东华能源(002221) - 2020 Q4 - 年度财报

Important Notice, Table of Contents and Definitions This section provides crucial disclaimers, outlines the report structure, and defines key terms for clarity Important Notice The board ensures the report's accuracy and highlights major operational risks, including intensified competition, market expansion challenges, technological innovation hurdles, and cost risks from raw material prices and exchange rate fluctuations, alongside the 2020 profit distribution plan - Company faces four main risks: - Intense Industry Competition: Petrochemical industry capacity continues to grow; the company needs to leverage PDH cost advantages, focus on polypropylene new materials, and develop hydrogen energy from by-product hydrogen to strengthen competitiveness[1] - Market Expansion Difficulty: Global economic downturn leads to weak downstream demand; the company will respond by adjusting product structure, strengthening R&D, and expanding overseas markets[2] - Technological Innovation Risk: Digestion and absorption of introduced international advanced technology exist; the company will collaborate with technology providers for improvements and strengthen independent R&D[4] - Volatile Operating Costs: LPG, the main raw material, frequently fluctuates due to international oil prices and other factors; the company will control risks through inventory management, hedging, and exchange rate locking[4] Profit Distribution Plan | Distribution Plan | Details | | :--- | :--- | | Dividend Base | 1,576,127,767 shares | | Dividend Scheme | Cash dividend of 2.31 yuan (tax inclusive) per 10 shares | | Bonus Shares/Capitalization | No bonus shares, no capitalization of capital reserves | Definitions This chapter defines key terms and abbreviations used in the report, covering company entities, business terms like LPG, PDH, and polypropylene, project names, and macroeconomic concepts, providing a foundation for understanding the report content - Key business terms defined: - LPG (Liquefied Petroleum Gas): Clean gaseous energy primarily composed of propane and butane[8] - PDH (Propane Dehydrogenation): Process producing propylene from propane via catalytic dehydrogenation[8] - PP (Polypropylene): Thermoplastic resin produced by polymerizing propylene monomer, a main chemical product of the company[9] Company Profile and Key Financial Indicators This section provides an overview of the company's basic information and a detailed analysis of its key financial performance and position Company Information This chapter provides basic information about Donghua Energy Co., Ltd., including its stock ticker "Donghua Energy," stock code "002221," and contact details such as registered address, office address, website, and email Company Information | Item | Information | | :--- | :--- | | Stock Abbreviation | Donghua Energy | | Stock Code | 002221 | | Listing Exchange | Shenzhen Stock Exchange | | Legal Representative | Zhou Yifeng | | Company Website | www.chinadhe.com | Key Accounting Data and Financial Indicators In 2020, the company's operating revenue decreased by 37.04% to 29.08 billion yuan, mainly due to the divestiture of LPG trading business; however, net profit attributable to shareholders increased by 9.63% to 1.21 billion yuan, and non-recurring net profit increased by 16.75% to 1.04 billion yuan, indicating improved profitability from its transformation to chemical manufacturing, while net operating cash flow was 885.30 million yuan, a decrease Key Financial Indicators | Key Financial Indicators | 2020 | 2019 | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue (yuan) | 29,081,749,414.40 | 46,187,623,600.18 | -37.04% | | Net Profit Attributable to Parent (yuan) | 1,210,328,463.30 | 1,104,002,053.20 | 9.63% | | Non-recurring Net Profit Attributable to Parent (yuan) | 1,042,164,292.48 | 892,640,295.20 | 16.75% | | Net Operating Cash Flow (yuan) | 885,300,496.09 | 1,177,952,566.73 | -24.84% | | Basic Earnings Per Share (yuan/share) | 0.7677 | 0.6984 | 9.92% | | Total Assets (yuan) | 28,123,857,725.46 | 28,081,435,717.57 | 0.15% | | Net Assets Attributable to Parent (yuan) | 10,188,491,457.03 | 