YONGDONG(SZ:002753)2021-04-28 16:00Financial Performance - The company's operating revenue for 2020 was ¥2,391,239,921.38, a decrease of 16.27% compared to ¥2,856,035,738.51 in 2019[16]. - The net profit attributable to shareholders in 2020 was ¥158,221,064.72, representing a significant increase of 73.80% from ¥91,035,991.73 in 2019[16]. - The net cash flow from operating activities was ¥159,220,996.72, a turnaround from a negative cash flow of ¥36,033,789.28 in 2019, marking a 541.87% improvement[16]. - Basic earnings per share increased by 59.14% to ¥0.4214 in 2020, compared to ¥0.2648 in 2019[16]. - Total assets at the end of 2020 were ¥2,540,415,679.20, reflecting a growth of 6.37% from ¥2,388,175,628.55 at the end of 2019[16]. - The company's net assets attributable to shareholders rose by 7.88% to ¥1,934,672,918.65 in 2020, up from ¥1,793,373,502.46 in 2019[18]. - The total profit for 2020 was CNY 176,208,208.10, an increase of 86.35% year-on-year[39]. - The revenue from carbon black products was ¥1,584,076,093.29, accounting for 66.24% of total revenue, with a year-on-year decline of 16.55%[61]. - The revenue from coal tar processing products was ¥797,340,252.83, making up 33.34% of total revenue, also down by 16.58% year-on-year[61]. - Domestic revenue was ¥2,165,450,065.35, which is 90.56% of total revenue, reflecting a decrease of 14.18% from the previous year[61]. - International revenue fell to ¥225,789,856.03, constituting 9.44% of total revenue, a significant drop of 32.14% compared to the previous year[61]. Research and Development - The company holds a total of 32 patents, including 15 invention patents and 17 utility model patents[43]. - The number of R&D personnel increased by 5.05% to 104, representing 13.20% of the total workforce[77]. - R&D investment amounted to ¥76,421,934.32, which is 3.20% of operating revenue, showing a slight increase from 3.07% in the previous year[77]. - The company has achieved good research results in coal tar separation technology, providing technical support for the industry[30]. - The company’s core technology for rubber carbon black production is at a leading domestic level, with multiple patents filed for new processes[56]. - The company’s production technology for conductive carbon black is also at a leading domestic level, with 6 invention patents and 17 utility model patents[56]. Production and Operations - The main business involves the processing of coal tar and the production of carbon black, with carbon black being the primary product[26]. - The carbon black production process primarily relies on coal tar, which constitutes approximately 53% of the raw materials used[37]. - The production volume of carbon black was 340,325.15 tons, with sales volume at 336,532.34 tons, showing a slight decrease of 0.83% in sales volume compared to the previous year[67]. - The inventory of carbon black increased by 32.62% year-on-year, indicating adjustments based on market demand[67]. - The company’s coal tar processing and carbon black production lines utilize DCS systems for modern and automated production processes[35]. Environmental and Safety Management - The company is committed to environmental protection and compliance with increasing national standards, which may raise future operational costs[102]. - The company has implemented a wastewater treatment process using A2O + contact oxidation technology, ensuring that all treated wastewater is reused within the production process[154]. - The company has invested in pollution control facilities, including dust removal bag filters and flue gas desulfurization and denitrification systems, to enhance environmental management[153]. - The company has established a comprehensive environmental monitoring system, including real-time monitoring of emissions to ensure compliance with environmental standards[155]. - The company has established a safety production committee to oversee safety management and compliance with regulations[147]. - The company invested significantly in safety training and equipment maintenance during the reporting period[148]. Dividend and Shareholder Information - The company plans to distribute a cash dividend of ¥0.85 per 10 shares (including tax) for the 2020 fiscal year[5]. - The cash dividend per 10 shares is set at ¥0.85 (including tax) based on a total share capital of 402,185,647 shares[113]. - The total distributable profit for the year is reported at ¥158,221,064.72[113]. - The company declared a cash dividend of ¥34,185,780.00 for the fiscal year 2020, which represents 21.61% of the net profit attributable to ordinary shareholders[112]. - The company has a history of cash dividends, distributing 0.4 RMB per 10 shares in 2019, amounting to 15 million RMB[109]. Market and Industry Outlook - The coal tar processing industry has a broad market development prospect, with over 50 economically viable products derived from coal tar[30]. - The company emphasizes the importance of new technologies and products in the coal tar processing sector, which is entering a new historical development stage[30]. - The demand for carbon black is closely linked to the tire industry, which is expected to remain stable due to the automotive market's recovery[38]. - The company aims to extend the coal tar deep processing industry chain and focus on high-quality carbon black products, fine coal tar processing products, and new materials development[99]. Corporate Governance - The company has a robust performance evaluation system for its directors and senior management, linking compensation to annual performance metrics[195]. - The company maintains a strong commitment to corporate governance, with independent directors ensuring oversight and accountability[195]. - There were no changes in the board of directors, supervisors, or senior management during the reporting period, indicating continuity in governance[194]. - The company has established strong partnerships with well-known tire manufacturers, enhancing its brand recognition and market position[46]. Financial Management - The company has established a stable and efficient organizational structure to enhance internal control and improve overall financial management[53]. - The company’s procurement strategy involves competitive bidding to ensure cost-effective sourcing of raw materials[34]. - Approximately 80% of the company's production costs are attributed to raw materials, primarily coal tar, which poses a risk due to potential price fluctuations[101]. - The company has committed to an investment project with a total investment of ¥31,167.66 million, currently in the construction phase, with 15.62% of the investment completed by the end of 2020[94].