THXN(300390)2023-03-28 16:00Financial Performance - Revenue in 2022 reached 17.03 billion yuan, a 401.26% increase compared to 2021 [13] - Net profit attributable to shareholders in 2022 was 6.59 billion yuan, a 623.16% increase compared to 2021 [13] - Operating cash flow in 2022 was 6.39 billion yuan, a 3,442.51% increase compared to 2021 [13] - Total assets at the end of 2022 were 20.27 billion yuan, a 223.98% increase compared to 2021 [13] - Shareholders' equity at the end of 2022 was 11.72 billion yuan, a 261.31% increase compared to 2021 [13] - Q4 2022 revenue was 4.46 billion yuan, slightly lower than Q3's 4.80 billion yuan [14] - Q4 2022 net profit attributable to shareholders was 1.43 billion yuan, a decrease from Q2's 1.99 billion yuan [14] - Q4 2022 operating cash flow was negative 66.99 million yuan, a significant drop from Q2's 3.11 billion yuan [14] - Government subsidies in 2022 amounted to 121.28 million yuan, a 254.56% increase compared to 2021 [18] - The company achieved operating revenue of RMB 170.3 billion in 2022, a year-on-year increase of 401.26%, and net profit attributable to shareholders of RMB 65.86 billion, a year-on-year increase of 623.16% [48] - Total revenue for 2022 reached 17,030,454,825.98 yuan, a year-on-year increase of 401.26% [71] - Revenue from the lithium battery materials industry accounted for 93.53% of total revenue, reaching 15,928,765,957.48 yuan, a year-on-year increase of 587.77% [71] - Revenue from the anti-static ultra-clean technology industry was 640,527,400.16 yuan, accounting for 3.76% of total revenue, with a year-on-year increase of 2.67% [71] - Revenue from the medical device industry was 461,161,468.34 yuan, accounting for 2.71% of total revenue, with a year-on-year increase of 0.76% [71] - Domestic sales (excluding Hong Kong, Macao, and Taiwan) accounted for 90.66% of total revenue, reaching 15,439,782,142.66 yuan, a year-on-year increase of 399.41% [72] - Overseas sales (including Hong Kong, Macao, and Taiwan) accounted for 9.34% of total revenue, reaching 1,590,672,683.32 yuan, a year-on-year increase of 419.91% [72] - The gross profit margin of the lithium battery materials industry was 66.77%, an increase of 8.10 percentage points year-on-year [73] - The production volume of lithium battery materials reached 1,600,128.22 yuan, a year-on-year increase of 574.24% [75] - The inventory of lithium battery materials increased by 53.00% year-on-year to 20,932.88 yuan [75] - The company's sales volume of lithium battery materials reached 1,592,876.60 yuan, a year-on-year increase of 587.77% [75] - Direct materials in the anti-static and ultra-clean technology industry accounted for 61.35% of operating costs in 2022, a slight increase of 1.41% compared to 2021 [78] - Engineering costs in the anti-static and ultra-clean technology industry surged by 37.60% in 2022, reaching 63,886,301.72 yuan [78] - The lithium battery materials industry saw a dramatic 520.54% increase in direct materials costs, totaling 4,869,098,432.59 yuan in 2022 [78] - Total operating costs in the lithium battery materials industry increased by 452.95% in 2022, reaching 5,293,073,630.38 yuan [78] - The top five customers accounted for 68.82% of total annual sales, with a combined sales amount of 11,721,853,195.73 yuan [81] - The top five suppliers accounted for 69.99% of total annual procurement, with a combined procurement amount of 4,614,176,024.56 yuan [83] - Sales expenses increased by 34.57% in 2022, reaching 51,873,130.30 yuan due to increased sales scale and related salary expenses [84] - Management expenses surged by 158.30% in 2022, totaling 369,905,952.33 yuan, primarily due to increased salary and stock payment expenses [84] - Financial expenses decreased by 271.12% in 2022, resulting in a negative value of -64,594,272.83 yuan due to increased deposits and interest income [84] - R&D expenses increased by 14.42% in 2022, reaching 60,057,336.67 yuan [84] - Operating cash inflow increased by 457.99% YoY to RMB 16.93 billion, driven by higher cash received from sales [94] - Operating cash outflow rose by 269.25% YoY to RMB 10.54 billion, mainly due to increased cash payments for