JCF(SZ:000420)2021-04-19 16:00Financial Performance - In 2020, the company's operating revenue was CNY 2,499,714,527.34, a decrease of 7.09% compared to CNY 2,690,565,539.92 in 2019[21] - The net profit attributable to shareholders was a loss of CNY 233,288,434.13, representing a decline of 356.61% from a profit of CNY 90,912,171.14 in 2019[21] - The basic earnings per share were -CNY 0.1076, down 333.41% from CNY 0.0461 in 2019[21] - The total assets at the end of 2020 were CNY 3,101,743,007.81, a slight increase of 3.04% from CNY 3,010,177,961.82 in 2019[21] - The company's net assets attributable to shareholders were CNY 8,688,283,108.42, up 2.48% from CNY 8,478,434,256.57 in 2019[21] - The company reported a significant increase in non-operating losses, impacting overall profitability[21] - The company completed a non-public stock issuance on December 28, 2020, raising a net amount of CNY 324,853,480.12, which will strengthen its position in the viscose fiber industry[51] - The company reported a total fundraising amount of CNY 32,675.6 million, with CNY 25,100 million utilized during the reporting period[100] - The cash dividend amount for the years 2018, 2019, and 2020 was 0, with a net profit of -233,288,434.13, 90,912,171.14, and 132,413,848.35 respectively, resulting in a cash dividend payout ratio of 0%[115] Operational Efficiency and Market Strategy - The company is focusing on improving operational efficiency and exploring new market opportunities in the coming year[5] - The company has implemented a market-oriented procurement strategy to stabilize supply and reduce costs amid the pandemic[39] - The company has focused on integrating supply, production, and sales to adapt to market changes and stabilize operations during the pandemic[36] - The company has focused on product upgrades, achieving significant improvements in product strength and expanding its market share in high-end applications, with over 45% market share in differentiated products[54] - The company aims to enhance its core innovation capabilities and sustainable development abilities, focusing on the cellulose fiber industry[109] - The company plans to optimize its asset, capital, and business structures to achieve a leading market position in fiber products[109] Production Capacity and Market Presence - The global production capacity of viscose filament yarn is approximately 250,000 tons per year, with the company holding about 80,000 tons, representing one-third of the global capacity[38] - The company's viscose staple fiber production capacity was initially designed for 100,000 tons per year but has been optimized to reach 120,000 tons per year, contributing to one-third of total sales[38] - The company has expanded its market presence, with downstream customers across over 20 provinces in China and several countries including Japan, South Korea, and Germany[38] - Revenue from chemical fiber segment was approximately ¥2.39 billion, accounting for 95.76% of total revenue, with an increase of 8.21% year-on-year[70] - Revenue from viscose filament yarn was approximately ¥1.70 billion, representing 68.01% of total revenue, with a year-on-year decrease of 17.25%[70] - Revenue from viscose staple fiber was approximately ¥693.69 million, showing a significant increase of 25.46% year-on-year[70] Environmental and Compliance Measures - The company has implemented strict environmental governance measures, establishing a comprehensive environmental management system and enhancing its green factory initiatives[55] - The company actively participates in environmental protection and has implemented measures to reduce pollution and ensure compliance with environmental standards[167] - The company has established effective waste treatment processes, ensuring that wastewater meets discharge standards[173] - The company received environmental impact report approvals for various projects, including a 30,000-ton high-modulus composite filament project in March 2017 and a 90,000-ton high-modulus composite filament project in April 2020[174] - The company has implemented a strict environmental monitoring program, regularly commissioning qualified third-party agencies to monitor water, air, and noise pollution[176] Shareholder and Governance Structure - The company emphasizes the protection of shareholder rights and has established a governance structure to ensure equal rights for all shareholders[162] - The company has committed to timely and accurate information disclosure to protect the rights of shareholders and stakeholders[163] - Employee rights are prioritized, with a focus on fair treatment and career development opportunities[164] - The company has maintained a good integrity status for itself and its controlling shareholders during the reporting period[138] - The company has confirmed that there are no existing employee stock ownership plans[191] Related Party Transactions - The company reported a total of 3.46 million yuan in related party transactions for material procurement, accounting for 0.05% of similar transaction amounts[140] - The procurement of compressed air from a related party amounted to 256.44 million yuan, representing 85.00% of similar transaction amounts[140] - The company engaged in related party transactions with Jilin Jimeng Acrylic Co., with a procurement amount of 45.27 million yuan, which is 15.00% of similar transaction amounts[140] - The company disclosed a total of 1,594.28 million yuan in sales of viscose short filaments to a related party, accounting for 2.31% of similar transaction amounts[142] - The related party transactions did not exceed the approved limits, ensuring compliance with regulatory requirements[140] Challenges and Recovery - The textile industry faced significant challenges in 2020 due to the COVID-19 pandemic, leading to reduced orders and demand, but the market began to recover in Q4[33] - The company faced significant challenges in 2020 due to the COVID-19 pandemic, leading to its first loss since 2015, but has since begun to recover as adverse factors dissipate[50] - The company aims to improve operational efficiency and increase net profit attributable to shareholders following the acquisition of Jilin Aika[148]