天原股份(002386) - 2019 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2019 was ¥23,103,208,447.27, an increase of 27.48% compared to ¥18,123,173,258.92 in 2018[25]. - The net profit attributable to shareholders for 2019 was ¥78,756,850.57, a decrease of 49.25% from ¥155,183,726.00 in 2018[25]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥16,850,353.57, down 84.20% from ¥106,677,912.36 in 2018[25]. - The net cash flow from operating activities for 2019 was ¥616,929,167.97, a decrease of 10.43% compared to ¥688,749,850.61 in 2018[25]. - The basic earnings per share for 2019 was ¥0.1009, a decline of 53.37% from ¥0.2164 in 2018[25]. - The total assets at the end of 2019 were ¥13,772,753,696.97, a decrease of 1.49% from ¥13,980,383,470.34 at the end of 2018[25]. - The company achieved a total operating revenue of ¥23,103,208,447.27, representing a year-on-year increase of 27.48% compared to ¥18,123,173,258.92[78]. - The company reported a net cash flow from operating activities of 616.93 million yuan, a decrease of 10.43% year-on-year[96]. - The company’s total operating costs were 21.70 billion yuan, with the chemical industry accounting for 28.23% of this total[86]. - The company reported a loss of CNY 1.15 million from the titanium dioxide project, indicating that it did not meet the expected benefits[116]. Dividend Distribution - The company reported a cash dividend of 0.5 yuan (including tax) per 10 shares, totaling 780,857,017 shares for distribution[8]. - The company plans to distribute a cash dividend of 0.5 RMB per 10 shares (including tax) for the year 2019, totaling 39,042,850.85 RMB, which represents 49.57% of the net profit attributable to ordinary shareholders[159][161]. - The cash dividend policy has been consistent, with no stock dividends or capital reserve transfers to capital in the past three years[161][165]. - The total distributable profit for 2019 is reported at 1,500,711,561.19 RMB, with the cash dividend amount accounting for 100% of the profit distribution[165]. - The company’s stock base for the dividend distribution is 780,857,017 shares, consistent with previous years[161]. - The company has been transparent in its decision-making processes regarding profit distribution, ensuring that minority shareholders' rights are protected[160]. Business Strategy and Development - The company's development strategy is defined as "one body and two wings," focusing on chlor-alkali chemicals, new chemical materials, and new energy battery materials[14]. - The company is focused on expanding its chlor-alkali chemical industry and entering titanium chemical and lithium battery materials sectors[39]. - The company aims to enhance its operational efficiency through smart, information-based, and automated upgrades of existing facilities[42]. - The company is committed to a dual-driven strategy of "industry + supply chain" to support its growth and operational efficiency[39]. - The company is focusing on the development of lithium battery materials, including NCM series and NCA series[59]. - The company is committed to expanding its strategic emerging industry projects and improving operational capabilities in traditional sectors[133]. - The company is actively seeking external cooperation to introduce capital, technology, and market channels to enhance its market share and competitiveness[142]. Production and Capacity - The production volume of polyvinyl chloride reached 408,800 tons, completing 104.42% of the annual plan[69]. - The company achieved production targets: 406,800 tons of caustic soda (103.91% of the annual plan), 408,800 tons of PVC (104.42%), 29,800 tons of hydrazine hydrate (104.20%), 831,700 tons of cement (104.35%), and 54,000 tons of new materials (111.1%) [136]. - The company aims to produce 400,000 tons of chlorinated titanium dioxide annually within five years, focusing on resource utilization and reducing dependence on imported titanium materials[135]. - The company plans to enhance its PVC self-supply to 150,000 tons per year and aims for an annual production of 50,000 tons of ternary cathode materials for lithium batteries[135]. Research and Development - The company developed 14 new products, new formulas, and new processes during the reporting period[59]. - The number of patent technology achievements increased by 26.2% year-on-year, totaling 106, with 23 authorized patents[59]. - The research and development investment amounted to 182.41 million yuan, representing a 3.65% increase from 2018[95]. - The company completed 10 technology research and development projects and 31 joint technology tackling projects during the reporting period[59]. Environmental and Compliance - The company is committed to environmental sustainability, producing high-end green PVC materials[14]. - The company is recognized as a "green factory" and has received multiple industry awards for its energy efficiency and product quality[57]. - Environmental and safety risks are acknowledged, with measures in place to comply with regulations and enhance safety management[149]. Financial Management and Risks - Financial risks are present due to the capital-intensive nature of the business, and the company plans to optimize financial management and increase capital market financing[154]. - The company emphasizes the importance of cost management and aims to reduce production costs through effective material control and risk management strategies[147]. - The company faces risks from market competition and potential price declines in PVC due to external factors, and plans to develop high-end products to mitigate these risks[148]. Subsidiaries and Contributions - The subsidiary Yibin Haifeng and Rui Co., Ltd. generated revenue of CNY 4,045,809,954.13, with a net profit of CNY 304,607,548.51, significantly contributing to the company's profits[128]. - Yibin Tianyi New Material Technology Co., Ltd. reported revenue of CNY 1,482,735,262.64, but incurred a net loss of CNY 16,729,174.29, impacting overall profitability[128]. - The subsidiary Sichuan Tianyuan Xinhua Supply Chain Technology Co., Ltd. achieved revenue of CNY 13,151,734,996.90 and a net profit of CNY 10,285,606.27, contributing positively to the company's financials[129]. - Yibin Tianyuan Import and Export Trade Co., Ltd. generated revenue of CNY 4,418,413,427.34, with a net profit of CNY 46,232,772.63, enhancing the company's profitability[129]. Legal and Compliance Issues - The company is involved in a contract dispute with Yibin Baoqian Trading Co., with a claim amount of CNY 19.73 million, and has executed CNY 10.04 million of the debt so far[183]. - Another dispute with Kangxin Metal Co. has a claim amount of CNY 10.02 million, with CNY 4.95 million still in execution[183]. - A contract dispute with Shanghai Yueyue Tide Group has a claim amount of CNY 34.77 million, with CNY 19.82 million executed and CNY 14.94 million remaining[183]. - The company is currently involved in a commercial secret infringement case with a claim amount of CNY 100 million, which is under review by the Supreme People's Court[183]. - A lawsuit against Sichuan Northern Red Light Special Chemical Co. has a claim amount of CNY 122.58 million, currently in the first instance trial[186]. - The company has not reported any penalties or rectifications during the reporting period[187].