goods and services [94] - Net cash flow from operating activities surged 3,442.51% YoY to RMB 6.39 billion [94] - Investment cash inflow decreased by 78.36% YoY to RMB 191.35 million, primarily due to reduced cash from investment recoveries [94] - Investment cash outflow grew by 40.69% YoY to RMB 2.33 billion, mainly from increased cash payments for fixed assets [94] - Financing cash inflow jumped 284.95% YoY to RMB 8.23 billion, driven by proceeds from stock issuance and bank loans [94] - Financing cash outflow increased by 235.65% YoY to RMB 4.59 billion, mainly due to loan repayments and minority equity purchases [95] - Net increase in cash and cash equivalents soared 4,363.60% YoY to RMB 7.89 billion [94] - Investment losses amounted to RMB 70.87 million, accounting for -0.69% of total profit [96] - Asset impairment losses totaled RMB 10.28 million, representing -0.10% of total profit [97] - The company's monetary funds increased significantly to 8,505,612,949.01 yuan, accounting for 41.97% of total assets, a 24.42% increase from the beginning of the year, primarily due to the issuance of non-public shares and increased sales [98] - Accounts receivable rose to 1,049,964,664.32 yuan, representing 5.18% of total assets, a decrease of 2.55% from the beginning of the year, driven by increased sales [98] - Inventory increased to 2,239,233,851.15 yuan, accounting for 11.05% of total assets, a decrease of 8.64% from the beginning of the year, due to increased raw material procurement [98] - Fixed assets grew to 1,702,551,628.58 yuan, representing 8.40% of total assets, a decrease of 7.04% from the beginning of the year, following the completion of the second phase of the Tianyi Lithium project [98] - Construction in progress increased to 1,983,161,164.59 yuan, accounting for 9.78% of total assets, a slight decrease of 0.73% from the beginning of the year, due to new projects such as the Sichuan Tianhua lithium hydroxide project [98] - Short-term borrowings rose to 3,277,462,274.22 yuan, representing 16.17% of total assets, a 4.37% increase from the beginning of the year, due to increased funding needs [98] - The company's financial assets, including trading financial assets and other equity instrument investments, totaled 988,078,756.02 yuan, with a significant increase in other equity instrument investments due to fair value changes [100] - Restricted assets at the end of the reporting period amounted to 1,698,410,042.86 yuan, primarily due to guarantees, pledged receivables, and short-term loan collateral [101] - The company raised a total of 350,651.55 million yuan through non-public stock issuances in 2021 and 2022, with 148,164.02 million yuan already utilized [104] - The battery-grade lithium hydroxide phase II project achieved 100.91% of its investment progress, with a total investment of 77,200.75 million yuan, and is expected to be operational by April 30, 2022 [106] - Acquisition of 7% equity in Yibin Tianyi Lithium Technology Co., Ltd. for 70,000 thousand RMB, with a completion rate of 71.43% as of February 28, 2022 [108] - Total committed investment projects amount to 350,651.55 thousand RMB, with 86,573.80 thousand RMB already invested and 148,164.02 thousand RMB planned [109] - Total investment in projects reaches 396,053.16 thousand RMB, with no significant changes in project feasibility or use of excess funds [110] - Pre-investment and replacement of self-raised funds for projects amounted to 63,664,422.13 RMB in 2021 and 1,645,653,400 RMB in 2022 [111] - Temporary use of idle raised funds for working capital reached 15,000 thousand RMB, fully returned by December 31, 2022 [112] - Yibin Tianyi Lithium Technology Co., Ltd., a subsidiary, reported total assets of 14,269,031,628.29 RMB and net profit of 8,778,037,833.56 RMB [114] - The company's 2021 profit distribution plan allocated 291,440,269.00 yuan in cash dividends [200] - The company completed the acquisition of a 7.00% minority stake in its subsidiary Yibin Tianyi Lithium Technology Co., Ltd. [200] - The company's bank wealth management products had a total transaction amount of 12,200 million yuan, with no overdue or impaired amounts [199] Lithium Battery Industry - The company is involved in the production of lithium-ion batteries and related materials, including lithium hydroxide and lithium carbonate [7] - The company's lithium hydroxide can increase battery capacity by 12% to 15% and extend battery life by 2 to 3 times [7] - The company's lithium concentrate is obtained through processes such as crushing, flotation, and leaching [7] - Global lithium supply is concentrated in Australia and the "Lithium Triangle" (Argentina, Bolivia, Chile), which accounts for approximately 60% of global lithium production [22] - China's lithium resources are primarily located in Qinghai (43.4%), Tibet (31.1%), and Sichuan (10.6%), with salt lake lithium resources accounting for 81.6% of total lithium resources [22] - Lithium-ion battery demand has increased from 56% of global lithium demand in 2018 to 74% in 2021, and is projected to exceed 85% by 2026 [24] - Global lithium carbonate equivalent (LCE) market capacity grew from 289,200 tons in 2018 to 864,200 tons in 2022, with projected demand reaching 1.8 million tons by 2025 [29] - Battery-grade lithium carbonate prices peaked at approximately 570,000 RMB/ton in 2022, representing a 10-fold increase [32] - China's energy storage lithium battery shipments grew from 3.5GWh in 2017 to 130GWh in 2022, with global shipments projected to reach 243.7GWh by 2025 [28] - Sichuan province accounts for 57% of China's spodumene resources, playing a crucial role in domestic lithium resource security [22] - Lithium battery storage accounts for about 90% of new energy storage, with lithium hydroxide as the preferred cathode material for lithium batteries [34] - The company completed the construction of a 25,000-ton battery-grade lithium hydroxide production project and is building a 60,000-ton battery-grade lithium hydroxide project, expected to enter trial production in 2023 [49] - The company successfully raised RMB 2.766 billion through a private placement, which will be used for lithium hydroxide projects and equity acquisition [51] - The company expanded its lithium battery material product portfolio by acquiring a 100% stake in Fengxin Times, planning to build a 100,000-ton lithium carbonate smelting capacity project [50] - The company's lithium battery materials, including lithium hydroxide and lithium carbonate, are key raw materials for lithium-ion battery cathodes, primarily used in new energy vehicles, communication electronics, and energy storage [54] - The company's lithium hydroxide production capacity has rapidly expanded, with the second phase of the Tianyi Lithium project achieving an annual output of 25,000 tons, driving significant growth in revenue and profits [60] - The company has optimized the production process of lithium hydroxide, achieving precise control of ore calcination and acidification temperature, and improving product quality stability [62] - The company has developed an automated control system for lithium hydroxide production, reducing manual labor and improving production stability [66] - The company has established long-term supply agreements with Pilgangoora, AMG, AVZ, and Global Lithium for lithium concentrate, ensuring stable raw material supply [66] - The company's lithium hydroxide product has high purity, with impurities such as Ca and K controlled below 0.002%, and magnetic particles controlled within 15 particles, exceeding customer requirements [67] - The company has a strong customer base, including major lithium battery cathode material manufacturers, power battery manufacturers, and automotive companies, and is expanding its international customer base [67] - The company is accelerating the construction of two major lithium hydroxide projects: a 60,000-ton annual capacity project in Sichuan and a 25,000-ton annual capacity project in Yibin, with the Sichuan project entering trial production in January 2023 [117] - The Yibin project is expected to reach its intended operational state by Q3 2023, significantly increasing the company's lithium hydroxide production capacity [117] - The company plans to add 85,000 tons of lithium hydroxide production capacity and acquire a 