On March 15, digbei.com, Meijia Xincai (831053) recently released its 2020 annual report. During the reporting period, the company achieved an operating revenue of 918107674.54 yuan, an increase of 18.61% year on year; the net profit attributable to shareholders of listed companies was 43577916.62 yuan, an increase of 113.44% year on year.
During the reporting period, the net cash flow from operating activities was 56836824.38 yuan, and the net assets belonging to the shareholders of the listed company were 580210299.71 yuan by the end of 2020.
Sales expenses decreased by 9761386.17 yuan, or 54.86%, mainly because the transportation expenses of 14500131.21 yuan in the current period were adjusted to operating costs according to the relevant provisions of the new revenue standard. Credit impairment loss increased by 2366912.21 yuan, an increase of 39.64%, mainly due to the increase in the balance of accounts receivable at the end of the period, resulting in an increase in bad debt provision.
The loss on asset disposal increased by RMB 7521478.18, or 100%, mainly due to the sale of property such as houses and land in Digang plant area.
Operating profit increased by 17486587.22 yuan, an increase of 80.25%, mainly due to the increase in gross profit margin of product sales. Net profit increased by 23160521.87 yuan, an increase of 113.44%, mainly due to the increase in gross profit margin of product sales.
Non operating income increased by 8350575.91 yuan, or 43248.68%, mainly due to the increase in government subsidies received. During the period, the financial expenses were 15113121.23 yuan, a year-on-year decrease of 2.28%. During the period, the investment income was -3706485.99 yuan, compared with -3690636.88 yuan in the same period of last year.
According to digbei.com, Meijia Xincai is mainly engaged in the R & D, production and sales of powder coatings, epoxy resin and polyester resin series products.