Cubic(SH:688665)2021-04-25 16:00Dividend Distribution - The company plans to distribute a cash dividend of 4.30 RMB per 10 shares, totaling approximately 30.1 million RMB, which represents 35.63% of the net profit attributable to shareholders for 2020[5]. - The total share capital as of March 31, 2021, is 70 million shares, which will be the basis for the dividend distribution[5]. - The company does not plan to increase capital reserves or issue bonus shares in the current dividend proposal[5]. - The cash dividend distribution policy states that at least 30% of the average distributable profit over any three consecutive years must be distributed in cash[188]. - In 2020, the company did not issue any stock dividends or capital reserve transfers, focusing solely on cash dividends[195]. - The company’s cash dividend for 2019 was 3.81 RMB per 10 shares, totaling 20 million RMB, which accounted for 30.79% of the net profit attributable to shareholders[195]. - The company’s cash dividend for 2018 was 1.14 RMB per 10 shares, totaling 5.5 million RMB, which accounted for 49.78% of the net profit attributable to shareholders[195]. - The company’s profit distribution policy emphasizes a stable and reasonable return to investors while ensuring sustainable development[187]. - The board of directors must consider the opinions of independent directors and minority shareholders when formulating profit distribution plans[190]. - The company will prioritize cash dividends when there are no major investment plans or significant cash expenditures[188]. - The company’s profit distribution plan must be approved by the shareholders' meeting after being reviewed by the board of directors and the supervisory board[191]. - The company’s profit distribution policy can be adjusted based on significant changes in operational conditions or long-term investment needs, requiring a two-thirds majority approval from shareholders[192]. Financial Performance - The company's operating revenue for 2020 was CNY 307.91 million, representing a year-on-year increase of 32.00%[24]. - The net profit attributable to shareholders for 2020 was CNY 84.47 million, up 30.06% compared to the previous year[24]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 80.81 million, reflecting a growth of 41.59% year-on-year[24]. - The net cash flow from operating activities increased by 55.82% year-on-year, amounting to CNY 73.99 million[24]. - The company's total assets at the end of 2020 reached CNY 352.59 million, a growth of 47.67% from the previous year[25]. - The net assets attributable to shareholders increased to CNY 221.68 million, marking a 41.74% increase compared to the beginning of the year[25]. - Basic earnings per share for 2020 were CNY 1.61, up 29.84% from CNY 1.24 in 2019[22]. - The company's gross profit margin stood at 47.16%, supported by supply chain management and lean production initiatives[115]. - The company reported a net cash flow from operating activities of CNY 73.99 million, a 55.82% increase compared to the previous year[129]. Research and Development - The R&D expenditure as a percentage of operating revenue was 6.46%, down from 8.40% in 2019[22]. - The total R&D expenditure for the year was ¥19,895,071.64, an increase of 1.52% compared to the previous year[86]. - The company has implemented a self-innovation-driven R&D model, actively engaging in industry-academia-research collaborations[47]. - The company has established partnerships with over 10 research institutions and universities, focusing on the development of high-sensitivity MEMS flow chips and low-power ultrasonic detectors[48]. - The company has initiated four new research projects in collaboration with universities, enhancing its innovation capabilities in sensor technology[49]. - The company is focused on enhancing its research and development efforts to maintain its leadership position in the gas sensing industry[37]. - The number of R&D personnel increased to 129, a year-on-year growth of 21.70%[103]. - The average salary of R&D personnel was CNY 9.71 million, slightly up from CNY 9.65 million in the previous period[103]. - The company has developed key technologies in various areas, including MEMS microflow infrared gas sensing technology and laser Raman spectroscopy gas analysis technology[105]. Market Expansion and Strategy - The company is exploring market expansion opportunities in both domestic and international markets, leveraging its high-tech capabilities[37]. - The company aims to achieve technological parity with international leaders in the gas sensor market, focusing on multi-technology integration and upstream component development[55]. - The company plans to expand its market share in air quality gas sensors and develop new application scenarios, driven by increasing demand for smart home products[169]. - The company aims to enhance its market share in high-profit gas analysis instruments, particularly in environmental monitoring and exhaust emission detection systems[170]. - The company plans to enhance its foreign trade team and increase international market share for air quality sensors and automotive comfort system sensors in 2021[180]. Product Development and Innovation - The company specializes in the research, production, and sales of gas sensors and gas analyzers, utilizing various technologies such as NDIR and UV-DOAS[37]. - The company has developed a series of gas sensors, including the APMS-3200/3300/3500 vehicle-mounted laser dust sensors and new formaldehyde sensors, achieving mass production[81]. - The company has successfully developed a fourth-generation electrochemical formaldehyde sensor with low cross-interference and alcohol resistance of less than 1%[79]. - The company has integrated multiple sensor technologies to improve the accuracy of formaldehyde concentration measurements, enhancing reliability and durability[76]. - The company is working on high-precision VOC measurement technology, with an investment of ¥150 million and current investment of ¥96.11 million, applicable in air purifiers and HVAC systems[90]. - The company has developed a new ultrasonic gas meter that meets national standards and improves accuracy and reliability, with a focus on industrial applications[92]. - The company is advancing its research in non-dispersive ultraviolet measurement technology for emissions analysis, targeting a production capacity of 400,000 units[92]. - The company has launched a series of products for vehicle emission testing, including an automotive exhaust flow analyzer and portable testing equipment for non-road machinery[82]. Corporate Governance and Compliance - The company has committed to a share lock-up period of 36 months from the date of public offering for major shareholders, including controlling shareholder Youhui Technology[198]. - The company has also established a long-term share lock-up commitment for certain executives and board members, effective from April 26, 2020[199]. - The company has ensured compliance with all commitments made by its major shareholders and executives during the reporting period[198]. - The commitments made by the company and its stakeholders are aimed at maintaining market confidence and protecting shareholder interests[199]. - The company emphasizes investor relations management and will ensure timely and accurate information disclosure to maintain investor trust[184]. Industry Trends and Market Demand - The gas sensor industry is experiencing rapid growth, driven by the dual forces of "new infrastructure" and "carbon neutrality," leading to increased demand across various sectors[54]. - The demand for automotive comfort system sensors is increasing, expanding from mid-to-high-end models to a broader range of vehicles, driven by the growth of the new energy vehicle market[65]. - Stricter environmental regulations are driving the market demand for flue gas and exhaust gas analysis instruments, with a comprehensive monitoring system being established for air quality[66]. - The implementation of carbon neutrality policies is boosting the demand for carbon detection equipment, with significant growth opportunities for upstream carbon detection devices[66]. - The company has reported a significant increase in tax payable by 137.43% to CNY 8,547,832.01, corresponding to increased VAT and income tax[154].