山东赫达(002810) - 2020 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2020 was ¥1,308,887,972.69, representing a 17.62% increase compared to ¥1,112,844,778.13 in 2019[23] - Net profit attributable to shareholders for 2020 was ¥252,234,001.26, a 60.02% increase from ¥157,621,906.31 in 2019[23] - The net profit after deducting non-recurring gains and losses was ¥239,408,919.86, up 58.19% from ¥151,347,068.14 in 2019[23] - The net cash flow from operating activities reached ¥387,177,260.51, an increase of 84.15% compared to ¥210,256,274.56 in 2019[23] - Basic earnings per share for 2020 were ¥1.35, reflecting a 58.82% increase from ¥0.85 in 2019[23] - Operating profit increased by 58.20% to CNY 294.57 million, while net profit attributable to shareholders rose by 60.02% to CNY 252.23 million[84] - The cellulose ether division generated revenue of CNY 1,012.66 million, contributing significantly to overall performance[84] - Total operating revenue for the year 2020 was approximately CNY 1.31 billion, representing a year-on-year increase of 17.62% compared to CNY 1.11 billion in 2019[96] - Main business revenue accounted for 99.88% of total revenue, with a significant increase of 17.70% year-on-year[96] - Overseas revenue reached CNY 671.99 million, marking a 26.13% increase from the previous year, and accounted for 51.34% of total revenue[97] Market and Industry Insights - The market demand for cellulose ether is expected to grow due to increased urbanization and infrastructure development in China[41] - The pharmaceutical-grade cellulose ether market shows significant potential, particularly for HPMC used in plant capsules, which accounts for over 90% of the raw materials[42] - The demand for pharmaceutical-grade HPMC is expected to grow significantly as plant capsules become a key direction for the hollow capsule industry upgrade in China[43] - The market for pharmaceutical-grade cellulose ether, crucial for controlled-release formulations, is dominated by a few international companies, which limits its application in China's pharmaceutical industry[45] - The food-grade cellulose ether market in China is still in the promotion stage, with low usage rates due to high prices and limited consumer awareness[46] Production and Technological Advancements - The company has developed a full range of non-ionic cellulose ether products over 20 years, becoming the largest supplier in China and the fourth largest globally[47] - The company’s production capabilities and technological advancements position it well to meet the growing demand for cellulose ethers in both domestic and international markets[47] - The company has developed a large-scale, continuous production process for HPMC plant capsules, which are considered a safer and more stable alternative to animal gelatin capsules[53] - The company’s cellulose ether products have achieved quality standards comparable to international brands, enabling them to replace imported products[71] - The cellulose ether reconstruction project, with a capacity of 20,000 tons/year, was put into trial production in September 2018, utilizing advanced equipment and fully automated control systems[67] Research and Development - Research and development expenses increased by 28.24% to ¥58,703,197.37, driven by increased investment in R&D[111] - The number of R&D personnel increased by 21.21% to 160, with R&D personnel accounting for 12.32% of the total workforce[111] - The company has been recognized as a high-tech enterprise since 2009 and has passed several re-evaluations, indicating a strong commitment to R&D and innovation[69] Shareholder and Dividend Policies - The company plans to distribute 7 shares for every 10 shares held as a capital reserve, with no cash dividends declared[6] - The company has a cash dividend policy that mandates a minimum of 10% of the distributable profit to be distributed as cash dividends annually, provided certain conditions are met[154] - The company has not issued any cash dividends for the 2020 fiscal year, reflecting a focus on stock dividends instead[158] - The company’s cumulative cash dividends over the last three years must not be less than 30% of the average annual distributable profit[154] Investments and Financial Management - The company invested CNY 305 million to upgrade production lines and enhance smart manufacturing capabilities, increasing plant capsule production capacity to 35 billion capsules per year[85] - The company has committed to fulfilling all promises made by its actual controllers and shareholders during the reporting period[166] - The total amount raised through a private placement was RMB 149,999,987.70, with a net amount of RMB 146,688,064.78 after deducting issuance costs[138] - The company is in a rapid construction phase for its cellulose ether project, requiring significant self-funding for ongoing investments[161] Environmental and Operational Efficiency - The company emphasizes environmental protection, achieving significant reductions in water and energy consumption through technological upgrades[75] - The company has established internal control measures to mitigate risks associated with foreign exchange fluctuations and customer defaults[133] - The company will enhance internal controls and information management systems to integrate various business units for better resource sharing[149]