CNANO(SH:688116)2021-03-30 16:00Financial Performance - The company's operating revenue for 2020 was ¥471,946,419.45, representing a 22.13% increase compared to ¥386,429,982.87 in 2019[25]. - The net profit attributable to shareholders for 2020 was ¥107,252,234.20, a decrease of 2.58% from ¥110,088,221.58 in 2019[25]. - The net profit after deducting non-recurring gains and losses decreased by 20.39% to ¥76,421,621.34, down from ¥95,997,268.29 in 2019[25][27]. - The net cash flow from operating activities fell by 42.99% to ¥64,807,084.84, compared to ¥113,683,720.51 in 2019[25][28]. - Basic earnings per share for 2020 were ¥0.46, a decline of 20.69% from ¥0.58 in 2019[26][30]. - The company's total assets at the end of 2020 were ¥1,880,945,128.73, a 7.95% increase from ¥1,742,461,295.91 at the end of 2019[25]. - The net assets attributable to shareholders increased by 5.01% to ¥1,660,710,747.54 at the end of 2020[25]. - The company achieved a revenue growth of 57.10% in the second half of 2020 after a decline of 14.62% in the first half due to the COVID-19 pandemic[108]. - The company's main business revenue for the reporting period was 471.75 million yuan, an increase of 26.62% compared to the same period last year[136]. - The net profit attributable to shareholders of the listed company was 107.25 million yuan, a decrease of 2.58% year-on-year[136]. Research and Development - The R&D expenditure as a percentage of operating revenue increased to 5.97% from 5.52% in 2019[26]. - The company has achieved a 32.14% increase in R&D expenses, totaling approximately ¥28.18 million in the current year compared to ¥21.32 million in the previous year[77]. - The R&D team has increased to 60 members, with a proportion of 25.3% of total employees, and the average salary for R&D personnel has risen to 23.75 thousand RMB[90]. - The company has developed a directional growth fluidized bed technology for the large-scale production of carbon nanotubes, which allows for controlled growth in terms of diameter, length, and purity[74]. - The company has developed high-performance graphene composite conductive slurries for lithium batteries, with a projected output of 1,500 million RMB, currently in the pilot stage[84]. - The company has developed three generations of carbon nanotube products with improved conductivity, but still needs to enhance product performance to meet higher customer demands in chip manufacturing[118]. Market and Sales - The company primarily sells its products through direct sales, with a focus on the lithium battery sector, where customers have strict supplier evaluation standards[47]. - The lithium battery market in China has seen rapid growth, with shipments increasing from 16.9 GWh in 2015 to 71 GWh in 2019, representing a compound annual growth rate of 43%[50]. - By 2022, the shipment volume of power batteries is expected to reach 191 GWh, driven by the growth of the new energy vehicle market[50]. - The penetration rate of carbon nanotube conductive paste in the power battery sector is projected to reach 60% by 2025, driven by the increasing use of high-nickel batteries and silicon-carbon materials[56]. - The company has maintained its leading position in the sales volume and shipment of carbon nanotube conductive paste products in the industry over the past two years[57]. - The company has established stable relationships with leading domestic lithium battery manufacturers, enhancing its competitive edge in the market[99]. Risks and Challenges - The company faced challenges due to the pandemic and fluctuations in raw material prices, impacting profitability[27][30]. - The company has outlined potential risks in its future plans and development strategies, emphasizing the importance of investor caution[8]. - The company is exposed to risks from fluctuations in raw material prices, particularly NMP, which significantly impacted the gross profit margin in the fourth quarter of 2020[126]. - The company is facing risks related to the uncertain market acceptance of carbon nanotube conductive agents in lithium batteries, which may affect operational performance[127]. - The company's top five customers accounted for 65.28% of total revenue, indicating a high customer concentration risk[120]. - The accounts receivable at the end of the reporting period amounted to 137.61 million yuan, with total revenue of 471.95 million yuan, highlighting potential bad debt risks[124]. Corporate Governance - The company has received a standard unqualified audit report from Tianjian Accounting Firm[6]. - The board of directors and management have confirmed the accuracy and completeness of the financial report[4]. - The company does not have any special arrangements for corporate governance[10]. - The company has not violated any decision-making procedures regarding external guarantees[8]. - The company has not disclosed any significant changes in shareholder structure or share capital during the reporting period[12]. Future Plans - The company plans to distribute a cash dividend of RMB 0.7 per 10 shares, totaling approximately RMB 16.23 million for the year 2020[7]. - The company plans to establish a preliminary purification production line at its subsidiary, which will fully cover the demand for preliminary purification of carbon nanotube products in the future[46]. - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[141]. - The company aims to launch a new generation of products every 2 to 3 years, focusing on high-nickel cathodes and silicon-based anode materials[191]. - The company intends to optimize production processes and equipment to improve product yield and production efficiency while promoting energy-saving and clean production[191].