In 2020, China Jushi’s net profit will reach 2.416 billion yuan, increasing by 13.49%, and the income of glass fiber yarn and products will rise. Zhang Yuqiang, general manager, will be paid 7.183 million yuan



On March 19, China Jushi (600176) recently released its 2020 annual report. During the reporting period, the company achieved an operating revenue of 1166196819.43 yuan, an increase of 11.18% over the same period last year; the net profit attributable to shareholders of listed companies was 2416110988.92 yuan, an increase of 13.49% over the same period last year.


中国巨石2020年净利24.16亿增长13.49%玻纤纱及制品收入上升 总经理张毓强薪酬718.3万

During the reporting period, the net cash flow from operating activities was 2051501993.04 yuan, and the net assets attributable to shareholders of listed companies were 17436585689.22 yuan by the end of 2020.

During the reporting period, the company’s product revenue was mainly the sales of glass fiber yarn and products. In 2020, the company’s operating revenue of glass fiber yarn and products will be 11045.6515 million yuan, accounting for 94.68% of the total operating revenue. Compared with the previous year, the operating revenue of glass fiber yarn and products increased by 11.14%, the operating cost increased by 14.14%, and the gross profit rate decreased by 1.71%. The main reason is that the price of glass fiber products decreased due to the impact of epidemic situation at home and abroad.

During the period, the financial expense was 484999467.50 yuan, which was 515241817.41 yuan in the same period of last year, with a year-on-year decrease of 5.87%, mainly due to the decrease of financing cost and the increase of interest income; the investment income during the period was 184727208.53 yuan, which was 64239387.00 yuan in the same period of last year, with a year-on-year increase.

According to the announcement, the total remuneration of directors, supervisors and senior managers during the reporting period was 25.567 million yuan. Cao Jianglin, chairman of the board, did not receive remuneration from the company. Zhang Yuqiang, vice chairman and general manager, received a total of 7.183 million yuan of pre tax remuneration from the company. Wang Yuan, deputy general manager and chief financial officer, received a total of 1.554 million yuan of pre tax remuneration from the company. Li Chang, deputy general manager and Secretary of the board, received a total of 1.254 million yuan of pre tax remuneration from the company.

According to the announcement, the profit distribution plan or the plan of converting provident fund into share capital reviewed by the board of directors in the report period: confirmed by the audit report issued by Tianzhi international accounting firm (special general partnership), the net profit of the parent company in 2020 is 890359749.87 yuan, and the distributable profit of the company is 814291732.75 yuan by the end of 2020. After comprehensive consideration, the profit distribution plan for 2020 is as follows: Based on the company’s total share capital of 3502306849 shares, 2.24 yuan (tax included) will be given in cash for every 10 shares. In 2020, the company will distribute a total dividend of 784516734.18 yuan (including tax).

According to the audit report issued by Tianzhi international accounting firm (special general partnership), as of December 31, 2020, the balance of capital accumulation fund of the parent company is 6636927398.67 yuan. After comprehensive consideration, the plan of converting capital accumulation fund into share capital in 2020 is drawn up as follows: Taking the company’s total share capital of 3502306849 shares as the base, 1.43 shares for every 10 shares are converted to all shareholders with capital accumulation fund, and the total converted share capital is 500829879 shares. After the conversion, the total share capital of the company increased to 4003136728 shares.

According to digbei.com, China Jushi is mainly engaged in the production and sales of glass fiber and glass products.

 


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