JCT(SH:603657)2021-03-25 16:00Dividend Distribution - The company plans to distribute a cash dividend of 5.00 RMB per 10 shares to all shareholders, pending approval at the annual general meeting[5]. - In 2020, the company distributed a cash dividend of 5.00 CNY per 10 shares, totaling 67,200,000.00 CNY, with a net profit attributable to ordinary shareholders of 142,445,444.16 CNY, resulting in a payout ratio of 47.18%[86]. - In 2019, the cash dividend was also 5.00 CNY per 10 shares, with a total distribution of 48,000,000.00 CNY and a net profit of 106,608,055.90 CNY, leading to a payout ratio of 45.02%[86]. - In 2018, the company paid a cash dividend of 8.00 CNY per 10 shares, amounting to 76,800,000.00 CNY, with a net profit of 100,968,699.86 CNY, resulting in a significantly higher payout ratio of 76.06%[86]. Financial Performance - The company's operating revenue for 2020 was RMB 854,002,047.66, representing a 51.72% increase compared to RMB 562,866,267.58 in 2019[23]. - The net profit attributable to shareholders for 2020 was RMB 142,445,444.16, a 33.62% increase from RMB 106,608,055.90 in 2019[23]. - The net cash flow from operating activities decreased by 53.42% to RMB 58,795,801.68 in 2020, down from RMB 126,218,926.11 in 2019[23]. - The total assets at the end of 2020 were RMB 1,237,055,630.75, reflecting a 24.18% increase from RMB 996,169,144.19 at the end of 2019[23]. - The basic earnings per share for 2020 was RMB 1.06, up 34.18% from RMB 0.79 in 2019[23]. - The weighted average return on equity increased to 15.60% in 2020, up by 3.06 percentage points from 12.54% in 2019[23]. - The company achieved a revenue of 854 million CNY in 2020, representing a year-on-year growth of 51.72%[43]. - The net profit attributable to the parent company was 133.1 million CNY, an increase of 31.80% year-on-year after deducting non-recurring gains and losses[44]. Operational Overview - The company operates in the hose and accessory products sector, focusing on R&D, production, and sales, primarily for cleaning appliance manufacturers[32]. - The production model is based on "sales-driven production," aligning production schedules with customer orders[32]. - The company has expanded its product applications beyond vacuum cleaners to include steamers, dishwashers, and industrial dust removal systems[32]. - The company has established four production bases in Jinhua, Suzhou, Malaysia, and Vietnam to enhance responsiveness to customer needs and reduce transportation costs[40]. - The company maintains long-term relationships with well-known brands such as Dyson, Midea, and LG, enhancing its market position[38]. Market Trends - The global vacuum cleaner market is driven by population growth, rising economic levels, and increasing health awareness, leading to steady demand growth[42]. - The domestic market for vacuum cleaners is expected to grow rapidly due to urbanization, rising income levels, and changing consumer habits[35]. - The penetration rate of dishwashers in developed countries is 30%-40%, while in China it is less than 1%, indicating significant growth potential in the domestic market[65]. - The domestic dishwasher market is entering a rapid growth phase, driven by improved product awareness and changing consumer lifestyles[65]. - The global cleaning appliance market is experiencing steady growth, supported by population growth and increased health awareness[66]. Research and Development - Research and development expenses amounted to CNY 27,182,035.76, up 23.45% year-on-year, representing 3.18% of total operating revenue[56]. - The number of R&D personnel was 193, accounting for 9.95% of the total workforce[56]. - The company has developed advanced hose products, including a "high-strength electronic hose for high-end vacuum cleaners," which won a provincial award[36]. - The company is focusing on technological innovation and product development to create new profit growth points and enhance its competitive edge in the hose and accessory market[76]. Financial Management - The company has engaged in non-principal guaranteed financial products with various amounts, yielding annualized returns between 2.70% and 2.90%[118]. - The company has entrusted financial management with a total amount of RMB 53 million from raised funds and RMB 27.76 million from self-owned funds[115]. - The company reported a total of 63 million shares under lock-up restrictions as of July 30, 2021[136]. - The company has not granted any stock incentives to directors and senior management during the reporting period, maintaining a conservative approach to equity compensation[148]. Governance and Compliance - The company has received a standard unqualified audit report from Tianjian Accounting Firm[4]. - The company’s financial report is guaranteed to be true, accurate, and complete by its management team[7]. - The company has established a robust internal control system to manage accounts receivable risks, ensuring high-quality receivables from reputable clients[80]. - The company has not received any administrative penalties from regulatory authorities during the reporting period[151]. - The company has implemented effective communication channels with investors, including a dedicated investor hotline and an interactive platform[160]. Shareholder Commitments - The controlling shareholder, Chun Guang Holdings, commits to not transferring or managing its shares for 36 months post-listing[93]. - Chun Guang Holdings will not reduce its shareholding by more than 20% within two years after the lock-up period, with a minimum selling price not lower than the issuance price[93]. - The shareholder, Kai Hong Investment, commits to not transferring or managing its shares for 36 months post-listing[94]. - The shareholder, Fang Xiu Bao, commits to not transferring or managing its shares for 12 months post-listing[96]. Cash Flow and Liquidity - The company’s cash flow from operating activities was CNY 58,795,801.68, down 53.42% from the previous year[46]. - The company’s investment activities resulted in a net cash outflow of CNY 137,666,319.73, a decline of 251.14% year-on-year[46]. - The net cash flow from financing activities was -¥48,046,806.10, an increase of 53.81% compared to the previous year, primarily due to a decrease in cash paid for debt repayment[57]. - The ending balance of cash and cash equivalents was CNY 154,119,259.96 in 2020, down from CNY 292,057,543.68 in 2019[199].