Feilu(SZ:300665)2021-04-12 16:00Financial Performance - The company's operating revenue for 2020 was ¥605,549,941.21, representing a 21.37% increase compared to ¥498,934,677.26 in 2019[17]. - The net profit attributable to shareholders for 2020 was ¥24,154,886.27, which is a 13.95% increase from ¥21,198,223.33 in 2019[17]. - The net profit after deducting non-recurring gains and losses was ¥16,477,033.78, up 4.22% from ¥15,810,049.56 in 2019[17]. - The net cash flow from operating activities decreased by 70.22% to ¥30,327,926.19 from ¥101,842,998.85 in 2019[17]. - The total assets at the end of 2020 were ¥1,349,300,857.16, a 33.28% increase from ¥1,012,349,829.12 at the end of 2019[17]. - The net assets attributable to shareholders increased by 15.82% to ¥524,353,000.23 from ¥452,728,891.78 at the end of 2019[17]. - The basic earnings per share for 2020 were ¥0.20, an increase of 11.11% from ¥0.18 in 2019[17]. - The diluted earnings per share also stood at ¥0.20, reflecting the same 11.11% increase from ¥0.18 in 2019[17]. - The weighted average return on equity was 4.97%, up from 4.63% in 2019[17]. - The company plans to distribute a cash dividend of ¥0.6 per 10 shares, based on a total of 121,092,168 shares[4]. Quarterly Performance - The company's total revenue for Q4 2020 reached ¥256,971,971.12, showing a significant increase compared to previous quarters[20]. - The net profit attributable to shareholders for Q4 2020 was ¥8,598,797.82, marking a recovery from losses in earlier quarters[20]. - The net cash flow from operating activities in Q4 2020 was positive at ¥87,819,439.79, indicating improved cash generation capabilities[20]. Product and Market Development - The company specializes in anti-corrosion and protective materials for various sectors, including rail transit and civil construction[27]. - The main products include anti-corrosion coatings and waterproof protective coatings, with applications in rail transit equipment and civil engineering[28]. - The company plans to expand its product applications to wind power equipment and other mechanical devices, diversifying its market reach[28]. - The company has established long-term partnerships with major manufacturers in the rail industry, enhancing its market position[28]. - The company focuses on customized research and development based on customer needs and innovative development for potential market demands[39]. - The company emphasizes the development of lightweight, environmentally friendly, and functional new materials, particularly in the rail transit and new energy sectors[39]. - The company has developed water-based coatings and high-solid content oil-based coatings for rail transit equipment, aligning with the trend towards low-VOC, environmentally friendly products[47]. Research and Development - The company applied for 23 new patents during the reporting period, including 18 invention patents, and obtained 3 authorized invention patents[53]. - The company has established a strong technical cooperation relationship with over ten research institutes and universities, enhancing its R&D capabilities[53]. - The company is actively exploring the smart coating market, conducting tests to integrate smart coating equipment with customer needs in the rail transit sector[60]. - The company has achieved a breakthrough in the application of water-based coatings in 250 km/h standard EMUs, addressing critical industry challenges[65]. - The company increased its R&D investment to CNY 17.79 million, a growth of 17.77% compared to 2019, enhancing its technological capabilities[69]. Production and Operations - The procurement model involves centralized purchasing with a ±1% error margin for raw materials, ensuring a stable supply chain and reducing price volatility risks[40]. - The production is organized based on a "sales-driven production" principle, with internal controls ensuring order authenticity and feasibility before production begins[41]. - The main sales model includes direct sales, integrated coating services, and coating construction services, targeting high-demand markets such as rail transit and civil construction[41]. - The company has implemented lean production practices to improve product quality and operational efficiency, contributing to sustainable development[73]. - The company utilizes labor outsourcing for non-core processes in coating services to control costs and maintain quality[40]. Financial Management - The company has achieved a 204.22% increase in receivables due to the rise in confirmed receivables, reflecting improved cash flow management[51]. - The company’s cash and cash equivalents increased by 713.60% to CNY 49,190,842.12 in 2020[98]. - The net cash flow from financing activities surged by 1,476.72% to CNY 188,047,905.77 in 2020[98]. - The total investment amount for the reporting period was ¥103.5 million, a 96.02% increase compared to ¥52.8 million in the previous year[106]. - The company’s short-term borrowings decreased by 15.35% to ¥185.5 million, while long-term borrowings increased to ¥140 million due to higher funding needs[102]. Strategic Initiatives - The company signed a cooperation framework agreement worth 1 billion yuan for environmental remediation in the old industrial area of Qingshui Pond, indicating a strategic move towards environmental sustainability[48]. - The company has formed an environmental governance division to address pollution issues in old industrial areas, collaborating with local groups for remediation projects[56]. - The company is committed to complying with national environmental regulations and policies, which may impact operational strategies[146]. - The company plans to expand its investment in water-based paint projects in response to national environmental policies and market trends, focusing on the rail transit sector[124]. Profit Distribution and Shareholder Relations - The company distributed cash dividends of RMB 0.6 per share, totaling RMB 7,265,530.08, which represents 100% of the total profit distribution[151]. - The company plans to continue expanding its market presence and optimizing its customer and product structures to adapt to changing economic conditions[142]. - The company’s cash dividend policy aligns with its growth stage and significant capital expenditure plans, ensuring shareholder interests are protected[150]. - The company aims to retain the remaining undistributed profits to support its operational needs following the cash dividend distribution[155]. - The company will prioritize cash dividends in its profit distribution, with the option to combine cash and stock dividends[164]. Compliance and Governance - The company has committed to ensuring that no direct or indirect competition arises with the issuer during its shareholder period[163]. - The company will provide written explanations within 10 working days if any shareholder raises concerns about potential competition[163]. - The company will cease any competitive activities within 30 working days if deemed necessary by the board[163]. - The company will compensate for any economic losses incurred by the issuer due to violations of these commitments[163]. - The company has not faced any bankruptcy reorganization issues during the reporting period[182].