鼎胜新材(603876) - 2020 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2020 was approximately CNY 12.43 billion, an increase of 10.59% compared to CNY 11.24 billion in 2019[30]. - The net profit attributable to shareholders for 2020 was a loss of CNY 14.99 million, a decrease of 104.86% from a profit of CNY 308.72 million in 2019[30]. - The net cash flow from operating activities for 2020 was a negative CNY 744.79 million, worsening from a negative CNY 636.49 million in 2019, representing a 17.01% increase in cash outflow[30]. - The total assets at the end of 2020 were approximately CNY 13.33 billion, a decrease of 1.54% from CNY 13.54 billion at the end of 2019[30]. - The basic earnings per share for 2020 was -CNY 0.03, a decline of 104.17% compared to CNY 0.72 in 2019[31]. - The company's aluminum production reached approximately 732,700 tons, with sales of 728,800 tons[72]. - The net profit attributable to the parent company was a loss of RMB 14.99 million, a decline of 104.86% year-on-year[72]. - The total assets of the company as of December 31, 2020, were approximately RMB 13.33 billion, a decrease of 1.54% year-on-year[79]. - The company reported a significant increase in financial expenses by 144.39% to RMB 267.66 million[82]. - The company implemented cost reduction and efficiency enhancement measures, resulting in a 13.27% increase in operating costs to RMB 11.37 billion[82]. Dividends and Shareholder Returns - The company reported no cash dividends for the fiscal year 2020, nor will it implement stock bonuses or capital reserve transfers to increase share capital[6]. - The company has a cash dividend policy in place since May 2017, which has not been adjusted during the reporting period, ensuring shareholder returns[127]. - The company distributed cash dividends of RMB 1.00 per 10 shares for the years 2017 and 2018, totaling RMB 43 million each year[130][131]. - In 2019, the company also distributed cash dividends of RMB 1.00 per 10 shares, amounting to RMB 43,362,830.10, based on a total share capital of 433,628,301 shares[131]. - For the year 2020, the company reported a net loss of RMB 14,994,348.11 and proposed not to distribute any cash dividends due to operational losses and the need for capital to support business transformation[135][132]. - The total cash dividends distributed over the past three years amounted to RMB 129,362,830.10, with no dividends proposed for 2020[135]. Corporate Governance and Compliance - The company has not disclosed any significant changes in its board of directors or supervisory board during the reporting period[4]. - The company has not violated any regulatory decision-making procedures in providing guarantees[8]. - The company has committed to avoiding any related transactions with its controlling shareholders and major stakeholders[152]. - There are no existing competitive situations between the company and its controlling shareholders or their subsidiaries[155]. - The company has committed to ensuring that all disclosures are truthful, accurate, and complete, and will bear legal responsibility for any misleading statements[179]. - The controlling shareholder has promised not to interfere in the company's management and to uphold the interests of the company[182]. Risks and Challenges - The company has outlined potential risks in its future development strategies, urging investors to be cautious[7]. - The company faces risks from aluminum price fluctuations, which can significantly impact short-term profit levels due to the pricing model based on aluminum ingot prices[115]. - Export risks include international trade protection policies that may affect competitiveness and demand for aluminum foil products in foreign markets[118]. - The company is exposed to exchange rate fluctuations, particularly with the RMB/USD rate, which can impact export revenues and lead to potential foreign exchange gains or losses[120]. - The company faced challenges due to the COVID-19 pandemic, impacting production capacity and logistics[71]. Production and Operations - The company's main raw materials are aluminum ingots and aluminum billets, with procurement based on production plans determined by sales conditions[43]. - The company employs a "sales-driven production" model, enhancing production efficiency through a well-established production management system[44]. - The company has rapidly become the leading manufacturer of air conditioning foil in China, capitalizing on the shift from hydrophilic coating foil to light foil around 2005[57]. - The company has successfully increased its production volume of single zero and double zero foil, enhancing profitability and expanding into downstream packaging and consumer sectors[57]. - The company has positioned itself as a leader in the lithium battery aluminum foil market, driven by the explosive growth in demand for new energy vehicles and energy storage solutions[57]. - The company has developed advanced production processes, including the "casting-rolling" method for lithium battery aluminum foil, which reduces production costs and improves market competitiveness[65]. - The company has established long-term stable partnerships with multiple electrolytic aluminum and aluminum processing enterprises, mitigating the impact of price fluctuations[43]. Research and Development - Total R&D expenses amounted to ¥432.29 million, representing 3.48% of total revenue, with 671 R&D personnel, accounting for 13.46% of total staff[93]. - Future R&D investments will focus on key products such as double-zero foil, brazing foil, and battery foil, emphasizing innovation in production processes[113]. - The company aims to enhance profitability and market influence through proactive R&D and global sales strategies[109]. Legal Matters - The company is involved in a lawsuit with Guangdong Zhigao Air Conditioning Co., Ltd., with the amount involved in the litigation totaling approximately 7.4 million RMB[195]. - The company has reached a mediation agreement in the lawsuit with Guangdong Zhigao, requiring the defendant to pay a total of 5.73 million RMB in two installments[195]. - The company is also facing a lawsuit from Li Jianbing, claiming compensation of 16.61 million RMB due to economic losses caused by a work stoppage[197]. Audit and Financial Oversight - The company’s financial report has been audited by Tianjian Accounting Firm, which issued a standard unqualified opinion[5]. - The company has appointed Tianjian Accounting Firm as its financial audit institution for the year 2020, with an audit fee of 1.25 million RMB[192].