Xinzhi Group(002664)2021-04-15 16:00Financial Performance - The company reported a total revenue of RMB 1.2 billion for the year 2020, representing a year-on-year growth of 15%[14]. - The net profit attributable to shareholders was RMB 150 million, an increase of 20% compared to the previous year[14]. - The company's operating revenue for 2020 was ¥2,878,287,718.82, a decrease of 3.15% compared to 2019[21]. - The net profit attributable to shareholders for 2020 was ¥316,154,326.03, an increase of 3.31% from 2019[21]. - The net profit after deducting non-recurring gains and losses was ¥179,035,057.60, a decrease of 38.69% compared to the previous year[21]. - The net cash flow from operating activities was ¥171,852,460.04, down 80.71% from 2019[21]. - The total assets at the end of 2020 were ¥5,398,025,293.82, an increase of 27.04% from the end of 2019[21]. - The net assets attributable to shareholders at the end of 2020 were ¥2,724,821,568.22, an increase of 11.64% compared to the end of 2019[21]. - The company reported a basic earnings per share of ¥0.79 for 2020, up 2.60% from 2019[21]. - The weighted average return on equity for 2020 was 12.25%, a decrease of 1.05% from the previous year[21]. - The company achieved a total revenue of 287,828.77 million yuan, a year-on-year decrease of 3.15%[50]. - The net profit attributable to the parent company's owners was 31,615.43 million yuan, an increase of 3.31% year-on-year[50]. - The gross profit margin for the manufacturing sector was 18.59%, a decrease of 5.62% from the previous year[58]. Dividend Policy - The company plans to distribute a cash dividend of RMB 1 per 10 shares to all shareholders, with no bonus shares issued[5]. - The cash dividend for 2020 is set at CNY 1.00 per share (including tax), with an expected total payout of CNY 40,440,000.00, representing 100% of the profit distribution[119][121]. - The company has maintained a consistent cash dividend policy over the past three years, with dividends of CNY 0.65, CNY 0.70, and CNY 0.80 per share in 2018, 2019, and 2020 respectively[113][114][115]. - The retained earnings available for distribution to shareholders at the end of 2020 amounted to CNY 1,611,866,716.19 after accounting for the previous year's dividend[121]. - The company's profit distribution plan was approved by the board and submitted to the shareholders' meeting for review, ensuring all shareholders' interests are protected[113]. Market and Growth Strategy - The company has set a revenue target of RMB 1.5 billion for 2021, indicating a growth forecast of 25%[14]. - The company is expanding its market presence in Southeast Asia, targeting a 10% market share by 2023[14]. - The company is focusing on R&D, achieving breakthroughs in new materials and structures, including the development of high-precision SPOKE rotor structures[50]. - The company plans to focus on high-end manufacturing and new energy industries, enhancing R&D efforts particularly in motor assembly products[63]. - The company plans to deepen its investment in the electric vehicle sector and aims to enhance its management level while actively exploring new customers and products[104]. - The company anticipates that the home appliance market will experience a noticeable recovery in the first half of 2021, supported by consumption upgrades and a peak in real estate completions expected from 2021 to 2022[102]. - The company is strategically positioned in the mid-to-high-end specialized motor components manufacturing sector, enhancing its competitive advantage[4]. Research and Development - Research and development expenses increased by 18% in 2020, reflecting the company's commitment to innovation[14]. - The number of R&D personnel increased by 6.05% to 491, representing 15.69% of the total workforce[73]. - The company is committed to increasing R&D investment in new energy projects and attracting high-end technical talent to drive growth in its new energy business[104]. Risk Management - The company has identified potential risks in supply chain disruptions and is implementing measures to mitigate these risks[5]. - The company faces risks from fluctuating raw material prices, particularly for steel and copper, which directly impact manufacturing costs[107]. - Approximately 15% of the company's revenue comes from exports, making it susceptible to exchange rate fluctuations, particularly against the US dollar and euro[107]. - The company acknowledges the ongoing uncertainty of the COVID-19 pandemic, which could affect its overseas market expansion[107]. Environmental Commitment - The company actively engages in environmental protection, implementing the ISO14000 environmental management system and conducting energy-saving and emission-reduction activities[172]. - The company has a wastewater treatment station with a designed capacity of 15 tons per hour, ensuring compliance with the national wastewater discharge standards[178]. - The company has established an online monitoring system for wastewater discharge, which is operational and maintained by Taizhou Environmental Science Operation Company[178]. - The company has been recognized as a "Circular Economy Enterprise" and a "Green Enterprise" by local authorities, reflecting its commitment to sustainable practices[179]. - The company has implemented an emergency response plan for environmental incidents, enhancing its capability to manage pollution events[179]. Corporate Governance - The company has not reported any non-operating fund occupation by controlling shareholders or related parties during the reporting period[124]. - The company has established a comprehensive human resources management system, ensuring timely payment of employee wages and social insurance contributions[171]. - The company emphasizes investor relations management, providing multiple communication platforms to ensure timely responses to investor inquiries[171]. - The company has maintained a continuous relationship with its accounting firm for 13 years, with an audit fee of 1.3 million RMB for the current period[136].