Feymer(SH:688350)2021-03-30 16:00Financial Performance - The company reported a total distributable profit of RMB 285,178,578.55 as of December 31, 2020[5]. - The proposed cash dividend is RMB 4.10 per 10 shares, totaling RMB 50,081,500, which represents 47.74% of the net profit attributable to shareholders[5]. - The company's operating revenue for 2020 was CNY 1,134,782,996.12, representing a 0.39% increase compared to CNY 1,130,330,548.61 in 2019[21]. - The net profit attributable to shareholders for 2020 was CNY 104,910,487.86, a 23.07% increase from CNY 85,245,957.02 in 2019[21]. - The net profit after deducting non-recurring gains and losses was CNY 96,012,263.43, reflecting a 16.57% increase from CNY 82,362,469.03 in 2019[21]. - The cash flow from operating activities for 2020 was CNY 165,574,725.46, a decrease of 15.95% compared to CNY 196,994,483.69 in 2019[21]. - The total assets at the end of 2020 were CNY 1,310,341,841.89, a 2.73% increase from CNY 1,275,510,964.99 at the end of 2019[22]. - The net assets attributable to shareholders at the end of 2020 were CNY 970,190,247.08, which is a 7.17% increase from CNY 905,279,759.22 at the end of 2019[22]. - The basic and diluted earnings per share were both ¥1.15, reflecting a growth of 23.66% year-on-year[25]. - The company's operating income for the reporting period was 1,134.78 million yuan, a slight increase of 0.39% compared to the previous year, while operating costs rose by 0.09% to 849.77 million yuan[106][107]. Research and Development - Research and development expenses accounted for 4.28% of operating revenue, a slight decrease from the previous year's 4.46%[23]. - The total R&D investment for the year was approximately ¥48.59 million, representing 4.28% of total revenue, a decrease of 3.62% from the previous year[67]. - The company maintained 102 R&D personnel, accounting for 13.23% of total employees, with an average salary of RMB 182,777.80[73]. - The company has set up multiple R&D centers focusing on polymer and membrane technology, ensuring alignment with market needs and strategic goals[42]. - The company adheres to a research and development strategy focused on "independent research and development as the mainstay, supported by external collaboration," establishing partnerships with several universities for technology development[43]. - The company has undertaken multiple national and provincial research projects, enhancing its core technologies in functional monomer and water-soluble polymer production[59]. - A total of 16 research projects were ongoing during the reporting period, with 42 new patents granted, including 14 invention patents[65]. - The company holds a total of 100 authorized patents, including 32 invention patents, reflecting continuous innovation[65]. Market and Product Development - The company focuses on hydrophilic functional polymer products and technologies, serving water-based industries such as water treatment and oil extraction, aiming for green development and ecological protection[35]. - The main products include functional monomers, water-soluble polymers, and water treatment membranes, with a complete industrial chain from raw materials to application technology services[36]. - The company is actively involved in the development of high-performance and new products to meet the increasing demands from downstream industries[46]. - The market for water-soluble polymers is characterized by high competition primarily on price, with a growing demand for high-performance products due to downstream industry upgrades[46]. - The company has successfully secured significant supply orders in the Taiwanese market for its membrane products, indicating a breakthrough in business development[51]. - The company aims to enhance production efficiency and resource recycling in industrial water processes, contributing to environmental sustainability[35]. - The company is focusing on the development of new functional monomers and water-soluble polymer applications, indicating a strong market position[68]. Corporate Governance and Compliance - The board of directors has confirmed the authenticity, accuracy, and completeness of the annual report[4]. - The company emphasizes the importance of improving corporate governance and compliance with regulatory requirements to enhance management levels[140]. - The company commits to avoiding and minimizing related party transactions with its controlled entities[164]. - The company guarantees that any profits from violations of commitments will be returned to the company[160]. - The company will comply with all legal and regulatory requirements regarding share reduction[161]. Risks and Challenges - The company has detailed various operational risks and corresponding countermeasures in the report[4]. - The company faces risks from fluctuations in the prices of key raw materials, which account for over 80% of its main business costs, particularly due to their strong correlation with crude oil prices[96][97]. - The company is exposed to risks from intensified market competition, particularly in the functional monomer and water treatment chemical sectors, where it competes with multinational corporations[98][99]. - The company's future performance may be adversely affected by changes in industry regulations and macroeconomic conditions, particularly in relation to environmental policies and market demand[95][103]. Future Outlook - The company provided a positive outlook for 2021, projecting a revenue growth of 20%[153]. - New product launches are expected to contribute an additional $50 million in revenue in the next fiscal year[154]. - The company plans to maintain a dividend payout ratio of 40% of its net income for the upcoming fiscal year[152]. - The management team emphasized the importance of sustainability initiatives, targeting a 25% reduction in carbon emissions by 2025[153]. - The company plans to strengthen brand building and market development to increase customer satisfaction and market share in core products[135].