Miracll(SZ:300848)2021-03-15 16:00Financial Performance - The company's operating revenue for 2020 was ¥756,861,545.18, representing a 16.71% increase compared to ¥648,518,070.18 in 2019[17]. - The net profit attributable to shareholders for 2020 was ¥102,031,654.33, a 22.39% increase from ¥83,363,822.07 in 2019[17]. - The net cash flow from operating activities increased by 41.56% to ¥126,509,945.36 in 2020, compared to ¥89,367,404.18 in 2019[17]. - The total assets at the end of 2020 reached ¥1,038,382,907.11, a 134.09% increase from ¥443,582,321.90 at the end of 2019[17]. - The net assets attributable to shareholders increased by 201.20% to ¥783,027,809.96 at the end of 2020, compared to ¥259,973,464.13 at the end of 2019[17]. - The company reported a basic earnings per share of ¥1.79 for 2020, up 7.19% from ¥1.67 in 2019[17]. - The gross profit margin for 2020 was 21.60%, a decrease of 2.71 percentage points compared to 2019, but adjusted gross margin was 24.16%, nearly flat with 2019's 24.31%[42]. - The company reported a net profit of ¥43,155,219.32 in Q4 2020, showing significant growth compared to previous quarters[19]. Dividend Distribution - The company plans to distribute a cash dividend of 2 RMB per 10 shares to all shareholders, based on a total share capital of 66,670,000 shares as of December 31, 2020[4]. - The company reported a cash dividend of 13,334,000 CNY, representing 100% of the total distributable profit, with a distribution ratio of 2 CNY per 10 shares[98]. - The cash dividend distribution for 2020 represents 13.07% of the net profit attributable to ordinary shareholders, which was RMB 102,031,654.33[105]. - In 2019, the company distributed a cash dividend of RMB 4 per 10 shares, totaling RMB 20,000,000, which accounted for 23.99% of the net profit attributable to ordinary shareholders[101][105]. - The company has consistently provided dividends over the past three years, indicating a commitment to returning value to shareholders[105]. - The total cash dividends distributed over the last three years were RMB 43,334,000, reflecting a stable dividend policy[105]. Research and Development - The company focuses on the research, production, and sales of thermoplastic polyurethane elastomers (TPU), which are widely used in various industries[26]. - The company emphasizes advanced R&D technology and production processes to meet customized customer needs and market demands[26]. - The company has established a product manager system to enhance R&D efficiency, with performance evaluations conducted monthly and annually[27]. - R&D expenses rose by 35.92% to approximately ¥32.25 million, representing 4.26% of total operating revenue, driven by new product development[61]. - The company filed for 6 international invention patents and 9 domestic invention patents in 2020, along with 14 international trademarks and 8 domestic trademarks[42]. - The number of R&D personnel increased to 61, accounting for 23.46% of the total workforce[63]. Market Position and Strategy - The company focuses on differentiated technology innovation, providing customized products to meet diverse customer needs in the TPU market[34]. - The company has successfully established a stable cooperation with benchmark customers in various application fields, enhancing its market influence and profitability[28]. - The TPU industry in China is experiencing rapid growth, with the company positioned to compete directly with foreign firms in the mid-to-high-end market[30]. - The company’s marketing strategy combines distribution and direct sales, enhancing market penetration and brand influence while reducing marketing costs[28]. - The company aims to enhance its core competitiveness by focusing on differentiated and customized TPU products, targeting to replace imported materials and increase domestic production rates[89]. Risks and Challenges - The company faces risks including fluctuations in raw material prices, intensified market competition, environmental protection risks, and rising labor costs[4]. - The average procurement price of raw material A increased by approximately 16% in the second half of 2020 compared to the first half[46]. - The competitive landscape in the TPU industry is intensifying, necessitating continuous innovation and efficiency improvements to meet mid-to-high-end market demands[92]. - Labor costs are rising due to diminishing demographic dividends, prompting the company to invest in automation to mitigate the impact on profitability[94]. Corporate Governance and Compliance - The company has a commitment to ensuring the accuracy and completeness of its financial reports, as stated by the responsible executives[3]. - The company maintained a governance structure involving the shareholders' meeting, board of directors, and supervisory board to protect the rights of shareholders and creditors[147]. - The company has established a fundraising management system to ensure that raised funds are used effectively for intended projects[118]. - The company has implemented changes in accounting policies in accordance with the new revenue recognition standards, effective from January 1, 2020[121]. - The company has not experienced any non-operating fund occupation by controlling shareholders or related parties during the reporting period[120]. Environmental and Social Responsibility - The company is committed to environmental sustainability, having established an environmental management system and achieved ISO14001:2015 certification, while also addressing potential waste emissions[93]. - The company has made significant contributions to community support during the pandemic, including donations of protective materials and financial aid to local medical institutions[151]. - The company has established a scholarship program to support underprivileged students, promoting social responsibility and community engagement[151]. - The company is committed to environmental protection and has implemented various measures to prevent pollution and promote sustainable practices[156]. Shareholder Commitments and Stock Management - The company has a lock-up period for major shareholders, preventing them from transferring shares for a specified duration post-IPO[107]. - The company will extend the lock-up period by at least six months if the stock price falls below the issuance price for 20 consecutive trading days[108]. - The company plans to limit annual share reductions to no more than 5% of the total share capital during the two years following the lock-up period[109]. - The company will conduct cash dividends annually after the shareholders' meeting, based on its profit status and funding needs[111]. - The company commits to compensating losses to investors if it fails to fulfill its share reduction commitments under specific circumstances[110]. Employee and Management Structure - The company employed a total of 260 staff, with 135 in production, 26 in sales, 61 in technical roles, 4 in finance, and 34 in administration[195][196]. - The educational background of employees includes 40 with master's degrees or above, 90 with bachelor's degrees, 54 with associate degrees, and 76 with vocational or lower education levels[196]. - The total remuneration paid to directors, supervisors, and senior management during the reporting period amounted to 5.2807 million yuan[193]. - The company emphasizes a performance-oriented compensation system to maintain market competitiveness and internal fairness[197].