R&T(SZ:002790)2020-04-20 16:00Dividend Policy - The company plans to distribute a cash dividend of 2 RMB per 10 shares to all shareholders, based on a total of 418,473,000 shares[4]. - The cash dividend for 2018 was RMB 3.00 per 10 shares, amounting to RMB 76,800,000.00, with a total share capital increase to 409,600,000 shares[168]. - In 2017, the cash dividend was RMB 4.00 per 10 shares, totaling RMB 64,000,000.00, based on a total share capital of 160,000,000 shares[167]. - The cash dividend payout ratio for 2019 was 46.10% of the net profit attributable to shareholders[170]. - The company has a cash dividend policy that requires a minimum payout ratio of 80% for mature companies without significant capital expenditure plans[171]. - The total cash dividend amount for 2019 represents 100% of the total distributable profit[171]. - The company has committed to distributing at least 20% of the annual distributable profits in cash dividends, contingent on profitability and available retained earnings[173]. - The company plans to conduct mid-term cash dividends if the net cash flow from operating activities exceeds the net profit for the period[173]. - The company has fulfilled its commitment to conduct profit distribution at least once annually during the reporting period[173]. Financial Performance - The company's operating revenue for 2019 was ¥1,109,444,022.03, an increase of 11.64% compared to ¥993,785,232.85 in 2018[17]. - The net profit attributable to shareholders for 2019 was ¥181,538,751.50, reflecting a growth of 12.73% from ¥161,045,679.34 in the previous year[17]. - The total profit for 2019 was 205.12 million yuan, reflecting a growth of 10.83% from 185.08 million yuan in 2018[61]. - The company's gross profit margin for the industrial sector was 30.40%, with a gross profit of ¥337,217,510.86, up from the previous year's margin of 28.81%[68]. - The company's revenue from overseas exports significantly contributes to overall sales, with a stable growth in market share due to strong partnerships with well-known domestic and international brands[41]. - The company reported a significant increase in R&D investment to adapt to future market demands, focusing on product upgrades and new product development[79]. - The company achieved total revenue of 1,109.44 million yuan, an increase of 11.64% compared to 993.79 million yuan in the previous year[61]. - The company reported a credit impairment loss of CNY -3,895,677.21 for the current period, compared to CNY -3,346,822.96 in the previous period[188]. Research and Development - The company has maintained its commitment to research and development of new products, particularly in the smart toilet segment[9]. - The company holds over 930 patents, including 64 invention patents, demonstrating a strong focus on R&D in water-saving technologies[44]. - The company has achieved multiple quality certifications from over 10 countries, enhancing its competitive advantage in international markets[49]. - R&D investment increased by 5.94% from ¥41,021,331.07 in 2018 to ¥43,458,189.23 in 2019, accounting for 3.92% of operating revenue[80]. - The company aims to focus on the research and development of water-saving and smart bathroom products, enhancing its core competitive advantages through technology and service-oriented marketing strategies[129]. Market Position and Strategy - The company is a leading manufacturer of water-saving flushing components, holding the top market share in China and ranking among the top three globally in this segment[42]. - The company operates in the water-saving toilet component sector, which is part of the broader rubber and plastic products industry, and is recognized as a specialized supplier in the bathroom accessories market[33]. - The company emphasizes quality, technology, and service as the core competitive factors in the flushing component industry, necessitating strict quality control and innovative product development[112]. - The company is positioned to capitalize on the growing demand for water-saving products due to government initiatives aimed at promoting water conservation[37]. - The company aims to expand its market share in the water-saving flushing component sector due to increasing global water scarcity and evolving domestic and international water-saving policies[113]. Corporate Governance - The company is focused on enhancing its corporate governance structure and internal control systems to improve overall management quality[152]. - The board of directors will propose adjustments to the profit distribution policy only if it conflicts with the company's operational situation or long-term development needs[163]. - The company has a structured process for reviewing and approving profit distribution proposals, requiring input from independent directors and the supervisory board[164]. - The company has established a framework for consistent voting on significant matters, including operational policies and investment plans[179]. - The company has successfully adhered to all commitments made to minority shareholders, ensuring transparency and trust[184]. Economic and Market Risks - The company faces risks from international macroeconomic fluctuations, including trade tensions and protectionist measures that could impact demand for its products in emerging markets[133]. - Domestic economic pressures, such as slowing investment and consumer demand, may also pose risks to the company's future performance[135]. - The company is directly affected by U.S. trade policies, with certain bathroom products subject to tariffs, which could impact export volumes and pricing strategies[137]. - The ongoing "housing is for living, not for speculation" policy in China may lead to a slowdown in domestic real estate investment, potentially affecting domestic sales[142]. - The company is exposed to exchange rate fluctuations, with over 40% of its revenue coming from exports, which could impact profitability[143]. Subsidiaries and Investments - The company operates several wholly-owned subsidiaries, including Xiamen Paifute and Xiamen Yidian Intelligent Technology[8]. - The company established a wholly-owned subsidiary in Singapore, AQUATIZ INVESTMENT PTE.LTD., on April 5, 2019, and subsequently set up a holding subsidiary in India, AQUATIZ HOME INNOVATION PRIVATE LIMITED, on September 9, 2019[190]. - The company made a significant equity investment of CNY 30 million in Xiamen Water Drop Investment Co., holding a 100% stake[89]. - The company has not reported any issues or other circumstances regarding the use and disclosure of raised funds[100]. Operational Performance - The company’s total operating costs rose to ¥772,226,511.17, reflecting a 9.15% increase from the previous year[71]. - The company’s employee compensation provision was ¥22,788.84 million, a 14.7% increase year-on-year, constituting 20.54% of total revenue[62]. - The number of R&D personnel decreased by 9.95% from 191 in 2018 to 172 in 2019[80]. - The company has not encountered any major changes in project feasibility during the reporting period[99]. Future Outlook - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 10% to 1.32 billion RMB[182]. - The company plans to invest in new product development and market expansion strategies[179]. - The company plans to strengthen its global market position in water-saving bathroom fittings while expanding its efforts in the domestic smart bathroom market and forming strategic partnerships with renowned brands[129].