瑞丰新材(300910) - 2020 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2020 was ¥860,855,363.57, representing a 31.09% increase compared to ¥656,707,640.04 in 2019 [23]. - The net profit attributable to shareholders for 2020 was ¥182,864,707.88, an increase of 85.91% from ¥98,362,955.36 in 2019 [23]. - The net profit after deducting non-recurring gains and losses was ¥180,012,926.94, which is an 88.12% increase from ¥95,691,240.78 in 2019 [23]. - The net cash flow from operating activities for 2020 was ¥216,637,443.05, a significant increase of 293.23% compared to ¥55,092,297.37 in 2019 [23]. - The total assets at the end of 2020 were ¥2,303,332,450.80, a 140.52% increase from ¥957,649,780.83 at the end of 2019 [23]. - The net assets attributable to shareholders at the end of 2020 were ¥2,076,939,165.51, reflecting a 136.83% increase from ¥876,990,844.97 at the end of 2019 [23]. - The company achieved a basic earnings per share of ¥1.58 in 2020, up 53.40% from ¥1.03 in 2019 [23]. - The total profit for 2020 was 213.30 million yuan, representing a year-on-year growth of 86.82% [65]. - The company's gross profit margin increased from 31% to 35%, and the net profit margin rose from 15% to 21%, an increase of 6 percentage points [66]. Dividend Policy - The company plans to distribute a cash dividend of 8 RMB per 10 shares (including tax) based on a total of 150,000,000 shares [7]. - The total distributable profit available for shareholders was 350,619,222.14 RMB, with the cash dividend representing 100% of the profit distribution [138]. - The company's net profit attributable to shareholders for 2020 was 182,864,707.88 RMB, with a cash dividend payout ratio of 65.62% [143]. - In 2019, the company distributed a cash dividend of 2.2 RMB per 10 shares, totaling 24.75 million RMB, which was 25.16% of the net profit [142]. - The company has maintained a consistent cash dividend policy, with no stock dividends issued in the last three years [142]. Research and Development - The company is recognized as a national high-tech enterprise and has established multiple laboratories and testing centers for product development [33]. - The company holds 17 domestic invention patents and 3 foreign invention patents, with several more pending [33]. - The company has established a new R&D center with an investment of 135 million yuan to enhance its research capabilities [56]. - The company has a well-structured R&D team of 97 members, including 4 senior engineers, ensuring a robust innovation pipeline [54]. - The company has obtained 4 invention patents in 2020, marking significant breakthroughs in the research and development of industrial oils and specialty agents [66]. Market Position and Strategy - The main products include lubricant additives, which accounted for over 90% of sales revenue in 2020 [33]. - The company employs a direct sales model, avoiding distributors, and focuses on maintaining customer relationships through product quality and stable supply [37]. - The company has established a strict supplier management system to ensure the quality and stability of raw material supply, primarily using a "safety stock-based, sales-driven, production-based" procurement model [39]. - The competitive landscape of the lubricating oil additives industry is dominated by four major companies, controlling approximately 85% of the global market share [45]. - The company aims to replace imported lubricant additives with domestic products and expand into international markets, enhancing its competitive position [94]. Compliance and Governance - The company emphasizes the importance of risk factors and countermeasures in its annual report, urging investors to be cautious [6]. - The company has committed to ensuring the accuracy and completeness of its financial reports, with key personnel affirming this responsibility [5]. - The independent directors fulfilled their responsibilities in the decision-making process for the cash dividend distribution [137]. - The company has ensured that minority shareholders had the opportunity to express their opinions and that their rights were protected [137]. - The company has a clear and transparent process for adjusting or changing its cash dividend policy [137]. Risks and Challenges - The company faces risks related to the certification of composite products, with high costs and challenges in achieving API certification [130]. - Raw material price fluctuations and supply risks are a concern, with the company adopting a procurement model based on safety stock and production needs [131]. - The company exports nearly 40% of its products, exposing it to exchange rate risks, which it plans to mitigate through various strategies [132]. - Safety production risks are present due to the nature of the materials used, and the company emphasizes strict safety protocols and monitoring [133]. Investment and Capital Management - The company has committed to an investment project with a total investment amount of 34,000 million CNY, with a cumulative investment of 1,462.39 million CNY, achieving a progress rate of 4.30% as of December 31, 2022 [113]. - The total amount of raised funds is 71,500 million CNY, with 22,462.39 million CNY utilized so far [115]. - The company has utilized 60,000 million CNY of temporarily idle raised funds for cash management, ensuring liquidity [120]. - The total cash inflow from financing activities increased by 195.91% to approximately $1.06 billion, while cash outflow increased by 1.69% [99]. Subsidiaries and Expansion - The company established a new subsidiary, RICHFUL LUBE ADDITIVE (SINGAPORE) PTE. LTD., expanding its operational footprint [87]. - The subsidiary Shenyang Haorun Da Additive Co., Ltd. reported a net profit of 1,336,462 CNY, contributing significantly to the company's overall performance [124]. - The subsidiary Cangzhou Runfu Additive Co., Ltd. reported a net loss of 2,643,976.75 CNY, indicating challenges in its operations [126]. Compliance with Regulations - The company assures that the IPO application documents do not contain any false records or misleading statements, ensuring compliance with regulatory requirements [160]. - The company has established measures to ensure that no unfair benefits are provided to other entities or individuals [160]. - The company guarantees strict compliance with its articles of association, ensuring equal rights and obligations among shareholders [166]. - The company has made a legal commitment to compensate for any losses caused by violations of its commitments regarding fund occupations [166].