登海种业(002041) - 2020 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2020 was ¥900,743,999.55, representing a 9.42% increase from ¥823,176,983.54 in 2019[29]. - Net profit attributable to shareholders for 2020 was ¥101,955,515.05, a significant increase of 145.18% compared to ¥41,583,136.60 in 2019[29]. - The net profit after deducting non-recurring gains and losses was ¥46,736,318.81, up 277.66% from -¥26,306,664.98 in 2019[29]. - The net cash flow from operating activities reached ¥369,441,568.42, a 79.03% increase from ¥206,352,920.53 in 2019[29]. - Basic and diluted earnings per share for 2020 were both ¥0.1159, reflecting a 145.03% increase from ¥0.0473 in 2019[29]. - Total assets at the end of 2020 were ¥3,760,508,569.11, a 1.96% increase from ¥3,688,154,677.31 at the end of 2019[29]. - Net assets attributable to shareholders at the end of 2020 were ¥2,889,065,245.21, up 1.73% from ¥2,839,909,730.16 at the end of 2019[29]. - The company achieved operating revenue of 900.744 million yuan, a year-on-year increase of 9.42%[48]. - Net profit attributable to shareholders reached 101.956 million yuan, reflecting a significant year-on-year growth of 145.18%[48]. - The company reported total assets of approximately CNY 313.44 million and net assets of CNY 174.91 million for its subsidiary, Denghai Pioneer[104]. Dividend Distribution - The company reported a profit distribution plan based on a base of 880,000,000, proposing a cash dividend of 0.35 yuan per 10 shares (including tax) and no bonus shares[10]. - The cash dividend distribution plan for 2020 proposes a cash dividend of 0.35 yuan per 10 shares, totaling 30,800,000.00 yuan, which represents 30.21% of the net profit attributable to ordinary shareholders[121]. - In 2019, the cash dividend was 0.60 yuan per 10 shares, totaling 52,800,000.00 yuan, which was 126.97% of the net profit attributable to ordinary shareholders[121]. - The company’s total distributable profit for 2020 was 1,558,829,043.43 yuan, with the cash dividend accounting for 100% of the total profit distribution[125]. Research and Development - The company emphasizes the importance of new variety research and development, which is costly and time-consuming, with uncertain market acceptance[10]. - The company has increased its investment in the Qingdao Biotechnology R&D Center, resulting in a 26.59% increase in construction in progress compared to the beginning of the period[49]. - The company applied for 35 new plant variety rights in 2020, with a total of 147 authorized plant variety rights as of December 31, 2020[63]. - The company has a total of 15 patents, including 8 invention patents and 7 utility model patents, with 5 patents authorized in 2020[63]. - The number of R&D personnel increased to 170 in 2020, up 38.21% from 123 in 2019[82]. - R&D investment amounted to ¥73,359,013.13 in 2020, a decrease of 10.01% from ¥81,523,023.84 in 2019[82]. - The proportion of R&D investment to operating revenue was 8.14% in 2020, down from 9.90% in 2019, a decrease of 1.76%[82]. - The company plans to increase R&D investment to enhance technological innovation and develop competitive new varieties of corn seeds[108]. - The company is investing 50 million RMB in R&D for new agricultural technologies over the next two years[198]. - The company plans to invest 100 million RMB in research and development for new agricultural technologies[199]. Market Position and Strategy - The company is positioned as a leading player in the seed industry, ranking first in the national corn seed sales revenue in 2018 and second in 2019[48]. - The company is focusing on improving its marketing model to adapt to the rising trend of large-scale farming and agricultural cooperatives[48]. - The company is actively involved in the development of new corn varieties, with five of its varieties selected among the top 20 in the country[48]. - The company has established a stable development model in crop breeding, focusing on hybrid corn varieties as its main product line[41]. - The company operates a "company + farmer" production model, ensuring quality control through direct supervision and management of seed production[42]. - The company has developed 30 new corn varieties, which have been approved by national standards[60]. - The company plans to launch three new corn seed varieties in 2021, aiming for a 10% market share increase in the premium segment[198]. - Future guidance estimates a revenue growth of 12% to 15% for 2021, driven by new product launches and market expansion efforts[194]. - Market expansion plans include entering two new provinces in China, targeting a 5% increase in market penetration[194]. - The company is expanding its market presence in Southeast Asia, targeting a 30% increase in sales in that region[200]. Risks and Challenges - The company faces risks from natural disasters affecting seed production, which can impact yield and quality[7]. - The overall inventory in the corn seed industry remains high, posing market risks due to counterfeit and illegal seed operations[10]. - The company is aware of potential risks from policy adjustments in the corn industry and will cultivate competitive corn varieties in key production areas[112]. - The company faces production risks due to climate sensitivity and plans to enhance production management and technology[115]. - The company is facing challenges from market competition due to high levels of product homogeneity and low-price competition in the corn seed market[48]. Corporate Governance and Compliance - The company’s financial statements are audited by Zhongtianyun Accounting Firm, ensuring compliance and accuracy in reporting[28]. - The company has not reported any non-operating fund occupation by controlling shareholders or related parties during the reporting period[126]. - The company has not engaged in any major asset or equity sales during the reporting period[101]. - The company has not faced any delisting situations after the annual report disclosure[134]. - The company has not experienced any major litigation or arbitration matters during the reporting period[135]. - There were no significant penalties or rectification situations during the reporting period[136]. - The company did not implement any equity incentive plans or employee stock ownership plans during the reporting period[137]. - The company has not engaged in any related party transactions during the reporting period[140]. - The company has not entered into any major contracts or agreements during the reporting period[153]. Shareholder Information - The total number of common shareholders at the end of the reporting period was 80,387, a decrease from 88,614 at the end of the previous month[170]. - The largest shareholder, Laizhou Agricultural Academy, holds 53.21% of the shares, totaling 468,223,255 shares[171]. - Li Denghai, a natural person, holds 7.33% of the shares, amounting to 64,512,765 shares[171]. - Central Huijin Asset Management holds 2.02% of the shares, which is 17,795,900 shares[171]. - The top 10 shareholders include various funds, with the largest being Laizhou Agricultural Academy, followed by Li Denghai and Central Huijin Asset Management[177]. - The company did not experience any changes in its controlling shareholder during the reporting period[181]. - The actual controller, Li Denghai, is recognized as a leading figure in hybrid corn breeding and has held various significant positions in agricultural committees[184]. - There were no changes in the actual controller during the reporting period[185]. - The company does not have any preferred shares outstanding during the reporting period[188]. - The company did not engage in any repurchase transactions among the top 10 shareholders during the reporting period[177].