9,326,855,706.79 | 9.24% | Key Quarterly Financial Indicators The company's 2020 quarterly financial data shows Q2 net profit attributable to parent peaking at 423.05 million yuan, while operating revenue was highest in Q1 at 9.34 billion yuan before declining sequentially, and net operating cash flow was strongest in Q4 at 1.53 billion yuan, reversing prior quarters' outflows or small inflows Indicators (yuan) | Indicator (yuan) | Q1 | Q2 | Q3 | Q4 | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 9,337,175,814.07 | 7,112,384,465.34 | 7,279,886,196.50 | 5,352,302,938.49 | | Net Profit Attributable to Parent | 267,546,538.38 | 423,053,231.51 | 338,859,537.52 | 180,869,155.89 | | Net Operating Cash Flow | -829,243,437.44 | 154,284,566.67 | 26,741,988.85 | 1,533,517,378.01 | Non-recurring Gains and Losses and Amounts In 2020, the company's non-recurring gains and losses totaled 168.16 million yuan, a decrease from 211.36 million yuan in 2019, primarily comprising 106.64 million yuan from fair value changes and investment income related to financial assets/liabilities, and 88.26 million yuan in government subsidies Item (yuan) | Item (yuan) | 2020 Amount | 2019 Amount | | :--- | :--- | :--- | | Disposal Gains/Losses on Non-current Assets | 619,178.88 | 18,128,459.97 | | Government Subsidies | 88,263,482.44 | 164,404,981.43 | | Gains/Losses from Financial Assets/Liabilities at Fair Value | 106,643,749.60 | 43,080,645.29 | | Total | 168,164,170.82 | 211,361,758.00 | Company Business Overview This section outlines the company's core business transformation, significant asset changes, and key competitive advantages Main Business The company has successfully transformed from an LPG trader into the world's largest propane dehydrogenation (PDH) manufacturer, with core business segments now including PDH to propylene, polypropylene production, and comprehensive hydrogen utilization, adopting a flat management model and recognizing the long-term advantages of low-carbon PDH technology under "carbon neutrality" goals - Company has transformed into the world's largest propane dehydrogenation manufacturer, with multiple PDH and PP (polypropylene) facilities in Zhangjiagang and Ningbo, and new capacity planned in Maoming and Ningbo[21] - After divesting trading business, the company focuses on three core businesses: - PDH to Propylene: Producing propylene from propane[21] - Polypropylene: Polymerizing propylene into new polypropylene materials[21] - Comprehensive Hydrogen Utilization: Focusing on hydrogen as a clean energy application[21] Significant Changes in Major Assets During the reporting period, the company's major assets underwent significant changes, with construction in progress increasing by 1.8 billion yuan due to ongoing investments in Ningbo Phase II & III and Maoming projects, while trading financial assets and notes receivable financing decreased by 534 million yuan and 614 million yuan respectively, reflecting adjustments in fund utilization and sales settlement methods Major Assets | Major Assets | Significant Change Explanation | | :--- | :--- | | Construction in Progress | Increased by 1.8 billion yuan from year-end to year-beginning, mainly due to increased investment in Ningbo Phase II & III and Maoming projects | | Trading Financial Assets | Decreased by 534 million yuan from year-end to year-beginning, mainly due to redemption of some wealth management products | | Notes Receivable Financing | Decreased by 614 million yuan from year-end to year-beginning, mainly due to reduced receipt of letters of credit for goods sold | - The company's main overseas asset is its wholly-owned subsidiary, "Donghua Energy (Singapore) International Trading Co., Ltd.," engaged in international LPG trading. As of the end of 2020, its total assets reached 5.99 billion yuan, accounting for 58.76% of the company's net assets, and it achieved a net profit of 277 million yuan for the year[23] Analysis of Core Competencies The company's core competencies are rooted in its efficient flat management culture, a unique systemic advantage across the LPG value chain, strategic geographical positioning in the Yangtze