Sanmei(603379)2023-04-20 16:00Financial Performance - The company's operating revenue for 2022 was approximately ¥4.77 billion, representing a year-over-year increase of 17.84% compared to ¥4.05 billion in 2021[16]. - The net profit attributable to shareholders for 2022 was approximately ¥485.57 million, a decrease of 9.44% from ¥536.17 million in 2021[16]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was approximately ¥451.10 million, down 6.79% from ¥483.98 million in 2021[16]. - The net cash flow from operating activities for 2022 was approximately ¥628.73 million, an increase of 158.22% compared to ¥243.49 million in 2021[16]. - The total assets at the end of 2022 were approximately ¥6.43 billion, reflecting a 6.26% increase from ¥6.05 billion at the end of 2021[16]. - The net assets attributable to shareholders at the end of 2022 were approximately ¥5.71 billion, up 7.97% from ¥5.29 billion at the end of 2021[16]. - The weighted average return on equity decreased by 1.46 percentage points to 8.84%[1]. - The company reported a basic earnings per share of CNY 0.80, down 9.09% from CNY 0.88 in the previous year[1]. Dividend Policy - The company plans to distribute a cash dividend of 2.39 CNY per 10 shares, totaling approximately 145.90 million CNY (including tax) based on a total share capital of 610,479,037 shares as of December 31, 2022[2]. - The company has established a cash dividend policy, stating that the total cash dividends should not be less than 20% of the audited net profit attributable to shareholders in the current year[156]. - The cash dividend represents 19.36% of the net profit attributable to ordinary shareholders in the consolidated financial statements, which amounted to 536,168,573.50 RMB[161]. - The total dividend amount, including cash buybacks, is 268,605,244.78 RMB, accounting for 50.10% of the net profit attributable to ordinary shareholders[161]. - The company maintains a cash dividend policy where at least 40% of profits are distributed as cash dividends during the mature stage of development with significant capital expenditures[157]. - The company has not made any adjustments to its profit distribution policy during the reporting period[158]. Corporate Governance - The company has established a robust governance structure, holding three shareholder meetings during the reporting period to ensure transparency and protect shareholder rights[122]. - The company held 6 board meetings during the reporting period, with 9 current directors, including 3 independent directors, ensuring compliance with legal regulations[123]. - The company established a comprehensive performance evaluation system for senior management, linking compensation closely to performance, with core management holding shares in the company[125]. - The company maintained strict independence from its controlling shareholders and related parties in personnel, assets, finance, and operations, ensuring independent accounting and risk management[126]. - The company engaged in effective communication with investors through various channels, ensuring fair treatment of institutional and retail investors[126]. - The company emphasized environmental protection and social responsibility, increasing investment in environmental governance and supporting community welfare initiatives[126]. Risk Management - The company has outlined potential risks and corresponding countermeasures in the report, particularly in the section discussing future development[4]. - The company is addressing cyclical industry risks by closely monitoring macroeconomic conditions and downstream market demands, which significantly impact the fluorochemical sector[116]. - The company is facing a cyclical downturn in the fluorochemical industry, primarily due to oversupply and price declines[111]. - The company anticipates that the supply-demand relationship will improve as HFCs quota policies are implemented and industry capacity contracts during the downturn[111]. - The company is monitoring foreign exchange risks related to its export activities and will utilize financial instruments like forward contracts to mitigate these risks[120]. Environmental and Social Responsibility - The company invested 13.8011 million yuan in environmental protection during the reporting period[168]. - The total emissions of nitrogen oxides were 3.6193 tons, with a concentration of 11.627 mg/m³, well below the standard of 35 mg/m³[169]. - The total emissions of sulfur dioxide were 0.8513 tons, with a concentration of 2.683 mg/m³, below the standard of 50 mg/m³[169]. - The company has established an environmental protection mechanism and is classified as a key pollutant discharge unit[168]. - The company has implemented emergency response plans for environmental incidents, including comprehensive and specialized plans for hazardous chemical accidents and flood prevention[174]. - The company invested 2.8578 million yuan in social responsibility initiatives, benefiting 4,526 individuals through various charitable activities[183]. Research and Development - The company has invested in 28 R&D projects focusing on optimizing production processes and developing new products, including environmentally friendly refrigerants and fine chemicals[87]. - The company holds 96 authorized patents and has 43 pending patent applications, primarily in the fields of production processes and environmental technologies[87]. - Research and development expenses rose by 42.82% to CNY 38,310,662.41, reflecting increased investment in R&D projects[48]. Production Capacity and Operations - The company has a production capacity of 131,000 tons for anhydrous hydrofluoric acid (AHF), which helps in managing costs and enhancing profitability[26]. - The company has a production capacity of 65,000 tons for HFC-134a, 52,000 tons for HFC-125, 40,000 tons for HFC-32, and 10,000 tons for HFC-143a, making HFCs refrigerants the company's primary product[41]. - The company has a production capacity of 14,400 tons for HCFC-22, with 11,800 tons allocated for refrigerant production, accounting for 5.25% of the national production quota[37]. - The company has a production capacity of 35,600 tons for HCFC-141b, with 28,000 tons allocated for foaming agent production, representing 55.05% of the national production quota[38]. - The company is expanding AHF production capacity from 31,000 tons to 90,000 tons through ongoing projects[97]. Market Position and Strategy - The company is focusing on the integration of the industrial chain with investments in fluorinated refrigerants, fine chemicals, and polymers to foster new growth points[32]. - The company aims to become a leading manufacturer of refrigerants and fluorinated chemicals, with a focus on HFCs and fluoropolymer products[112]. - The company is committed to maintaining its market position in HFCs refrigerants while developing new environmentally friendly refrigerants and expanding into high-value products like fluoropolymers and fine chemicals[117]. Shareholder Engagement - The company ensures that minority shareholders have sufficient opportunities to express their opinions and that their legal rights are fully protected[159]. - The independent directors have fulfilled their responsibilities and played a significant role in the decision-making process regarding profit distribution[159]. - The company has committed to repurchase all newly issued shares within 3 trading days if any false statements or omissions are identified in the prospectus, with the repurchase price being the lower of the market price or the issuance price[194].