R&T(SZ:002790)2021-04-19 16:00Financial Performance - The company reported a total revenue of RMB 418,329,000 for the year 2020, with a cash dividend of RMB 1.5 per 10 shares to all shareholders [4]. - The company's operating revenue for 2020 was ¥1,284,195,761.57, representing a 15.75% increase compared to ¥1,109,444,022.03 in 2019 [18]. - The net profit attributable to shareholders for 2020 was ¥114,626,954.52, a decrease of 36.86% from ¥181,538,751.50 in 2019 [18]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥83,606,260.50, down 48.42% from ¥162,087,279.24 in 2019 [18]. - The net cash flow from operating activities was ¥87,294,198.09, a decline of 56.16% compared to ¥199,099,070.83 in 2019 [18]. - The total assets at the end of 2020 were ¥2,089,487,820.67, an increase of 10.51% from ¥1,890,708,789.00 at the end of 2019 [19]. - The basic earnings per share for 2020 was ¥0.28, down 36.36% from ¥0.44 in 2019 [19]. - The total profit for the year was CNY 12,391,730, a decrease of 39.59% compared to CNY 20,511,910 in the previous year [67]. - Net profit fell to CNY 11,433,710, down 37.01% from CNY 18,151,910 in 2019 [67]. - The gross profit margin for the industrial sector was 24.16%, a decrease of 6.24% from the previous year [73]. Market Position and Strategy - The company plans to continue its market expansion and product development strategies, focusing on smart toilet technology and water-saving components [10]. - The company maintains a strong market position, ranking first in the domestic flushing component market and among the top three globally [43]. - The company focuses on water-saving bathroom products, with core products including water-saving flushing components and smart toilets [28]. - The company actively participates in industry exhibitions to explore business opportunities and enhance brand awareness [31]. - The company has established stable strategic partnerships with well-known domestic and international sanitary ware brands, enhancing its competitive advantage [42]. - The company aims to become a global leader in water-saving bathroom products and smart bathroom products, focusing on high-quality supply chain solutions [116]. - The company is committed to becoming a leading provider of water-saving and smart bathroom products globally [143]. Research and Development - The company holds 1,187 patents, including 71 invention patents, demonstrating a strong focus on R&D in water-saving and intelligent bathroom products [47]. - The company has obtained over 10 international certifications, including UPC and CE, which are essential for market entry in developed regions [51]. - In 2020, the company's R&D expenses amounted to ¥53,557,435.50, an increase of 23.24% compared to ¥43,458,189.23 in 2019 [84]. - The proportion of R&D expenses to total revenue rose to 4.17% in 2020 from 3.92% in 2019, reflecting a 0.25% increase [84]. - The number of R&D personnel increased by 15.70% to 199 in 2020, compared to 172 in 2019 [84]. Corporate Governance and Compliance - The board of directors has confirmed that all members attended the meeting to review the annual report, ensuring governance compliance [3]. - The company's financial statements have been verified by Lixin Certified Public Accountants, ensuring accuracy and reliability [17]. - The company has established a robust corporate governance structure and internal control mechanisms to manage risks associated with its expanding operations [162]. Dividend Policy - The company plans to distribute cash dividends of RMB 2.00 per 10 shares for the 2019 fiscal year, totaling RMB 83,694,600 [179]. - For the 2020 fiscal year, the company proposes a cash dividend of RMB 1.50 per 10 shares, amounting to RMB 62,749,350, pending shareholder approval [179]. - The company has a policy to distribute at least 20% of the annual distributable profit as cash dividends, provided certain conditions are met [172]. - The total cash dividend for 2020 amounted to ¥62,749,350, representing 54.74% of the net profit attributable to ordinary shareholders [180]. - The cash dividend per 10 shares is set at ¥1.50, based on a total share capital of 418,329,000 shares [181]. Industry Trends and Challenges - The domestic smart toilet industry is in its early development stage, experiencing explosive growth due to rising consumer demand for energy-saving and intelligent products [39]. - The global water crisis and national policies promoting water-saving products are driving the growth of the water-saving sanitary ware industry [36]. - The market for mid-to-high-end sanitary ware products remains robust, with increasing consumer awareness and demand for quality products [42]. - The competitive landscape in the flushing component industry emphasizes quality control, technological innovation, and integrated supply chain solutions [118]. - The ongoing emphasis on green manufacturing and energy-saving policies is pushing the industry towards a more sustainable and high-quality development phase [133]. Risks and Economic Factors - The company faces risks from international macroeconomic fluctuations, including trade tensions and protectionism, which could impact global trade and investment patterns [145]. - Domestic economic fluctuations pose a risk to the company's future performance, particularly if fixed asset investment slows and consumer demand decreases [147]. - The rise of trade protectionism in major economies could adversely affect the company's export demand, especially if significant trade disputes arise [148]. - The company's domestic sales are significantly tied to the health of the real estate market, which is subject to government policy and economic conditions [153].