PRCO(SZ:002225)2020-07-09 16:00Financial Performance - The company's operating revenue for 2019 was approximately ¥4.14 billion, representing a year-on-year increase of 6.48% compared to ¥3.86 billion in 2018[19]. - The net profit attributable to shareholders for 2019 was approximately ¥252.27 million, an increase of 13.88% from ¥225.39 million in 2018[19]. - The net profit after deducting non-recurring gains and losses was approximately ¥241.29 million, reflecting a 4.43% increase from ¥234.66 million in 2018[19]. - The net cash flow from operating activities for 2019 was approximately ¥574.38 million, up 21.94% from ¥490.92 million in 2018[19]. - The basic earnings per share for 2019 was ¥0.27, an increase of 8.00% compared to ¥0.25 in 2018[20]. - The total assets at the end of 2019 were approximately ¥5.72 billion, an increase of 8.17% from ¥5.13 billion at the end of 2018[20]. - The net assets attributable to shareholders at the end of 2019 were approximately ¥2.83 billion, reflecting a 7.42% increase from ¥2.59 billion at the end of 2018[20]. - The company's total operating revenue for 2019 was CNY 4,140,123,441.85, representing a year-on-year increase of 6.48% compared to CNY 3,888,063,435.66 in 2018[48]. - The gross profit margin for the refractory materials segment was 29.50%, with a slight decrease of 0.02% from the previous year[51]. - The company reported a profit for the period, with a net profit attributable to ordinary shareholders of CNY 778,498,701.09, and proposed a cash dividend of CNY 0.70 per 10 shares[104]. Dividend Policy - The company plans to distribute a cash dividend of 0.7 RMB per 10 shares (including tax) to all shareholders, with no bonus shares issued[8]. - The company has set a cash dividend of 0.70 yuan per 10 shares for 2019, maintaining a consistent dividend policy[100]. - In 2019, the cash dividend payout ratio was 28.68% of the net profit attributable to shareholders[103]. - The total cash dividend amount is CNY 72,363,114.53, which represents 100% of the distributable profit[104]. - The company has not made any adjustments to its cash dividend policy during the reporting period, ensuring stability for shareholders[99]. - The company plans to distribute cash dividends annually, with a minimum of 10% of the distributable profits for the year, and a cumulative distribution of at least 30% of the average annual distributable profits over three years[120]. Market and Business Strategy - The company is actively exploring new markets and customers to mitigate risks associated with international trade tensions and the COVID-19 pandemic[7]. - The company has maintained a stable overseas business proportion, despite challenges from exchange rate volatility and international market instability[6]. - The company emphasizes innovation in brand, channel, management, and technology to enhance product value and competitiveness[6]. - The company is focused on developing high-efficiency, energy-saving, and eco-friendly refractory materials to reduce pollutant emissions[5]. - The company aims to become one of the top three refractory material companies globally, with a comprehensive product range covering key high-temperature sectors such as steel, building materials, non-ferrous metals, and petrochemicals[90]. - The company plans to adjust its market structure to focus on high-end refractory materials for cement kilns and non-ferrous metal smelting furnaces[44]. - The company is responding to industry policies by upgrading automation and eliminating outdated production processes[41]. Environmental Compliance and Initiatives - The company has implemented various pollution control measures, including bag dust collectors and secondary combustion facilities, to comply with stringent environmental regulations[5]. - The company is focused on reducing emissions of harmful substances, including sulfur dioxide and nitrogen oxides, in line with regulatory requirements[169]. - The company has established a comprehensive waste management system to monitor and control emissions effectively[169]. - The company has obtained various pollution discharge permits, with specific expiration dates for different subsidiaries, ensuring regulatory compliance[166]. - The company reports that its emissions of particulate matter and sulfur dioxide are within the limits set by local and national standards[167]. - The company has engaged qualified monitoring units for projects lacking self-monitoring capabilities, ensuring accurate data collection and compliance[172]. - The company has implemented deep environmental governance measures, achieving a 90% reduction in SO2 emissions and an 80% reduction in NOx emissions from kiln exhaust gases[171]. Research and Development - The company holds a total of 242 valid technology patents, including 55 invention patents, 184 utility model patents, and 3 design patents[31]. - Research and development expenses increased by 13.97% to CNY 192,801,496.36, reflecting the company's commitment to new product development[59]. - The proportion of R&D investment to operating revenue increased to 4.66%, up from 4.35% in 2018[63]. - The company has a strong R&D capability with two technology research centers and has provided quality products and services to over 70 of the world's top 100 steel companies[40]. - The company completed several key projects, including the development of eco-friendly repair materials for converters, enhancing product competitiveness[62]. Shareholder and Corporate Governance - The company has not reported any changes in its main business operations or major shareholders since its listing[18]. - The company has established a principle of fairness and transparency in related transactions, adhering to legal procedures and disclosure obligations[109]. - The company has committed to not engaging in any new competition with Puyang Pona within its existing business scope[117]. - The company has not experienced any changes in its controlling shareholders during the reporting period[200]. - The company has a commitment to compensate for any losses resulting from historical borrowing activities by related parties[111]. Financial Position and Investments - The company completed a non-public offering of 145,862,881 shares at a price of 4.23 yuan per share, raising a total of approximately 617 million yuan[192]. - The total assets of the company as of December 31, 2019, were 572,392.75 million yuan, an increase of 43,230.24 million yuan from the previous year[193]. - The total liabilities increased to 273,684.63 million yuan, up by 21,940.53 million yuan compared to the end of the previous year[193]. - The company has made a significant investment of CNY 604.58 million during the reporting period, a 1,632.75% increase compared to CNY 34.89 million in the previous year[74]. - The company has not approved any external guarantees during the reporting period, maintaining a conservative financial strategy[147]. Social Responsibility - The company donated a total of CNY 475 million for poverty alleviation initiatives, completing its commitment[158][159]. - The company actively engages in social responsibility initiatives, including support for local education and infrastructure[157]. - The company plans to continue actively fulfilling its social responsibilities to promote social harmony and stability[164].