嘉欣丝绸(002404) - 2020 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2020 was CNY 2,602,815,603.75, a decrease of 24.30% compared to CNY 3,438,465,946.17 in 2019[16] - The net profit attributable to shareholders for 2020 was CNY 194,786,234.28, an increase of 23.31% from CNY 157,963,225.42 in 2019[16] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 72,039,545.59, down 33.04% from CNY 107,583,242.55 in 2019[16] - The basic earnings per share for 2020 was CNY 0.34, representing a 25.93% increase from CNY 0.27 in 2019[16] - The total revenue from the top five stores amounted to 8,883,889.54 yuan, with the highest revenue from the Jiaxing Xiuzhou Road store at 3,141,763.95 yuan[53] - The company's total sales volume for clothing decreased by 25.31% year-on-year to 14,999,903 pieces in 2020[54] - The production volume of knitted fabrics dropped by 67.46% year-on-year to 20,446.74 kg in 2020[54] - The company reported a gross margin of 35% for 2020, maintaining a stable margin compared to the previous year[134] Assets and Liabilities - The total assets at the end of 2020 were CNY 3,019,126,677.85, a slight decrease of 0.23% from CNY 3,026,048,198.91 at the end of 2019[17] - The net assets attributable to shareholders increased by 3.81% to CNY 1,840,552,968.28 at the end of 2020, compared to CNY 1,773,038,676.92 at the end of 2019[17] - The company's long-term equity investments decreased by 18.39 million yuan due to a reduction in a joint venture[35] - Fixed assets decreased by 23.58 million yuan primarily due to normal depreciation[35] - The company's cash and cash equivalents increased to ¥541,003,164.00, representing 17.92% of total assets, up from 16.92% at the beginning of the year[85] - Accounts receivable decreased to ¥320,749,843.30, accounting for 10.62% of total assets, down from 13.14% due to a decline in sales[85] - Inventory rose to ¥478,055,791.00, representing 15.83% of total assets, an increase attributed to higher stock levels for certain products[85] Cash Flow - The cash flow from operating activities for 2020 was CNY 143,019,154.85, a decrease of 9.76% from CNY 158,485,122.48 in 2019[16] - Operating cash inflow decreased by 22.15% to ¥3,020,868,776.67, while cash outflow decreased by 22.67% to ¥2,877,849,621.82[80] - Net cash flow from operating activities decreased by 9.76% to ¥143,019,154.85[81] - Investment cash inflow decreased by 23.41% to ¥1,300,587,952.14, and outflow decreased by 24.24% to ¥1,147,969,125.90[81] - Net cash flow from investment activities decreased by 16.57% to ¥152,618,826.24[81] - Financing cash inflow decreased by 3.86% to ¥1,061,287,324.70, while outflow decreased by 6.68% to ¥1,326,247,411.55[81] - Net cash flow from financing activities decreased by 16.48% to -¥264,960,086.85[81] Dividends and Profit Distribution - The company plans to distribute a cash dividend of CNY 2 per 10 shares to all shareholders, based on a total share capital of 577,673,641 shares after deducting repurchased shares[4] - The company's profit distribution policy emphasizes a minimum cash dividend ratio of 80% for mature stages without significant capital expenditures[124] - The company has maintained a consistent cash dividend distribution strategy over the past three years, adhering to its established guidelines[125] - The cash dividend for 2019 was 113,743,947.40 CNY, with a payout ratio of 72.01%[128] - The cash dividend for 2018 was 115,534,728.20 CNY, with a payout ratio of 80.51%[128] - The company's net profit available for distribution to ordinary shareholders was 375,008,464.81 CNY, indicating a strong profitability position[129] Market and Sales Performance - The company sold over 20 million garments in 2020, with a total import and export volume nearing USD 200 million, primarily targeting developed markets in Europe and the United States[24] - Domestic sales accounted for 52.61% of total revenue at CNY 1,369,236,666.45, while international sales contributed 47.39% at CNY 1,233,578,937.30, reflecting a year-on-year decline of 32.89% in overseas markets[52] - The company's self-owned brand sales primarily through online channels increased by 18%, outperforming the national online retail growth rate of 5.8% for apparel[29] - The company has expanded its user base, with a reported increase of 20% in active users, reaching 500,000 by the end of 2020[135] Research and Development - The company has established a provincial-level technology center to drive innovation in new materials, products, and technologies, maintaining a competitive edge in the industry[26] - The company is investing in R&D for new technologies, with a budget allocation of 50 million RMB for the development of innovative silk products[135] - Research and development investment increased by 15.38% to ¥49,465,769.51 in 2020, representing 1.90% of operating revenue[79] - The company is developing a digital garment design and intelligent manufacturing platform, integrating big data and AI technologies[78] Strategic Initiatives - The company aims to enhance its brand "Jiaxin Silk" and increase its market share in the domestic market by leveraging the centenary of the Communist Party of China[34] - The company has established stable partnerships with international brands such as MASSIMO DUTTI and EMPORIO ARMANI, enhancing its customer structure[38] - The company is focused on cultivating a young and innovative workforce to drive its strategic initiatives and enhance competitiveness[116] - The company plans to leverage its cultural heritage to promote its "Jin Santai" silk cultural products, aiming to increase brand influence[114] Environmental and Social Responsibility - The company has committed to sustainability initiatives, aiming to reduce production waste by 30% over the next three years[134] - The company invested over 14 million yuan in environmental protection initiatives, including transforming its thermal power project into a photovoltaic power generation project[176] - The company has established a relief fund to support employees facing financial difficulties due to serious illnesses[174] - The company actively participates in social welfare activities, supporting local education, culture, and health initiatives[176] Corporate Governance - The company has established a comprehensive corporate governance structure and internal control system to ensure fair treatment of all shareholders[174] - The company has received recognition as a "Demonstration Enterprise of Credit Management" in Zhejiang Province and a "AAA Credit Rating Enterprise" from the China Textile Import and Export Chamber[175] - The company has maintained a continuous relationship with its accounting firm, which has provided audit services for 14 years, with a fee of 1.05 million yuan for the current period[143] Share Repurchase and Capital Structure - The company has implemented a share repurchase plan to enhance investor confidence and stabilize stock prices, having repurchased 8,953,904 shares previously[48] - The total share capital as of December 31, 2020, is 577,673,641 shares, with 8,953,904 shares repurchased[127] - The company aims to use repurchased shares for employee stock ownership plans and equity incentives[188] - The largest shareholder, Kai Xiya Holdings Limited, holds 92,490,071 shares, accounting for 16.01% of total shares[197]