惠城环保(300779) - 2020 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2020 was ¥323,859,660.14, a decrease of 5.80% compared to ¥343,794,748.38 in 2019[22]. - The net profit attributable to shareholders for 2020 was ¥27,015,193.74, down 36.97% from ¥42,859,266.44 in 2019[22]. - The net cash flow from operating activities was ¥39,113,881.29, reflecting a decline of 31.87% from ¥57,408,301.11 in the previous year[22]. - Basic earnings per share for 2020 were ¥0.27, a decrease of 43.75% compared to ¥0.48 in 2019[22]. - The company reported a weighted average return on equity of 4.11% for 2020, down from 8.30% in 2019[22]. - The net profit after deducting non-recurring gains and losses for 2020 was ¥19,687,705.45, a decrease of 46.98% from ¥37,134,194.15 in 2019[22]. - The total operating revenue for 2020 was ¥323,859,660.14, a decrease of 5.80% compared to ¥343,794,748.38 in 2019[84]. - The revenue from resource comprehensive utilization products was ¥266,293,372.75, accounting for 82.22% of total revenue, down 1.87% from ¥271,362,001.23 in 2019[84]. - The revenue from hazardous waste treatment services was ¥38,338,570.35, representing 11.84% of total revenue, a decrease of 1.30% from the previous year[84]. - The company's revenue from the waste resource comprehensive utilization industry was CNY 318,710,868.74, a decrease of 5.09% compared to the same period last year[87]. Assets and Investments - Total assets at the end of 2020 amounted to ¥962,485,059.01, an increase of 4.43% from ¥921,689,154.22 at the end of 2019[22]. - The net assets attributable to shareholders at the end of 2020 were ¥665,960,368.29, up 2.62% from ¥648,939,964.21 at the end of 2019[22]. - The company's intangible assets increased by CNY 56.56 million, a growth of 104.97% compared to the previous year, mainly due to the acquisition of land use rights for new projects[56]. - Construction in progress increased by CNY 80.69 million, a growth of 201.75% year-on-year, primarily due to new construction projects[56]. - Long-term equity investments increased by CNY 15 million, a growth of 100%, primarily due to investments in Shandong Huiya by Beihai Huicheng[56]. - The company's fixed assets were valued at ¥322,138,605.92, making up 33.47% of total assets, with no significant changes reported[121]. - The total investment amount for the reporting period was ¥394,679,276.06, representing a 204.12% increase compared to ¥129,775,661.99 in the same period last year[128]. - The company made significant non-equity investments, including ¥100,000,000 in Jiujiang Huicheng Environmental Technology Co., Ltd., and ¥30,000,000 in Shandong Huiya Environmental Technology Co., Ltd.[132]. Cash Flow - The net cash flow from operating activities decreased by 31.87% to ¥39,113,881.29 compared to ¥57,408,301.11 in the previous year[113]. - The net cash flow from investing activities significantly worsened by 174.47%, resulting in a net outflow of ¥130,115,177.39, primarily due to land purchases and project construction expenses[113]. - The net cash flow from financing activities dropped by 113.98%, leading to a net outflow of ¥32,460,079.20, mainly due to the previous year's fundraising activities[113]. - The total cash and cash equivalents decreased by 151.20%, amounting to a net decrease of ¥123,933,737.35, attributed to reduced cash flows from operating, investing, and financing activities[113]. - The company's cash and cash equivalents at the end of the year were ¥149,342,494.31, representing 15.52% of total assets, down from 29.59% at the beginning of the year[118]. Research and Development - The company applied for 42 patents in 2020, with 28 patents granted and published[70]. - The company conducted 40 R&D projects, focusing on product diversification and functionality improvements[106]. - R&D investment amounted to ¥20,409,716.73, representing 6.30% of operating revenue, an increase from 5.71% in 2019[108]. - The number of R&D personnel increased to 118, making up 25.38% of the total workforce[108]. - Four R&D projects, including the development of a new generation of propylene additives, have completed the development phase and entered trial production[112]. Market and Business Strategy - The company specializes in hazardous waste treatment services for the petrochemical industry, focusing on the recycling of waste catalysts and the production of resource utilization products[36]. - The company aims to expand its market presence internationally, particularly in regions like India and the Middle East, where there are no local catalyst producers[52]. - The global demand for FCC catalysts is expected to grow at an annual rate of 3% to 4% in the coming years, driven by increased fuel consumption in China, India, and the Middle East[57]. - The company is focusing on sustainable development and innovation in waste resource utilization technologies to address environmental challenges[52]. - The company aims to enhance its market position and profitability through the development of solid waste disposal and resource utilization technologies[106]. Corporate Governance and Compliance - The company has established a complete governance structure to ensure effective decision-making and supervision among shareholders, the board, and management[74]. - The company has committed to enhancing its corporate governance and internal control systems to ensure compliance and effective management practices[166]. - The company has fulfilled all commitments made by its actual controllers and shareholders during the reporting period[188]. Dividend Policy - The company plans to distribute a cash dividend of CNY 1.00 per 10 shares, totaling CNY 10,000,000.00, which represents 100% of the distributable profit[181]. - The total distributable profit for the year is CNY 141,610,656.35, with the cash dividend amounting to 37.02% of the net profit attributable to ordinary shareholders[187]. - The company has committed to maintaining a minimum cash dividend ratio of 20% during its growth phase with significant capital expenditures[182]. - The cash dividend for 2020 is pending approval from the shareholders' meeting[186]. - The company has consistently distributed dividends over the past three years, with the most recent being CNY 10,000,000.00 for 2020[187].