双塔食品(002481) - 2020 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2020 was ¥2,019,632,594.36, a decrease of 4.81% compared to ¥2,121,775,326.84 in 2019[17] - The net profit attributable to shareholders increased by 88.51% to ¥352,597,087.01 from ¥187,044,052.14 in the previous year[17] - The net cash flow from operating activities surged by 376.97% to ¥460,397,756.40, compared to ¥96,524,896.57 in 2019[17] - Basic earnings per share rose by 86.67% to ¥0.280 from ¥0.150 in 2019[17] - The weighted average return on net assets improved to 12.09%, up from 6.98% in the previous year, reflecting a 5.11% increase[17] - Total assets decreased by 12.66% to ¥3,749,861,389.49 from ¥4,293,553,808.87 at the end of 2019[17] - The net assets attributable to shareholders slightly decreased by 0.84% to ¥2,748,805,091.91 from ¥2,772,178,707.57 in 2019[17] - In Q1 2020, the company reported revenue of approximately ¥426.69 million, with a net profit attributable to shareholders of about ¥70.62 million, and a net cash flow from operating activities of ¥22.66 million[21] - The net profit attributable to shareholders for Q2 2020 was approximately ¥97.70 million, showing a strong performance despite fluctuations in cash flow[21] - The company reported a net cash flow from operating activities of ¥307.78 million in Q3 2020, indicating improved operational efficiency[21] Market Position and Growth - The company holds nearly 40% of the global pea protein market share, with a production capacity of around 70,000 tons, and plans to expand capacity by 20% annually[26] - The company's pea protein business generated revenue of approximately ¥653.25 million in 2020, representing a year-on-year growth of 22.16%, and accounted for 32.54% of total revenue[26] - The company is the largest producer of vermicelli in the industry, with a market share of about 20% in Longkou vermicelli, and plans to increase production capacity to 100,000 tons over the next three years[29] - The company has established partnerships with major brands such as Beyond Meat and Nestle, enhancing its market presence in the plant-based protein sector[28] - The company’s dietary fiber products are positioned as a solution to the significant dietary fiber deficiency in China, with a potential market growth driven by health trends[31] - The company has developed a circular economy industrial chain, significantly increasing the added value of by-products and reducing overall costs compared to industry peers[39] - The company is focusing on developing plant-based protein products, including pea protein and egg substitutes, to meet market demand[83] - The global plant-based meat market is projected to reach $450 billion by 2040, indicating significant growth potential for the company's products[84] Sales and Distribution - Domestic sales accounted for 61.99% of total revenue at ¥1.25 billion, down 14.73% from the previous year[54] - International sales increased by 14.80% to ¥767.57 million, making up 38.01% of total revenue[54] - The company has established a comprehensive marketing network with 47,500 retail outlets in the supermarket channel[47] - The restaurant channel has 76,175 terminal outlets, including 32,996 from national chains[47] - The company has over 210,000 terminal customers in the distribution channel, including 52,500 grocery stores and 42,000 convenience stores[38] Research and Development - The company has invested in R&D to enhance its product offerings and maintain industry-leading extraction technology for pea protein[27] - Research and development expenses rose by 19.25% to ¥58,105,333.40, indicating a focus on innovation[67] - The company is conducting research on pea protein and its applications in food products, including protein yogurt and ice cream[68] - The company is exploring new technologies for pea and mung bean proteins in collaboration with universities, enhancing its product offerings in the plant-based protein sector[85] Risk Management - The company faces risks related to raw material price fluctuations, labor costs, and market distribution changes impacting revenue and profit margins[5] - The company is addressing potential risks in raw material supply and is focused on maintaining its competitive edge in the pea protein industry[87] Corporate Governance - The company has maintained a transparent and fair performance evaluation and incentive mechanism for its directors, supervisors, and senior management[169] - The governance structure complies with relevant laws and regulations, enhancing transparency and accountability[167] - The company has established good cooperative relationships with distributors and suppliers, respecting the legitimate rights and interests of stakeholders[169] Environmental and Social Responsibility - The company actively engages in environmental protection, achieving zero pollution and zero emissions in its production processes[126] - The company has invested CNY 949.51 million in poverty alleviation efforts, although specific breakdowns of this investment were not provided[127] - The company has established a closed-loop economic development model, including processes from starch extraction to organic fertilizer production, ensuring effective pollution control[129] Shareholder Information - The company plans to distribute a cash dividend of ¥1 per 10 shares, based on a total of 1,226,642,750 shares[6] - The company's retained earnings for 2020 amount to 1,082,650,928.11 yuan, with a cash dividend payout ratio of 34.79%[93] - The company did not issue any bonus shares or convert capital reserves into share capital for the 2020 fiscal year[92] Employee Information - The total number of employees in the company is 854, with 760 in the parent company and 94 in major subsidiaries[161] - The company has established a competitive salary policy linked to performance, ensuring that salary growth does not exceed the growth of net profit[159] - The company has implemented a comprehensive training plan that includes various types of training to enhance employee skills[164]