JAHB(SH:603822)2021-04-29 16:00Financial Performance - In 2020, the company's operating revenue was CNY 1,230,146,035, representing a year-on-year increase of 14.39% compared to CNY 1,075,440,212 in 2019[21]. - The net profit attributable to shareholders of the listed company was CNY 37,165,027, a decrease of 40.23% from CNY 62,183,107 in the previous year[21]. - The net cash flow from operating activities was negative CNY 72,254,309, a decline of 154.1% compared to a positive cash flow of CNY 133,350,098 in 2019[21]. - The total assets at the end of 2020 were CNY 2,034,707,033, an increase of 30.17% from CNY 1,563,158,135 at the end of 2019[21]. - The net assets attributable to shareholders of the listed company increased to CNY 827,413,698, reflecting a growth of 6.14% from CNY 779,574,163 in the previous year[21]. - Basic earnings per share decreased by 40.24% to CNY 0.5066, primarily due to the decline in net profit from subsidiary Dongjiang Energy affected by the pandemic[22]. - The weighted average return on equity fell by 3.32 percentage points to 4.73%, attributed to the decrease in net profit[23]. - Total revenue for Q4 2020 was CNY 384,480,596.71, with a net profit attributable to shareholders of CNY 4,538,529.84[26]. Dividend Policy - The company plans to distribute a cash dividend of CNY 1.52 per 10 shares to all shareholders, subject to the total share capital on the dividend distribution date[5]. - The company’s cash dividend policy mandates a minimum cash dividend of 20% of the distributable profit for the year when conditions allow[145]. - In 2020, the company distributed a cash dividend of 1.52 RMB per 10 shares, with a total cash dividend amounting to 11,150,304.43 RMB, representing 30.00% of the net profit attributable to ordinary shareholders[150]. - The company’s profit distribution policy emphasizes reasonable returns to investors, maintaining continuity and stability while considering sustainable development[145]. - The company’s cash dividend distribution in 2019 was 2.55 RMB per 10 shares, totaling 18,705,530.87 RMB, which accounted for 30.08% of the net profit attributable to ordinary shareholders[150]. Market and Industry Trends - The company has become the largest and most comprehensive producer of plant oil-based environmentally friendly plasticizers in China[32]. - The PVC market is expected to exceed 30 million tons during the 14th Five-Year Plan period, indicating strong growth potential[34]. - The demand for disposable PVC medical supplies has surged due to the pandemic, indicating significant growth potential in this sector[36]. - The functional polymer cable industry is expected to benefit from the Belt and Road Initiative, further driving industry growth[37]. - The biodiesel industry in China is expected to benefit from the "carbon neutrality" initiative introduced in 2020, enhancing its role in renewable energy[42]. Research and Development - The company has been recognized for its technological advancements, with 15 new products and processes listed as provincial scientific and technological achievements in 2020[62]. - The R&D expenses grew by 48.07% to 42,671,168.16 RMB, focusing on 15 new products and technologies[74]. - The company introduced 15 new products and processes in 2020, with significant contributions to the development of the biodiesel industry standards[91]. - The company is collaborating with the Dalian Institute of Chemical Physics to develop a high-end benzene-free plasticizer, which is currently in the optimization and debugging phase[131]. Environmental Initiatives - The company invested 5,428,900 RMB in environmental protection initiatives during 2020[73]. - The company is committed to achieving zero emissions and pollution through green manufacturing practices and waste recycling[139]. - The company has a wastewater treatment facility with a processing capacity of 400 tons per day, operational since January 2007[183]. - The company operates two air pollution control towers with capacities of 12,000 m³/h and 8,500 m³/h, both in normal operation since November 2010[183]. - The company has established emergency response plans for environmental pollution incidents and conducts regular drills to enhance response capabilities[186]. Risk Management - The company has acknowledged potential risks in its operations and has detailed these in the report[7]. - The company has identified risks related to the volatility of raw material prices, particularly for soybean oil, waste oil, and octanol, which significantly impact production costs[141]. - The company faces competition from traditional plasticizer manufacturers due to the slow adoption of environmental standards in the domestic market[140]. - The company faces a risk of significant net profit decline in its biomass energy business if there are major adjustments to the national corporate income tax preferential policies[142]. Corporate Governance - The company has not experienced any non-operating fund occupation by controlling shareholders or related parties[7]. - The company has not violated any decision-making procedures regarding external guarantees[7]. - The audit report issued by Da Xin Certified Public Accountants included a reserved opinion, and the board has provided detailed explanations regarding this matter[8]. - The company has committed to reducing and regulating related party transactions to ensure fair dealings[156]. Shareholder Engagement - The company is committed to engaging with shareholders, especially minority shareholders, to gather their opinions and address their concerns regarding cash dividend proposals[148]. - The company will ensure that any share reduction price will not be lower than 80% of the issue price during the two-year lock-up period[153]. - The company will disclose information accurately and timely in accordance with stock exchange rules[154]. Financial Position - Cash and cash equivalents increased by 38.33% to ¥297,249,087.89, primarily due to an increase in bank deposits[94]. - Accounts receivable increased by 67.74% to ¥74,325,754.02, mainly due to an increase in bank electronic acceptance bills from sales collections[94]. - Fixed assets grew by 50.01% to ¥542,462,248.97, mainly due to the completion of several construction projects[94]. - Short-term borrowings increased by 105.85% to ¥654,534,460.32, primarily due to an increase in bank loans[95]. - Long-term borrowings increased by 184.73% to ¥213,548,494.13, mainly due to project loans[95].