TONGDA STOCK(SZ:300321)2021-04-20 16:00Financial Performance - The company's operating revenue for 2020 was ¥408,878,937.52, a decrease of 10.40% compared to ¥456,344,329.86 in 2019[19]. - Net profit attributable to shareholders for 2020 was ¥20,280,449.67, down 48.61% from ¥39,463,064.32 in 2019[19]. - The net cash flow from operating activities was ¥4,329,259.30, a significant decline of 96.02% from ¥108,778,691.10 in 2019[19]. - Basic earnings per share for 2020 were ¥0.2284, a decrease of 48.60% compared to ¥0.4444 in 2019[19]. - Total assets at the end of 2020 were ¥742,491,577.48, a decrease of 2.23% from ¥759,432,289.49 at the end of 2019[19]. - The company reported a weighted average return on equity of 3.17% for 2020, down from 6.23% in 2019[19]. - The company’s net profit after deducting non-recurring gains and losses was ¥16,293,605.05, a decrease of 51.62% from ¥33,676,622.46 in 2019[19]. - The total operating revenue for 2020 was ¥408,878,937.52, a decrease of 10.40% compared to ¥456,344,329.86 in 2019[44]. - The company faced increased costs due to rising raw material prices, which led to a decrease in gross margin[39]. - The company’s R&D expenses for 2020 were ¥20,482,397.97, which is 5.01% of total revenue, reflecting an 11.55% decrease from the previous year[54]. Dividend Policy - The profit distribution plan includes a cash dividend of 2 RMB per 10 shares, based on a total of 88,800,000 shares[7]. - For the 2020 fiscal year, the company proposed a cash dividend of 2 RMB per 10 shares, amounting to 17,760,000 RMB, which is 87.57% of the net profit attributable to ordinary shareholders[83]. - The total distributable profit for 2020 was 18,252,404.70 RMB, with a remaining undistributed profit of 266,694,258.72 RMB at year-end[80]. - The company has maintained a consistent dividend payout ratio, with the 2020 cash dividend representing 100% of the total profit distribution[79]. - The company implemented a cash dividend policy, distributing a cash dividend of 4 RMB per 10 shares for the 2019 fiscal year, totaling 35,520,000 RMB[76]. Risks and Challenges - The company faced significant risks from fluctuations in raw material prices, particularly polyethylene, nylon chips, and polyurethane, which are influenced by international crude oil price volatility[4]. - Export business accounted for nearly 40% of the company's operations, exposing it to risks from exchange rate fluctuations[5]. - The company has implemented strict environmental control measures, exceeding national standards, to mitigate risks associated with increased environmental protection costs and potential energy supply disruptions[6]. - New gas steam and thermal oil boilers have been installed to replace coal-fired boilers, addressing energy supply concerns while facing potential price volatility in natural gas[6]. - The synthetic leather industry is still in its early stages in terms of scale and technology, facing challenges from environmental regulations and resource utilization[30]. Research and Development - The company is committed to continuous investment in R&D for new products and technologies to maintain market leadership and meet rising quality demands from downstream industries[7]. - The company has 15 core patents and has participated in the formulation of 20 national and industry standards, establishing itself as a leader in the ecological high-fidelity synthetic leather industry[32]. - The company emphasizes technological innovation, increasing R&D investment to enhance its technological capabilities and maintain competitive advantages[36]. - The number of R&D personnel was 101, accounting for 17.38% of the total workforce[55]. - The R&D expenditure for new products and technologies was 150 million RMB, accounting for 12.5% of total revenue[152]. Management and Governance - The company has a strong management team with experience in strategic development, production operations, and financial management, contributing to improved operational efficiency[36]. - The company has established a dual prevention system for safety management, ensuring stable production and compliance with safety regulations[40]. - The company invested 500,000 yuan in training programs for middle and senior management to enhance their professional skills and management capabilities[41]. - The company has a diverse management team with members holding various degrees and professional qualifications, including EMBA and accounting certifications[144]. - The company has established a comprehensive talent management system for skill training, including internal and external training programs[157]. Financial Position - The company's monetary funds decreased from 25.78% of total assets at the beginning of 2020 to 20.16% at the end of the year, a reduction of 5.62%[62]. - The company’s capital reserve at year-end was 238,063,314.26 RMB, indicating a strong financial position for future investments[80]. - The total number of shares outstanding is 88,800,000, with 93.18% being unrestricted shares[118]. - The company has not issued any new securities during the reporting period[122]. - The company has not experienced any changes in the scope of consolidated financial statements compared to the previous year[91]. Compliance and Internal Control - The company maintained a good integrity status, with no unfulfilled court judgments or significant overdue debts[96]. - The company has not faced any penalties from the China Securities Regulatory Commission or other relevant authorities[143]. - No significant internal control deficiencies were identified during the reporting period, ensuring effective oversight[176]. - The audit committee communicated with the auditing firm to ensure the independence and timely completion of the annual report audit[172]. - The company has a clear and independent asset ownership structure, ensuring no overlap with the controlling shareholder's business[164].