XCC(SH:603667)2021-04-27 16:00Financial Performance - The net profit attributable to shareholders for 2020 was CNY 62,100,151.71, while the net profit for the parent company was CNY 67,811,579.51[5] - The company reported a retained earnings balance of CNY 415,871,156.61 available for distribution to shareholders at the end of the year[5] - The company's operating revenue for 2020 was CNY 1,753,991,019.50, a decrease of 3.50% compared to CNY 1,817,599,401.72 in 2019[24] - The net profit attributable to shareholders for 2020 was CNY 62,100,151.71, down 39.35% from CNY 102,398,440.39 in 2019[24] - The net cash flow from operating activities for 2020 was CNY 230,217,712.24, a slight decrease of 1.57% compared to CNY 233,900,461.15 in 2019[24] - The basic earnings per share for 2020 was CNY 0.21, a decrease of 41.67% from CNY 0.36 in 2019[25] - The weighted average return on equity for 2020 was 3.50%, down 2.51 percentage points from 6.01% in 2019[25] - The net profit after deducting non-recurring gains and losses dropped by 57.52% to CNY 38.63 million[64] Dividend and Share Capital - The proposed cash dividend is CNY 1.70 per 10 shares (including tax), with a total distribution of approximately CNY 48,325,360.76 based on the adjusted share capital[5] - The total share capital as of the report date is 292,333,088 shares, with 8,066,260 shares repurchased and excluded from profit distribution calculations[5] - The company has a legal reserve of CNY 6,781,157.95, which is 10% of the net profit for the parent company[5] Risks and Operational Integrity - The company has no significant risks that materially affect its operations during the reporting period[6] - The company has confirmed that there are no non-operational fund occupations by controlling shareholders or related parties[6] - The company has outlined potential risks and countermeasures in its future operations, which are detailed in the report[6] - The company has not reported any funds being occupied or overdue receivables during the reporting period[138] - The company has not disclosed any major related party transactions during the reporting period[144] - The company has not reported any significant changes in the integrity status of its controlling shareholders or actual controllers during the reporting period[146] Market Position and Product Development - The company has developed a comprehensive manufacturing chain for bearings and precision components, including over 20 invention patents, and is recognized as a national high-tech enterprise[40] - The company has successfully entered the market with new products such as electric vehicle air conditioning compressor bearings and third-generation hub bearings, with significant progress in market development[40] - The company supplies major automotive brands including BMW, Toyota, and Ford, and has established itself as a leading supplier for global top seven bearing manufacturers[41] - The bearing industry showed a recovery trend in 2020, with a nearly 30% increase in bearing steel prices by year-end, impacting profit margins but resulting in a substantial order growth for most companies[46] - The company is positioned to capitalize on the $50 billion global market and the $40 billion domestic mid-to-high-end market for bearings, presenting historic opportunities for export and import substitution[47] - The company has achieved significant advancements in intelligent manufacturing technology and has established itself as a leader in bearing heat treatment technology, matching international standards[50] Research and Development - The company’s R&D expenses were CNY 61.06 million, a decrease of 3.91% from the previous year, reflecting a focus on cost management[65] - The company is engaged in several R&D projects, including advanced automotive safety components and new energy vehicle bearings, with ongoing development stages[83] - The company is committed to increasing R&D investment to maintain its competitive edge and address rising technical demands from customers[119] - The company plans to increase R&D investment and attract high-tech talent to achieve breakthroughs in key bearing manufacturing technologies[106] Financial Management and Audit - The company’s financial report has been audited and received a standard unqualified opinion from Tianjian Accounting Firm[4] - The company has engaged Tianjian Accounting Firm for auditing services with a fee of 800,000 RMB for the year[140] - The company has renewed its engagement with Tianjian Accounting Firm for the 2020 audit, confirming the appointment for one year[141] Shareholder Structure and Ownership - The largest shareholder, Zhang Feng, holds 69,621,123 shares, accounting for 23.82% of the total shares, with a portion pledged[173] - The company has a significant concentration of ownership, with Zhang Feng, Wang Xueyong, and Yu Yulei identified as acting in concert[177] - The actual controller of the company is Zhang Feng, who serves as the chairman and general manager[184] - The total number of shares held by the top ten unrestricted shareholders is 69,621,123, indicating a strong ownership structure[177] Environmental and Social Responsibility - The bank has not encountered any environmental violations or penalties during the reporting period[159] - The bank plans to continue optimizing and upgrading its environmental protection facilities and management practices[159]