JINNIU CHEMICAL(600722)2021-04-27 16:00Financial Performance - The company's operating revenue for 2020 was ¥404,035,305.28, a decrease of 48.68% compared to ¥787,219,833.92 in 2019[18]. - The net profit attributable to shareholders for 2020 was ¥9,925,926.88, down 68.24% from ¥31,254,712.16 in 2019[18]. - The net cash flow from operating activities decreased by 77.90% to ¥32,522,587.47 in 2020 from ¥147,185,894.16 in 2019[18]. - The basic earnings per share for 2020 was ¥0.0146, a decline of 68.19% compared to ¥0.0459 in 2019[19]. - The weighted average return on equity for 2020 was 0.98%, a decrease of 2.18 percentage points from 3.16% in 2019[19]. - The company reported a net profit of ¥139,918.25 in Q4 2020, significantly lower than the profits in previous quarters[21]. - The company achieved operating revenue of CNY 404.04 million in 2020, a decrease of 48.68% compared to the previous year[32]. - The net profit attributable to shareholders was CNY 9.93 million, down 68.24% year-on-year[32]. - The total revenue from methanol business was CNY 247.66 million, with the largest customer contributing CNY 116.19 million, accounting for 28.76% of the methanol revenue[43]. - The company reported a significant reduction in sales expenses by 81.98% to CNY 610,263, due to reclassification of transportation costs to operating costs[50]. Assets and Liabilities - The total assets at the end of 2020 were ¥1,239,819,123.01, an increase of 1.28% from ¥1,224,148,988.52 at the end of 2019[18]. - The company has maintained its net assets at ¥1,012,459,571.88 at the end of 2020, a slight increase of 0.64% from the previous year[18]. - Accounts receivable decreased by 38.93% to ¥23,892,248.48, down from ¥39,125,869.30 in the previous period[57]. - Long-term equity investments increased by 62.15% to ¥622,338.22, compared to ¥383,814.86 in the previous period[57]. - Total liabilities increased to CNY 113,643,161.52, compared to CNY 108,622,430.74, showing a rise of about 4.7%[167]. - Owner's equity reached CNY 1,126,175,961.49, up from CNY 1,115,526,557.78, indicating a growth of around 0.6%[167]. Production and Sales - Methanol production volume was 173,400 tons, reflecting a significant decline due to reduced demand and operational challenges[32]. - The production volume of methanol was 173,436 tons, with a sales volume of 172,916 tons, reflecting a decrease of 20.71% and 20.88% respectively compared to the previous year[39]. - The average methanol market price experienced a significant drop, influenced by the COVID-19 pandemic and oversupply conditions[28]. - The company’s methanol production capacity is 200,000 tons per year, representing approximately 0.20% of the national capacity[28]. - The company plans to produce and sell 196,000 tons of methanol in 2021, aiming for a revenue of 370 million RMB[77]. Research and Development - The company's R&D expenditure totaled CNY 1.89 million, accounting for 0.47% of total revenue, with no capitalized R&D costs[51]. - Research and development expenses for 2020 were RMB 1,888,596.42, with no data available for 2019[173]. Environmental Compliance - The company reported emissions data, including 10.50 grams of smoke and 388.48 kilograms of nitrogen oxides from its first boiler, adhering to environmental standards[99]. - The company maintained compliance with pollution discharge standards, with actual emissions of 441.42 grams of smoke from the second boiler, below the limit of 10 mg/m³[99]. - The company has established a complete environmental protection system, with online monitoring devices installed at pollution discharge points, maintained by third-party operators[103]. - The company conducts quarterly external monitoring of pollutants, including sulfur dioxide and nitrogen oxides, to ensure compliance with environmental standards[104]. Governance and Compliance - The company has maintained an independent financial accounting system, ensuring that its financial personnel do not hold positions or receive compensation from related parties[87]. - The independent auditor issued a standard unqualified opinion on the internal control audit for the year 2020[142]. - The company has implemented a robust internal control system to ensure compliance and operational efficiency[141]. - The company has not faced any penalties from securities regulatory agencies in the past three years, indicating compliance with regulations[130]. Shareholder Information - The top shareholder, Jizhong Energy Co., Ltd., holds 245,267,074 shares, accounting for 36.05% of the total shares[113]. - Jizhong Energy Fengfeng Group Co., Ltd. holds 135,995,903 shares, representing 19.99% of the total shares, with 67,990,000 shares pledged[113]. - The company has a total of 40,481 ordinary shareholders as of the end of the reporting period, a decrease from 83,059 in the previous month[111]. Employee Information - The company has a total of 199 employees, with 125 in production, 3 in sales, 6 in technology, 19 in finance, and 46 in administration[131]. - The company implements a performance-based salary system, linking salary to performance assessments conducted quarterly[132]. - The board of directors and senior management remuneration is determined based on performance evaluations and industry standards[126]. Future Outlook - The company will continue to implement strategies focused on "adjustment, potential tapping, transformation, and upgrading" to enhance profitability and reduce operational risks[76]. - The methanol industry is expected to face oversupply conditions, leading to continued low pricing in the market[75].