卓越新能(688196) - 2019 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2019 was CNY 1,294,528,037.65, representing a year-on-year increase of 27.22% compared to CNY 1,017,535,994.65 in 2018[19]. - Net profit attributable to shareholders for 2019 was CNY 215,564,582.52, a significant increase of 61.25% from CNY 133,685,790.01 in 2018[19]. - The net profit after deducting non-recurring gains and losses was CNY 203,864,286.56, up 52.26% from CNY 133,893,247.73 in the previous year[19]. - The company's total assets reached CNY 2,125,525,704.74 at the end of 2019, marking a 159.86% increase from CNY 817,943,806.64 at the end of 2018[19]. - The net assets attributable to shareholders increased by 217.43% to CNY 2,067,901,843.67 from CNY 651,441,040.40 in 2018[19]. - Basic earnings per share for 2019 were CNY 2.33, reflecting a 56.38% increase from CNY 1.49 in 2018[20]. - The company's cash flow from operating activities was CNY 178,971,646.90, a decrease of 29.94% compared to CNY 255,463,055.93 in 2018[19]. - Operating costs rose to CNY 1,035,597,709.49, reflecting a 20.70% increase year-on-year[75]. - The gross profit margin improved by 4.33% due to better cost control and a higher sales proportion of high-margin products[77]. Research and Development - Research and development expenses accounted for 4.70% of operating revenue, slightly up from 4.69% in 2018[20]. - R&D investment totaled ¥60,894,155.64, accounting for 4.7% of the company's operating revenue, with 91 R&D personnel representing 18.57% of the total workforce[46]. - The company has developed three core technologies during the reporting period, including static mixing washing purification of waste oil, centrifugal desalting of crude glycerol, and non-catalytic methyl esterification of waste oil[45]. - The company has developed key technologies for the industrialization of biodiesel from waste oils, achieving a transesterification rate exceeding 98%[38]. - The company is focused on developing technologies for waste oil resources, with several projects aimed at improving production efficiency and product quality, such as the glycerol continuous desalting process[50]. Market and Industry Position - The company operates in the new energy sector, focusing on biomass energy and related products[10]. - The company is the largest biodiesel producer in China and the leading exporter, with its biodiesel quality meeting European and American standards[39]. - The company aims to enhance the value of biodiesel through the development of bioester plasticizers, which are non-toxic and biodegradable[27]. - The company has established a stable procurement system for waste oil, with over 84% of total procurement costs attributed to waste oil purchases[29]. - The company aims to exceed a production capacity of 600,000 tons of biomass energy and green chemicals within 3 to 5 years, establishing itself as a leading enterprise in the "biomass energy integration" sector[117]. Profit Distribution and Shareholder Relations - The company has established a profit distribution policy that prioritizes cash dividends, with a minimum cash dividend ratio of 80% for mature stages without significant capital expenditures[123]. - In 2019, the company distributed cash dividends of 7.20 RMB per 10 shares, representing 40.08% of the net profit attributable to ordinary shareholders[127]. - The company plans to review and potentially revise its profit distribution policy every three years, considering operational performance and shareholder expectations[126]. - The company will actively communicate with shareholders, especially minority shareholders, to gather opinions before finalizing the cash dividend plan[125]. - The company has committed to a profit distribution policy that will be strictly followed to protect shareholder interests after the IPO[132]. Environmental and Safety Management - The company has implemented a green environmental protection philosophy, achieving compliance with all pollution discharge standards without any environmental accidents during the reporting period[152]. - The company has established a comprehensive environmental management system, receiving certifications in quality, environment, occupational health and safety, and energy management[152]. - The company is committed to sustainable development by utilizing waste oils as a resource, aligning with national policies on renewable energy and environmental protection[38]. - The company has a strong focus on environmental protection and energy-saving technologies, as evidenced by its research on waste oil purification and energy-efficient systems[48]. Corporate Governance and Compliance - The company has received a standard unqualified audit report from Rongcheng Accounting Firm[4]. - The company has not encountered any situations that would lead to delisting or bankruptcy restructuring[140]. - The company has confirmed that there were no major accounting errors or changes in accounting policies that affected the financial statements[136]. - The company has committed to minimizing and standardizing related party transactions to protect the interests of its shareholders[134]. - The company will accept supervision from regulatory bodies and the public regarding the fulfillment of these commitments[132].