建业股份(603948) - 2020 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2020 was approximately CNY 1.73 billion, representing a 3.17% increase compared to CNY 1.68 billion in 2019[23]. - The net profit attributable to shareholders of the listed company decreased by 11.82% to approximately CNY 125.69 million in 2020 from CNY 142.53 million in 2019[23]. - The cash flow from operating activities for 2020 was approximately CNY 86.39 million, a decrease of 7.07% from CNY 92.97 million in 2019[24]. - Basic earnings per share decreased by 31.09% to CNY 0.82 in 2020 from CNY 1.19 in 2019[25]. - The weighted average return on equity dropped to 9.73% in 2020, down 9.18 percentage points from 18.91% in 2019[25]. - The gross profit margin for the chemical industry was 12.36%, which decreased by 4.82 percentage points compared to the previous year due to rising raw material prices and increased transportation costs[51]. - The company reported a year-on-year increase in ethanol procurement price by 14.12% and is actively managing raw material price fluctuations to mitigate impacts on operating costs[83]. Assets and Liabilities - The total assets of the company increased by 71.79% to approximately CNY 1.90 billion at the end of 2020, compared to CNY 1.11 billion at the end of 2019[24]. - The net assets attributable to shareholders of the listed company rose by 70.56% to approximately CNY 1.41 billion at the end of 2020, up from CNY 825.18 million at the end of 2019[24]. - The total liabilities decreased, with short-term borrowings at CNY 0, down from CNY 40,050,703.82 in the previous year[67]. - The company’s capital reserve increased significantly to CNY 507,202,483.81, up 901.22% from the previous year[67]. Production and Operations - In 2020, the company produced 96,963 tons of low-carbon fatty amines, 43,319 tons of acetate, 50,526 tons of plasticizers, and 5,383 tons of ultra-pure ammonia, with production and sales rates of 99.02%, 100.82%, 101.32%, and 99.43% respectively[43]. - The company completed the construction of a 6,500 tons/year ultra-pure ammonia facility and a 25,000 tons/year ethylamine facility, enhancing its production capacity and market responsiveness[45]. - The production capacity of low-carbon fatty amines increased by 25,000 tons/year, while the capacity for electronic chemicals decreased by 1,000 tons/year for ultra-pure ammonia, with an additional 6,500 tons/year ultra-pure ammonia facility added[81]. - The utilization rates for major products are as follows: low-carbon fatty amines at 89.78%, plasticizers at 101.05%, acetate at 108.30%, and electronic chemicals at 74.48%[82]. Research and Development - The company holds 40 invention patents and 3 utility model patents as of December 31, 2020, reflecting its strong R&D capabilities[37]. - The company has established partnerships with several renowned universities and research institutes, enhancing its technological development[37]. - Research and development expenses amounted to CNY 55,963,027.85, representing 3.24% of total revenue, with 134 R&D personnel making up 22.75% of the total workforce[62]. Market and Industry Outlook - The fine chemical industry in China has a potential growth space, with the current fine chemical rate at 40%-50% compared to about 60% in developed countries[34]. - The market for plasticizers remains broad, driven by the expanding applications of PVC in various sectors[35]. - The company is actively expanding its market presence in the electronic chemicals sector, particularly focusing on ultra-pure ammonia, which is crucial for the LED industry[74]. Corporate Governance and Compliance - The company has not faced any issues with a majority of directors being unable to ensure the authenticity, accuracy, and completeness of the annual report[9]. - The company has no major litigation or arbitration matters reported for the year[143]. - The company has maintained a good integrity status for both itself and its controlling shareholders during the reporting period[143]. Environmental and Social Responsibility - The company emphasizes safety and environmental protection as its primary social responsibility, aiming for "zero injuries, zero pollution, and zero accidents"[153]. - The company has implemented significant technological innovations to reduce energy and resource consumption, minimizing waste emissions[155]. - The company has established wastewater treatment facilities that process production and domestic wastewater, achieving compliance through collaboration with the Sanjiang Ecological Management Co., Ltd.[164][166]. Shareholder and Stock Information - Shareholders committed to not transferring or entrusting their shares for 12 months post-listing, with an automatic 6-month extension if stock price falls below the issue price for 20 consecutive trading days within 6 months[110]. - The company plans to implement a share repurchase program using its own funds, with the repurchase price not exceeding the audited net asset value per share from the previous fiscal year[124]. - The total number of restricted shares before the recent changes was 120 million, which now represents 75% of the total shares after adjustments[175]. Leadership and Management - The company has a diverse leadership team with extensive experience in various roles within the chemical industry[200]. - The current chairman and general manager has a history of leadership in the company since its inception[200]. - The independent directors bring academic and industry expertise, enhancing governance and strategic oversight[200].