NEW POWER(300152)2021-06-09 16:00Financial Performance - The company's operating revenue for 2020 was CNY 514,946,526, representing a slight increase of 0.30% compared to CNY 513,408,320 in 2019[16]. - Net profit attributable to shareholders for 2020 was CNY 12,991,452.1, an increase of 84.66% from CNY 7,035,498.48 in 2019[16]. - The net profit excluding non-recurring gains and losses was CNY 7,231,353.81, reflecting a growth of 107.73% compared to the previous year[16]. - Cash flow from operating activities increased by 126.87% to CNY 80,150,246.8 from CNY 35,328,731.4 in 2019[16]. - Basic earnings per share for 2020 were CNY 0.0182, up 83.84% from CNY 0.0099 in 2019[16]. - The weighted average return on equity was 1.71% for 2020, an increase from 1.43% in 2019[16]. - Total assets at the end of the reporting period were CNY 1,784,800,800, a decrease of 31.99% compared to the previous year[17]. - Net profit attributable to shareholders was CNY 800,564,062, reflecting a decrease of 0.87% from the previous year[17]. - In Q4 2020, the company reported a net profit of CNY 47,221,719, a significant recovery from losses in the first three quarters[19]. - The company generated operating revenue of CNY 242,358,724 in Q4 2020, contributing to a total annual revenue of CNY 514,946,524[19]. Operational Developments - The company is focused on expanding its market presence and enhancing its product offerings in the environmental technology sector[4]. - The company is involved in various environmental services, including energy-saving combustion, wastewater treatment, and waste incineration power generation[26]. - The company has completed the construction of an economical hydrogen refueling station, pending government approval for operation[32]. - The company is expanding into hazardous waste treatment, with a project in Shanxi Province utilizing waste incineration fly ash[30]. - The company aims to become a comprehensive environmental service provider by integrating capital with its industry capabilities[26]. - The company has developed a comprehensive treatment process for waste gas and waste liquid incineration, which has entered the engineering promotion stage, with contracts signed for two major projects[39]. - The gas ultra-low nitrogen combustion technology achieved normal NOx emissions of 15-30 mg/m³, distinguishing itself from mainstream flue gas external circulation technologies[40]. - The company is involved in a national key research project focused on the combustion technology of high-alkali coal, with expected completion of ignition test verification by April-May 2021[38]. Cash Flow and Investments - Cash and cash equivalents rose by 88.07% compared to the beginning of the period, mainly due to the recovery of investment funds from disposed subsidiaries[35]. - Contract assets increased by 95.95% compared to the beginning of the period, attributed to the implementation of new revenue recognition standards[35]. - The net cash flow from operating activities increased by 126.87% year-on-year, reaching ¥80,150,246.88, primarily due to the recovery of receivables and reduced operating expenses[69]. - The net cash flow from investing activities surged by 236.10% year-on-year to ¥99,919,719.27, mainly attributed to the disposal of subsidiaries and recovery of equity investment funds[70]. - The net cash flow from financing activities improved by 9.32% year-on-year, resulting in a net outflow of ¥62,924,506.57, primarily due to the repayment of short-term and long-term borrowings[70]. Research and Development - Research and development expenses for 2020 were ¥11,249,060.84, a decrease of 30.77% compared to ¥16,249,423.91 in 2019[61]. - R&D investment as a percentage of operating revenue was 2.18% in 2020, down from 3.17% in 2019[66]. - The company is involved in a key national R&D project focused on high-alkali coal combustion technology, expected to complete ignition tests by April-May 2021[62]. - The company has introduced a new waste management system that is projected to reduce operational costs by 10%[87]. - The company plans to invest in advanced sewage treatment technologies and recruit top talent to strengthen its research capabilities in wastewater and hazardous waste treatment[98]. Corporate Governance and Compliance - The company has committed to maintaining independent operations, including financial independence and asset integrity, as part of its governance structure[114]. - The independent directors have reviewed the financial report and the audit report, affirming that the audit report accurately reflects the company's current situation and urging management to take effective measures to address related issues[123]. - The company received an administrative penalty from the China Securities Regulatory Commission for inflating 2017 profits by CNY 7,178,800.95 through the alteration of project debugging report dates[133]. - The company established a special team for a comprehensive self-inspection following the penalty, correcting accounting errors from 2015 to 2019[134]. - The company has changed its accounting policy in accordance with new financial instrument standards issued by the Ministry of Finance, effective April 9, 2020[129]. Market Position and Strategy - The company plans to leverage opportunities in the energy and environmental protection sectors, particularly in low-nitrogen combustion equipment and waste treatment technologies[48]. - The company aims to enhance its product offerings and market reach by transitioning from merely providing products to offering comprehensive solution designs and system integration services[96]. - The company is actively pursuing strategic partnerships with major domestic power enterprises to meet their green transformation needs, thereby expanding its business scale and enhancing profitability[96]. - The company anticipates increased competition in the environmental sector due to the entry of state-owned enterprises and private capital, which may challenge its market position[99]. - The company is focusing on optimizing its technology for organic waste gas treatment, leveraging its expertise to capture market share in the fine chemical industry[94]. Shareholder and Equity Information - The company reported a total distributable profit of -594,988,773.60 yuan, resulting in no cash dividends or stock bonuses for the year 2020[109]. - The company has not implemented any profit distribution or capital reserve transfer plans for the past three years, including 2020, 2019, and 2018[111]. - The company’s controlling shareholder's stock pledge and freeze status may affect the disposal progress of shares, posing a risk of change in actual control[134]. - The company has not reported any major related party transactions during the reporting period[140]. - The total number of shares after the recent changes is 712.80 million, with 99.93% being unrestricted shares[161]. Management and Employee Structure - The total number of employees in the company is 309, with 278 from major subsidiaries[191]. - The company has a diverse employee structure, with 153 production staff, 86 technical staff, and 27 sales staff[191]. - The company organized a total of 4,109 training hours, benefiting 572 employees in various training programs[193]. - The current management team includes a diverse background with members holding advanced degrees and extensive experience in finance and law, enhancing the company's governance[182][184]. - The company maintains a market-oriented salary system, linking performance closely with individual compensation[192].