River Delta and Pearl River Delta, and the significant cost and environmental benefits of its advanced PDH technology - Company's core competencies include: - Management Culture Advantage: Flat management, efficient decision-making[24] - Systemic Advantage: Formed a complete industrial chain in LPG trading, shipping, storage, and PDH deep processing, utilizing futures instruments to control risks[24] - Geographical Advantage: Production bases strategically located in the Yangtze River Delta and Pearl River Delta, covering approximately 70% of China's PP end-consumption market and facing ASEAN[25] - Technology and Cost Advantage: PDH process is short, capital-efficient, low energy consumption, clean, and environmentally friendly, aligning with energy saving, emission reduction, and carbon neutrality trends[25] Management Discussion and Analysis This section provides a comprehensive review of the company's operational performance, including business overview, detailed analysis of main and non-main businesses, and changes in asset and investment status Operating Overview In 2020, despite the pandemic and complex external environment, the company focused on its core business and steadily advanced strategic transformation, achieving robust production and sales in chemical plants, significant progress in hydrogen energy utilization, and orderly construction of new projects, while the divestiture of trading assets improved financial structure and increased the chemical segment's revenue and gross profit contribution - Chemical plant operations were stable, with robust production and sales. In 2020, the two production bases produced a total of 1.17 million tons of propylene and 915,900 tons of polypropylene, including a large quantity of medical non-woven fabric special materials for epidemic prevention[27] - Hydrogen energy comprehensive utilization yielded significant benefits, achieving 139 million yuan in sales revenue in 2020, a 36.47% year-on-year increase. The company actively participates in the construction of hydrogen energy industrial chains in the Yangtze River Delta and Pearl River Delta, and plans to build ammonia synthesis facilities to explore more applications[28] - New project construction progressed smoothly: Ningbo Phase II PDH project commenced operation in February 2021; Ningbo Phase III PP project entered trial production in April 2021; Maoming Phase I project has started construction, key equipment ordered, and port shoreline approved[31][32][33] - Transformation through trading asset divestiture showed initial results. During the reporting period, total revenue decreased by 37.04%, but the chemical segment's sales revenue proportion increased to 27.95%, and the chemical product sales gross profit contribution significantly rose from 60.04% in 2018 to 90.83%[34] Main Business Analysis In 2020, the company's main business structure significantly changed; LPG revenue decreased by 42.61% due to trading business divestiture, leading to a 37.04% total revenue decline, yet the chemical segment performed strongly with polypropylene and propylene gross margins increasing by 11.24 and 6.15 percentage points respectively, while warehousing revenue doubled, and R&D expenses surged by 2300.80% reflecting increased innovation investment, with cash flows from operating activities decreasing by approximately 35% due to trading business contraction Operating Revenue Composition (yuan) | Operating Revenue Composition (yuan) | 2020 | % of Total Revenue | 2019 | % of Total Revenue | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Polypropylene | 6,587,450,036.69 | 22.65% | 7,945,147,312.44 | 17.20% | -17.09% | | Propylene | 1,391,516,782.80 | 4.79% | 1,252,542,067.98 | 2.71% | 11.10% | | Liquefied Petroleum Gas | 20,631,770,483.97 | 70.94% | 35,951,635,640.44 | 77.84% | -42.61% | | Warehousing | 155,291,198.47 | 0.53% | 75,115,580.51 | 0.16% | 106.74% | Main Product Gross Margin | Main Product Gross Margin | 2020 | 2019 | YoY Change | | :--- | :--- | :--- | :--- | | Polypropylene | 28.13% | 16.89% | +11.24% | | Propylene | 19.86% | 13.71% | +6.15% | | Liquefied Petroleum Gas | 1.03% | 2.08% | -1.05% | Expense