Financial Performance - The net profit for the year 2021 was RMB 6,725,014,517.95, with a net profit attributable to shareholders of RMB 6,726,093,883.72[3]. - Total operating revenue for 2021 reached RMB 13,640,466.30 million, a year-on-year increase of 32.04% compared to RMB 10,330,760.72 million in 2020[24]. - Net profit attributable to shareholders of the listed company was RMB 672,501.45 million, reflecting a 25.41% increase from RMB 536,249.02 million in the previous year[24]. - The net cash flow from operating activities surged to RMB 3,531,567.32 million, marking a significant increase of 581.61% compared to RMB 518,123.29 million in 2020[24]. - The total assets of the company at the end of 2021 were RMB 17,540,802.06 million, up 13.89% from RMB 15,401,149.06 million in 2020[25]. - The company's total liabilities increased to RMB 11,327,953.78 million, a rise of 17.18% compared to RMB 9,666,964.30 million in 2020[25]. - Basic earnings per share for 2021 were RMB 0.73, representing a 23.73% increase from RMB 0.59 in 2020[26]. - The company confirmed that the increase in net profit was primarily driven by higher vehicle sales during the reporting period[27]. - The total operating revenue for the year reached RMB 136.405 billion, marking a historical high with a year-on-year growth of 32.04%, while net profit was RMB 6.725 billion, an increase of 25.41%[56]. Dividend Distribution - The company plans to distribute a cash dividend of RMB 0.07 per share for the year 2021, totaling RMB 646,509,998.12, which represents 50.81% of the net profit attributable to shareholders[3]. - The company has implemented a mid-year profit distribution plan, distributing RMB 0.30 per share, amounting to RMB 2,771,008,419.60[3]. - As of December 31, 2021, the company's undistributed profits amounted to RMB 41,892,707,709.74, with a proposed cash dividend of RMB 0.07 per share for the year, representing 50.81% of the net profit attributable to shareholders for 2021[151]. Research and Development - Research and development expenses rose to RMB 448,956.52 million, an increase of 46.36% from RMB 306,747.96 million in 2020, indicating a strong focus on innovation[24]. - The company plans to invest approximately RMB 100 billion in research and development from 2021 to 2025, aiming to enhance its technological capabilities and global competitiveness[59]. - The total R&D investment for the year was CNY 9,066,938,869.69, representing 6.65% of total revenue, with 63.95% of R&D costs capitalized[103]. - The number of R&D personnel reached 21,137, accounting for 27.12% of the total workforce[104]. - The company has a high-research team of over 15,000 people, with R&D centers in multiple countries including China, the USA, Germany, and Japan[81]. Market Expansion and Sales - In 2021, Great Wall Motors sold 1,280,951 vehicles, representing a year-on-year growth of 14.79%[33]. - The sales volume of SUVs increased by 9.43% year-on-year, with total sales reaching 907,178 units in 2021[52]. - The company reported a significant increase in export sales of pickups, which rose by 146.23% to 46,319 units in 2021[52]. - The company achieved a total production volume of 1,280,951 vehicles in 2021, reflecting a 14.79% increase compared to 1,115,872 vehicles in 2020[52]. - The company’s revenue from the Russian market increased to RMB 4.97 billion, up from RMB 2.21 billion in 2020, showcasing successful market expansion efforts[49]. - The company has established nearly 6,000 sales outlets globally, with cumulative overseas sales exceeding 900,000 vehicles across more than 60 countries[83]. Strategic Initiatives - The company is committed to transforming into a global intelligent technology company, focusing on electrification and intelligent technology innovation[27]. - Great Wall Motors aims to achieve carbon neutrality by 2045, with ongoing investments in hybrid, pure electric, and hydrogen energy vehicles[34]. - The company is transitioning towards an industrial internet company, leveraging big data, cloud computing, and artificial intelligence[35]. - The company is focusing on a new business model that integrates "product + software + service" to enhance the value chain and user experience[70]. - The company has established a strategic new positioning focusing on global expansion, significant R&D investment, and comprehensive innovation transformation[142]. Corporate Governance - The audit report issued by Deloitte Touche Tohmatsu Certified Public Accountants confirms the accuracy and completeness of the financial report[2]. - The company has established a comprehensive governance structure in compliance with both domestic and Hong Kong regulations since its listings[188]. - The company has complied with all provisions of the Corporate Governance Code as per the Hong Kong Listing Rules throughout the year[171]. - The company has implemented strict governance measures to prevent leakage of confidential information, including the establishment of an insider information registration system[189]. - The company has established an audit committee consisting of three independent non-executive directors and one non-executive director to oversee financial reporting and internal controls[174]. Risks and Challenges - There are no significant risks that could materially affect the company's production and operations during the reporting period[4]. - The company faces risks including chip supply issues and rising raw material costs, which could impact production and increase cost pressures[142]. - The company has confirmed that there are no non-operating fund occupations by controlling shareholders or related parties[4]. - The company has not reported any major changes in the competitive landscape that would impact its operations[189]. Employee and Management - The company employed 77,934 employees as of December 31, 2021, up from 63,174 employees in 2020, with employee costs accounting for 9.89% of total revenue[47]. - The remuneration policy for employees is regularly reviewed to ensure competitiveness and effectiveness in attracting and retaining talent[167]. - The total pre-tax remuneration for executives during the reporting period amounted to RMB 1,917.47 million[193]. - The company has implemented an equity incentive plan, granting shares to key executives to align their interests with shareholders[195]. Product Development - The company launched new models under its Ora brand, including the Ballet Cat and Punk Cat, targeting the female market in the electric vehicle segment[54]. - The company launched the Haval H6S, the first coupe SUV model based on the "Lemon Platform" and "Coffee Intelligence," featuring a hybrid system with a fuel consumption of 4.9L per 100km[42]. - The company introduced the Mocha, a flagship model featuring advanced technologies like AR-HUD, enhancing the driving experience with intelligent capabilities[67]. - The company has made significant investments in smart driving and smart cockpit technologies to enhance its product offerings[35]. - The company is expanding its product matrix with six major brands, including Haval, Wey, Ora, Tank, Great Wall Pickup, and Salon, targeting global markets[71].
长城汽车(02333) - 2021 - 年度财报