锦鸡股份(300798) - 2020 Q4 - 年度财报

Financial Performance - The company's revenue significantly declined due to the impact of the COVID-19 pandemic, with a notable drop in demand from the downstream dyeing industry[6]. - The sales price of reactive dyes reached a new low in recent years, leading to a substantial decrease in net profit compared to the previous year[6]. - The subsidiary, Taixing Jinhui Chemical Co., Ltd., experienced significant losses due to the downturn in the dye intermediate industry, contributing to a sharp decline in net profit attributable to shareholders[6]. - The company's operating revenue for 2020 was ¥753,586,711.44, a decrease of 32.96% compared to ¥1,124,055,459.88 in 2019[19]. - The net profit attributable to shareholders for 2020 was ¥22,892,203.04, down 76.24% from ¥96,340,939.00 in 2019[19]. - The net profit after deducting non-recurring gains and losses was ¥16,621,211.74, a decline of 81.96% compared to ¥92,140,847.11 in 2019[19]. - The company's cash flow from operating activities was ¥44,936,396.36, a decrease of 10.92% from ¥50,445,396.70 in 2019[19]. - The basic earnings per share for 2020 was ¥0.05, down 80.00% from ¥0.25 in 2019[19]. - The total profit for the period was 27.44 million yuan, down 75.49% year-on-year[56]. - The net profit attributable to shareholders was 22.89 million yuan, reflecting a 76.24% decline compared to the previous year[56]. Strategic Initiatives - The company plans to enhance its profitability by improving R&D capabilities, expanding product categories, and accelerating the construction of disperse dye projects[8]. - The company aims to strengthen its upstream supply chain by investing in dye intermediate projects to reduce raw material costs and improve profit margins[8]. - The company is expanding its production capacity with ongoing projects for 15,000 tons of environmentally friendly high-end disperse dyes and a fine chemical product project[28]. - The company is focused on rapid R&D and production of new products to meet diverse customer needs, despite limited production line capacity[32]. - The company has established partnerships with universities for research and development in new materials and processes, enhancing its innovation capabilities[41]. - The company plans to enhance energy-saving and environmental protection equipment to reduce energy consumption and pollution[38]. - The company aims to develop dye intermediates, particularly H-acid, to enhance the quality and stability of raw material supply while reducing costs[125]. Risk Management - The company acknowledges various risks, including macroeconomic conditions, safety production, environmental protection, and raw material price fluctuations, which may impact future operations[8]. - The company has established a safety production system and emphasizes employee health and safety, but still faces potential safety production risks[128]. - The company is subject to environmental protection risks due to the potential impact of stricter regulations on waste management and pollution control[130]. Profit Distribution - The profit distribution plan includes a cash dividend of 0.2 RMB per 10 shares, based on a total of 417,748,945 shares[9]. - The company maintains a stable cash dividend policy, ensuring that cash dividends do not fall below 10% of the distributable profits for the year[140]. - The company aims for cumulative cash dividends over three years to be no less than 30% of the average annual distributable profits during that period[140]. - The company prioritizes cash dividends in profit distribution, with conditions for cash dividends including positive distributable profits and sufficient cash reserves[139]. - The total distributable profit for the year was 94,344,558.34 CNY, indicating a cash dividend payout ratio of 100%[145]. Market Position and Competition - The competitive landscape in the dye industry is shifting from price competition to comprehensive competition based on brand, technology, and service[37]. - The company has a comprehensive product line of 30 series and over 400 varieties of reactive dyes, positioning it among the leaders in the industry[37]. - The company has a market share of approximately 70% of the global dye production, indicating a strong position in the industry[124]. - The company plans to expand its marketing network and establish strategic partnerships with key customers, focusing on international market development[125]. Research and Development - The company invested 24.57 million yuan in R&D, accounting for 3.26% of operating revenue, maintaining a stable R&D investment ratio[58]. - The company has applied for a total of 30 national invention patents, with 23 patents granted as of the end of the reporting period[42]. - The company successfully developed 8 new products, with 3 already generating good economic benefits in the market[58]. - The company is investing 100 million RMB in R&D for new technologies aimed at enhancing operational efficiency and product quality[156]. Compliance and Governance - The company has established a mechanism for independent directors to provide opinions on profit distribution proposals, ensuring transparency and accountability[142]. - The company has not engaged in any related party transactions during the reporting period[183]. - The company has fulfilled its commitments to minority shareholders on time[172]. - The company has not faced any delisting situations following the annual report disclosure[176]. Operational Efficiency - The company has implemented 6S management and TPM, identifying 2,120 issues in equipment management, including 240 safety hazards eliminated[67]. - The company has completed the installation of energy-saving modifications, which are expected to reduce energy consumption and wastewater discharge[59]. - The company has achieved a daily wastewater treatment capacity of 1,500 tons at its subsidiary, meeting the GB8978-1996 standards for wastewater discharge[49].