Items (yuan) | Expense Item (yuan) | 2020 | 2019 | YoY Change | Significant Change Explanation | | :--- | :--- | :--- | :--- | :--- | | Selling Expenses | 104,548,998.34 | 194,913,588.82 | -46.36% | Transportation costs reclassified to cost of goods sold under new revenue standards | | R&D Expenses | 95,017,806.79 | 3,957,756.53 | 2,300.80% | Company increased R&D investment | Key Cash Flow Statement Items (yuan) | Key Cash Flow Statement Item (yuan) | 2020 | 2019 | YoY Change | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 885,300,496.09 | 1,177,952,566.73 | -24.84% | | Net Cash Flow from Investing Activities | -1,054,019,999.91 | 343,613,156.22 | -406.75% | | Net Cash Flow from Financing Activities | -1,026,594,590.75 | -871,948,782.65 | 17.74% | | Net Increase in Cash and Cash Equivalents | -1,267,536,394.11 | 609,979,425.42 | -307.80% | Non-Main Business Analysis In 2020, the company's non-main business profit contribution primarily stemmed from 82.36 million yuan in investment income, 30.73 million yuan in fair value change gains, and 52.62 million yuan in non-operating income, while also recognizing 29.31 million yuan in asset impairment, mainly for chemical product storage tanks Item (yuan) | Item (yuan) | Amount | % of Total Profit | Reason for Formation | | :--- | :--- | :--- | :--- | | Investment Income | 82,364,320.55 | 5.30% | Mainly from wealth management products and futures contracts | | Fair Value Change Gains/Losses | 30,725,903.48 | 1.98% | Mainly from futures contracts and unexpired wealth management products | | Asset Impairment | -29,305,752.87 | -1.89% | Mainly impairment provision for chemical product storage tanks | | Non-operating Income | 52,623,656.23 | 3.39% | Mainly government awards received during the period | | Other Income | 45,351,650.08 | 2.92% | Mainly government subsidies and tax refunds related to daily operations | Analysis of Assets and Liabilities As of year-end 2020, total assets were 28.12 billion yuan, largely unchanged from the beginning of the year, but asset structure shifted significantly, with construction in progress increasing by 1.8 billion yuan to 14.26% of total assets, and long-term borrowings rising by 2.58 billion yuan to 15.34% to meet project funding needs, while 11.91 billion yuan of assets were restricted, primarily for loan collateral and deposits Key Asset and Liability Items (yuan) | Key Asset and Liability Item (yuan) | Dec 31, 2020 | % of Total Assets | Jan 1, 2020 | % of Total Assets | % Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Construction in Progress | 4,009,947,440.65 | 14.26% | 2,210,155,356.53 | 7.87% | +6.39% | | Long-term Borrowings | 4,315,031,763.15 | 15.34% | 1,735,016,779.29 | 6.18% | +9.16% | - As of the end of the reporting period, the company had a total of 11.91 billion yuan in restricted assets, primarily including: - Monetary Funds: 2.01 billion yuan (mainly various deposits)[62] - Fixed Assets: 5.83 billion yuan (loan collateral)[62] - Construction in Progress: 3.33 billion yuan (loan collateral)[62] - Intangible Assets: 597 million yuan (loan collateral)[62] Analysis of Investment Status In 2020, the company's total investment was 1.93 billion yuan, a 16.58% year-on-year decrease, primarily focused on significant non-equity projects, particularly the Ningbo and Maoming alkane resource comprehensive utilization projects, with 1.73 billion yuan invested in Ningbo Phase II & III and Maoming Phase I, alongside capital injections into subsidiaries and the use of raised funds for committed projects Significant Non-equity Investment Projects | Significant Non-equity Investment Project | Investment Method | Current Period Investment (yuan) | Cumulative Investment as of Period End (yuan) | Project Progress | | :--- | :--- | :--- | :--- | :--- | | Ningbo Alkane Resource Comprehensive Utilization (Phase II) | Self-built | 600,899,569.05 | 1,759,329,826.88 | 90.00% | | Ningbo Alkane Resource Comprehensive Utilization (Phase III) | Self-built | 890,104,946.33 | 1,573,407,246.47 | 80.00% | | Maoming Alkane Resource Comprehensive Utilization (Phase I) | Self-built | 232,584,962.38 | 232,585,463.38 | - | - The company's 2015 non-public offering raised a total of 2.88 billion yuan, with 1.94 billion yuan cumulatively used as of the end of the reporting period, leaving 945 million yuan unused, primarily held in special fundraising accounts[70] Significant Matters This section details the company's profit distribution plan, significant related-party transactions, and major contracts, particularly focusing on guarantees provided to subsidiaries Profit Distribution and Capital Reserve Capitalization The company's 2020 profit distribution plan proposes a cash dividend of 2.31 yuan (tax inclusive) per 10 shares, totaling an estimated 364.09 million yuan, representing 30.08% of net profit attributable to parent, which aligns with the future three-year (2021-2023) shareholder return plan's commitment to distribute no less than 30% of distributable profit annually, with the company consistently providing cash dividends and share repurchases over the past three years Dividend Situation (yuan) | Dividend Year | Cash Dividend Amount (yuan) | % of Net Profit Attributable to Parent | Share Repurchase Amount (yuan) | Total Cash Dividend (incl. Repurchase) | % of Net Profit Attributable to Parent | | :--- | :--- | :--- | :--- | :--- | :--- | | 2020 | 364,085,514.18 | 30.08% | 0.00 | 364,085,514.18 | 30.08% | | 2019 | 332,562,958.84 | 30.12% | 197,069,022.91 | 529,631,981.75 | 47.97% | | 2018 | 59,103,428.78 | 5.48% | 402,933,291.91 | 462,036,720.69 | 42.84% | - The company formulated the "Shareholder Return Plan for the Next Three Years (2021-2023)," committing to distribute no less than 30% of the annual distributable profit in cash, provided the company is profitable and has positive accumulated undistributed profits[87] Significant Related-Party Transactions During the reporting period, the company engaged in multiple daily operational transactions with related parties, primarily selling LPG to Matheson Energy and its subsidiaries for over 3.8 billion yuan based on cost-plus pricing, providing port and storage leasing services to Matheson Energy for approximately 123 million yuan, and transferring equity in subsidiary Qinzhou Donghua to Matheson Energy (Maoming) Co., Ltd. for 28.90 million yuan - The company conducted large-scale related-party transactions with Matheson Energy and its subsidiaries, controlled by the same ultimate beneficial owner, primarily involving the sale of liquefied petroleum gas and provision of storage services[108] Related Party Transactions (yuan) | Related Party | Related Transaction Type | Transaction Content | Transaction Amount (yuan) | | :--- | :--- | :--- | :--- | | Matheson Energy (Nanjing) | Sales | Liquefied Petroleum Gas | 2,369,704,800 | | MATHESON ENERGY PTE LTD | Sales | Liquefied Petroleum Gas | 1,152,915,100 | | Matheson Energy (Maoming) | Sales | Liquefied Petroleum Gas | 289,472,800 | | Matheson Energy (various subsidiaries) | Services | Storage Services | 123,286,600 | - The company transferred equity in subsidiary Qinzhou Donghua to related party Matheson Energy (Maoming) Co., Ltd. for 28.90 million yuan, resulting in a transaction gain/loss of approximately 307,100 yuan[110] Major Contracts and Their Performance During the reporting period, the company had no significant entrustment, contracting, or leasing matters; major guarantees were primarily provided to subsidiaries to support their operations and project construction, with approved guarantee limits totaling 18.04 billion yuan and actual outstanding guarantees of 10.92 billion yuan as of year-end, representing 107.19% of the company's net assets, with no instances of irregular external guarantees Guarantee Situation (yuan) | Guarantee Situation (yuan) | Amount | | :--- | :--- | | Total Approved Guarantee Limit for Subsidiaries within Reporting Period | 14,885,000,000 | | Total Actual Guarantees for Subsidiaries within Reporting Period | 7,770,930,000 | | Total Approved Guarantee Limit for Subsidiaries at End of Reporting Period | 18,035,000,000 | | Total Actual Outstanding Guarantees for Subsidiaries at End of Reporting Period | 10,920,930,000 | - The company's total actual guarantees represent 107.19% of its