ZHONGYA CORPORATION(SZ:300512)2021-04-27 16:00Financial Performance - The net profit attributable to the parent company decreased by 59.32% year-on-year in 2020[4]. - The company's operating revenue for 2020 was ¥662,050,554.46, a decrease of 22.85% compared to ¥858,139,604.75 in 2019[26]. - The net profit attributable to shareholders for 2020 was ¥44,196,833.66, down 59.32% from ¥108,656,286.76 in the previous year[26]. - The net profit after deducting non-recurring gains and losses was ¥28,896,767.38, a decline of 68.56% from ¥91,915,810.61 in 2019[26]. - The basic earnings per share for 2020 was ¥0.16, a decrease of 60.00% compared to ¥0.40 in 2019[26]. - The total operating revenue for 2020 was ¥662,050,554.46, a decrease of 22.85% compared to ¥858,139,604.75 in 2019[63]. - Revenue from the dairy industry dropped by 41.52% to ¥428,558,167.32, while revenue from the beverage industry increased by 366.39% to ¥85,369,967.23[63]. - The company's smart packaging equipment accounted for 68.63% of total revenue, totaling ¥454,337,763.37, down 26.50% from the previous year[63]. Profit Distribution - The company plans to distribute a cash dividend of 0.4 yuan per 10 shares to shareholders[14]. - The cash dividend for 2020 represents 24.76% of the net profit attributable to ordinary shareholders, compared to 19.88% for 2019 and 18.83% for 2018[127]. - The company’s total distributable profit was reported at 443,285,020.27 CNY[122]. - The company’s cash dividend represented 100% of the total profit distribution amount[122]. - The cash dividend distribution was executed in compliance with the company’s articles of association and shareholder resolutions[122]. - The company maintained a stable profitability and good financial condition in 2020, aligning the dividend distribution plan with its actual operating situation and future development strategy[125]. - The cash dividend conditions include having an unqualified audit report and ensuring sufficient cash flow to meet operational and investment plans[130]. - The company has consistently adhered to its profit distribution policy, ensuring a minimum cash dividend ratio of 20% during its growth phase[124]. Customer Concentration and Market Expansion - The top five customers accounted for 57.24% of the main business revenue in 2020, compared to 54.27% in 2019 and 63.78% in 2018[10]. - The company acknowledges risks related to customer concentration and is working to diversify its client base[11]. - The company aims to expand its customer base in industries such as healthcare, beverages, edible oils, daily chemicals, and food[8]. - The company is actively developing its sterile equipment technology and exploring new expansion plans[118]. - The company plans to expand into sectors such as healthcare, edible oils, daily chemicals, beverages, and solid food industries, leveraging its core technologies[109]. Research and Development - The company is increasing R&D investment to maintain its technological advantage and control production costs[12]. - Research and development expenses amounted to ¥39,432,283.29, representing 5.96% of total revenue, up from 5.70% in 2019[76]. - In 2020, the company obtained 35 new patents, including 6 invention patents, and applied for 33 new invention patents[57]. - The company aims to enhance its R&D and innovation capabilities, focusing on high-end products that are sterile, energy-efficient, and integrated, to increase market share domestically and internationally[108]. Operational Efficiency and Management - The company is focused on improving management and attracting talent to meet the demands of its expanding operations[9]. - The company utilizes an ERP system for unified management of production and procurement processes, enhancing operational efficiency[37]. - The company is committed to providing comprehensive solutions, including lifecycle maintenance and planning for intelligent packaging production lines[36]. - The company aims to enhance its competitiveness by increasing product research and market expansion efforts[60]. - The company is committed to achieving significant improvements in manufacturing efficiency and product quality by 2025, as outlined in the "Made in China 2025" initiative[109]. Technological Advancements - The company has achieved significant technological advancements, with its equipment nearing international standards and successfully replacing imports in the domestic market[42]. - The company has established itself as a leading smart packaging machinery manufacturer in China, with strong R&D capabilities and unique core technologies, particularly in sterile technology[41]. - The company emphasizes strong testing capabilities for new product development, ensuring seamless integration with production processes and reducing debugging time and costs[47]. Financial Position and Investments - The total assets at the end of 2020 were ¥2,048,908,928.71, an increase of 6.90% from ¥1,916,715,188.53 at the end of 2019[26]. - The net assets attributable to shareholders increased by 1.74% to ¥1,422,219,751.51 at the end of 2020 from ¥1,397,834,527.09 in 2019[26]. - The company reported a net increase in cash and cash equivalents of ¥16,601,585.20, a decrease of 79.57% from the previous year[79]. - The company has committed CNY 38.9 million in entrusted financial management, with CNY 25.4 million in bank financial products and CNY 12.5 million in securities firm products[171]. Risks and Challenges - The company faces risks from fluctuations in downstream industries, particularly in the fast-moving consumer goods sector, which could impact its operating performance[114]. - The company is at risk of extended delivery times due to potential supply tightness of key raw materials, such as PLC servo control systems[115]. - The company's gross profit margins have declined from 44.60% in 2018 to 28.54% in 2020, highlighting the risk of further margin erosion[114]. Subsidiaries and Acquisitions - The company established a new subsidiary, Nanjing Grey Intelligent Equipment Co., Ltd., without significant impact on overall operations[106]. - The company acquired a 55% stake in Nanjing Grey Intelligent Equipment Co., Ltd. for CNY 5.5 million on June 11, 2020, expanding its consolidation scope[141]. - The company transferred 70% equity of its subsidiary, Hangzhou Maijiesi Refrigeration Technology Co., Ltd., for RMB 3.5 million, resulting in no longer holding any equity in the subsidiary[180]. Lease Agreements - The company has a lease agreement with Mengniu Dairy for a factory rental agreement with a total annual rent of CNY 60,000 starting from July 1, 2018[156]. - The company signed multiple lease agreements for properties, with annual rents ranging from CNY 1.5 million to CNY 93 million, covering areas from 1,077.6 square meters to 5,022 square meters[164][165][166].