浙江众成(002522) - 2020 Q4 - 年度财报

Financial Performance - In 2020, the company's operating income reached approximately CNY 1.45 billion, representing a 16.35% increase compared to CNY 1.25 billion in 2019[17]. - The net profit attributable to shareholders was approximately CNY 169.60 million, a significant increase of 164.33% from CNY 64.16 million in the previous year[17]. - The net cash flow from operating activities was approximately CNY 309.19 million, up 79.61% from CNY 172.15 million in 2019[17]. - The basic earnings per share increased to CNY 0.19, reflecting a growth of 171.43% compared to CNY 0.07 in 2019[17]. - The total assets at the end of 2020 were approximately CNY 3.34 billion, a slight increase of 1.12% from CNY 3.30 billion at the end of 2019[17]. - The net assets attributable to shareholders rose to approximately CNY 1.92 billion, marking a 5.60% increase from CNY 1.82 billion in 2019[17]. - The weighted average return on equity for 2020 was 9.09%, an increase of 5.53 percentage points from 3.56% in 2019[17]. - The company reported a significant increase in net profit after deducting non-recurring gains and losses, reaching approximately CNY 151.94 million, up 253.04% from CNY 43.04 million in 2019[17]. - The total operating revenue for the year 2020 was CNY 1,449,498,108.94, representing a year-on-year increase of 16.35% compared to CNY 1,245,810,742.75 in 2019[66]. Revenue and Sales - The company's total revenue for Q1, Q2, Q3, and Q4 of 2020 was approximately ¥253.70 million, ¥393.55 million, ¥398.84 million, and ¥403.41 million respectively, showing a steady increase throughout the year[21]. - The net profit attributable to shareholders for the same quarters was ¥19.26 million, ¥47.10 million, ¥55.21 million, and ¥48.03 million, indicating a significant growth in profitability[21]. - The company sold 36,000 tons of POF shrink film in 2020, maintaining a strong market position in the POF shrink film sector[52]. - The main product, POF shrink film, generated export revenue of CNY 442,151,841.73, accounting for 30.50% of total operating revenue[63]. - The domestic sales accounted for 68.50% of total revenue, increasing from 62.00% in the previous year, while international sales decreased to 30.50%[67]. Product Development and Innovation - The company has shifted its main business focus to include both POF shrink film products and thermoplastic elastomer products since 2018[14]. - The company has successfully developed high-end products such as SEP (fiber optic oil paste), SEPS (lubricating oil adhesive), and SEBS (protective film), achieving a production scale of over 40,000 tons annually[31]. - The company has expanded its product applications into new areas such as optical fiber protection and environmentally friendly materials, enhancing its market competitiveness[31]. - The company has developed a diverse product range, including 3 major categories and 8 series of POF films, enhancing customer procurement convenience[46]. - The company continues to invest in R&D for new products, with several new applications in various fields nearing industrial production[48]. Market Position and Strategy - The company maintained its position as the largest POF shrink film manufacturer in China, with sales exceeding 36,000 tons in 2020, continuing its industry-leading status[30]. - The company emphasizes high-end and differentiated operational strategies, continuously increasing investment in technology development to launch new high-end products[44]. - The company aims to enhance its R&D in new equipment, processes, and products to provide a comprehensive range of shrink film products and other new materials[126]. - The company intends to deepen its differentiated competitive strategy globally and expand both domestic and international markets[126]. Financial Management and Investments - The company has established a robust internal control system with the help of external consulting firms to ensure compliance and risk management, separating decision-making and operational responsibilities[56]. - The company has a significant overseas asset presence, with a wholly-owned subsidiary in the USA valued at approximately $9.8 million[42]. - The company has secured various loans with collateral from its subsidiary, with a total maximum guarantee amount of ¥292,230,000.00[93]. - The company reported a net interest income from bank deposits of CNY 644.62 million for the year 2020, after deducting bank fees[111]. Cash Dividends and Shareholder Returns - The company distributed cash dividends of RMB 72,462,360.96 for the year 2020, accounting for 42.73% of the net profit attributable to shareholders[145]. - The proposed cash dividend for 2020 is RMB 0.8 per 10 shares, subject to shareholder approval[143]. - The cash dividend policy remained unchanged during the reporting period, adhering to relevant regulations and guidelines[139]. - The total number of shares for the dividend distribution calculations is 905,779,387 shares[143]. Risks and Challenges - The company faces risks from raw material price fluctuations, particularly for linear low-density polyethylene and copolymer polypropylene, which are linked to international oil prices[130]. - The company recognizes the risk of talent shortages in specialized R&D and management, which could hinder business development as it expands[132]. - The company is exposed to currency fluctuation risks due to its reliance on foreign suppliers and exports, with over 60% of POF shrink film products sold internationally[131]. Compliance and Governance - The company has adhered to all commitments made by its actual controllers and shareholders during the reporting period[149]. - There were no significant lawsuits or arbitration matters during the reporting period[164]. - The company has not engaged in any major related party transactions during the reporting period[167].