XYT(SZ:002087)2021-04-21 16:00Financial Performance - The company's operating revenue for 2020 was approximately ¥4.87 billion, a decrease of 15.11% compared to ¥5.73 billion in 2019[17]. - The net profit attributable to shareholders was approximately ¥172.20 million, down 38.37% from ¥279.42 million in the previous year[17]. - The net cash flow from operating activities was negative at approximately -¥125.94 million, a decline of 111.30% compared to ¥1.11 billion in 2019[17]. - The basic earnings per share decreased to ¥0.2108, down 38.38% from ¥0.3421 in 2019[17]. - Total assets at the end of 2020 were approximately ¥10.18 billion, an increase of 6.58% from ¥9.55 billion at the end of 2019[17]. - The net assets attributable to shareholders increased to approximately ¥4.27 billion, a rise of 3.49% from ¥4.13 billion in 2019[17]. - The company reported a weighted average return on equity of 4.10%, down from 6.96% in the previous year[17]. - The company received government subsidies amounting to CNY 8.82 million in 2020, down from CNY 22.91 million in 2019[22]. - The company reported a 28.43% decline in revenue from cotton, totaling CNY 382 million, compared to CNY 534 million in 2019[43]. - The company's domestic revenue for 2020 was approximately CNY 4.59 billion, a year-on-year increase of 15.05%, while international revenue was about CNY 277.89 million, down 46.10%[46]. Operational Efficiency - The overall capacity utilization rate was 84.32%, down from 96.41% in the previous year, reflecting reduced operational efficiency[54]. - Yarn sales volume decreased by 17.12% to 148,258.25 tons, and production volume fell by 12.59% to 187,084.29 tons[46]. - The inventory of yarn increased by 26.06% to 43,861.45 tons, indicating potential supply chain issues[46]. - The total operating cost for the textile industry was CNY 4.14 billion, a decrease of 10.20% compared to the previous year[48]. - The company's sales expenses dropped significantly by 86.68% to CNY 17.13 million, while management expenses rose by 46.53% to CNY 153.86 million[53]. Research and Development - The company invested a total of ¥156.72 million in R&D in 2020, a decrease of 15.25% compared to ¥184.92 million in 2019[62]. - R&D expenditure accounted for 3.22% of total revenue in 2020, slightly down from 3.23% in 2019[62]. - The company developed 16 new product series during the reporting period, focusing on new materials, processes, and functionalities[39]. - The company emphasizes innovation and has participated in the drafting of 32 national and industry standards, with 18 already published[31]. Market Position and Strategy - The company ranked seventh in the competitiveness ranking of the Chinese cotton spinning industry in 2019, based on key economic indicators[29]. - The company has a complete industrial chain covering cotton, spinning, weaving, and dyeing, enhancing its core competitiveness[31]. - The company focuses on high-end cotton textile products, including a range of yarn and fabric series, catering to both clothing and home textile markets[26]. - The company plans to continue developing new products and improving its R&D management system to enhance competitiveness[39]. - The company plans to strengthen its marketing channels by establishing diversified sales platforms to expand its market share domestically and internationally[83]. Corporate Governance - The company has a strong governance structure with independent directors and a supervisory board in place[165]. - The board consists of 9 members, including 3 independent directors, complying with legal and regulatory requirements[176]. - The company maintains independence from its controlling shareholder in business, personnel, assets, and financial aspects, ensuring autonomous operations[178]. - The company has established a transparent performance evaluation and incentive mechanism for its executives[177]. - The company has a comprehensive internal control system and independent financial accounting department, ensuring compliance with listing requirements[180]. Environmental Responsibility - The company has established a sewage treatment facility with a daily capacity of 6,000 tons, which is operating normally[128]. - The company has implemented air pollution control measures, including a combined SCR and SNCR denitrification system, meeting ultra-low emission standards[128]. - The company has received environmental impact approvals for its medical non-woven fabric and new functional yarn projects[129]. - The company has established comprehensive waste gas treatment facilities, including a 80-meter high chimney, ensuring emissions meet GB 13223-2011 standards[136]. - The company conducts monthly monitoring of air emissions and noise levels, and weekly monitoring of chemical oxygen demand in wastewater[134]. Shareholder Returns - The company plans to distribute a cash dividend of ¥0.23 per 10 shares, based on a total share capital of 816,794,335 shares as of December 31, 2020[5]. - The total cash dividend amount for 2020 is 18,786,269.71 yuan, which represents 100% of the distributable profit[93]. - The company has maintained compliance with its cash dividend policy, ensuring that at least 80% of profits are distributed as cash dividends during mature development stages[93]. - The company has a shareholder return plan for the next three years (2020-2022) that was approved by the board and the shareholders[88]. Employee and Community Engagement - The total number of employees in the company is 8,948, with 7,065 in the parent company and 1,883 in major subsidiaries[169]. - The company emphasizes employee training, offering various programs including management and skills training to enhance core talent[172]. - The company invested a total of 1.07 million yuan in poverty alleviation efforts, helping 159 registered impoverished individuals to escape poverty[122]. - The company facilitated employment for over 160 individuals from minority groups in southern Xinjiang, with all registered impoverished households achieving poverty alleviation[123]. - A total of 184 employees in need received assistance from the company's mutual aid fund, with over 1.1 million yuan allocated for their support[123].