荣晟环保(603165) - 2020 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2020 was RMB 1,695,450,742.85, representing a 1.19% increase compared to RMB 1,675,501,459.91 in 2019[20] - The net profit attributable to shareholders for 2020 was RMB 231,918,904.65, a decrease of 6.92% from RMB 249,170,485.85 in 2019[20] - The net cash flow from operating activities decreased by 45.98% to RMB 230,023,504.65 from RMB 425,819,191.27 in 2019[20] - The total assets at the end of 2020 were RMB 2,128,668,471.98, an increase of 9.85% from RMB 1,937,727,425.39 at the end of 2019[21] - The basic earnings per share for 2020 was RMB 0.93, down 7.00% from RMB 1.00 in 2019[22] - The diluted earnings per share for 2020 was RMB 0.91, a decrease of 8.08% from RMB 0.99 in 2019[22] - The weighted average return on equity for 2020 was 15.13%, a decrease of 3.61 percentage points from 18.74% in 2019[22] - The total profit for the year was 250.69 million yuan, a decrease of 8.43% compared to the previous year[45] - The company reported a decrease in net profit attributable to shareholders by 6.92% compared to the previous year[20] Revenue and Profit Breakdown - The company's total revenue for Q1 was approximately ¥348 million, Q2 was approximately ¥453 million, Q3 was approximately ¥445 million, and Q4 was approximately ¥449 million[24] - The net profit attributable to shareholders for Q1 was approximately ¥52 million, Q2 was approximately ¥62 million, Q3 was approximately ¥57 million, and Q4 was approximately ¥60 million[24] - The net profit attributable to shareholders after deducting non-recurring gains and losses for Q1 was approximately ¥49 million, Q2 was approximately ¥60 million, Q3 was approximately ¥54 million, and Q4 was approximately ¥53 million[24] - The net cash flow from operating activities for Q1 was approximately -¥18 million, Q2 was approximately ¥165 million, Q3 was approximately ¥24 million, and Q4 was approximately ¥59 million[24] Research and Development - The company invested 86.86 million yuan in R&D, with 126 R&D personnel accounting for 15.24% of the total workforce[47] - The company obtained 17 utility model patents and 1 invention patent during the reporting period[47] - The company’s research and development expenses increased by 18.93% to CNY 86,863,867.56[59] - Research and development expenses amounted to CNY 86.86 million, which is 5.12% of the operating revenue[73] Business Operations - The company’s main business includes the production of recycled paper, with key products being corrugated cardboard and high-strength corrugated paper[29] - The company employs a centralized and standardized procurement model to manage raw materials effectively[32] - The production model is based on customer orders, allowing for flexibility in production planning[34] - The company has established a strict inventory management system to ensure sufficient raw material supply for production[32] - The company achieved operating revenue of 1,695.45 million yuan in 2020, representing a year-on-year growth of 1.19%[45] - The company sold 519,088.33 tons of base paper, representing a year-on-year growth of 3.08%[51] Environmental and Sustainability Efforts - The company emphasizes the use of recycled paper as a primary raw material, aligning with national policies for resource efficiency[38] - The company has established a combined heat and power system to improve energy efficiency and reduce production costs[43] - The company is committed to energy conservation and environmental protection, aiming to maximize resource utilization and ensure compliance with environmental standards[97] - The company reported emissions of 9.518 tons of sulfur dioxide, 36.723 tons of nitrogen oxides, and 2.585 tons of smoke dust, all within regulatory limits[140] - The company treated wastewater through a comprehensive process, achieving a discharge of 2,958,515 m³ and COD emissions of 147.92575 tons in 2020[140] - The company has implemented a wastewater treatment capacity of 13,000 cubic meters per day, ensuring compliance with environmental standards[141] Shareholder and Dividend Information - The company plans to distribute a cash dividend of RMB 7.00 per 10 shares to shareholders[5] - The total cash dividend amount for 2020 is estimated to be RMB 17,717.01 million, which represents 76.39% of the net profit attributable to ordinary shareholders[107] - In 2019, the company distributed a cash dividend of RMB 4.30 per 10 shares, totaling RMB 7,626.14 million, which was 30.61% of the net profit[107] - The company’s profit distribution policy emphasizes a minimum cash dividend ratio of 20% of the distributable profit for the year[100] Corporate Governance - The company has established a governance structure that complies with relevant laws and regulations, enhancing operational efficiency and shareholder rights[194] - The board of directors has completed the election of independent directors, ensuring compliance with governance standards[195] - The company has no penalties from securities regulatory agencies in the past three years, indicating a clean compliance record[189] - The company has a diverse board with members holding various positions in other organizations, enhancing its governance structure[186] Financial Management - The company’s debt-to-asset ratio decreased to 21.79% from 24.50% year-over-year, a decline of 2.71 percentage points[154] - The company maintained a credit rating of "AA-" for both its corporate entity and the convertible bonds, with a stable outlook[155] - The company approved the use of up to RMB 18 million of idle raised funds for cash management, investing in low-risk, principal-protected financial products[133] Employee and Management Information - The number of employees in the parent company is 710, while the total number of employees in the parent company and major subsidiaries is 827[190] - The remuneration policy is based on job nature, emphasizing assessment and incentives, with various components for different employee categories[191] - Total remuneration for all directors, supervisors, and senior management amounted to 3.5937 million yuan[187] Market and Strategic Focus - The company is focusing on supply-side structural reforms to improve productivity and transition from quantity growth to quality growth[86] - The company aims to enhance resource utilization efficiency and promote green development through technology and innovation[79] - The company’s development strategy focuses on becoming a strong player in the paper, thermal power, and packaging industries, emphasizing sustainable development and technological innovation[87]