GWE(600192)2022-04-08 16:00Financial Performance - In 2021, the company reported a net profit of -128,069,382.89 CNY, an improvement of 34.40% compared to -195,221,241.64 CNY in 2020[5]. - The total revenue for 2021 was 2,066,020,579.89 CNY, a slight increase of 0.06% from 2,064,729,162.73 CNY in 2020[22]. - The basic earnings per share for 2021 was -0.2899 CNY, a decrease of 34.40% compared to -0.4419 CNY in 2020[23]. - The company reported a decrease in net assets attributable to shareholders, which stood at 1,696,948,912.43 CNY, down 6.42% from 1,813,282,616.69 CNY in 2020[22]. - The total profit for the period was -160 million RMB, with a net profit attributable to shareholders of -128 million RMB[39]. - The company reported a net loss of CNY 33,594,410.81 for 2021, compared to a net loss of CNY 28,928,637.21 in 2020, indicating a worsening of approximately 16.5%[175]. - The company reported a comprehensive income total of ¥11,800,752.74 for 2021, despite a significant loss in undistributed profits of -¥128,069,382.89[188]. Cash Flow and Investments - The company's operating cash flow improved significantly, with a net cash flow from operating activities of -10,965,219.34 CNY, a 95.56% increase from -246,834,575.44 CNY in 2020[22]. - The company achieved a net cash flow from operating activities of RMB 148,181,597.39 in Q3 2021, contrasting with a negative cash flow of RMB 104,669,861.70 in Q4 2021[24]. - The company reported a net cash outflow from investing activities of 78.47 million RMB for employee stock acquisitions and 0.49 million RMB for equity investments in subsidiaries, with no such activities in the previous period[44]. - The cash flow from investing activities decreased significantly by 316.73%, amounting to -CNY 97,203,861.11, primarily due to payments for acquiring employee stock equity and investments in subsidiaries[59]. - The company’s financing activities generated a net cash inflow of CNY 111,897,555.87 in 2021, compared to CNY 56,575,912.77 in 2020[184]. Revenue Breakdown - The revenue from the switchgear business increased by 369.98 million RMB, representing a growth of 53.64%[41]. - The revenue from the automation device business rose by 40.01 million RMB, marking a growth of 33.12%[41]. - The revenue from the photovoltaic project business decreased by 359.48 million RMB, a decline of 97.03%[41]. - The company achieved operating revenue of 2.066 billion RMB, a year-on-year increase of 0.06%[39]. Research and Development - The company was awarded 70 patents in 2021, including 3 invention patents, enhancing its competitive edge in the market[31]. - Research and development expenses for the current period amount to 76,701,990.52, which is a decrease of 16.59% compared to 91,955,350.85 in the previous year[57]. - The total R&D investment as a percentage of operating income is 3.71%[57]. - The company is investing 50 million in R&D for new technologies aimed at enhancing product efficiency[91]. Strategic Initiatives - The company aims to invest in new product research and technology upgrades in 2022[5]. - The company has initiated collaborations with various research institutions to develop innovative products, including a snow removal vehicle project and a hydrogen fuel cell system[33]. - The company plans to achieve an operating revenue of 2.3 billion yuan in 2022, focusing on internal reforms and innovation to meet this target[74]. - The company is focusing on market expansion by developing new marketing strategies targeting emerging industries, particularly in the new energy sector[30]. Operational Efficiency - The company is committed to deepening internal reforms to enhance operational efficiency and risk management capabilities[29]. - The company aims to optimize its investment structure and enhance equity management through the implementation of a stock incentive mechanism[32]. - The company aims to reduce operational costs by 10% through efficiency improvements in the supply chain[91]. Governance and Compliance - The company held four shareholder meetings during the reporting period, ensuring compliance with regulations and protecting shareholder rights[81]. - The company adhered to strict information disclosure practices, ensuring transparency and timely communication with shareholders[82]. - The company emphasized the importance of investor relations, enhancing communication to protect investor rights[83]. - The company has no penalties from securities regulatory agencies in the past three years[95]. Market Conditions - The overall operating environment for the electrical manufacturing industry showed a 5% year-on-year increase in main business revenue, with a total profit of CNY 303.6 billion, up 3%[65]. - The electrical manufacturing industry is expected to maintain a steady growth rate of around 5% annually, with the total industrial output value projected to exceed 6 trillion yuan by 2025[72]. - The company faced significant market risks due to macroeconomic factors and increased competition, leading to challenges in production and operations[78]. Shareholder Relations - The company has a three-year shareholder return plan for 2021-2023, which was approved during the third extraordinary general meeting[87]. - The total remuneration for all directors, supervisors, and senior management was 1.797 million yuan[94]. - The company’s chairman, Zhang Zhiming, has been in office since July 18, 2019, and will serve until December 22, 2022[89]. Financial Position - The total assets at the end of 2021 were 4,681,547,727.71 CNY, a decrease of 0.62% from 4,710,984,677.60 CNY in 2020[22]. - The total liabilities were CNY 2,396,818,000.00, with current liabilities at CNY 2,000,000,000.00, reflecting a stable financial position[170]. - The company’s total equity amounted to CNY 1,853,154,676.77 in 2021, slightly increasing from CNY 1,846,019,697.63 in 2020, showing a growth of about 0.6%[175].