]. Audit and Compliance - The company has received a standard unqualified audit report from Da Hua Certified Public Accountants[4]. - The company emphasizes the importance of accurate and complete financial reporting, with all board members present at the meeting[8]. - The company is committed to ensuring the authenticity and completeness of the annual report, with legal responsibilities assumed by the board members[8]. - The independent auditor issued a standard unqualified opinion on the financial statements, affirming compliance with accounting standards[149]. Risk Management - The company has detailed risk factors in the report, particularly in the section discussing future development[7]. - The report includes a forward-looking statement risk declaration, indicating that future plans do not constitute a substantive commitment to investors[6]. - The company emphasizes the need for effective measures to mitigate financial risks associated with increased accounts receivable[85]. Research and Development - The company has a strong focus on R&D, holding multiple invention and utility model patents, and is currently applying for additional patents[31]. - The company obtained 15 utility model patent authorizations during the reporting period, enhancing its product development capabilities[37]. - Research and development expenses rose by 7.40% to 9.75 million RMB, indicating a commitment to innovation[44]. Market and Sales Performance - Domestic sales revenue reached 97.51 million RMB, up 24.15% year-on-year, while overseas sales revenue was 96.65 million RMB, down 15.93%[48]. - The company primarily adopts a direct sales model domestically, enhancing brand image and maximizing value, while utilizing a distribution model in overseas markets[31]. - The market for lightweight conveyor belts remains promising, with increasing demand both domestically and internationally[42]. Financial Position and Assets - Total assets as of December 31, 2020, amounted to CNY 495,256,798.98, an increase from CNY 462,878,009.79 in 2019, reflecting a growth of approximately 6.5%[161]. - Current assets totaled CNY 348,948,807.05, slightly decreasing from CNY 350,389,114.72 in the previous year, indicating a decline of about 0.4%[161]. - Non-current assets increased to CNY 146,307,991.93 from CNY 112,488,895.07, representing a significant growth of approximately 30.1%[162]. - Total liabilities rose to CNY 48,596,768.98, up from CNY 36,096,148.56, marking an increase of around 34.4%[163]. Corporate Governance - The company maintains a clear governance structure with distinct roles for the board, supervisors, and management, ensuring effective decision-making[139]. - The company held 5 board meetings during the reporting period, ensuring compliance with legal and regulatory requirements[138]. - The company conducted 1 shareholders' meeting during the reporting period, with legal oversight to ensure procedural compliance[137]. Social Responsibility - The company emphasizes its commitment to social responsibility, integrating it into its business practices and supporting regional economic development[106]. - The company made a donation of 300,000 to poverty alleviation efforts in Gansu Province during the reporting period[105]. - The company contributed 200,000 to support COVID-19 relief efforts in 2020[107]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 5,564, down from 6,765 at the end of the previous month[114]. - The top two shareholders, Tu Mulian and Cai Ruimei, hold 33.75% and 33.19% of the shares, respectively, with no changes in their holdings during the reporting period[116]. - The total number of restricted shares at the beginning of the year was 88,445,000, all of which were released during the year[113].