Sinotruk Jinan Truck (000951)2021-03-31 16:00Dividend Distribution - The company plans to distribute a cash dividend of 6.8 RMB per 10 shares to all shareholders, based on a total of 839,192,400 shares[1]. - The company distributed a cash dividend of 6.80 yuan per 10 shares for the 2020 fiscal year, totaling 570,650,832 yuan, which represents 30.36% of the net profit attributable to ordinary shareholders[63]. - The total number of shares for the cash dividend distribution was 839,192,400 shares, with no bonus shares issued or capital reserves converted into shares[65]. Business Operations - The company has not reported any changes in its main business operations since its listing[9]. - The controlling shareholder remains Sinotruk (Hong Kong) Limited, with no changes during the reporting period[9]. - The company has not made any changes to its controlling shareholders during the reporting period[9]. Financial Performance - The company achieved a total revenue of CNY 59.94 billion in 2020, representing a year-on-year increase of 50.44%[11]. - The net profit attributable to shareholders reached CNY 1.88 billion, up 53.65% compared to the previous year[11]. - The company produced 180,116 heavy trucks in 2020, marking a 68.31% increase year-on-year, while sales reached 206,106 units, a growth of 50.49%[17]. - The operating cash flow for the year was CNY 4.15 billion, reflecting a 59.52% increase from the previous year[11]. - The weighted average return on equity increased to 24.68%, up from 17.75% in the previous year[11]. - The total assets of the company at the end of 2020 were CNY 37.12 billion, a 54.63% increase from the previous year[11]. - The company reported a basic earnings per share of CNY 2.80, an increase of 53.85% year-on-year[11]. Market and Product Development - The company launched new models such as the "New Yellow River" logistics tractor, which received positive market feedback and became a key product line[16]. - The company is expanding its investment in smart connected (new energy) heavy truck projects, leading to an increase in intangible assets[18]. - The company launched new products such as the New Yellow River logistics tractor and the HOWO TH7, enhancing fuel economy and user experience[24]. - The company has established a modern marketing service system with a nationwide distribution network, improving customer satisfaction[21]. - The new generation of intelligent trucks based on the smart driving platform has been developed, leading the industry trend of "intelligent+"[21]. Sales and Inventory - The heavy truck industry in China saw a total sales volume of approximately 1.619 million units in 2020, a year-on-year increase of 37.9%[17]. - In 2020, the company achieved heavy truck sales of 206,000 units, a year-on-year increase of 50.49%[23]. - The total sales revenue reached 59.938 billion yuan, representing a growth of 50.44% compared to the previous year[23]. - The company’s inventory increased by 90.67% to 34,486 units, compared to 18,087 units in the previous year[32]. Research and Development - Research and development expenses increased by 101.86% to ¥466,926,510.82, driven by enhanced investment to meet market demand[41]. - The number of R&D personnel rose by 70.11% to 626, with R&D personnel accounting for 9.00% of the total workforce[41]. - The proportion of R&D investment to operating income increased to 0.78%, up from 0.58% in the previous year[41]. Corporate Governance - The company has engaged Ernst & Young Hua Ming as its accounting firm for the reporting period[10]. - The company has maintained compliance with all court judgments and has no significant debts due that remain unpaid[76]. - The company has established management systems for safety, quality, environmental protection, and employee rights protection to fulfill its social responsibilities[92]. - The company has a structured approach to determining the remuneration of its directors and senior management based on performance evaluations[124]. Environmental Compliance - The company reported a total wastewater discharge of 8.54 tons for chemical oxygen demand, 0.396 tons for ammonia nitrogen, and 0.251 tons for total phosphorus, with a total atmospheric discharge of 0.594 tons for nitrogen oxides and 245.29 tons for volatile organic compounds (VOCs) in the reporting period[94]. - The company has implemented a comprehensive environmental monitoring plan, with real-time monitoring of wastewater discharge and regular third-party assessments, all results meeting standards[95]. - The company has obtained a pollution discharge permit valid from October 22, 2019, to October 21, 2022, ensuring compliance with environmental regulations[95]. Financial Management - The company reported a total accounts receivable balance of RMB 3.93 billion and a bad debt provision of RMB 220 million as of December 31, 2020[150]. - The provision for product quality assurance liabilities amounted to RMB 489 million as of December 31, 2020[151]. - The audit opinion issued was a standard unqualified opinion, indicating that the financial statements fairly reflect the company's financial position[147]. Shareholder Structure - The largest shareholder, China National Heavy Duty Truck Group (Hong Kong) Co., Ltd., holds 427,988,126 shares, representing a significant portion of the company's equity[106]. - The controlling shareholder is China National Heavy Duty Truck Group Co., Ltd., which has not changed during the reporting period[109]. - The company has a significant investment structure, with the controlling shareholder holding 100% of China National Heavy Duty Truck Group Co., Ltd.[112]. Management and Personnel - The company employed a total of 6,957 staff, with 4,770 in production, 439 in sales, and 626 in technical roles[127][128]. - The company has a total of five current deputy general managers, indicating a stable management structure[116]. - The management team includes professionals with engineering and quality assurance expertise, ensuring a focus on product quality and operational efficiency[120].