PRCO(SZ:002225)2021-03-22 16:00Financial Performance - The company's operating revenue for 2020 was CNY 4,174,177,333.37, representing a 0.82% increase compared to CNY 4,140,123,441.85 in 2019[16] - The net profit attributable to shareholders for 2020 was CNY 300,139,490.64, an increase of 18.98% from CNY 252,268,968.36 in 2019[16] - The net profit after deducting non-recurring gains and losses was CNY 280,284,284.41, up 16.16% from CNY 241,286,539.18 in 2019[16] - The basic earnings per share for 2020 was CNY 0.29, a 7.41% increase from CNY 0.27 in 2019[16] - The total assets at the end of 2020 were CNY 6,262,929,799.08, reflecting a 9.42% increase from CNY 5,723,927,511.54 at the end of 2019[16] - The net assets attributable to shareholders at the end of 2020 were CNY 2,963,946,535.75, a 4.67% increase from CNY 2,831,788,338.01 at the end of 2019[16] - The net cash flow from operating activities for 2020 was CNY 483,444,068.81, a decrease of 15.83% from CNY 574,378,475.55 in 2019[16] - The weighted average return on equity for 2020 was 10.42%, an increase of 0.56% from 9.86% in 2019[16] Revenue Breakdown - The steel division generated operating revenue of CNY 3,649.28 million, reflecting a year-on-year growth of 2.57%, supported by strategic partnerships with major steel groups and improved customer structure[31] - The raw materials division reported operating revenue of CNY 358.28 million, a significant year-on-year increase of 59.78%, driven by the launch of new production projects and market expansion efforts[32] - The environmental refractory materials division experienced a decline in operating revenue to CNY 481.44 million, down 15.59% year-on-year, due to low sales prices in the industry despite stable demand[33] Research and Development - The company reported a total of 304 valid technology patents by the end of 2020, including 59 invention patents and 242 utility model patents[26] - The company has established a dual technology R&D center, enhancing its capability for independent research and development[26] - The company’s research project on energy-saving intermediate ladle lining won the second prize for scientific and technological progress in Henan Province in 2020[26] - The company has made significant advancements in technology, with projects recognized as internationally leading and advanced in their respective fields[26] - The company has successfully completed several new product development projects, enhancing its product structure and market competitiveness[58] Market Presence and Strategy - The company has established a robust customer network, providing services to nearly 70 of the world's top steel companies, including Baowu Steel and ArcelorMittal[30] - The company has expanded its overseas presence with 8 subsidiaries or offices in countries such as Ukraine, the USA, and India, enhancing its global marketing capabilities[30] - The company is focused on innovation, with ongoing development of new products such as high-performance electric melting magnesia bricks to enhance market competitiveness[33] - The company plans to achieve a sales revenue of 52.25 billion yuan in 2021, representing a 25.18% increase from the 41.74 billion yuan achieved in 2020[85] - The net profit attributable to shareholders is targeted at 3.60 billion yuan for 2021, which is a 20% increase from the 3.00 billion yuan recorded in 2020[85] Shareholder Returns - The company plans to distribute a cash dividend of CNY 0.6 per 10 shares (including tax) to all shareholders[4] - The total cash dividend (including other methods) for the 2020 fiscal year is 161,429,538.28 yuan, which accounts for 100% of the distributable profit[98] - The company's net profit for 2020 is reported at 300,139,490.64 yuan, with a cash dividend amounting to 20.20% of the net profit[97] - The company has established a three-year shareholder return plan (2020-2022) to actively reward shareholders[92] Environmental Responsibility - The company emphasizes environmental protection by adhering to national standards for wastewater, air, and noise emissions, ensuring compliance with local regulations[146] - All solid waste produced by the company is fully recycled, with no external discharge of non-compliant products[147] - The company has established a comprehensive environmental management system to monitor and report emissions effectively[151] - The company has implemented automatic online monitoring devices for wastewater discharge, ensuring compliance with local environmental regulations[153] - The company has committed to recycling all waste products and non-conforming goods, contributing to sustainability efforts[153] Corporate Governance - The company has committed to ensuring that any related transactions will comply with the regulations set by the China Securities Regulatory Commission, ensuring fair pricing and protecting the company's legal rights[100] - The company has established a framework for managing related party transactions to ensure transparency and compliance with internal regulations[101] - The company has reiterated its commitment to maintaining a competitive edge by avoiding any business practices that could harm its market position[101] Employee Welfare - In 2020, the average employee salary increased by 15.8% compared to 2018, with a 7% increase from 2019 to 2020[138] - The company provided COVID-19 vaccinations for 551 employees, enhancing their sense of safety and well-being[140] - During the pandemic, the company maintained normal salary payments while implementing remote work and strict health protocols for returning to work[140] Financial Management - The company is committed to improving its financial management to ensure sufficient funding for daily operations and development in 2021[87] - The company has not reported any significant accounting errors requiring retrospective restatement during the reporting period[110] - The company has engaged Zhongqin Wanxin Accounting Firm for 13 consecutive years, with an audit fee of ¥750,000 for the current period[112]