ST实华(000637) - 2020 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2020 was CNY 3,997,922,191.85, a decrease of 6.99% compared to CNY 4,298,162,316.59 in 2019[16] - The net profit attributable to shareholders for 2020 was CNY 14,550,616.61, representing a significant decline of 83.97% from CNY 90,773,370.12 in the previous year[16] - The net profit after deducting non-recurring gains and losses was CNY 8,663,321.71, down 84.09% from CNY 54,444,418.72 in 2019[16] - The basic earnings per share decreased to CNY 0.03, down 82.35% from CNY 0.17 in the previous year[16] - The total assets at the end of 2020 were CNY 1,921,187,036.16, an increase of 27.80% from CNY 1,503,269,328.56 at the end of 2019[16] - The net assets attributable to shareholders decreased by 3.51% to CNY 908,906,417.88 from CNY 942,012,915.10 in 2019[16] - The weighted average return on net assets was 0.83%, a decrease of 8.20 percentage points from 9.03% in 2019[16] - The gross profit margin for the petrochemical sector was 5.42%, a decline of 0.84% compared to the previous year[54] Cash Flow - The net cash flow from operating activities improved to CNY 69,341,087.47, a 257.12% increase from a negative CNY 44,120,590.02 in 2019[16] - The net cash flow from operating activities increased by 257.12% to ¥69,341,087.47, primarily due to an increase in tax refunds received[66] - The net cash flow from investing activities decreased significantly by 1,762.14% to -¥563,737,752.46, mainly due to continued investments in construction projects by subsidiaries[66] - The total cash inflow from financing activities rose by 255.66% to ¥828,998,136.03, driven by increased loans for subsidiary projects and to address funding shortages due to the pandemic[66] - The net cash flow from financing activities increased by 285.77% to ¥435,135,355.04, reflecting repayment of short-term loans and increased dividends compared to the previous year[66] Operational Challenges - The company faces uncertainties in achieving its 2021 operational goals due to industry policies and market competition[4] - In 2020, the company's main business profit significantly decreased due to the COVID-19 pandemic, with logistics disruptions and reduced demand impacting performance[29] - The company reported a significant increase of 124.49% in revenue from purchased products, amounting to CNY 1.028 billion[52] - The total sales volume for the petrochemical industry decreased by 12.60% to 673,146.79 tons, while production volume also fell by 11.45% to 680,355.49 tons[56] Investment and Expansion Plans - The company is investing in a new project with an annual production capacity of 140,000 tons of cracking carbon nine and 300,000 tons of hydrogen peroxide, expected to be operational by April 2021[25] - The company plans to expand its business scale and main revenue through the commissioning of the 140,000-ton cracking carbon nine and cracking tar comprehensive utilization project and the 300,000-ton (27.5% concentration) hydrogen peroxide project[32] - The company plans to produce 210,000 tons of polypropylene, 50,000 tons of white oil, and 7,500 tons of isobutane in 2021, with a total profit target of 140 million yuan[44] - The company plans to expand its market presence through the development of new products and technologies in the petrochemical sector[25] Research and Development - The company has established two provincial-level fine chemical engineering technology research centers and holds over 40 proprietary patents, enhancing its R&D capabilities[32] - Research and development expenses amounted to approximately ¥48.53 million, accounting for 1.21% of operating revenue, a decrease from 1.40% in the previous year[64] - The company applied for seven patents in 2020, including one invention patent and six utility model patents, focusing on innovative catalyst technologies[63] Safety and Environmental Commitment - The company achieved a 100% rectification rate for 726 identified safety hazards, demonstrating its commitment to safety management and environmental protection[38] - The company emphasizes the importance of safety and environmental protection, adhering to strict regulations and increasing investment in safety measures[86] - The company constructed 12 garbage collection points and one garbage transfer station as part of its environmental improvement initiatives[163] - The company has established three oil and gas recovery devices with a recovery rate of 97% to reduce harmful gas emissions[168] Corporate Governance and Control Changes - The company plans to sell its controlling subsidiary, Dongcheng Chemical Co., which accounts for over 50% of its main business revenue, to Sinopec Maoming Branch[170] - The asset transfer agreement is pending approval from the China Securities Regulatory Commission and the shareholders' meeting, with significant uncertainty regarding its execution after 16 years[170] - The actual controller of the company may change due to a series of equity structure changes initiated by shareholder Luo Yiming, who has become the largest shareholder of related companies[171] - The board of directors has issued multiple announcements regarding the potential change in actual control and the related equity structure adjustments[176] Social Responsibility Initiatives - The company actively participated in social responsibility initiatives, including poverty alleviation efforts in specific villages[159] - The average income of impoverished households in the targeted assistance area reached 19,000 yuan, contributing to the poverty alleviation efforts[159] - The company donated materials valued at CNY 72,266 for love backpack and love bookstore activities in 2020[163] - A total of CNY 13.31 million was donated during the Guangdong Poverty Alleviation Day and related activities in 2020[164] Financial Management - The company has engaged in land development cooperation with the Maoming City Maonan District Urban-Rural Construction Investment Co., with an upfront payment of RMB 30 million for land development[194] - The company has not yet received the return of the RMB 30 million upfront payment for land development from the Maonan District Urban-Rural Construction Investment Co., despite ongoing negotiations[195] - The company has signed a maximum guarantee contract with the Industrial and Commercial Bank of China for a credit limit of RMB 67 million, and has received a total loan of RMB 416.6 million for various projects[191]