IMDTECL(SZ:002128)2021-04-27 16:00Economic Environment - In 2020, the company faced challenges due to the COVID-19 pandemic, resulting in a slowdown in domestic economic growth and increased uncertainty in future economic trends [4]. - The board of directors emphasized the importance of risk awareness in light of the uncertain economic environment and ongoing trade tensions [4]. - The company expects a tight balance in the coal market due to increased demand and accelerated development of renewable energy, which may suppress coal demand growth [40]. - The company predicts that coal consumption in China will peak in the next decade, leading to a stable supply-demand situation in the coal market [89]. - The company faces risks including national policy changes affecting coal mining and market fluctuations due to increased coal imports, which may lead to a temporary easing of coal supply [96][97]. Financial Performance - The company's operating revenue for 2020 was ¥20,073,924,148.88, representing a 4.80% increase from ¥19,155,000,719.21 in 2019 [15]. - The net profit attributable to shareholders for 2020 was ¥2,070,761,935.27, a decrease of 16.04% compared to ¥2,466,494,732.75 in 2019 [15]. - The basic earnings per share for 2020 was ¥1.08, a decline of 15.63% from ¥1.28 in 2019 [15]. - The weighted average return on equity for 2020 was 12.30%, a decrease of 3.57 percentage points from 15.87% in 2019 [15]. - The total profit for 2020 was 3,298.42 million yuan, reflecting a year-on-year increase of 2.53%, driven by higher prices for coal and electrolytic aluminum [25]. Dividends and Shareholder Returns - The company reported a cash dividend of 4 RMB per 10 shares to all shareholders, based on a total of 1,921,573,493 shares [5]. - The cash dividend for 2020 represents 37.12% of the net profit attributable to ordinary shareholders [106]. - The proposed cash dividend is CNY 4 per 10 shares, totaling CNY 768,629,397.20, subject to shareholder approval [108]. - The cumulative legal surplus reserve has exceeded 50% of the registered capital, thus no legal surplus reserve will be extracted for the reporting period [108]. - The company has maintained a consistent cash dividend policy over the past three years, with clear guidelines and procedures in place [104]. Operational Highlights - The company produced 913,600 tons of electrolytic aluminum in 2020, up 2.36% from the previous year, with sales increasing by 2.16% to 911,900 tons [25]. - The actual electricity generation in 2020 was 692,229.31 million kWh, an increase of 2.04% year-on-year, with electricity sales rising by 2.88% to 622,771.68 million kWh [25]. - In 2020, the company produced 45.99 million tons of raw coal, maintaining the same level as the previous year, while sales decreased by 0.49% to 45.85 million tons [25]. - The company has a coal production capacity of 46 million tons, utilizing fully mechanized production processes [24]. - The company’s electricity generation facilities include two 600MW subcritical direct air-cooled units, primarily supplying power to the Northeast China grid [24]. Market Conditions - The coal market remained stable, with supply maintaining a balance and coal prices showing a steady increase throughout the year [4]. - The overall industry for electrolytic aluminum saw a recovery in demand, with social inventory continuing to decline and prices showing a trend of sustained increase [5]. - The aluminum segment experienced significant price volatility, with the maximum price difference reaching nearly 6,000 RMB, leading to substantial losses in the first half of 2020 [5]. - The coal industry is experiencing a recovery post-COVID-19, with a focus on intelligent mining and the exit of inefficient production capacities [26]. - The aluminum industry is entering an orderly development phase, supported by local government policies that reduce production costs [26]. Investments and Future Plans - The company has invested in renewable energy projects, including a 100MW photovoltaic power generation project, with a total planned investment of CNY 436.2 million [38]. - The company plans to enhance safety management and improve asset utilization efficiency through systematic planning for equipment upgrades [43]. - The company aims to strengthen market analysis and adjust sales strategies in response to national regulatory changes in the coal industry [43]. - The company plans to continue expanding its renewable energy portfolio in the future [73]. - The company has committed to injecting relevant assets into the listed company within five years, contingent on meeting specific conditions [111]. Related Party Transactions - The company engaged in related transactions, including providing technical services valued at 0.09 million yuan, which accounted for 0.00% of similar transaction amounts [135]. - The company sold coal to Bai Shan Thermal Power Co., Ltd. for 55.35 million yuan, representing 0.00% of similar transaction amounts [135]. - The company provided technical services to Beijing Zhongqi Technology Co., Ltd. valued at 127.2 million yuan, which accounted for 0.39% of similar transaction amounts [135]. - The company reported a related transaction amount of 113.08 million yuan for providing technical services, which accounted for 0.35% of similar transaction amounts [138]. - The company had no related transactions exceeding the approved limits during the reporting period [135]. Legal and Compliance Matters - The company faced a lawsuit regarding ecological damage compensation amounting to 29.996 million RMB, which has been settled [127]. - The company has received a court ruling to pay 41.224 million RMB to Singapore Continental Consulting Co., Ltd. as part of a debt settlement [128]. - The company has reported a total compensation payment of 29.996 million RMB for ecological damage, which has been executed [127]. - The company has confirmed that it has fulfilled its capital contribution obligations to Hoh Coal Hongjun without any violations [114]. - The company has not reported any major changes in project feasibility during the reporting period [83].