BOMESC(SH:603727)2021-04-23 16:00Financial Performance - The company achieved a consolidated net profit of RMB 131.62 million for the year 2020, with a net profit attributable to shareholders of RMB 131.62 million[5]. - The company's operating revenue for 2020 was approximately ¥2.58 billion, representing a 90.48% increase compared to ¥1.35 billion in 2019[23]. - The net profit attributable to shareholders for 2020 was approximately ¥131.62 million, a significant increase of 279.80% from ¥34.65 million in 2019[23]. - The basic earnings per share for 2020 was ¥0.58, which is a 286.67% increase compared to ¥0.15 in 2019[25]. - The total assets at the end of 2020 reached approximately ¥4.24 billion, reflecting a 34.49% increase from ¥3.16 billion at the end of 2019[24]. - The company generated a net cash flow from operating activities of approximately ¥383.30 million in 2020, a significant recovery from a negative cash flow of ¥44.72 million in 2019[23]. - The company reported a total of ¥51.82 million in non-recurring gains for 2020, compared to ¥25.85 million in 2019[29]. - The company achieved a total revenue of RMB 2,579,330,318.63 in 2020, representing a year-on-year growth of 90.48% compared to RMB 1,354,097,815.53 in 2019[63]. - The net profit attributable to shareholders for 2020 was RMB 131,615,700, marking a significant increase of 279.80% from the previous year[63]. - The total assets of the company reached RMB 4,244,064,000 by the end of 2020, with net assets amounting to RMB 2,443,247,300[64]. Dividend Distribution - The company plans to distribute a cash dividend of RMB 2.50 per 10 shares (including tax) to all shareholders, with no stock dividends or capital reserve transfers planned[5]. - The cumulative distributable profit as of December 31, 2020, was RMB 743.62 million, with the parent company's cumulative distributable profit at RMB 298.46 million[5]. - The cash dividend for 2020 represents 43.23% of the net profit attributable to shareholders, compared to 65.66% in 2019 and 96.03% in 2018[127]. - The company emphasizes a stable and continuous profit distribution policy, prioritizing cash dividends while considering future investment needs[120]. Risk Management - The company has detailed potential risks in the report, particularly in the section discussing future development and risks[8]. - The company faces risks related to industry cyclicality, with potential impacts on project acquisition and performance during economic downturns[111]. - The company is exposed to significant customer concentration risk, primarily serving major global energy and mining companies, which may affect operations if demand fluctuates[113]. - The company is subject to foreign exchange risks, particularly as a portion of its contracts are settled in USD, which may affect revenue and profit margins[117]. Operational Highlights - The company operates several wholly-owned subsidiaries, including BOMESC USA LLC and Tianjin BOMESC Asset Management Co., Ltd.[12]. - The company maintained its focus on high-end clients in the marine oil and gas development, mining, and natural gas liquefaction sectors, with no significant changes in its main business model during the reporting period[34]. - The company has a strong project management team, successfully delivering multiple large-scale projects, including Wheatstone LNG and Yamal LNG[46]. - The company has expanded its production site to 670,000 square meters and completed the construction of a deep-water dock with a length of 700 meters, enhancing its capacity for large projects like FPSO, FLNG, and FSRU[50]. - The company has established design branches in Wuhan and Tianjin to meet the increasing demand for detailed design work in FPSO projects[56]. Research and Development - Research and development expenses surged by 113.40% to RMB 125,590,349.88, indicating a strong commitment to innovation[66]. - The company applied for 57 patents during the reporting period, including 19 invention patents and 38 utility model patents[82]. - The number of R&D personnel reached 388, representing 31.09% of the total workforce[80]. - The company has initiated the construction of a new dock capable of accommodating 15,000-ton FPSO outfitting, with a berth length of 300 meters, expected to handle 100 modules of 1,000 tons or less annually[60]. Environmental Compliance - The company emphasizes compliance with health, safety, and environmental standards while enhancing its production capacity[173]. - The company has obtained the ISO 14001:2015 environmental management system certification, demonstrating its commitment to environmental management[190]. - The company has implemented pollution prevention facilities that are in good condition and operating effectively[184]. - The company has signed agreements with qualified vendors for the recycling of all recyclable waste materials[182]. - The company generated 961.14 tons of waste steel and 50 tons of waste wood in 2020, with a comprehensive utilization rate of 100% for both types of solid waste[182]. Social Responsibility - In 2020, the company donated a total of RMB 1.83 million for various charitable activities, including RMB 800,000 for COVID-19 relief efforts[176]. - The company provided RMB 150,000 in scholarships to support 30 underprivileged students from Sichuan Fushun No. 1 Middle School[168]. - The company has committed to ongoing poverty alleviation efforts, aligning with national strategies and mobilizing all employees to participate[172]. - The company has been recognized with multiple awards for its social responsibility initiatives, including the "National May Day Labor Award" in 2018[175]. Corporate Governance - The company has not reported any non-operating fund occupation by controlling shareholders or related parties[7]. - There are no violations of decision-making procedures for providing guarantees to external parties[8]. - The company has not faced any situation where more than half of the directors cannot guarantee the authenticity, accuracy, and completeness of the annual report[8]. - The company has established internal control systems to uphold business ethics and protect shareholder rights[173].