翔鹭钨业(002842) - 2020 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2020 was ¥1,290,408,755.92, a decrease of 12.80% compared to ¥1,479,785,363.58 in 2019[24]. - The net profit attributable to shareholders for 2020 was ¥41,583,223.33, down 37.68% from ¥66,725,979.60 in 2019[24]. - The net profit after deducting non-recurring gains and losses was -¥1,085,778.55 in 2020, a decline of 102.42% compared to ¥44,800,321.05 in 2019[24]. - The total assets at the end of 2020 were ¥2,415,189,076.62, reflecting a 6.24% increase from ¥2,273,254,877.64 at the end of 2019[24]. - The company's basic earnings per share for 2020 was ¥0.15, down 37.50% from ¥0.24 in 2019[24]. - The weighted average return on equity for 2020 was 4.25%, a decrease of 3.26% from 7.51% in 2019[24]. - The company reported a total of ¥73,767,163.20 in other business income for 2020, with the main business income being ¥1,216,641,592.72 after deductions[24]. - The company's total operating revenue for 2020 was 1,290.41 million yuan, a decrease of 12.80% year-on-year, while net profit fell by 37.68% to 41.58 million yuan[55]. Raw Material and Supply Chain Risks - The company faces risks related to raw material supply and price fluctuations, particularly if there is a sudden increase in demand for tungsten concentrate or restrictions on mining quotas[7]. - The main raw material for the company's tungsten products is tungsten concentrate, which is procured externally; any drastic changes in tungsten concentrate prices could affect the gross margin and operating performance if product prices do not adjust accordingly[6]. - The company reported a significant impact on its operating performance due to macroeconomic fluctuations affecting its main customers, which could lead to substantial changes in tungsten product demand and accounts receivable recovery[5]. Export and Market Position - The company holds direct export qualifications for tungsten products, being one of 14 companies in China to do so; any major adjustments in export qualification standards could adversely affect its export business and overall performance[8]. - The company’s export volume is subject to exchange rate fluctuations, which could impact its operating results[9]. - The company has developed a comprehensive product line including APT, tungsten oxide, tungsten powder, and hard alloy products, enhancing its market competitiveness[48]. - The company has maintained its focus on the development, production, and sales of tungsten products, with no significant changes in its main business during the reporting period[33]. Production and Inventory - The company's fixed assets increased by 35.93% compared to the end of the previous year, mainly due to the completion of construction projects[47]. - Inventory rose by 41.07% year-on-year, attributed to increased production capacity leading to higher finished goods[47]. - In 2020, the company's main products saw significant growth in production and sales, with tungsten carbide powder production increasing by 21.23% to 6,225 tons and sales rising by 8.54% to 4,983 tons[55]. - The production capacity in Chaozhou and Jiangxi regions has been established, with annual capacities of 5,000 tons of ammonium paratungstate and 6,000 tons of tungsten powder carbide in Chaozhou, and 500 tons of tungsten concentrate and 3,000 tons of tungsten powder in Jiangxi[56]. Research and Development - The company plans to enhance its production quality by integrating smart manufacturing and upgrading equipment for tungsten carbide and precision tools[64]. - The company will continue to invest in new material research and development, enhancing its independent innovation capabilities and collaborating with academic institutions[67]. - Research and development expenses increased by 30.79% to RMB 58.63 million, with a focus on enhancing product quality and production efficiency[86]. - The number of R&D personnel increased by 39.46% to 205, representing 20.83% of the workforce[87]. Shareholder and Dividend Policy - The company does not plan to distribute cash dividends, issue bonus shares, or increase capital through reserves[10]. - The company emphasized that it remains in a growth phase, prioritizing funds for daily operations over dividend distributions[127]. - The company reported a net profit of RMB 41,583,223.33 for 2020, with no cash dividends proposed despite positive distributable profits[126]. - The company has fulfilled its performance commitments for the years 2018, 2019, and 2020, with net profit commitments of no less than RMB 30 million, RMB 35 million, and RMB 40 million respectively[129]. Environmental Compliance - The company established a comprehensive environmental management system and obtained ISO 14001 certification, ensuring compliance with wastewater and air emission standards[180]. - The company has set up dedicated departments for pollution prevention and has implemented regular monitoring and third-party testing to ensure compliance with environmental standards[178]. - The company has received environmental impact assessment approvals for all production projects, ensuring compliance with environmental regulations[176]. - The company has implemented emergency response plans for environmental incidents and conducts regular drills to enhance response capabilities[177]. Corporate Governance - The company has made commitments regarding the non-competition of major shareholders to avoid conflicts of interest[134]. - The company has established a long-term commitment to fulfill its obligations under the equity incentive plan[133]. - The company is focused on maintaining transparency and timely disclosure of information related to shareholding changes and financial performance[132]. - The company’s board of directors approved the change of the auditing firm to maintain consistency and continuity in the audit process[145].