JiHuaGroup(SH:603980)2021-04-27 16:00Financial Performance - In 2020, the company's total revenue was ¥1,832,231,322.68, a decrease of 30.45% compared to ¥2,634,304,591.28 in 2019[20] - The net profit attributable to shareholders was ¥230,551,013.65, down 46.94% from ¥434,476,475.88 in the previous year[20] - The net profit after deducting non-recurring gains and losses was ¥42,008,462.72, a decline of 88.69% compared to ¥371,300,444.43 in 2019[20] - Cash generated from operating activities was ¥122,454,771.66, a significant drop of 82.83% from ¥713,078,795.76 in 2019[20] - The net profit attributable to shareholders of the listed company for 2020 was CNY 4,466,489,605.84, a decrease of 1.89% compared to CNY 4,552,636,833.66 in 2019[21] - Basic earnings per share for 2020 were CNY 0.33, down 46.77% from CNY 0.62 in 2019[22] - The weighted average return on equity decreased to 5.14% in 2020, down 4.67 percentage points from 9.81% in 2019[22] - The company reported a significant decline in cash flow from operating activities, with a net cash flow of CNY 122 million, down 82.83% year-on-year[39] - Total profit amounted to 320 million, down 39.13% year-on-year[88] - The company's net profit decreased, leading to a 34.93% reduction in tax payable to 34,766,633.8 from 53,429,024.54[56] Dividend and Profit Distribution - The company plans to distribute a cash dividend of ¥1.65 per 10 shares, totaling ¥115,500,000, based on a total share capital of 700,000,000 shares[4] - The company has set aside 10% of its net profit, amounting to ¥13,976,054.54, for statutory surplus reserves[4] - The total distributable profit for 2020 was ¥734,746,343.54 after accounting for the dividend distribution[4] Audit and Compliance - The company has received a standard unqualified audit opinion from Tianjian Accounting Firm[5] - The company has not reported any non-operational fund occupation by controlling shareholders or related parties[5] - The company has not reported any overdue amounts for its financial management products, reflecting effective management[108] - The audit opinion confirmed that the financial statements fairly present the company's financial position as of December 31, 2020, in accordance with accounting standards[196] Research and Development - The company has 88 patents and has participated in the formulation of 36 national and industry standards, showcasing its strong R&D capabilities[35] - Total R&D investment amounted to ¥97,084,083.33, representing 5.30% of operating revenue, with 203 R&D personnel accounting for 11.99% of total staff[50] - The company plans to focus on expanding its product lines and enhancing research and development efforts in new technologies[42] - The company conducted research on 43 projects in the year, with 15 projects entering trial production and 21 new product development projects, resulting in 4 provincial new product certifications and 5 authorized invention patents[68] Market and Sales Performance - The company achieved total revenue of CNY 1.83 billion in 2020, a decrease of 30.45% year-on-year[38] - The company's revenue from dyes and intermediates reached approximately ¥1.58 billion, a year-on-year increase of 25.37%[42] - Domestic sales accounted for ¥1.41 billion, reflecting a decrease of 30.81% year-on-year, while foreign sales increased by 33.21% to ¥423.88 million[42] - The gross margin for the specialty chemicals segment was 25.07%, a decrease of 6.10 percentage points year-on-year[41] - The company is strategically focusing on balancing domestic and international sales to optimize production and sales ratios amid challenging market conditions[37] Environmental and Safety Compliance - The company is committed to environmental protection, adhering to various pollution control standards for wastewater and exhaust emissions[128] - The company discharged a total of 1,711,727 tons of wastewater in 2020, with Hangzhou Jihua Jiangdong Chemical Co., Ltd. accounting for 1,647,034 tons[129] - The company has implemented VOCs pollution control measures, achieving an average concentration of non-methane total hydrocarbons at 36.1 mg/m³ in 2020[138] - The company has established an emergency response plan for environmental incidents, which has been reviewed and approved by relevant environmental protection authorities[133] Shareholder Structure and Capital Changes - The total number of shares increased from 500,000,000 to 700,000,000 due to a capital reserve conversion plan, resulting in an increase of 200,000,000 shares[146] - The company’s restricted shares were released for trading on June 15, 2020, after the lock-up period expired[147] - The largest shareholder, Hangzhou Jinhui Electromechanical Equipment Co., Ltd., held 196,000,000 shares, representing 28.00% of the total shares[154] - The company’s shareholder structure remains stable with no significant changes reported during the period[151] Management and Governance - The company has maintained a stable leadership structure with no changes in shareholdings among key executives during the reporting period[165] - The company has a structured compensation and assessment system for its directors and senior management, determined by the remuneration and assessment committee[175] - The company continues to focus on enhancing its operational efficiency and governance structure through strategic appointments[176] - The company remains committed to transparency and compliance with regulatory requirements in its governance practices[179] Future Outlook - The company plans to focus on the dye chemical industry, adjusting product structure and enhancing R&D investment[86] - The company anticipates a gradual recovery in the dye industry as the downstream textile and dyeing sectors recover post-COVID-19[85] - Future outlook indicates a commitment to research and development of new technologies to drive growth and innovation[168] - The company plans to explore potential mergers and acquisitions to strengthen its market position and diversify its portfolio[168]