中宝新材(02439) - 2022 - 年度财报

Revenue and Financial Performance - Revenue for 2022 increased by 16.8% to approximately RMB 299.8 million, up from RMB 256.7 million in 2021[11] - Total revenue increased by 16.8% from RMB 256.7 million in 2021 to RMB 299.8 million in 2022, driven by higher sales of biodegradable plastic products[19] - The company's net profit margin decreased from 30.5% in 2021 to 19.0% in 2022[17] - The company's total assets return decreased from 34.8% in 2021 to 18.7% in 2022[17] - The company's equity return rate decreased from 55.6% in 2021 to 28.8% in 2022[17] - Net profit decreased by 27.3% to RMB 57.0 million in 2022 from RMB 78.4 million in 2021[25] - Gross profit increased by 6.3% to RMB 120.2 million, but gross margin decreased from 44.1% to 40.1% due to higher cost increases compared to selling price increases[21] - Sales and distribution expenses surged by 272.0% to RMB 5.2 million, mainly due to increased logistics service fees and other expenses[22] - Administrative and other operating expenses rose by 90.7% to RMB 25.4 million, driven by depreciation, R&D costs, office expenses, and legal fees related to the proposed listing[23] - The company's interest coverage ratio decreased from 27.8x in 2021 to 21.6x in 2022[17] - No final dividend was recommended for 2022, compared to RMB 137.0 million in 2021[71] - The company did not recommend the payment of a final dividend for the 2022 fiscal year, compared to RMB 137.0 million in the 2021 fiscal year[87] Production and Operations - The company's production base in Changchun implemented a "closed-loop management" system to maintain operations during COVID-19 restrictions[11] - Demand for biodegradable plastic products slowed in March and April 2022 due to temporary lockdowns in Changchun, but rebounded from May onwards due to changes in dining habits[11] - The company's business is focused on the development and production of biodegradable plastic products in Northeast China[11] - The company's production base is located in Changchun, Jilin Province, China[6] - The company's revenue growth was driven by increased demand for biodegradable shopping bags and roll bags due to changes in dining habits[11] - The company's strategic focus includes expanding production capacity and enhancing R&D capabilities to adapt to market trends[13] - The company's business operations were significantly impacted by macroeconomic and geopolitical challenges, as well as COVID-19 restrictions in China[11] - The company plans to expand production capacity in Changchun and establish a new production base in Huizhou[15] - The company aims to strengthen its position as a leading manufacturer of biodegradable products in China and expand its business to other regions[15] - Property, plant, and equipment increased to RMB 63.6 million, with RMB 30.2 million invested in production site improvements[26] - The company raised approximately HKD 153.0 million post-listing, primarily for expanding production lines in Changchun, establishing a new production base in Huizhou, and enhancing R&D and IT systems[13] - The company raised approximately HKD 153.0 million through its listing on the Hong Kong Stock Exchange on March 31, 2023[16] - The company raised approximately HKD 155.4 million from the global offering of 190,000,000 shares at a final offer price of HKD 1.05 per share[34] - As of April 28, 2023, the net proceeds from the IPO have not been utilized, with HKD 155.4 million remaining unused and deposited in a licensed bank in Hong Kong[35] - The company plans to use the net proceeds for expanding production lines at the Changchun production base (HKD 51.74 million), establishing a Huizhou production base in Southeast China (HKD 51.59 million), and strengthening R&D capabilities (HKD 6.68 million)[35] - Additional planned uses of net proceeds include funding R&D projects (HKD 33.25 million), enhancing IT systems (HKD 4.66 million), and general working capital (HKD 7.46 million)[35] - The company's business objectives, future plans, and intended use of proceeds are based on the best estimates and assumptions of future market conditions at the time of preparing the prospectus[36] Environmental, Social, and Governance (ESG) - The Chinese government's policies on plastic pollution control, including a ban on non-degradable plastic bags by the end of 2025, are expected to benefit the company's business[13] - The company's ESG report covers the period from January 1, 2022, to December 31, 2022, focusing on biodegradable plastic products and non-biodegradable automotive plastic parts[121] - The company has established an ESG policy to manage climate-related risks and opportunities, with the Board responsible for overseeing ESG-related risks and setting annual ESG goals[122] - The company conducts annual enterprise risk assessments to identify and mitigate ESG-related strategic risks, including climate change[122] - Key stakeholders include investors, employees, suppliers, media, community, customers, and stock exchanges, with communication channels tailored to each group[123][124][125] - The company prioritizes stakeholder engagement through surveys to understand ESG concerns, with a focus on social aspects such as greenhouse gas emissions, product quality control, and occupational health and safety[127][128] - The company has identified 28 key ESG issues, with the top three being greenhouse gas emissions, product quality control, and occupational health and safety[128] - Nitrogen oxide (NOx) emissions increased by 397.19% from 151.03 kg in FY2021 to 750.90 kg in FY2022[133] - Sulfur oxide (SOx) emissions increased by 400.00% from 0.65 kg in FY2021 to 3.25 kg in FY2022[133] - Particulate matter (PM) emissions increased by 397.57% from 14.83 kg in FY2021 to 73.79 kg in FY2022[133] - Total