四川双马(000935) - 2020 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2020 was ¥1,472,723,613.28, a decrease of 18.65% compared to ¥1,810,460,872.34 in 2019[23]. - Net profit attributable to shareholders for 2020 was ¥888,754,407.86, an increase of 21.97% from ¥728,684,384.66 in 2019[23]. - The net profit after deducting non-recurring gains and losses was ¥614,569,702.91, down 9.35% from ¥677,984,584.58 in 2019[23]. - The company's total assets increased by 13.68% to ¥5,517,059,637.34 at the end of 2020, compared to ¥4,853,141,173.43 at the end of 2019[23]. - The weighted average return on net assets was 19.17%, an increase of 0.22 percentage points from 18.95% in 2019[23]. - The net cash flow from operating activities was ¥601,019,488.42, a decrease of 33.12% from ¥898,639,491.19 in 2019[23]. - The company's cement business revenue was ¥1,138,586,059.77, a decrease of 20.24% year-on-year, with a gross margin of 31.10%, down by 2.65 percentage points[85]. - The aggregate business revenue increased by 87.70% year-on-year, with a gross margin of 61.47%, a decrease of 0.65 percentage points[85]. - The total sales volume of cement products was 372.34 million tons, down by 22.51% year-on-year, while production volume was 373.14 million tons, down by 22.11%[86]. - The company reported a significant decrease in fixed assets by 19.14% to ¥681,517,308.68 in 2020 from ¥1,528,167,891.36 in 2019, mainly due to the disposal of subsidiaries[113]. Dividend Policy - The company reported a profit distribution plan to distribute a cash dividend of 2.1 RMB per 10 shares (including tax) based on 763,440,333 shares[6]. - The cash dividend payout ratio for 2020 was 18.04% of the net profit attributable to shareholders[187]. - The company plans to distribute at least 30% of the average distributable profit from 2018 to 2020 as cash dividends if conditions are met[179]. - The total distributable profit at the end of 2020 was CNY 1,786.75 million[191]. - The total cash dividends distributed over the three years (2018-2020) amounted to CNY 233.61 million[187]. Business Operations - The company has not experienced any changes in its main business since its listing[21]. - The company has maintained a consistent presence in the market without any changes in its controlling shareholders[21]. - The company has not made any changes to its organizational structure since its establishment[21]. - The company’s business model focuses on quality and customer needs, utilizing both direct sales and distribution strategies for its products[38]. - The company is actively involved in private equity investment management, leveraging its capital advantages to generate investment returns[37]. - The company sold 100% equity of Zunyi Lifeng Cement Co., Ltd., focusing its cement business on the southern Sichuan region, which is experiencing accelerated economic development[60]. - The company’s marketing team innovated strategies during the pandemic, expanding into peripheral markets and utilizing rail transport to stabilize coal supply and enhance sales[59]. - The company plans to continue focusing on stable operations and gradual development in the Sichuan cement sector to enhance profitability and quality[60]. Investment Management - The company is actively managing its investment funds, with updates on fund sizes and performance metrics[166]. - The company aims to enhance its main business profitability while actively engaging in investment management to identify high-quality investment opportunities[139]. - The private equity investment management business is influenced by various factors, including macroeconomic conditions, capital market changes, and policy shifts, with a focus on technology, consumption, and health industries showing rapid growth[45]. - The company has a high-quality professional investment management team with rich industry experience, ensuring stable project sourcing and effective project evaluation[54]. - The company’s investment management system includes comprehensive procedures for project initiation, due diligence, investment, and post-investment management, ensuring efficient fund operation[54]. Market Conditions - The company expects stable demand in the cement industry for 2021, with prices likely to remain firm despite some regional risks[39]. - The company anticipates that the integration of the cement industry will accelerate, improving market supply structure and stabilizing overall industry profitability[141]. - The ongoing COVID-19 pandemic may adversely affect fundraising, investment, management, and exit processes in the private equity investment management industry[159]. - The company acknowledges risks from changes in macroeconomic conditions that could impact the cement and aggregate industries[153]. - The company is aware of potential risks from regional COVID-19 outbreaks that could affect production and project construction[153]. Research and Development - The company has established a dedicated technology R&D and service center, maintaining a leading position in the application of new products, technologies, and processes in the industry[52]. - Research and development expenses increased by 72.40% to ¥9,232,411.83, primarily due to increased investment in cement kiln renovation projects[99]. - R&D investment increased by 96.03% to ¥10,498,042.07 in 2020 from ¥5,355,297.13 in 2019, with R&D expenditure accounting for 0.71% of operating revenue[101]. - The proportion of capitalized R&D investment to total R&D expenditure was 12.06% in 2020, indicating a shift in R&D strategy[101]. Environmental and Social Responsibility - The company actively engages in environmental protection management, implementing projects to reduce nitrogen oxide emissions and improve waste disposal systems[52]. - The company is strategically positioned to capitalize on the development of urban agglomerations and infrastructure projects, which are expected to support economic growth[140]. - The company plans to enhance operational efficiency and governance structure to create value for shareholders in 2021[79]. Shareholder Relations - The company has maintained a consistent profit distribution policy, adhering to its shareholder return plan for 2018-2020[176]. - The company has engaged in discussions with shareholders regarding stock performance and future expectations, indicating a focus on investor relations[172]. - The company has conducted numerous communications with stakeholders, totaling 112 interactions during the reporting period[172]. - The company has not disclosed any significant undisclosed information during its communications, ensuring compliance with regulatory standards[172].