net assets, with the amount exceeding 50% of net assets being 5.83 billion yuan[120] Share Changes and Shareholder Information This section details changes in the company's share capital and provides an overview of its shareholder structure, including major shareholders and ultimate control Share Changes During the reporting period, the company's total share capital changed due to the repurchase and cancellation of restricted shares from departed incentive recipients, reducing the total shares from 1,649,782,824 to 1,649,022,824, with 760,000 shares cancelled, leading to a decrease in restricted shares and a corresponding increase in unrestricted shares - Due to the repurchase and cancellation of restricted shares granted to 15 departed incentive recipients that had not yet been lifted, the company's total share capital decreased by 760,000 shares[135][141] Shareholders and Ultimate Control As of the end of the reporting period, the company had 33,356 common shareholders, with the top two being Donghua Petroleum (Changjiang) Co., Ltd. and Unocal Changjiang Co., Ltd., both controlled by the ultimate beneficial owners Mr. Zhou Yifeng and Ms. Wang Mingxiang, holding over 27% combined, while Mr. Zhou Yifeng directly held 9.25% as the third largest shareholder, and there were no changes in the controlling shareholder or ultimate beneficial owner during the period Major Shareholder Information | Shareholder Name | Shareholder Nature | Shareholding Percentage | Number of Shares Held | | :--- | :--- | :--- | :--- | | Donghua Petroleum (Changjiang) Co., Ltd. | Overseas Legal Person | 19.73% | 325,360,000 | | Zhou Yifeng | Domestic Natural Person | 9.25% | 152,610,440 | | Unocal Changjiang Co., Ltd. | Overseas Legal Person | 7.96% | 131,296,700 | | Gongqingcheng Shengbang Investment Management Co., Ltd. | Other | 5.91% | 97,472,712 | - The company's ultimate beneficial owners are Mr. Zhou Yifeng and Ms. Wang Mingxiang. They control the company through direct shareholding and by controlling Donghua Petroleum (Changjiang) Co., Ltd. and Unocal Changjiang Co., Ltd[144][147][148] Directors, Supervisors, Senior Management, and Employees This section provides details on the shareholding changes of directors, supervisors, and senior management, as well as an overview of the company's employee structure Changes in Shareholdings of Directors, Supervisors, and Senior Management During the reporting period, there were no increases or decreases in the shareholdings of the company's current directors, supervisors, and senior management, with Chairman Zhou Yifeng's year-end shareholding remaining at 152,610,440 shares - During the reporting period, the shareholdings of the company's current directors, supervisors, and senior management remained stable, with no active increases or decreases[153][154] Company Employee Information As of the end of the reporting period, the company had 1,903 employees, with production personnel constituting the largest group at 1,148 (60.3%), and employees with college degrees or higher totaling 1,178 (61.9%), providing strong talent support for the company's development Professional Composition (number of people) | Professional Composition | Number (people) | | :--- | :--- | | Production Personnel | 1,148 | | Sales Personnel | 41 | | Technical Personnel | 250 | | Financial Personnel | 70 | | Administrative Personnel | 394 | | Total | 1,903 | Corporate Governance This section outlines the company's corporate governance structure and its internal control effectiveness Basic Corporate Governance Status The company has established a sound corporate governance structure in strict accordance with relevant laws and regulations, including the General Meeting of Shareholders, Board of Directors, Board of Supervisors, and management, complemented by four specialized committees, with its governance practices aligning with regulatory requirements and no significant discrepancies, and the company's operations were standardized through 3 General Meetings, 11 Board Meetings, and 6 Supervisory Board Meetings during the reporting period - The company's corporate governance structure is sound, with standardized