WBC(200706)2022-04-25 16:00Financial Performance - The company's operating revenue for 2021 was ¥2,318,704,350.35, representing a 24.72% increase compared to ¥1,859,176,415.58 in 2020[19] - The net profit attributable to shareholders was -¥205,737,685.42, an improvement of 45.89% from -¥380,228,430.56 in the previous year[19] - The net cash flow from operating activities increased by 26.87% to ¥77,678,162.48, up from ¥61,224,927.73 in 2020[19] - The total assets at the end of 2021 were ¥3,220,126,105.01, a 2.75% increase from ¥3,133,942,842.94 at the end of 2020[19] - The net assets attributable to shareholders decreased by 25.27% to ¥608,267,282.47 from ¥814,004,967.89 in 2020[19] - The basic earnings per share improved to -¥0.511 from -¥0.94 in 2020, reflecting a 45.64% increase[19] - The company reported a net increase in cash and cash equivalents of ¥46,119,096.45, a 74.67% increase from ¥26,404,311.44 in 2020[48] - The company reported a net loss of CNY 295,864,551.04 for 2021, compared to a net loss of CNY 128,677,200.69 in 2020[191] - The total profit for 2021 was a loss of approximately CNY 205.78 million, which is an improvement from a loss of CNY 380.28 million in 2020, showing a decrease in total loss of about 45.9%[195] Revenue Breakdown - The company reported a quarterly operating revenue of ¥413,507,921.87 in Q1, ¥667,556,931.79 in Q2, ¥641,570,596.17 in Q3, and ¥596,068,900.52 in Q4[24] - The revenue from specialized bearings reached CNY 998,964,768.13, accounting for 43.08% of total revenue, with a significant year-on-year growth of 83.77%[34] - Domestic sales contributed CNY 2,225,212,788.73, which is 95.97% of total revenue, reflecting a 30.14% increase from CNY 1,709,920,807.49 in the previous year[34] - The total revenue for the bearing segment reached CNY 2,014,301,566.91, representing a year-on-year increase of 20.77%[38] - The total revenue from bearing sales in 2021 was CNY 206,608,000, which significantly impacted the company's overall performance[174] Costs and Expenses - The total cost of sales increased to CNY 1,854,514,367.12, a rise of 35.60% year-on-year[40] - Total operating costs for 2021 were CNY 2,406,579,255.41, up 22.9% from CNY 1,957,945,739.22 in 2020[192] - Research and development expenses amounted to CNY 215,803,912.39, a decrease of 5.16% from the previous year[43] - The company's research and development expenses for 2021 were approximately CNY 205.96 million, slightly down from CNY 221.35 million in 2020, indicating a decrease of about 6.9%[196] Inventory and Assets - The inventory level rose to 19,208,935 sets, marking an increase of 103.64% compared to the previous year[38] - The total inventory balance as of December 31, 2021, was CNY 710,611,964.20, an increase from CNY 615,656,946.30 in 2020, indicating a growth of approximately 15.4%[184] - The accounts receivable balance rose to CNY 999,454,308.40 in 2021 from CNY 975,628,091.12 in 2020, showing an increase of about 2.4%[183] - The company's total assets reached CNY 3,025,230,521.90, compared to CNY 2,957,003,038.79 in the previous year, marking a growth of 2.3%[191] Management and Governance - The company has maintained independence from its controlling shareholders in terms of business, personnel, and financial operations[71] - The company’s governance structure complies with legal and regulatory requirements, ensuring a clear division of responsibilities[70] - The company has conducted investor communications to discuss its operational status and shareholding structure[67] - The company has a total of 12 directors and supervisors, with varying roles and responsibilities across different subsidiaries[87] - The company emphasizes the importance of directors' opinions, which have positively influenced management improvements and risk prevention[93] Environmental and Social Responsibility - The company has implemented a new energy management system and is actively working on energy-saving projects, including replacing 2,115 out of 7,500 factory lighting fixtures with LED lights, aiming for full replacement by 2030[115] - The company has partnered with environmentally certified firms to recycle waste oil and liquid, achieving a reduction of 998 tons in carbon emissions annually[115] - The company actively fulfills its social responsibilities while pursuing economic benefits, contributing to local economic development and environmental protection[118] - In 2021, the company invested CNY 30,000 to support 60 households in Longhe Village during the Spring Festival and coordinated CNY 600,000 in poverty alleviation funds for developing sea cucumber farming, increasing collective income by CNY 50,000 per year[120] Future Outlook - The company plans to launch two new product lines in 2022, focusing on high-performance bearings and smart technology solutions[169] - Market expansion efforts include entering Southeast Asian markets, targeting a 25% increase in market share by 2023[169] - The company aims to differentiate its products through design, application, and pricing strategies to build a series of high-end brands[66] - The company is exploring potential mergers and acquisitions to enhance its product offerings and market presence[169]