富满微(300671) - 2021 Q4 - 年度财报

Financial Performance - Revenue for the full year 2021 reached RMB 2.8 billion, representing a year-over-year growth of 45%[32] - Net profit attributable to shareholders increased by 60% year-over-year to RMB 520 million[32] - The company's gross margin improved to 35%, up from 30% in the previous year[32] - Revenue in 2021 reached 1,369,917,110.93 yuan, a year-on-year increase of 63.82%[38] - Net profit attributable to shareholders of the listed company in 2021 was 456,443,806.47 yuan, a year-on-year increase of 354.32%[38] - Net cash flow from operating activities in 2021 was 363,928,194.78 yuan, a year-on-year increase of 541.23%[38] - Total assets at the end of 2021 were 2,964,845,846.47 yuan, a year-on-year increase of 79.44%[38] - Net profit attributable to shareholders of the listed company in Q2 2021 was 254,638,340.47 yuan, the highest among all quarters[40] - The company achieved a revenue of 1.37 billion yuan, a year-on-year increase of 63.82%, and a net profit attributable to the parent company of 456 million yuan, a year-on-year increase of 354.32%[59] - Total revenue in 2021 reached 1,369,917,110.93 yuan, a year-on-year increase of 63.82%[62] - Revenue from the integrated circuit industry accounted for 99.54% of total revenue, reaching 1,363,575,524.08 yuan, with a year-on-year growth of 63.64%[62] - LED灯、LED控制及驱动类芯片 revenue surged by 108.72% to 814,642,463.60 yuan, accounting for 59.47% of total revenue[62] - Revenue from the South China region increased by 52.99% to 1,067,701,300.00 yuan, representing 77.94% of total revenue[62] - Direct sales revenue grew by 83.05% to 630,361,871.15 yuan, accounting for 53.52% of total revenue[62] - Revenue from the East China region surged by 120.41% to 268,941,658.37 yuan, representing 19.63% of total revenue[62] - LED灯、LED控制及驱动类芯片 gross margin increased by 35.59% to 56.85%[64] - Power management chip revenue grew by 24.08% to 362,724,447.63 yuan, with a gross margin of 53.52%[64] - Top 5 customers accounted for 27.46% of total annual sales, with a combined sales amount of 376,137,306.90 RMB[71] - Top 5 suppliers accounted for 45.59% of total annual procurement, with a combined procurement amount of 292,860,252.53 RMB[71] - The company's net profit attributable to the parent company for the year was RMB 456,443,806.47, with a 10% statutory surplus reserve extraction of RMB 47,457,630.51[187] - The company's total distributable profit as of December 31, 2021, was RMB 679,656,924.56, with the parent company's distributable profit at RMB 650,062,498.25[187] R&D and Innovation - The company faces risks related to technological updates and the need for continuous R&D investment to meet market demands[7][11] - R&D investment accounted for 12% of total revenue, amounting to RMB 336 million[32] - The company's R&D investment in 2021 reached 167 million yuan, a year-on-year increase of 168.92%[59] - The company has obtained 138 patent technologies, including 27 invention patents, 110 utility model patents, and 1 design patent, as well as 198 integrated circuit layout design registrations and 48 software copyrights[56][59] - The company's LED display chip products continue to lead the industry with outstanding technical parameters[55] - The company's USB fast charging chip has secured a significant market share in the segment with its unique single-chip product controlling three USB charging ports and integrated PD protocol and DCDC controller power management SOC chip[55] - The company's 5G RF front-end discrete chips and module chips, including a full range of RF switch chips, antenna tuner chips, and front-end module chips, have contributed to the company's performance improvement[55] - Key R&D projects include USB PD fast charging protocol chips, aiming to support higher power (65W+) and expand market share in high-power fast charging[75] - R&D focus on wireless charging chips aims to increase power from 5W to 15W, enhancing product line and market competitiveness[76] - R&D investment in 2021 reached RMB 166.61 million, accounting for 12.16% of total revenue, a significant increase from 7.41% in 2020[80] - The company completed the development of N77/N79 flagship-level NR LFEM and N77 single/double-frequency LFEM solutions for 5G RF front-end module chips[79] - R&D expenses were fully expensed in 2021, with no capitalization, consistent with previous years[80] - Number of R&D personnel increased by 6.89% to 450, with R&D personnel accounting for 47.97% of total employees[78] - R&D personnel with bachelor's degrees increased by 11.28% to 375, while those with master's degrees increased by 12.50% to 18[78] - R&D personnel aged 30-40 increased by 8.74% to 224, while those aged 40-50 increased by 29.27% to 53[78] Market Expansion and Product Development - The company plans to expand its production capacity by 30% in 2022 to meet increasing market demand[32] - New product launches contributed 20% to the total revenue in 2021[32] - The company's market share in the smart power management chip segment increased to 15%[30] - The company completed the acquisition of a 70% stake in Shanghai Yingsi Microelectronics, enhancing its presence in the RF chip market[28] - The company expects a revenue growth of 25-30% in 2022, driven by new product lines and market expansion[32] - The company's subsidiary, Shenzhen Yunxi Semiconductor, achieved a revenue growth of 50% year-over-year[28] - The company has established a new packaging and testing factory in Pingshan, which is expected to add production lines for 5G RF chips and expand capacity for small-pitch LED screens and power management chips[59] - The company successfully issued a private placement for refinancing, enhancing its cash reserves and risk resistance capabilities, and creating favorable conditions for business expansion[59] - The company aims to transform from a