华峰化学(002064) - 2020 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2020 was ¥14,723,882,559, representing a 6.81% increase compared to ¥13,785,247,595 in 2019[21]. - The net profit attributable to shareholders for 2020 was ¥2,279,132,226, a 23.77% increase from ¥1,841,482,202 in 2019[21]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥2,194,228,608, showing a significant increase of 348.63% from ¥489,096,639 in 2019[21]. - The net cash flow from operating activities reached ¥4,208,611,223, marking a 47.62% increase from ¥2,850,968,124 in 2019[22]. - The total assets at the end of 2020 were ¥19,668,924,656, a 15.87% increase from ¥16,974,610,098 at the end of 2019[22]. - The net assets attributable to shareholders increased by 49.11% to ¥11,572,189,055 from ¥7,760,604,437 in 2019[22]. - The company's operating revenue increased by 6.81% compared to the previous year, achieving a significant growth in production and sales volume of major products[51]. - Net profit rose by 23.77% year-on-year, while the net profit after deducting non-recurring items surged by 348.63%[51]. - The net assets attributable to shareholders increased by 49.11% compared to the previous year, maintaining a leading position in industry performance indicators[51]. Dividend Policy - The company reported a profit distribution plan, proposing a cash dividend of 1 RMB per 10 shares based on a total of 4,633,519,221 shares[7]. - The total cash dividend amount for 2020 was RMB 463,351,922.10, which accounted for 20.33% of the net profit attributable to shareholders[104]. - Over the past three years, the cash dividend per 10 shares has increased from RMB 0.30 in 2018 to RMB 0.50 in 2019, and RMB 1.00 in 2020[102]. - The company's cash dividend policy complies with its articles of association and has been clearly communicated to shareholders[101]. - The company reported a total distributable profit of RMB 1,140,490,678.41 for the period, with the cash dividend representing 100% of the profit distribution[105]. - The cash dividend for 2019 was RMB 231,675,961.05, which was 12.58% of the net profit attributable to shareholders[105]. - The cash dividend for 2018 was RMB 50,304,000.00, representing 11.30% of the net profit attributable to shareholders[105]. - The company plans to continue its cash dividend policy in the future, pending approval at the annual general meeting[106]. Market Position and Production Capacity - The company produced approximately 200,000 tons of spandex in 2020, ranking second globally and first in China[31]. - The subsidiary has an annual production capacity of 420,000 tons of polyurethane raw materials and 735,000 tons of adipic acid, both ranking first globally[31]. - The company holds over 60% market share in domestic polyurethane shoe sole raw materials and over 40% in adipic acid[31]. - The company holds over 60% market share in the domestic polyurethane sole liquid market and sells products in more than 20 countries globally[33]. - The company's adipic acid products have a domestic market share exceeding 40% and are sold in over 30 countries[33]. - The company is the global leader in the production of polyurethane raw materials and adipic acid, with significant scale advantages that enhance cost efficiency[44]. - The company ranks second globally and first in China in terms of spandex production capacity and output, with polyurethane raw liquid and adipic acid also leading in national production[50]. Research and Development - The company has a total of 192 effective patents, including 134 invention patents, and has participated in drafting 35 national and industry standards[43]. - The company has established a strong R&D and production service system, ensuring product quality and innovation capabilities[43]. - The number of R&D personnel increased to 740 in 2020, a growth of 10.94% compared to 667 in 2019[71]. - R&D expenses for 2020 were ¥509,531,438.48, a decrease of 3.88% from ¥530,095,846.84 in 2019[69]. - The proportion of R&D expenditure to operating revenue fell to 3.46% in 2020 from 3.85% in 2019, a decline of 0.39%[71]. - The company is committed to enhancing its innovation capability and profitability through the acquisition of Huafeng New Materials, focusing on resource integration and overcoming key material technology bottlenecks[93]. - The company emphasizes research and development, aiming to capture the high ground in chemical new materials technology for sustainable development[94]. Risk Management - The company emphasized the importance of risk awareness regarding market fluctuations, industry cycles, and raw material price volatility[4]. - The company faces risks from raw material price fluctuations, which could significantly impact profitability if not managed effectively[94]. - The company is implementing organizational changes and enhancing risk management to adapt to its expanding business scale and ensure compliance[95]. Environmental Responsibility - The company actively engages in corporate social responsibility, focusing on environmental protection and sustainable development[173]. - The company has established a wastewater treatment system that utilizes an "anaerobic + biological contact oxidation" process, allowing for the recycling of treated wastewater back into production[181]. - The company has committed to a pollution prevention strategy, including the use of low-nitrogen combustion technology and integrated flue gas treatment processes[182]. - The company has received various environmental permits, including a wastewater discharge permit valid until November 1, 2025[187]. - The company has installed online monitoring equipment for flue gas emissions, ensuring compliance with environmental regulations[185]. - The company has engaged third-party monitoring agencies to conduct quarterly and annual assessments of wastewater and air emissions[188]. Corporate Governance - The company is committed to timely information disclosure regarding related party transactions to ensure legality and compliance[122]. - The company will strictly follow the relevant laws and regulations when exercising shareholder rights, particularly in matters involving related party transactions[123]. - The company has established a decision-making process for related party transactions to avoid conflicts of interest[120]. - The company will bear legal responsibilities for any violations of its commitments, ensuring accountability[124]. - The company has not invested in any businesses that compete with its own operations, maintaining a clear separation from similar business activities[124]. Strategic Acquisitions and Growth Plans - The company plans to achieve vertical and horizontal expansion in the polyurethane industry chain to enhance operational efficiency and international competitiveness[94]. - A strategic acquisition of a smaller competitor was completed, which is anticipated to enhance the company's production capacity by 30%[115]. - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share by the end of 2023[114]. - The company is investing 200 million yuan in research and development for innovative technologies over the next two years[116].