Bayi Space(SH:688181)2021-04-20 16:00Financial Performance - The company's operating revenue for 2020 was CNY 64,868.38 million, representing a year-on-year increase of 50.71%[20]. - The net profit attributable to shareholders for 2020 was CNY 17,047.31 million, a year-on-year growth of 54.59%[20]. - The net profit attributable to shareholders after deducting non-recurring gains and losses increased by 43.26% to CNY 14,302.57 million[20]. - The net cash flow from operating activities rose by 29.67% to CNY 12,868.67 million, driven by increased revenue and good sales collection[22]. - The company's total assets at the end of 2020 were CNY 193,663.82 million, an increase of 11.87% compared to the end of 2019[20]. - The net assets attributable to shareholders at the end of 2020 were CNY 168,770.32 million, reflecting an 8.75% increase from the previous year[20]. - The basic earnings per share for 2020 were CNY 1.77, up 16.45% from CNY 1.52 in 2019[21]. - The company's total revenue for 2020 was 648.68 million yuan, representing a year-on-year growth of 50.71%, while net profit attributable to shareholders was 170.47 million yuan, up 54.59% from the previous year[74]. Dividend Distribution - The company plans to distribute a cash dividend of 5.38 CNY per 10 shares, totaling 51,902,481.53 CNY, which accounts for 30.45% of the net profit attributable to shareholders for 2020[5]. - For the fiscal year 2019, the company distributed a cash dividend of 3.60 RMB per 10 shares, amounting to 34,730,285.04 RMB, accounting for 31.49% of the net profit attributable to shareholders[155]. - The company has established a cash dividend policy that prioritizes cash dividends when conditions allow, with a minimum cash distribution of 10% of the distributable profit for the year if there are no major investment plans[154]. - The company has committed to a differentiated cash dividend policy based on its development stage, with a minimum cash dividend ratio of 80% for mature stages without major capital expenditures[155]. - The company has completed the profit distribution for the fiscal year 2019 as of December 31, 2020[156]. Research and Development - The company increased its R&D investment by 29.58% during the reporting period[22]. - Research and development expenses accounted for 5.33% of operating revenue, a decrease of 0.87 percentage points year-on-year[21]. - The company achieved a total R&D investment of ¥3,456.55 million in 2020, representing a 29.58% increase compared to ¥2,667.54 million in the previous year[56]. - The company applied for 85 invention patents during the reporting period, with 38 patents granted, bringing the cumulative total to 422 applications and 151 granted patents[55]. - The company is actively advancing its OLED materials research and development, having established a dedicated OLED materials team and developed over 300 OLED compounds[47]. - The company has completed the synthesis and purification research for OLED materials, achieving a purity of 99.95%[61]. - The company aims to strengthen its core competitiveness by focusing on R&D innovation and building a robust intellectual property system[66]. Market Position and Strategy - The company has established itself as a strategic supplier of TFT liquid crystal materials to leading domestic panel manufacturers, enhancing its market influence[43]. - The company focuses on R&D of high-performance liquid crystal materials, particularly TFT materials, which are crucial for various display technologies[31]. - The company aims to enhance its market position by increasing the localization rate of liquid crystal materials, which currently relies heavily on imports[40]. - The company has developed a comprehensive competitive advantage in quality, price, and service, leading to an increase in market share[43]. - The company is exploring opportunities in other electronic materials, including modified polyimide for 5G applications and OLED materials, to diversify its business[77]. Risks and Challenges - The company has described potential risks in the report, which investors should be aware of[4]. - The report includes a risk statement regarding forward-looking statements[6]. - The company faces risks related to technology leakage and talent loss, which could impact its core competitiveness[81]. - The ongoing development of OLED technology poses a competitive threat to the company's LCD materials, with a projected CAGR of 32% for OLED TVs from 2017 to 2025[85]. Corporate Governance - The board of directors has ensured the authenticity, accuracy, and completeness of the annual report[4]. - The company has confirmed that there are no non-operating fund occupations by controlling shareholders or related parties[7]. - There are no violations of decision-making procedures regarding external guarantees[7]. - The company has not reported any special arrangements for corporate governance[7]. - The company has established a clear policy regarding the management of shares held by its directors and senior management, ensuring alignment with shareholder interests[163]. Financial Management - The company has not encountered any major litigation or arbitration matters during the reporting period[173]. - The company has not faced any situations that would lead to termination of its listing status[173]. - The company has not reported any impairment provisions for entrusted financial management[183]. - All entrusted financial management activities have been conducted in compliance with legal procedures[180]. - The company has implemented a comprehensive human resources management system to protect employee rights, including salary, benefits, and training opportunities[188].