single chip provider to an integrated circuit comprehensive solution provider, expanding from consumer electronics to industrial applications[127] - The company is focusing on the development of 5G RF, smart home, IoT, AI, and high-power industrial-grade chips, expanding into emerging markets[128] - The company is dedicated to providing flexible product configuration solutions, aiming to become an efficiency solution provider[132] Risk Management and Internal Controls - The company's accounts receivable and notes receivable are significant, with most receivables aged within one year, posing potential liquidity risks[17] - The company is exposed to risks from fluctuations in raw material prices and production costs, which could impact product margins and supply capabilities[13][14] - The company's stock price is subject to volatility due to macroeconomic factors, economic policies, and market supply and demand, which could affect investor returns[17] - The company has no significant deficiencies in financial reporting internal controls as of the internal control evaluation report date[196] - The company has established a performance evaluation and incentive mechanism for senior management, led by the Board of Directors' Compensation and Evaluation Committee[197] - No significant deficiencies in non-financial reporting internal controls were found as of the internal control evaluation report date[196] - The company has strengthened risk management and internal control construction, focusing on major business and risk areas[196] - No significant internal control deficiencies were discovered during the reporting period[199] - The company has implemented risk control policies and measures to ensure the effectiveness of internal controls[196] - The company's internal control system is based on risk orientation, institutional foundation, process control, and system implementation[196] - The company has conducted regular assessments of major business decisions and risk management[196] - No issues related to subsidiary management control were reported during the reporting period[199] Corporate Governance and Leadership - The company held 1 annual general meeting and 6 interim general meetings during the reporting period, ensuring the rights of all shareholders, especially minority shareholders[137] - The company has a board of directors consisting of 9 members, including 3 independent directors, ensuring compliance with legal and regulatory requirements[137] - The company has a comprehensive performance evaluation and incentive mechanism for directors, supervisors, and senior management, including a restricted stock incentive plan for key personnel[137] - The company held a total of 6 temporary shareholders' meetings in 2021, with investor participation rates ranging from 34.20% to 37.21%[141][142] - The company's directors and supervisors increased their shareholdings through capital reserve to share capital conversion, with a total increase of 305,240 shares[145][146] - The company's total shareholding by directors and supervisors at the end of the reporting period was 1,337,084 shares[146] - The company's chairman and general manager, Liu Jingyu, has been in his position since December 2014[149] - Luo Qiong, female, born in 1964, Chinese nationality, holds a master's degree in Management Science and Engineering from Tianjin University, currently serves as Director, Vice President, and CFO of Fuman Microelectronics Group Co., Ltd. since December 2014[150] - Hao Zhailing, female, born in 1976, Chinese nationality, holds a bachelor's degree, has been a Director of Fuman Microelectronics Group Co., Ltd. since December 2014[150] - Xu Zhe, female, born in 1962, Chinese nationality, holds a master's degree in Power Plant Engineering from Wuhan University of Water Transport Engineering, currently serves as General Manager of Bohuiyuan Venture Capital Partnership and has been a Director of Fuman Microelectronics Group Co., Ltd. since December 2014[151] - Wang Qiujuan, female, born in 1978, Chinese nationality, holds an associate degree in Thermal Power Engineering from Zhengzhou Electric Power College, has been a Director of Fuman Microelectronics Group Co., Ltd. since May 2018[153] - Luo Yue, male, born in 1990, Chinese nationality, holds a bachelor's degree in Engineering Cost Management from Jiangxi Normal University, currently serves as Deputy Procurement Manager of Fuman Microelectronics Group Co., Ltd. since April 2020[153] - Li Daoyuan, male, Chinese nationality, holds a master's degree, currently serves as Chief Strategy Officer of Beijing Jingyuntong Technology Co., Ltd. since January 2021[153] - Wang Guoping, male, born in 1964, Chinese nationality, holds a Ph.D. in Optoelectronic Science and Technology from Sichuan University, currently serves as Distinguished Professor and Executive Dean of the Institute of Micro-Nano Optoelectronics at Shenzhen University[153] - Deng Hui, female, born in 1973, Chinese nationality, holds a master's degree and is a Certified Public Accountant, currently serves as Senior Manager of the Consulting Department at Grant Thornton[153] - Xi Guoping, male, born in 1971, Chinese nationality, holds a high school diploma, has been a Supervisor of Fuman Microelectronics Group Co., Ltd. since December 2014[153] - Li Zhixiong, male, born in 1975, Chinese nationality, holds an associate degree in Computer Applications from Hubei Radio and Television University, currently serves as Chairman of the Supervisory Board of Fuman Microelectronics Group Co., Ltd. since July 2018[153] - The total pre-tax remuneration for directors, supervisors, and senior management in 2021 was RMB 3.05 million, with 14 individuals receiving compensation[160] - The Chairman, General Manager, and actual controller, Liu Jingyu, received a pre-tax remuneration of RMB 490,875 in 2021[160] - The