万里石(002785) - 2020 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2020 was ¥949,875,152.07, a decrease of 7.10% compared to ¥1,022,456,184.70 in 2019[26]. - The net profit attributable to shareholders for 2020 was ¥12,091,254.90, representing a significant increase of 134.52% from a loss of ¥35,026,406.38 in 2019[26]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥3,367,909.29, up 109.07% from a loss of ¥37,116,931.66 in 2019[26]. - The net cash flow from operating activities reached ¥27,260,021.44, a remarkable increase of 732.42% compared to ¥3,274,809.39 in 2019[26]. - The total assets at the end of 2020 were ¥1,314,679,809.87, reflecting a 1.51% increase from ¥1,295,080,126.85 at the end of 2019[26]. - The net assets attributable to shareholders at the end of 2020 were ¥625,537,315.60, a slight increase of 1.09% from ¥618,765,575.88 at the end of 2019[26]. - The company's total revenue for the reporting period was approximately ¥949.88 million, a decrease of 7.10% compared to ¥1,022.46 million in the previous year[73]. - The net profit attributable to the parent company was ¥12.09 million, representing a year-on-year increase of 134.52%[68]. - Operating cash flow net amount was ¥27.26 million, a significant increase of 732.42% compared to the previous year[69]. Dividend Distribution - The company reported a cash dividend of 0.07 yuan per 10 shares for all shareholders, based on a total of 200,000,000 shares[6]. - The company plans to distribute a cash dividend of RMB 0.07 per 10 shares, totaling RMB 1,400,000 for the year 2020, which is 11.58% of the net profit attributable to shareholders[144]. - The total distributable profit for 2020 is RMB 75,843,181.30, after accounting for a 10% legal reserve of RMB 413,074.24[150]. - The company did not distribute any dividends in 2019, with a net loss of RMB 35,026,406.38[144]. - In 2018, the company distributed a cash dividend of RMB 0.06 per 10 shares, totaling RMB 1,200,000, which was 11.76% of the net profit[144]. - The company has a stable profit distribution policy, ensuring that at least 10% of the distributable profit is allocated for cash dividends each year[140]. - The company has not made any adjustments to its profit distribution policy during the reporting period[140]. - The cash dividend distribution process is compliant with the company's articles of association and shareholder resolutions[144]. Business Operations - The company has maintained its main business model for engineering projects without any changes during the reporting period[6]. - The company has not experienced any changes in its main business operations since its listing[22]. - The company has a total of 8 subsidiaries and joint ventures, with a focus on stone materials and decoration engineering[12]. - The company implemented engineering projects with a total contract amount of ¥268,532,200, with residential renovation revenue accounting for 91.76% of total revenue[39]. - The average gross margin for construction projects in 2020 was 8.75%, down from 10.01% in the previous year[39]. - The company has established a quality control system compliant with ISO9001 and has continuously improved its quality management system[42]. - The company did not report any significant quality issues in major projects during the reporting period[42]. Market Performance - The company's sales revenue in the Japanese and Korean markets decreased by 16.41% to 110.44 million RMB, while sales in the US and Europe increased by 21.42% to 133.44 million RMB due to the company's extended service strategy[54]. - The company plans to strengthen its overseas quartz stone processing base in Vietnam and expand into ASEAN markets such as Singapore and the Philippines, as well as North African markets like Algeria and Ethiopia[55]. - The company reported a significant loss in several subsidiaries, including a net loss of approximately $4.86 million for Xiamen Wanli Stone Decoration Design Co., Ltd.[128]. - The company is focusing on online promotion and rapid transformation towards the consumer market with its sub-brand "Wanli Stone Home"[129]. Investments and Financing - The company plans to raise up to 333.6 million RMB through a non-public offering of up to 20 million shares at a price of 16.68 RMB per share to enhance liquidity and repay bank loans[62]. - The company achieved an investment income of 4.07 million RMB from its stake in Dongfang Wanli Stone Co., Ltd. during the reporting period[61]. - The company made a significant equity investment of ¥2,500,000.00 in Huabin Fast-Moving Consumer Goods Sales (Fujian) Co., Ltd., acquiring a 20% stake[113]. - The company plans to invest 3,000 million VND (approximately 1,020 million RMB) in a joint venture named BAOPHAT NEW MATERIAL (Vietnam) CO.,LTD, holding a 34% stake[177]. Compliance and Governance - The company's financial report has been confirmed as true, accurate, and complete by its management team[5]. - The company has not faced any penalties or rectification issues during the reporting period[167]. - The independent directors have provided objective opinions on the company's profit distribution, ensuring the protection of minority shareholders' rights[143]. - The company has maintained strict compliance with share transfer commitments, ensuring no violations occurred[153]. - The company has not engaged in any non-operating fund occupation by controlling shareholders or related parties during the reporting period[158]. Challenges and Risks - The company experienced a significant decline in export sales due to the impact of the COVID-19 pandemic on landscape stone and paper products[81]. - The company reported a decrease in sales volume of building decorative stone by 4.58% year-on-year, with production volume also down by 2.56%[78]. - The sales volume of landscape stone decreased by 35.85% to 8,743.7 cubic meters compared to 13,630.96 cubic meters in the previous year[81]. - The production volume of landscape stone dropped by 41.78% to 8,045.72 cubic meters from 13,820.1 cubic meters year-on-year[81]. - The sales volume of paper products fell by 83.79% to 178,954 units, down from 1,103,873 units in the previous year[81]. Future Plans - The company plans to deepen its focus on the domestic market, particularly in key cities like Beijing, Shanghai, Guangzhou, and Shenzhen, while also expanding into other first and second-tier cities[129]. - The company aims to enhance its production capabilities by integrating intelligent manufacturing and personalized customization, reducing labor costs, and increasing environmental investments[130]. - The company is committed to a "dual circulation" strategy, focusing on both domestic and international markets, particularly in ASEAN and African regions[133]. - The management team will implement an incentive mechanism and introduce a partnership model to enhance team motivation and ensure sustainable development[134]. - The company plans to optimize resource procurement channels globally to ensure high-quality resource control[130].