BBJX(BJ:430489)2023-04-26 16:00Joint Ventures and New Projects - The company established a joint venture, Anhui Jiaxian New Materials Technology Co., Ltd., with a registered capital of 70 million yuan, aiming to produce 45,000 tons of environmentally friendly plasticizers annually[5] - The company is advancing the construction of a 10,000-ton mixed diacid ester project and a 15,000-ton biodegradable materials functional additives project, with the first phase of the diacid ester project expected to be completed in 2023[7] - The new project post-delisting is expected to enrich the product variety and increase production capacity significantly[15] - The company has conducted thorough research and analysis on new projects, believing that investment in new projects will enhance future profitability[15] - The company is expanding production capacity with the construction of the DBM Phase II and SBM expansion projects, which are expected to enhance production efficiency[56] - New projects include a 10,000-ton annual capacity for diacid esters and a 15,000-ton biodegradable materials functional additives project, both of which are progressing steadily[56] - The company established a joint venture, Anhui Jiaxian New Material Technology Co., Ltd., with a registered capital of 70 million yuan, planning to invest 350 million yuan in a 45,000-ton annual capacity for rubber and plastic environmental additives[56] Financial Performance - The company's operating revenue for 2022 was approximately ¥567.35 million, representing an 18.33% increase compared to ¥479.48 million in 2021[33] - The net profit attributable to shareholders decreased by 3.08% to ¥60.30 million in 2022 from ¥62.22 million in 2021[33] - The gross profit margin fell to 15.83% in 2022, down from 22.96% in 2021[33] - The total assets increased by 13.39% to ¥941.61 million at the end of 2022, compared to ¥830.39 million at the end of 2021[35] - The total liabilities rose by 20.10% to ¥395.08 million at the end of 2022, up from ¥328.95 million at the end of 2021[35] - The net profit margin after deducting non-recurring gains and losses was ¥40.02 million, a decrease of 20.93% from ¥50.62 million in 2021[33] - The cash flow from operating activities increased by 27.02% to ¥74.98 million in 2022, compared to ¥59.03 million in 2021[38] - The basic earnings per share decreased by 39.73% to ¥0.44 in 2022 from ¥0.73 in 2021[33] - The company reported a non-recurring profit of ¥24.11 million in 2022, compared to ¥13.64 million in 2021[45] Research and Development - The company added 9 invention patents and 21 utility model patents during the reporting period, bringing the total to 121 patents, including 18 invention patents and 103 utility model patents[7] - The company has increased R&D investment in product development and process improvement, achieving several research outcomes[16] - The company is collaborating with Nanjing Xuelang Chemical Technology Co., Ltd. and Hefei University of Technology on various R&D projects, focusing on biodegradable materials and process optimization[102] - The company has ongoing R&D projects aimed at optimizing production processes and enhancing product quality, with completion expected by December 2022[101] - The company has a strong capacity to digest new production capacity, ensuring that the new projects can be fully utilized under current market demand conditions[119] - The company has established a high-quality R&D team to ensure that its technological advancements align with industry trends and customer needs[120] Environmental Commitment - The company is committed to environmental protection and has invested significantly in facilities and technology to comply with environmental regulations, facing potential increased costs due to stricter future standards[14] - The company has increased its investment in environmental protection, enhancing its environmental management capabilities[15] - The implementation of new environmental regulations is expected to accelerate the replacement of lead salt stabilizers with environmentally friendly alternatives, boosting demand for the company's products[59] - The company has optimized its production processes, significantly reducing wastewater discharge and achieving a 100% compliance rate for wastewater emissions[57] - The company is committed to improving safety production and environmental protection measures to mitigate potential risks[115] - The company has committed to enhancing its environmental governance capabilities through increased investment and technological improvements in pollution control[118] Market Position and Risks - The company’s main raw materials, including sodium methoxide, phenethyl ketone, and benzoic acid, accounted for over 50% of production costs in 2022, indicating a significant risk from raw material price fluctuations[14] - The company has a continuous competitive advantage through its technology and product R&D capabilities, but faces challenges from market demand changes and increased competition[15] - The main products include DBM, SBM, and stearates, indicating a relatively single product structure, which poses a risk if market conditions change[15] - The company faces risks related to raw material price fluctuations, with over 50% of production costs attributed to key raw materials[116] - The company has faced risks related to a single product structure, primarily producing PVC environmental heat stabilizers and additives, which could be impacted by market changes[120] Corporate Governance and Shareholder Commitments - The company made a commitment that during their tenure, the annual transfer of shares by directors and senior management cannot exceed 25% of their total shareholding[138] - The controlling shareholder and its parent company committed to avoiding competition with the company’s main business and will not engage in similar business activities during their shareholding period[138] - The company is currently fulfilling its commitments regarding non-competition agreements with controlling shareholders[134] - The company has established measures to ensure that it does not invest in or acquire businesses that compete with its main operations[138] - The company is in compliance with its commitments regarding related party transactions, which are being fulfilled as of the latest report[136] Employee and Management Changes - The company appointed a new general manager, Li Ping, following the resignation of the previous general manager, Huang Xiansheng[172] - The company has a new chairperson of the supervisory board, Yang Ailing, who replaced the previous chairperson, Wu Daqing[173] - The company’s independent director, Zhu Xiaozhe, resigned, and Chen Yingzhou was elected as the new independent director[166] - The total number of employees increased from 271 to 295, with a net addition of 29 employees during the reporting period[178] - The company implemented a performance evaluation system that combines monthly and annual assessments to enhance employee motivation and operational efficiency[181] Financial Management and Fund Utilization - The total amount of funds raised through public offerings in 2020 was RMB 202.56 million, with a net amount of RMB 183.02 million after deducting issuance costs of RMB 19.53 million[154] - During the reporting period, the company utilized RMB 11.34 million of the raised funds, specifically for the production project of 7,000t DBM and 1,000t SBM[154] - As of the end of the reporting period, the cumulative amount of raised funds used was RMB 145.38 million, leaving a balance of RMB 40.69 million in the special account for raised funds[154] - The company has postponed the overall investment progress of the R&D center construction project to improve fund utilization efficiency and profitability[157] - A proposal to change the use of raised funds for the R&D center to a project for producing 15,000 tons of biodegradable functional additives was approved in April 2023[157]