Director, Deputy General Manager, CFO, and Board Secretary, Luo Qiong, received a pre-tax remuneration of RMB 509,675 in 2021[160] - The highest remuneration among the directors was RMB 1.10 million, received by Xi Guoping, a supervisor[160] - The company's independent directors received a total remuneration of RMB 168,000 in 2021, with individual payments ranging from RMB 16,000 to RMB 56,000[160] - The company's remuneration for directors and supervisors is determined by the shareholders' meeting, while senior management's remuneration is decided by the board of directors[160] - The company's remuneration policy for non-independent directors is based on their job responsibilities, with no additional director remuneration, and is determined by the company's operating conditions and performance[160] - The remuneration for independent directors is set with reference to the overall level of listed companies in the same industry and region[160] - The company's remuneration system is designed to align with the company's performance and the responsibilities of the management positions[160] - The company's remuneration for directors, supervisors, and senior management is paid in accordance with the company's charter and relevant regulations[160] - The company held a total of 15 board meetings during the reporting period, with all directors attending either in person or via communication methods[166][167] - The Audit Committee held 6 meetings, focusing on financial reports, internal controls, and profit distribution plans[169][170] - All board meeting proposals were passed without any objections from directors[168] - The company's directors attended 7 shareholder meetings on average, with no instances of consecutive absences[166][167] - The Audit Committee reviewed and approved the 2021 Q1 report and the 2021 annual report[170] - The company implemented changes in accounting policies and approved the use of idle funds for bank wealth management products[170] - The board approved the issuance of A-shares to specific targets and the use of raised funds[170] - The company provided guarantees for its wholly-owned subsidiaries[170] - The board approved the 2020 annual financial report and internal control self-assessment report[170] - The company handled comprehensive credit business with banks for 2021[170] Employee and Talent Management - Total number of employees at the end of the reporting period: 938, including 845 from the parent company and 93 from major subsidiaries[180] - Employee composition: 304 production personnel, 88 sales personnel, 450 technical personnel, 20 financial personnel, and 76 administrative personnel[180][182] - Educational background of employees: 1 PhD, 20 postgraduate, 481 undergraduate, and 436 with college or lower education[182] - The company implemented a restricted stock incentive plan in 2021 to drive performance growth[174] - The company plans to issue A-shares to specific targets in 2021, with a three-year (2021-2023) shareholder return plan[175] - The company's salary policy follows the principle of "two lower than": salary growth is lower than economic growth, and actual average salary growth is lower than labor productivity growth[183] - The company has a comprehensive training framework, including new employee training and regular department training for existing employees[184] - The company does not use labor outsourcing services[185] - The company implemented a cash dividend policy, distributing RMB 2 per 10 shares and a capital reserve transfer of 3 shares per 10 shares, resulting in a total cash dividend of RMB 31,531,153 and an increase in total shares to 204,952,494[186] - For the year 2021, the company proposed a cash dividend of RMB 3 per 10 shares, totaling RMB 65,005,497.90, with no stock dividends or capital reserve transfers[187] - The company's 2021 restricted stock incentive plan granted 3,999,000 shares to 171激励对象 at a price of RMB 23.95 per share, later adjusted to 5,198,700 shares at RMB 18.27 per share due to a capital reserve transfer[192] - No employee stock ownership plan or other employee incentive measures were implemented during the reporting period[198] Investment and Fund Management - The company's investment in the reporting period amounted to 1,557,457,350.00 yuan, a 57.76% increase compared to the same period last year[96] - The 5G RF chip, LED chip, and power management chip production project has a total investment of 25,561,177.35 yuan, with a cumulative actual investment of 57,130,602.64 yuan and an expected return of 62,613,200.00 yuan[96] - The company's financial assets (excluding derivative financial assets) had a beginning balance of 110,660,020.90 yuan, with a fair value change gain of 1,949,786.46 yuan and an ending balance of 377,609,807.36 yuan[94] - The company's restricted assets at the end of the reporting period totaled 40,979,857.77 yuan, including 12,254,665.61 yuan in monetary funds and 28,725,192.16 yuan in intangible assets[95] - The company's total financial assets (excluding derivative financial assets and receivables financing) had a beginning balance of 285,641,675.09 yuan, with a fair value change gain of 1,949,786.46 yuan and an ending balance of 545,485,139.13 yuan[94] - The company's receivables financing had a beginning balance of 174,981,654.19 yuan, with purchases of 1,035,380,769.82 yuan and sales of 1,042,487,092.24 yuan, resulting in an ending balance of 167,875,331.77 yuan[94] - The company's total fundraising amount in 2019 and 2021 was 1,250,000,000.00 yuan, with 447,057,900.00 yuan already used and 790,464,800.00 yuan remaining unused[100] - The company's other financial assets had an initial investment cost of 110,660,020.90 yuan, with a fair value change gain of 1,949,786.46 yuan and an ending balance of 377,609,807.36 yuan[99] - The company's cumulative investment income from other financial