7% stake in Tianyi Lithium [121] - The company expects to increase production of battery-grade lithium hydroxide next year [121] - The company is actively expanding its customer base, including international clients, for its lithium battery materials business [121] - The company has established long-term agreements for the procurement of lithium concentrate, with pricing mechanisms in place [121] - China's lithium-ion battery industry output reached 750GWh in 2022, with a year-on-year growth of over 130% [115] - Global lithium-ion battery shipments in 2022 were 957.7GWh, with China accounting for 69.0% of the total [115] - EVTank predicts global lithium-ion battery shipments will reach 2,211.8GWh by 2025 and 6,080.4GWh by 2030, with a compound annual growth rate of 22.8% [115] Corporate Governance and Shareholder Information - The company plans to distribute a cash dividend of 20 yuan per 10 shares (tax included) and transfer 3 shares per 10 shares from capital reserves [3] - The company's total share capital is 640,402,868 shares [3] - The company's stock code is 300390 and its legal representative is Lu Jianping [8] - The company's registered and office address is at 99 Shuangma Street, Suzhou Industrial Park [8] - The company's annual report is disclosed on the websites of "Securities Times" and "China Securities Journal" [10] - The company held 6 shareholder meetings during the reporting period, ensuring compliance with regulations and protecting shareholder rights [123] - The company completed the election of its 6th board of directors, including 2 independent directors, in December 2022 [123] - The company maintains strict independence from its controlling shareholders in terms of assets, personnel, finance, and operations [126] - The company emphasizes transparency and investor relations, conducting online performance briefings and maintaining multiple communication channels [125] - The company implemented a second-phase restricted stock incentive plan for senior and middle management, as well as key technical personnel [125] - The company ensures compliance with corporate governance regulations and maintains a robust internal control system [123] - The attendance rate for the 2022 First Extraordinary General Meeting was 39.9037% [128] - The attendance rate for the 2022 Second Extraordinary General Meeting was 42.4546% [128] - The attendance rate for the 2021 Annual General Meeting was 44.4519% [128] - The attendance rate for the 2022 Third Extraordinary General Meeting was 45.1480% [128] - The attendance rate for the 2022 Fourth Extraordinary General Meeting was 42.6486% [129] - The attendance rate for the 2022 Fifth Extraordinary General Meeting was 38.8656% [129] - Chairman Pei Zhenhua holds 151,412,187 shares as of the end of the reporting period [131] - Director Rong Jianfen holds 51,901,003 shares as of the end of the reporting period [131] - President Lu Jianping holds 2,960,000 shares as of the end of the reporting period [131] - Vice President Wang Heng holds 3,424,005 shares as of the end of the reporting period [131] - Chairman Pei Zhenhua has an MBA from CEIBS and has been the chairman since 1997, also serving as the vice chairman of the China Electronic Instrument Association Anti-Static Equipment Branch [134] - President Lu Jianping holds an MBA from Shanghai Jiao Tong University and oversees the company's overall operations [134] - Vice President Wang Heng, with an MBA from Peking University, is responsible for marketing and overseas market management [134] - Director Fei Yunchao, with a bachelor's degree, has been the investment manager since 2015 [134] - Independent Director Huang Xuexian holds a Ph.D. in Law from Soochow University and is a professor at the Wang Jian Law School [134] - Independent Director Gong Juming has a master's degree in economics and is an associate professor at Soochow University's Dongwu Business School [134] - Supervisor Chen Xuerong, with a bachelor's degree in dyeing and finishing, is the deputy general manager of the dust-free wiping products division [134] - Supervisor Xiang Yan, with a bachelor's degree, is the deputy director of the president's office [135]