greenhouse gas emissions increased by 32.09% from 5,556.56 tons of CO2 equivalent in FY2021 to 7,339.41 tons in FY2022[136] - Scope 1 direct greenhouse gas emissions increased by 400.39% from 107.39 tons of CO2 equivalent in FY2021 to 537.37 tons in FY2022[136] - Scope 2 indirect greenhouse gas emissions increased by 25.08% from 5,435.59 tons of CO2 equivalent in FY2021 to 6,798.58 tons in FY2022[136] - Scope 3 other indirect greenhouse gas emissions decreased by 74.45% from 13.58 tons of CO2 equivalent in FY2021 to 3.47 tons in FY2022[136] - Greenhouse gas emission intensity increased by 17.14% from 0.70 tons of CO2 equivalent per ton of product sold in FY2021 to 0.82 tons in FY2022[136] - The company aims to reduce greenhouse gas emission intensity by at least 2% by FY2025 compared to FY2022[138] - The company plans to consider using more environmentally friendly fuel types, such as electricity or biomass, in the upcoming reporting period[134] - The company's direct energy consumption increased by 401.06% from 430,797.30 kWh in FY2021 to 2,158,560.37 kWh in FY2022, primarily due to increased sales and longer transportation distances caused by the pandemic[146][147] - Indirect energy consumption, mainly from purchased electricity, rose by 25.08% from 8,909,345.00 kWh in FY2021 to 11,143,388.76 kWh in FY2022, reflecting increased business activities[146][147] - Total energy consumption grew by 42.42% from 9,340,142.30 kWh in FY2021 to 13,301,949.13 kWh in FY2022, with energy consumption density per ton of product sold increasing by 26.24% from 1,178.42 kWh/ton to 1,487.58 kWh/ton[146] - The company generated 0.2 tons of non-hazardous office waste in both FY2021 and FY2022, maintaining a consistent waste density of 0.0013 tons per employee[141] - The company implemented various energy-saving measures, including setting air conditioning to 25°C, turning off lights during non-office hours, and regular maintenance of electrical equipment to optimize energy use[144][145] - Total water consumption increased from 820 cubic meters in FY2021 to 886 cubic meters in FY2022, an 8.05% increase[150] - Water consumption density remained stable at 0.10 cubic meters per ton of product sold in both FY2021 and FY2022[150] - Paper usage increased from 124 tons in FY2021 to 151.8 tons in FY2022, a 22.42% increase[152] - Plastic usage decreased from 13 tons in FY2021 to 12 tons in FY2022, a 7.69% decrease[152] - Total packaging material usage increased from 137 tons in FY2021 to 163.8 tons in FY2022, a 19.56% increase[152] - Packaging material density increased from 0.017 tons per ton of product sold in FY2021 to 0.018 tons in FY2022, a 5.88% increase[152] - The company has 54 qualified suppliers in its procurement list for FY2022, ensuring supply chain resilience against extreme weather disruptions[154] - The company aims to maintain water consumption at or below 10 cubic meters per ton of product sold[150] - The company has implemented various water-saving measures, including regular inspections and promoting water reuse[150] - The company has installed fire prevention equipment and implemented measures to prevent static electricity buildup to mitigate climate-related risks[154] - The company is committed to environmental sustainability, with detailed policies and performance outlined in the ESG report[86] - The company's environmental, social, and governance (ESG) policies and performance are detailed in the ESG report section of the annual report[86] - The company's ESG Committee was established on March 9, 2023, and held its first meeting on April 28, 2023, to review the ESG report for the year ended December 31, 2022[64] - The company's compensation policy for 2022 included salaries, contributions to retirement plans, and discretionary bonuses linked to company profits[115] - The company has adopted a share option plan as an incentive for directors and eligible employees[115] - The company has a zero-tolerance policy towards bribery, extortion, fraud, and money laundering, with detailed implementation in the ESG report[75] - The company conducted anti-corruption training for 4 directors and 155 employees in 2022, with a 300% increase in director training participation compared to 2021[192] - Total anti-corruption training hours increased by 176.75% from 228 hours in 2021 to 631 hours in 2022[193] - No corruption, bribery, or money laundering cases were reported during the period[194] - The company donated a total of 33,000 RMB to the Changchun Jiutai District Charity Association and 46,629.05 RMB worth of plastic bags in the 2022 fiscal year[195] - The company encourages employees to participate in community service activities to enhance social responsibility and improve its reputation as an active community builder[195] - Key performance indicators for emissions include data on greenhouse gas emissions (Scope 1 and Scope 2) and waste management (hazardous and non-hazardous waste)[196] - The company tracks energy consumption by type (electricity, gas, or oil) in thousands of kilowatt-hours and water usage, with density metrics per production unit or facility[198] - The company has established energy efficiency and water usage goals, along with steps to achieve these targets[198] - The company monitors the total amount of packaging materials used in production, measured in tons, and per production unit[198] - The company identifies and addresses significant climate-related issues that may impact its operations[198] - Employee training metrics include the percentage of trained employees by gender and category, as well as average training hours per employee[199] - The company reviews recruitment practices to prevent child labor and forced labor, with steps to eliminate violations if detected[200] - The company manages environmental