银星能源(000862) - 2020 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2020 was CNY 1,201,865,887.77, a decrease of 11.40% compared to CNY 1,356,564,109.45 in 2019[18]. - The net profit attributable to shareholders for 2020 was CNY 34,300,768.14, an increase of 18.57% from CNY 28,928,405.17 in 2019[18]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 18,964,435.25, a decrease of 64.02% compared to CNY 52,713,984.52 in 2019[18]. - The net cash flow from operating activities was CNY 556,561,981.52, down 9.42% from CNY 614,440,011.29 in 2019[18]. - The basic earnings per share for 2020 was CNY 0.0486, an increase of 18.54% from CNY 0.0410 in 2019[18]. - The total operating revenue for 2020 was approximately ¥1.2019 billion, down 11.4% from ¥1.3566 billion in 2019[40]. - The revenue from the power generation sector was ¥961.39 million, accounting for 79.99% of total revenue, with a year-on-year decrease of 9.89%[40]. - The company's electricity generation for 2020 was 2.1361 billion kWh, a decrease of 6.5% compared to 2.30837 billion kWh in 2019[37]. - The total comprehensive income for 2020 was CNY 32,181,785.37, compared to CNY 25,639,709.22 in 2019, indicating an increase of 25.5%[199]. Assets and Liabilities - Total assets at the end of 2020 were CNY 8,933,984,596.11, a decrease of 4.48% from CNY 9,352,754,458.53 at the end of 2019[18]. - The net assets attributable to shareholders at the end of 2020 were CNY 2,655,899,641.61, an increase of 1.34% from CNY 2,620,870,914.65 at the end of 2019[18]. - The company's total liabilities decreased from CNY 6,698,277,082.03 in 2019 to CNY 6,248,423,238.67 in 2020, a decline of 6.7%[190]. - Current liabilities increased from CNY 1,807,232,282.83 in 2019 to CNY 2,326,499,203.63 in 2020, an increase of 28.7%[190]. - Long-term borrowings decreased from CNY 3,078,500,000.00 in 2019 to CNY 2,368,360,000.00 in 2020, representing a reduction of 23.0%[194]. Cash Flow and Investments - Cash flow from operating activities was CNY 556 million for the year, indicating strong cash generation capabilities despite challenges[22]. - Operating cash inflow decreased by 9.33% year-on-year to CNY 975,181,756.36, primarily due to reduced subsidy payments for electricity[57]. - Investment cash inflow increased significantly by 595,632.79% year-on-year to CNY 7,148,793.48, attributed to asset repurchase compensation received[57]. - The company reported an investment income of CNY 1,389,040.64, accounting for 4.56% of total profit, but this is not sustainable[57]. Operational Efficiency - The company achieved a 20-hour increase in equipment efficiency through targeted management strategies[36]. - The company reduced non-stop loss by 11 hours through centralized maintenance efforts[36]. - The average utilization hours of power plants decreased to 1,456 hours from 1,600 hours in the previous year[38]. - The company’s labor costs were reduced by approximately ¥7 million through optimization of personnel structure and labor management[36]. Research and Development - Research and development expenses increased by 120.12% to CNY 50,650.00 in 2020, compared to CNY 23,010.00 in 2019[53]. - The number of R&D personnel decreased by 42.86% to 12 in 2020, down from 21 in 2019[54]. - The company reported a 53.03% decrease in R&D investment to CNY 874,494.64 in 2020, down from CNY 1,861,774.10 in 2019[54]. Shareholder and Governance - The company plans not to distribute cash dividends or bonus shares for the year[7]. - The company has not proposed any cash dividend distribution plan for the reporting period, despite having positive distributable profits[81]. - The company has maintained its independence in operations, assets, and finances as per commitments made by its controlling shareholder[83]. - The company’s board of directors includes experienced professionals with backgrounds in engineering and management[143]. Related Party Transactions - The company engaged in related transactions with Aluminum Corporation of China, involving the procurement of lubricating oil amounting to 7.03 million yuan, representing 100% of the transaction amount[94]. - The company reported a total revenue of 7,292 million yuan for the year, with a significant portion coming from related party transactions[96]. - The actual amount spent on purchasing raw materials from related parties was 786 million yuan, accounting for 79.39% of the annual estimated amount[96]. Environmental and Compliance - The company has implemented environmental protection measures and has a pollution prevention facility that operates normally, ensuring compliance with emission standards[115][119]. - The company has not reported any significant litigation or arbitration matters that would impact its financial position[91]. - The company has not engaged in any major contracts or other significant contracts during the reporting period[110]. Audit and Internal Control - The audit opinion issued by PwC was a standard unqualified opinion, indicating that the financial statements fairly present the company's financial position[178]. - The company maintained effective internal control over financial reporting in all material respects as of December 31, 2020[174]. - There were no significant deficiencies or material weaknesses identified in the internal control system during the reporting period[173].