Furuise(SZ:300228)2021-04-08 16:00Financial Performance - The company's operating revenue for 2020 was ¥1,806,080,635.56, representing a 14.76% increase compared to ¥1,573,844,704.62 in 2019[17] - The net profit attributable to shareholders was ¥71,416,882.32, a significant turnaround from a loss of ¥326,699,821.43 in 2019, marking a 121.86% increase[17] - The net profit after deducting non-recurring gains and losses was ¥43,520,957.04, improving from a loss of ¥344,704,143.97 in the previous year, reflecting a 112.63% increase[17] - The basic earnings per share increased to ¥0.15 from a loss of ¥0.69 in 2019, showing a 121.74% improvement[17] - The total assets at the end of 2020 were ¥3,539,878,042.36, a 1.36% increase from ¥3,492,309,252.00 at the end of 2019[17] - The net assets attributable to shareholders rose to ¥1,463,203,967.55, up 3.38% from ¥1,415,405,526.46 in 2019[17] - The net cash flow from operating activities was ¥100,412,618.30, a decrease of 69.75% compared to ¥331,896,932.66 in 2019[17] - The company reported a weighted average return on equity of 4.98%, recovering from -20.19% in the previous year[17] Dividend Distribution - The company plans to distribute a cash dividend of ¥0.15 per 10 shares, based on a total share capital of 575,406,349 shares[5] - The company reported a cash dividend of 0.15 yuan per 10 shares for the year 2020, totaling 8,631,095.24 yuan, which represents 100% of the total profit distribution[130][135] - The company did not distribute dividends in 2019 due to operating losses, with a total loss of 326,699,821.43 yuan[129][135] - The cash dividend for 2020 represents 12.09% of the consolidated net profit attributable to the company's ordinary shareholders[135] Market and Product Development - The company is actively pursuing international LNG market opportunities, including projects in Malaysia, Uzbekistan, Mexico, and Morocco, to support local clean energy development[33] - The company’s LNG unloading equipment, produced by its subsidiary, has a high market share, with new products expected to replace imports and gradually achieve export success[35] - The company has established strategic partnerships with major truck manufacturers, enhancing its competitive advantage in the LNG vehicle market[33] - The company’s heavy equipment division has gained recognition among Fortune 500 companies, indicating strong brand influence and market presence[34] - The company continued to strengthen its LNG heavy-duty truck bottle market and actively developed high-pressure direct injection and liquid hydrogen technology for vehicle-mounted gas supply systems, aiming to enhance market share and maintain industry leadership[50] - The company launched a domestically produced 16-inch LNG ship loading arm with independent intellectual property rights, achieving its first delivery within the year and aiming for import substitution and gradual export[51] - The company has developed a full range of hydrogen valve products for fuel cell vehicles, which are currently undergoing extensive road tests with major domestic vehicle manufacturers[52] - The company is expanding its overseas market presence, actively pursuing LNG liquefaction plant projects in Southeast Asia, Russia, Mexico, and India, despite challenges posed by the COVID-19 pandemic[53] Research and Development - R&D investment amounted to 79,950,068.90 CNY, accounting for 4.43% of operating revenue, with a total of 243 authorized patents held[41] - The company’s R&D investment in 2020 amounted to approximately ¥79.95 million, representing 4.43% of total revenue, a decrease from 5.10% in 2019[84] - The number of R&D personnel increased to 201 in 2020, accounting for 12.38% of the total workforce, up from 12.05% in 2019[84] - Key R&D projects for 2021 include the development of high-pressure LNG vaporization arms and small-batch trials of liquid hydrogen valves[114] Financial Position and Cash Flow - Trading financial assets increased to 151,500 CNY, a 100% increase from 0 CNY at the end of the previous year, due to changes in the fair value of forward foreign exchange contracts[38] - Accounts receivable decreased to 3,687,100 CNY, a 70.83% decrease from 12,639,600 CNY, primarily due to timely payment of commercial bills[38] - Accounts receivable financing increased to 260,417,100 CNY, a 46.87% increase from 177,306,100 CNY, mainly due to a higher volume of bank acceptance bills collected this period[38] - Prepayments increased to 81,509,900 CNY, a 48.54% increase from 54,874,200 CNY, primarily due to increased prepayments for main material purchases[38] - Deferred tax assets decreased to 36,608,400 CNY, a 62.19% decrease from 96,834,600 CNY, mainly due to the parent company’s expectation of insufficient taxable income in the future[38] - Long-term borrowings increased to 137,842,900 CNY, a 351.51% increase from 30,529,200 CNY, due to adjustments in the financing structure based on overall market interest rates[38] - Operating cash inflow decreased by 12.19% to approximately ¥1.27 billion in 2020, while operating cash outflow increased by 5.00% to approximately ¥1.17 billion[86] - The net cash flow from financing activities decreased by 77.66%, resulting in a net outflow of approximately ¥50.09 million[86] Risk Management - The company faces risks from market fluctuations in oil and gas prices, which could impact its operational performance[119] - Ongoing COVID-19 pandemic effects may disrupt export business, prompting the company to maintain effective communication with overseas clients[120] - The company is implementing measures to mitigate risks from raw material price fluctuations and exchange rate volatility[121][122] - The company has implemented strict credit policies to mitigate the risk of accounts receivable losses, focusing on customer credit assessments and monitoring payment statuses[124] - The company is facing risks related to its fundraising projects, including potential market changes and the possibility of new capacity not being fully utilized[125] Corporate Governance and Structure - The company has established a governance structure to protect shareholder rights, including a board of directors and various specialized committees[172] - The company has implemented measures to protect employee rights, including social insurance and commercial accident insurance[173] - The company has a diverse shareholder structure, with no significant concentration of ownership[197] - The company has no controlling shareholder, as no single shareholder holds more than 30% of the total share capital[195] - The actual controller of the company is also absent, with no shareholder controlling more than 10% of the shares[196] Subsidiaries and Investments - The company established a new controlling subsidiary, Jiangsu Furui Energy Service Co., Ltd., which is now included in the consolidated financial statements[72] - The company has established a joint venture, Jiangsu Furui Energy Service Co., Ltd., with an investment of CNY 35 million, holding a 70% stake[178] - The company completed a capital increase of CNY 4 million in its subsidiary, Changlong Equipment, resulting in an 80% ownership stake[177] - The company has transferred its stake in Guizhou Te'an Jie New Energy Technology Co., Ltd. and Wuhan Chengzheng Technology Partnership (Limited Partnership) during the reporting period[106] Compliance and Regulations - The company has not been classified as a key pollutant discharge unit and has adhered to environmental protection regulations without any violations during the reporting period[175] - The company has received multiple manufacturing licenses for pressure vessels and low-temperature valves, ensuring compliance with international standards[43] - The company has achieved certifications for quality management systems, including IATF16949 and ISO9001:2015, ensuring high product quality[44]