利尔化学(002258) - 2020 Q4 - 年度财报

Financial Performance - The company reported a total revenue of 524.38 million RMB for the year 2020, with a cash dividend of 2 RMB per 10 shares distributed to shareholders[6]. - The company's operating revenue for 2020 was ¥4,968,747,823.74, representing a 19.33% increase compared to ¥4,163,842,124.04 in 2019[25]. - The net profit attributable to shareholders for 2020 was ¥612,208,873.95, a significant increase of 96.76% from ¥311,142,625.53 in 2019[25]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥583,603,687.46, up 93.87% from ¥301,030,394.95 in 2019[25]. - The net cash flow from operating activities reached ¥899,001,364.24, marking a 52.44% increase from ¥589,723,367.15 in 2019[25]. - The basic earnings per share for 2020 was ¥1.1675, a 96.75% increase compared to ¥0.5934 in 2019[25]. - The diluted earnings per share was ¥1.1269, reflecting an 89.91% increase from ¥0.5934 in 2019[25]. - The total assets at the end of 2020 were ¥8,463,205,858.12, an 11.56% increase from ¥7,586,558,498.59 at the end of 2019[25]. - The net assets attributable to shareholders at the end of 2020 were ¥3,972,556,171.06, an 18.30% increase from ¥3,358,104,181.16 at the end of 2019[25]. - The company reported a quarterly operating revenue of ¥1,608,828,814.48 in Q4 2020, with a net profit of ¥195,470,346.64 for the same quarter[30]. Market Position and Growth - The global crop protection market is projected to reach $66.703 billion by 2023, with a compound annual growth rate of 3% from 2018 to 2023[39]. - The company exported 2.395 million tons of pesticides, a year-on-year increase of 29.3%, with an export value of $11.68 billion, up 14.6% year-on-year[42]. - The company is the largest domestic producer of chlorinated pyridine herbicides and the largest producer of glyphosate raw materials in China, with significant export volumes to over 30 countries including the USA, Brazil, and Argentina[42]. - The global market for glyphosate is projected to reach $1.05 billion in sales by 2020, driven by the increasing adoption of genetically modified crops resistant to glyphosate[42]. - The sales of pyridine herbicides reached $1.322 billion in 2020, accounting for 4.4% of the global herbicide market, with a compound annual growth rate (CAGR) of 3.8%[43]. - The projected sales of pyridine herbicides are expected to grow at a rate of 3.4%, reaching $1.563 billion by 2025[43]. - The company's consolidated revenue for 2020 reached 4.969 billion yuan, representing a year-on-year growth of 19.33%[69]. - The pesticide segment accounted for CNY 4.64 billion, which is 93.47% of total revenue, showing a decrease of 3.66% from the previous year's CNY 4.04 billion[88]. - The chemical segment generated CNY 317 million, representing 6.39% of total revenue, with a year-on-year increase of 3.70% from CNY 112 million[88]. Research and Development - The company has a complete R&D, procurement, production, testing, and sales system, allowing for independent operational activities[54]. - The company has developed a key synthesis technology for glyphosate and has become the largest producer of glyphosate in China[62]. - The company is actively involved in the research and development of new pesticide formulations to enhance its market position[83]. - The company is developing new products including L-glufosinate, and other series to provide long-term project and technology reserves for future growth[105]. - The company has increased its R&D personnel to 502, representing 10.05% of the workforce, up from 8.83% the previous year[106]. Risk Management - The company emphasized the importance of risk awareness regarding market competition, raw material supply and price fluctuations, and environmental risks[6]. - The company anticipates potential risks related to exchange rate fluctuations and customer defaults, with measures in place to mitigate these risks[140]. - The company has established internal control measures for its derivative trading activities to prevent operational risks[140]. - The company faces market competition risks, with domestic competitors increasing production capacity, which may impact sales and profitability[165]. - Raw material costs constitute a significant portion of operating costs, and fluctuations in supply and prices could adversely affect gross margins[165]. - Safety production risks are present due to the nature of the chemicals involved in production, and the company is focused on improving safety management and emergency response capabilities[166]. Investment and Financing - The company has implemented two rounds of refinancing in 2016 and 2018, raising a total of 1.442 billion yuan to support rapid development[65]. - The company reported a total investment amount of 3,485.9 million for forward foreign exchange contracts, with a loss of 15.2 million during the reporting period[125]. - The total amount of raised funds was 852 million yuan, with a net amount of 844.51 million yuan after deducting related expenses[141]. - The company anticipates a significant increase in funding needs due to the expansion of its operations and plans to secure funds through various channels, including bank loans[162]. - The company reported a significant increase in cash flow from operations, indicating strong operational performance despite challenges in financing[110]. Profit Distribution - The company distributed a cash dividend of 2 RMB per 10 shares (including tax) for the year 2020, totaling 104,876,139 RMB, which represents 17.13% of the net profit attributable to ordinary shareholders[179]. - The company's profit distribution policy emphasizes reasonable returns to investors while ensuring sustainable development, with a preference for cash dividends over stock dividends[178]. - The company aims to maintain a cash dividend ratio of at least 30% of the average distributable profit over the last three years if conditions for cash dividends are met[178]. - The company has a clear mechanism for communication with shareholders regarding profit distribution proposals, ensuring their concerns are addressed[178]. - The total distributable profit available for shareholders at the end of the period is 1,650,028,206.21 RMB, derived from a net profit of 612,208,873.95 RMB for the year[184]. Corporate Governance - The company has established a transparent decision-making process for profit distribution, involving independent directors and allowing minority shareholders to express their opinions[179]. - The company has not proposed a cash dividend distribution plan for the year when it reported a positive profit available for distribution to ordinary shareholders[182]. - The company has fulfilled all commitments made by its actual controllers and shareholders during the reporting period[188]. - There are no major lawsuits or arbitration matters affecting the company during the reporting period[196]. - The company has been audited by Xinyong Zhonghe Accounting Firm for six consecutive years, with an audit fee of 850,000 RMB for the current period[194].