XUELONG(SH:603949)2021-04-27 16:00Financial Performance - In 2020, Xuelong Group achieved a total operating revenue of RMB 487,671,779.87, representing a year-on-year increase of 33.50% compared to RMB 365,306,580.13 in 2019[26]. - The net profit attributable to shareholders of the listed company for 2020 was RMB 146,112,356.46, an increase of 46.28% from RMB 99,883,550.10 in 2019[26]. - The net profit after deducting non-recurring gains and losses was RMB 138,514,756.66, up 45.81% from RMB 94,998,847.64 in the previous year[26]. - The basic earnings per share for 2020 was CNY 0.76, representing a 4.11% increase from CNY 0.73 in 2019[27]. - The weighted average return on equity decreased to 18.37% in 2020 from 26.36% in 2019, a decline of 7.99 percentage points[27]. - The company achieved operating revenue of 487.67 million yuan, a year-on-year increase of 33.50%[58]. - Net profit attributable to shareholders reached 146.11 million yuan, up 46.28% compared to the previous year[58]. - The total assets increased to 1.08 billion yuan, reflecting a growth of 114.16% year-on-year[52]. Asset and Equity Growth - As of the end of 2020, the total assets of Xuelong Group amounted to RMB 1,076,910,783.88, a 114.16% increase from RMB 502,852,934.20 at the end of 2019[26]. - The net assets attributable to shareholders of the listed company reached RMB 961,457,335.49, reflecting a significant increase of 124.22% from RMB 428,792,732.33 in 2019[26]. - The net assets attributable to shareholders increased by 124.22% compared to the beginning of the year, primarily due to the completion of a public stock offering[28]. - The total assets grew by 114.16% from the beginning of the year, also attributed to the public stock offering[28]. Cash Flow and Dividends - The net cash flow from operating activities decreased by 50.48% to RMB 44,757,517.89 from RMB 90,389,445.91 in 2019[26]. - The company plans to distribute a cash dividend of RMB 3.00 per 10 shares, totaling RMB 62,941,830.00, based on a total share capital of 209,806,100 shares[6]. - The company proposed a cash dividend of 3.00 CNY per 10 shares for the year 2020, amounting to a total of 62,941,830 CNY distributed to shareholders, which represents 43.08% of the net profit attributable to ordinary shareholders[99]. Market and Product Development - The company focuses on the research, production, and sales of internal combustion engine cooling systems and lightweight plastic products, with applications in automotive and machinery sectors[35]. - The company has implemented a global internationalization strategy, emphasizing energy-saving and environmentally friendly product development[35]. - The demand for silicone oil clutch fan assemblies is expected to increase as the market transitions from direct-connected fans to more advanced products, expanding the market size[40]. - The automotive parts market is evolving with trends towards electrification and lightweighting, providing significant growth opportunities for the company's plastic components[40]. - The company anticipates a stable growth in the Chinese automotive market over the next five years, with total vehicle sales expected to reach 26.3 million units in 2021, a 4% increase year-on-year[79]. Research and Development - Research and development expenses increased by 36.07% to 19.64 million yuan, indicating a focus on innovation[61]. - The company aims to maintain a sales revenue investment of approximately 4% for research and development, focusing on expanding its product line in cooling systems[90]. - The company is investing in R&D, allocating 10% of its revenue towards developing new technologies and products[161]. Corporate Governance and Compliance - The company has not reported any significant risks that could materially affect its operations during the reporting period[11]. - The company has no violations of decision-making procedures for providing guarantees[9]. - The company has engaged in wealth management through bank financial products, with a total investment of 550 million RMB from raised funds and 100 million RMB from self-owned funds[116]. - The company has structured deposits with Agricultural Bank and Shanghai Bank, with annualized returns of 3.85% and 3.90%, respectively, and all principal and interest have been fully recovered[117]. - The company has implemented a MES system to improve production efficiency and transparency in the supply chain[54]. Shareholder Relations and Commitments - The company maintains a cash dividend policy, committing to distribute no less than 15% of the annual distributable profit as cash dividends, provided certain conditions are met[94]. - The company emphasizes communication with minority shareholders during the annual general meeting, providing multiple channels for feedback[98]. - The company has a structured decision-making process for profit distribution that includes input from independent directors and minority shareholders[98]. - The company has committed to ensuring that any adjustments to the profit distribution policy comply with relevant laws and regulations[98]. Environmental Responsibility - The company maintained compliance with environmental regulations, with all emission indicators meeting national standards[128]. - The company reported no violations of environmental laws or regulations during the reporting period[126]. - The company invested in environmental protection equipment to minimize its impact on the environment[127]. Audit and Financial Reporting - The company implemented the new revenue recognition standard starting from January 1, 2020, which aligns with national accounting policies and reflects the company's financial status objectively[109]. - The company appointed Tianjian Accounting Firm as the auditor for the fiscal year 2020, with an audit fee of 750,000 RMB, and the audit term is set for one year[111]. - The audit report emphasizes the importance of identifying and assessing risks of material misstatement due to fraud or error in financial reporting[196]. Employee Management - The total number of employees in the parent company is 399, while the main subsidiaries have 61 employees, resulting in a total of 460 employees[169]. - The company has implemented a competitive salary system to attract top talent while ensuring a good working environment for employees[170]. - The company emphasizes employee training to enhance professional knowledge and business skills, with both internal and external training programs[171].