双环科技(000707) - 2020 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2020 was ¥1,784,818,189.65, a decrease of 22.55% compared to ¥2,304,589,569.80 in 2019[18]. - The net profit attributable to shareholders was -¥480,371,219.23 in 2020, representing a decline of 4,365.69% from a profit of ¥11,261,281.78 in 2019[18]. - The net cash flow from operating activities was ¥86,192,767.86, down 41.29% from ¥146,800,625.75 in the previous year[18]. - The total assets at the end of 2020 were ¥3,032,609,512.77, a decrease of 16.60% from ¥3,636,082,745.15 at the end of 2019[18]. - The company's net assets attributable to shareholders were -¥290,233,786.57 at the end of 2020, a decline of 252.46% from ¥190,361,934.13 at the end of 2019[18]. - The basic earnings per share for 2020 was -¥1.0350, compared to ¥0.0243 in 2019, reflecting a decrease of 4,359.26%[18]. - The company reported a significant increase in non-recurring losses, with a net profit excluding non-recurring items of -¥500,297,004.76 in 2020, compared to -¥56,903,629.76 in 2019, marking a 779.20% decline[18]. - The weighted average return on net assets was -964.14% in 2020, down from 5.98% in 2019[18]. - The company achieved an operating revenue of 1.785 billion yuan in 2020, a decrease of 22.55% year-on-year, and a net profit attributable to the parent company of -480 million yuan, a decline of 4365.69% compared to the previous year[36]. Production and Sales - In 2020, the company produced 1.046 million tons of soda ash, an increase of 6.88% compared to 2019, and 1.0515 million tons of ammonium chloride, an increase of 4.56% compared to 2019[36]. - The total production of soda ash reached 1,046,019.85 tons, with sales of 1,038,274.11 tons, generating revenue of 1,124,018,357.04 yuan, reflecting a year-on-year increase of 1.77% in average selling price[51]. - The total production of ammonium chloride was 1,051,529.28 tons, with sales of 1,048,677.64 tons, resulting in revenue of 563,556,837 yuan, showing a year-on-year increase of 6.05% in average selling price[51]. - The company achieved a capacity utilization rate of 95.09% for soda ash and 95.59% for ammonium chloride, indicating stable production levels[44]. - The revenue from the alkali and other chemical products segment was ¥1,774,437,684.58, accounting for 99.42% of total revenue, with a year-on-year decrease of 16.90%[49]. - The sales revenue from real estate and property was only ¥10,380,505.07, representing a significant decline of 93.86% from ¥169,155,798.60 in the previous year[49]. Inventory and Cash Flow - The company's soda ash inventory increased by 42.99% compared to 2019, while ammonium chloride inventory rose by 232.40%, attributed to normal inventory fluctuations[51]. - The net cash flow from operating activities decreased by 41.29% to 86,192,767.86 yuan, primarily due to reduced sales revenue in the chemical sector and real estate[62]. - The total cash inflow from financing activities dropped by 74.74% to 954,804,650.81 yuan, while cash outflow decreased by 70.99% to 1,108,443,838.87 yuan[62]. - The company's cash and cash equivalents decreased from 246,312,195.79 yuan to 68,517,819.00 yuan, a reduction of 4.51% of total assets[68]. Debt and Assets - As of the end of the reporting period, the company's total assets amounted to 3.033 billion yuan, a decrease of 16.6% from the beginning of the year, with a debt-to-asset ratio of 109.74%, an increase of 14.85%[36]. - The company's fixed assets decreased by 11.43% compared to the beginning of the year, primarily due to depreciation and impairment provisions[31]. - Short-term borrowings decreased from 1,254,350,000.00 yuan to 812,293,332.23 yuan, a decline of 7.71%, while long-term borrowings increased from 939,788,000.00 yuan to 1,333,459,000.00 yuan, an increase of 18.12%[68]. Strategic Initiatives and Challenges - The company plans to optimize internal management and continue to reduce inventory and mitigate risks in 2021[40]. - The company faces significant challenges, including high production costs due to outdated equipment and a negative net asset situation, which poses a delisting risk[83]. - The company is closely monitoring strategic restructuring developments involving its indirect controlling shareholder, Hubei Yihua Group[83]. - The company aims to maintain stable production and optimize key production segments to meet its sales targets, while also ensuring safety and environmental compliance[84]. Governance and Compliance - The company has maintained compliance with its commitments regarding related party transactions and competitive practices[98]. - The company has confirmed that it will adhere to the regulations of the company’s articles of association and treat all shareholders equally[99]. - The company has established a robust internal control system and governance structure, aligning with regulatory requirements and protecting shareholder rights[186]. - The independent directors actively participated in board meetings, with attendance rates ensuring compliance with governance standards[192]. Environmental and Safety Management - The company has established an emergency response plan for environmental incidents, which is regularly practiced[141]. - The company has implemented a self-monitoring plan for emissions, with all monitored indicators meeting the standards[142]. - The company reported a total wastewater discharge of 7.039 tons per year, with COD emissions at 75.742 tons per year, both of which are within the regulatory limits[140]. - The company achieved a safety production standardization rating of secondary level in 2020[134]. Shareholder Information - The total number of common shareholders at the end of the reporting period was 29,833, an increase from 28,781 at the end of the previous month, reflecting a growth of approximately 3.65%[151]. - The largest shareholder, Hubei Shuanghuan Chemical Group Co., Ltd., holds 25.11% of the shares, totaling 116,563,210 shares, with 57,000,000 shares pledged[152]. - The company reported no changes in shareholding for its board members and senior management during the reporting period[164]. Management and Workforce - The total number of employees in the company is 1,744, with 826 in the parent company and 918 in major subsidiaries[179]. - The company has a stable management team with extensive experience in the chemical industry, including previous roles in major companies[168]. - The company has established a competitive compensation system to attract and retain skilled employees, ensuring that technical talents receive compensation not lower than administrative staff[181].