operations of the three boards, robust internal control systems, and independence from the controlling shareholder in personnel, assets, organization, business, and finance[166][168] Internal Control Evaluation Report Based on the Board of Directors' self-assessment report and the accounting firm's standard unqualified internal control attestation report, the company effectively maintained internal controls related to financial statements in all material aspects as of December 31, 2020, in accordance with the Basic Norms for Enterprise Internal Control, with no material or significant deficiencies found in financial or non-financial reporting during the period - The company's internal control evaluation report concludes effectiveness, with no material deficiencies found in financial and non-financial reporting[179] - The accounting firm issued a standard unqualified attestation report on the company's 2020 internal controls, consistent with the Board of Directors' self-assessment report[182] Financial Report This section presents the independent audit opinion on the financial statements and provides a summary of the company's key financial performance and position Audit Report Suya Jincheng Certified Public Accountants issued a standard unqualified audit opinion on the company's 2020 financial statements, affirming that they fairly present the company's financial position, operating results, and cash flows in all material respects, while identifying inventory existence and revenue recognition as two key audit matters - The audit opinion type is standard unqualified opinion[184] - Key audit matters are: - Inventory Existence: The authenticity of inventory significantly impacts financial statements due to the company's leased warehouses and third-party storage arrangements[187][188] - Revenue Recognition: The company's diverse business models present an inherent risk of manipulating revenue recognition timing to achieve specific targets[190] Financial Statements The financial statements present the company's financial position as of year-end 2020 and its full-year operating results, showing total assets of 28.12 billion yuan, total liabilities of 17.92 billion yuan, and total equity attributable to parent of 10.19 billion yuan, with full-year operating revenue of 29.08 billion yuan, net profit attributable to parent of 1.21 billion yuan, and net cash flow from operating activities of 885.30 million yuan Consolidated Balance Sheet Key Items (yuan) | Consolidated Balance Sheet Key Item (yuan) | Dec 31, 2020 | Dec 31, 2019 | | :--- | :--- | :--- | | Total Assets | 28,123,857,725.46 | 28,081,435,717.57 | | Total Liabilities | 17,916,226,914.23 | 18,741,061,586.55 | | Total Equity Attributable to Parent Company Owners | 10,188,491,457.03 | 9,326,855,706.79 | Consolidated Income Statement Key Items (yuan) | Consolidated Income Statement Key Item (yuan) | 2020 | 2019 | | :--- | :--- | :--- | | Total Operating Revenue | 29,081,749,414.40 | 46,187,623,600.18 | | Operating Profit | 1,505,828,017.55 | 1,377,172,163.79 | | Total Profit | 1,554,271,492.91 | 1,440,139,804.75 | | Net Profit | 1,212,471,779.15 | 1,106,939,357.98 | | Net Profit Attributable to Parent Company Shareholders | 1,210,328,463.30 | 1,104,002,053.20 | Consolidated Cash Flow Statement Key Items (yuan) | Consolidated Cash Flow Statement Key Item (yuan) | 2020 | 2019 | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 885,300,496.09 | 1,177,952,566.73 | | Net Cash Flow from Investing Activities | -1,054,019,999.91 | 343,613,156.22 | | Net Cash Flow from Financing Activities | -1,026,594,590.75 | -871,948,782.65 | Reference Documents This section lists the documents available for inspection, including signed financial statements, the original audit report, and all statutory disclosure documents from the reporting period, kept at the company's Board of Directors office - This chapter lists the reference documents available for inspection, including financial statements signed by responsible persons, the original audit report, and all statutory disclosure documents from the reporting period, kept at the company's Board of Directors office[596]