TSPC(SZ:000554)2021-04-27 16:00Financial Performance - The company's operating revenue for 2020 was ¥2,423,786,412.05, a decrease of 17.12% compared to ¥2,924,590,160.11 in 2019[18]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥8,554,504.44, down 25.00% from ¥11,405,255.90 in the previous year[18]. - Basic earnings per share rose by 23.58% to ¥0.0152 from ¥0.0123 in 2019[18]. - The total operating revenue for 2020 was ¥2.42 billion, a decrease of 17.12% compared to ¥2.92 billion in 2019[34]. - The total profit for 2020 was ¥11,293,593.66, down from ¥17,257,193.66 in 2019, reflecting a decline of about 34.5%[188]. - The operating profit for 2020 was ¥11,615,458.39, down from ¥18,648,830.10 in 2019, indicating a decrease of about 37.5%[192]. - The total operating costs for 2020 were ¥2,155,684,906.17, down from ¥2,636,137,126.16 in 2019, representing a reduction of approximately 18.2%[191]. - The net cash flow from operating activities increased significantly by 188.54% to ¥254,675,403.79 from ¥88,262,615.43 in 2019[18]. - The cash flow from operating activities in 2020 was ¥2,698,741,237.84, a decrease from ¥3,381,713,729.80 in 2019[194]. Assets and Liabilities - Total assets at the end of 2020 reached ¥1,486,065,037.29, reflecting a 12.71% increase from ¥1,318,442,652.00 in 2019[18]. - The company's non-current assets totaled CNY 1,001,985,697.93 as of December 31, 2020, down from CNY 1,045,852,988.65 in 2019, showing a decrease of about 4.2%[179]. - The total liabilities of the company increased, with current liabilities rising to CNY 95,102,151.55 in 2020 from CNY 155,012,904.45 in 2019, a decrease of approximately 38.7%[179]. - The total assets of China Petroleum Shandong Taishan Oil Co., Ltd. as of December 31, 2020, amounted to CNY 1,486,065,037.29, an increase from CNY 1,318,442,652.00 in 2019, representing a growth of approximately 12.7%[178]. - The company's total liabilities to equity ratio increased, indicating a higher leverage position in 2020 compared to 2019[184]. Cash Flow and Investments - The net cash flow from operating activities was positive in Q1 2020 at ¥204.83 million but turned negative in Q4 2020 at -¥74.93 million, indicating cash flow challenges[22]. - The net cash flow from investing activities was -CNY 39,910,722.03, improving from -CNY 60,016,542.19 in 2019[200]. - The cash flow from operating activities showed a strong recovery, with a net increase of CNY 191,995,231.09 in cash and cash equivalents for the year[197]. - The company reported a significant drop in long-term equity investments, decreasing to CNY 6,431,361.47 in 2020 from CNY 16,098,885.88 in 2019, a decline of about 60.0%[179]. Market and Competition - Gasoline sales accounted for 86.72% of total revenue in 2020, while diesel sales dropped significantly by 31.66% year-on-year[34]. - The company faced intense competition in the refined oil market, with local refineries adopting aggressive pricing strategies[31]. - The company reported a significant drop in natural gas revenue by 81.47% year-on-year, indicating challenges in this segment[34]. Strategic Initiatives and Future Plans - The company aims to achieve a total sales volume of 550,000 tons of refined oil and non-oil sales of ¥190 million by the end of the 14th Five-Year Plan[57]. - The company plans to enhance customer satisfaction and brand recognition through various service improvement initiatives[31]. - The company is focusing on digital transformation and enhancing the application of its electronic wallet cloud platform to innovate marketing models[59]. - The company is exploring potential mergers and acquisitions to strengthen its market position and diversify its portfolio[124]. - Future guidance indicates a targeted revenue growth rate of approximately 5% for the next fiscal year, driven by strategic initiatives and market expansion[121]. Corporate Governance and Compliance - The company has maintained a continuous relationship with the accounting firm, which has provided audit services for 5 years, with a fee of 700,000 RMB for the current period[77]. - The company has not engaged in any major litigation or arbitration matters during the reporting period[79]. - The company emphasizes compliance management and has a zero-tolerance policy for violations, ensuring strict adherence to regulations[60]. - The company has established a customer evaluation system to enhance service capabilities and promote employee excellence[59]. Employee and Management - The total remuneration for directors, supervisors, and senior management in 2020 amounted to CNY 3.1445 million[129]. - The company employed a total of 1,185 staff, with 979 in sales, 119 in technical roles, and 30 in finance[132]. - The average annual salary for directors is five times the average income of company employees, while supervisors receive four times[129]. - The company has implemented a performance-based salary system linked to employee income, enhancing motivation and evaluation effectiveness[129]. Audit and Internal Controls - The audit report indicated that the financial statements fairly reflect the company's financial position and operating results for the year ended December 31, 2020[156]. - The internal control audit report issued by the auditing firm provided a standard unqualified opinion, confirming the effectiveness of the company's internal controls as of December 31, 2020[152]. - There were no significant internal control deficiencies identified during the reporting period, and the internal control evaluation report indicated that the company maintained effective financial reporting internal controls[150][152].