and social risks in its supply chain, including the number of suppliers by region and practices for selecting eco-friendly products and services[200] Corporate Governance and Leadership - The company's co-founders, Ms. Zhang Yuqiu and Mr. Shan Yuzhu, have extensive experience in logistics and environmental materials, with Mr. Shan being one of the drafters of China's GB/T 38082-2019 standard for biodegradable plastic shopping bags[37][38] - Li Peng, aged 28, was appointed as an Executive Director and Vice President of Production on May 16, 2022, overseeing the company's production operations and contributing to the ESG Committee[40] - Wu Dafeng, aged 40, was appointed as an Independent Non-Executive Director on March 9, 2023, bringing over 10 years of accounting and financial industry experience, and serving as the Chairman of the Audit Committee[41] - Dr. Sun Shulin, aged 46, was appointed as an Independent Non-Executive Director on March 9, 2023, with expertise in polymer materials and serving as the Chairman of the Remuneration and ESG Committees[42] - Dr. Lai Jingran, aged 40, was appointed as an Independent Non-Executive Director on March 9, 2023, with over 15 years of research experience and 5 years of corporate management experience, focusing on biotech applications[43] - Wang Hao, aged 42, serves as the Financial Manager of the company, responsible for financial reporting and management since joining in November 2017[44] - The company appointed Mr. Yang Guangwei as Company Secretary on May 16, 2022, bringing over 23 years of experience in auditing, accounting, financial management, and corporate governance[45] - The company adopted the Corporate Governance Code under Appendix 14 of the Listing Rules starting March 31, 2023, ensuring compliance with accountability and transparency principles[46] - The company aims to align with China's biodegradable plastics market trends, focusing on long-term growth and environmental sustainability[48] - The company's strategy includes proactive planning to identify challenges and opportunities, aiming to create sustainable long-term value for shareholders[49] - The Board of Directors consists of four executive directors and three independent non-executive directors, ensuring compliance with Listing Rules regarding board composition[52][53] - The roles of Chairman and CEO are separated, with Ms. Zhang Yuqiu serving as Chairman and Mr. Shan Yuzhu as CEO since May 16, 2022[53] - Independent non-executive directors confirmed their independence, with no business or financial interests that could interfere with their judgment[53] - Executive directors have three-year service contracts, renewable for another three years, while independent non-executive directors have one-year terms, renewable annually[54] - The Board held one meeting in 2022 to discuss various matters, including the listing application, with attendance records provided for all directors[55] - The company held 2 board meetings by April 28, 2023, to approve the global offering and audited consolidated financial results for the year ended December 31, 2022[56] - The company paid RMB 5.15 million in total to its external auditor, including RMB 1.459 million for annual audit services and RMB 3.691 million for professional services related to the IPO[61] - The Audit Committee was established on March 9, 2023, and held its first meeting on April 28, 2023, to review the audited consolidated financial results for 2022[60] - The ESG Committee was established on March 9, 2023, and held its first meeting on April 28, 2023, to review the ESG report for the year ended December 31, 2022[64] - The Nomination Committee was established on March 9, 2023, and held its first meeting on April 28, 2023, to review the board's structure, size, and composition[63] - The Remuneration Committee was established on March 9, 2023, and held its first meeting on April 28, 2023, to review the remuneration of directors and senior management[62] - All directors attended training sessions on the duties and responsibilities of directors, covering topics such as connected transactions, corporate governance, and relevant laws and regulations[57][58] - The company's board consists of 7 directors, including 1 female, with a gender ratio of 0.54:1 among 159 employees (56 females and 103 males) as of December 31, 2022[66] - The company achieved all measurable diversity goals for the board in 2022, including having at least 3 independent non-executive directors, 1 female director, 1 director with accounting or professional qualifications, and 1 director with industry expertise[67] - The company's board diversity policy emphasizes a balanced mix of skills, experience, and perspectives, with directors aged between 28 and 50 and holding qualifications in various fields such as economics, finance, accounting, and engineering[66] - The company's nomination committee is responsible for ensuring board diversity and reviews the diversity policy annually, including gender balance[67] - The company's issued share capital increased to HKD 10,000,000, divided into 1,000,000,000 shares of HKD 0.01 each following the global offering[81] - The company has adopted a share option plan effective from March 9, 2023, with a total of 100,000,000 shares available for issuance, representing 10% of the issued share capital[97] - The maximum number of shares that can be issued to any eligible participant under the share option plan within any 12-month period is 1% of the issued shares[98] - The vesting period for all share options granted under the plan is no less than 12 months from the grant date[100] - Zhang女士通过Lvsetianye Technology Holdings Limited持有公司38.11%的股份，共计381,080,700股[102][106] - Shan先生通过Lvsesenlin Technology Holdings Limited及其全资子公司持有公司29.08%的股份，共计290,822,340股[102][106] -