万马股份(002276) - 2020 Q4 - 年度财报

Financial Performance - The company reported a total revenue of approximately 2.37595 billion RMB for the year, reflecting a significant increase compared to the previous year[21]. - The company's operating revenue for 2020 was ¥9,321,789,268.60, a decrease of 4.35% compared to 2019[23]. - In 2020, the company achieved operating revenue of 9.322 billion yuan, a decrease of 4.35% year-on-year, while net profit attributable to shareholders slightly increased to 223 million yuan[61]. - The net profit attributable to shareholders for 2020 was ¥223,052,864.45, reflecting a slight increase of 0.98% from the previous year[23]. - The company achieved a net profit attributable to shareholders of RMB 223,052,864.45 for the year 2020, after deducting statutory surplus reserves of RMB 44,459,034.46 and paying ordinary share dividends of RMB 36,242,118.43[180]. - The total distributable profit for 2020 was RMB 1,543,087,541.16 after accounting for the legal surplus reserve and dividends payable[185]. - The cash dividend for 2019 represented 16.41% of the net profit attributable to shareholders, while the 2020 cash dividend represented 15.97%[184]. Dividend Distribution - The company plans to distribute a cash dividend of 0.35 RMB per share (including tax) to all shareholders, based on the total share capital after deducting repurchased shares[5]. - The proposed cash dividend distribution is RMB 0.35 per 10 shares (including tax), with no bonus shares or capital reserve conversion into shares[180]. - The company has committed to distributing at least 15% of the annual distributable profit in cash dividends, with a cumulative distribution of no less than 45% of the average annual distributable profit over three years[188]. - The total number of shares for the cash dividend distribution in 2020 was based on 1,017,648,063 shares[185]. - The company has not issued any bonus shares or converted reserves into share capital in the recent profit distribution plans[181]. Corporate Governance - The company has committed to ensuring the accuracy and completeness of its financial reports, with key executives affirming their responsibility for the financial statements[4]. - The company has engaged Xinyong Zhonghe Accounting Firm for auditing services, ensuring compliance and transparency in its financial reporting[22]. - The company has established a robust governance structure, with all board members present for the approval of the annual report[5]. - The domestic accounting firm engaged is Xinyong Zhonghe, with an audit fee of 1.35 million yuan and a continuous service period of 15 years[193]. Market Strategy and Expansion - The company is focused on expanding its market presence and enhancing its product offerings in the cable and materials sector[21]. - The company aims to expand its market presence in high-end intelligent equipment cables and 5G indoor wiring optical cables[37]. - The company is committed to building a smart charging network centered on DC fast charging, aiming to expand its customer base in the energy management sector[156]. - The company plans to enhance production capacity through new factory construction and equipment upgrades, focusing on improving delivery speed and customer satisfaction in the wire and cable segment[155]. Research and Development - The company continues to invest in research and development to innovate new products and technologies in the cable industry[21]. - The company has a strong focus on R&D, with 500 valid intellectual property rights, including 39 invention patents and 362 utility model patents, enhancing its competitive edge in the industry[52]. - The number of R&D personnel increased to 817 in 2020, a growth of 6.24% compared to 769 in 2019[95]. - R&D investment amounted to ¥346,836,148.02 in 2020, a decrease of 4.75% from ¥364,143,468.70 in 2019[95]. Risk Management - The company is actively addressing potential risk factors as outlined in its annual report, demonstrating a proactive approach to risk management[5]. - The company faces operational risks due to significant fluctuations in copper prices, which directly impact its performance despite risk mitigation strategies in place[163]. - High accounts receivable balances pose financial risks, as any deterioration in customer credit status could adversely affect the company's operations and future solvency[164]. - The company has implemented measures to strengthen accounts receivable collection and control the amount of accounts receivable[166]. Investment and Financial Management - The company has established a complete risk control system for copper futures hedging, with a total investment in hedging not exceeding 180,000,000 CNY[118]. - The company reported a total of 3,228.3 million CNY in derivative investments, with a net asset value of 5,638.37 million CNY at the end of the reporting period[115]. - The company plans to utilize up to RMB 80 million of idle raised funds for cash management, with a rolling usage period of 12 months from the board's approval date[130]. - The company has temporarily supplemented working capital with RMB 200 million from idle raised funds, fully repaid by December 31, 2018[127]. Industry Outlook - The electric cable industry in China is expected to see continued demand growth, particularly for 35kV and below voltage level cables, driven by urbanization and green low-carbon strategies during the 14th Five-Year Plan[45]. - The "carbon peak and carbon neutrality" goals are expected to further increase the demand for power cables, driven by the ongoing development of clean energy sources like solar and wind[143]. - The market for special cable materials is expected to grow rapidly, driven by demand from sectors such as wind power, nuclear energy, and high-speed rail[146]. Subsidiary Performance - The subsidiary Zhejiang Wanma Tianyi Communication Cable Co., Ltd. reported a 36.12% increase in revenue and a 101.65% increase in net profit, attributed to increased foreign market demand and higher sales of optical cables and data cables[138]. - The subsidiary Zhejiang Wanma Cable Co., Ltd. experienced a 192.73% increase in total assets and a 3477.76% increase in net assets, primarily due to capital injections during the reporting period[138]. - The subsidiary Zhejiang Wanma Special Cable Technology Co., Ltd. reported a net asset growth of 80.17%, driven by profit growth and fair value gains on futures copper contracts[138].