利通科技(832225) - 2021 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2021 was RMB 331,564,472.03, representing a 16.12% increase compared to RMB 285,541,492.86 in 2020[29]. - The net profit attributable to shareholders for 2021 was RMB 30,141,132.83, a decrease of 27.49% from RMB 41,569,218.44 in 2020[29]. - The gross profit margin for 2021 was 25.78%, down from 34.01% in 2020[29]. - Total assets increased by 31.63% to RMB 584,610,368.06 in 2021, compared to RMB 444,124,341.76 at the end of 2020[30]. - The total liabilities at the end of 2021 were RMB 185,482,237.68, a 12.85% increase from RMB 164,362,409.18 in 2020[30]. - The net cash flow from operating activities for 2021 was RMB 54,506,572.05, reflecting a 61.87% increase from RMB 33,672,811.61 in 2020[32]. - The weighted average return on equity based on net profit attributable to shareholders was 8.16% in 2021, down from 15.92% in 2020[29]. - The company's gross margin decreased by 8.22 percentage points due to rising raw material costs, including increases of 16.73% for steel wire and 41.27% for rubber[51]. - The company reported a total of 703,994.16 CNY in litigation and arbitration claims, which is 0.16% of the net assets at the end of the reporting period[149]. Capital and Funding - The company raised a total of CNY 104.27 million in its public offering, with a net amount of CNY 92.67 million after deducting issuance costs[3]. - The company has multiple bank loans totaling CNY 55,000,000 with interest rates ranging from 4.75% to 6.00%[176]. - The company reported interest income of CNY 535,915.36 from its fundraising account during the reporting period[173]. - The company reported a remaining balance of CNY 9,863,848.28 in its fundraising account at the end of the reporting period[173]. - The company has not changed the purpose of the raised funds during the reporting period[174]. - The company has a project to produce 40 million meters of industrial hoses annually, funded by the raised capital[171]. Inventory and Receivables - As of the end of 2021, the company's accounts receivable balance was CNY 75.23 million, indicating a potential risk to cash flow and operational efficiency[11]. - The company's inventory turnover rate decreased from 3.22 in 2019 to 2.46 in 2021, suggesting a decline in inventory management efficiency[13]. - The company’s inventory value at the end of the reporting period was CNY 112.99 million, accounting for 43.35% of current assets, indicating potential risks related to inventory valuation[13]. - Accounts receivable decreased slightly to ¥67,467,690.78, accounting for 11.54% of total assets, a decline of 3.40% year-over-year[62]. - Inventory rose to ¥112,996,165.24, making up 19.33% of total assets, reflecting a 40.13% increase compared to the previous year[62]. Production and Capacity - The company plans to increase production capacity by 30 million meters of hydraulic hoses and 10 million meters of industrial hoses through its fundraising project[13]. - The company has a production capacity of approximately 19 million meters for its industrial hose automation project, with parts already in production[51]. - The company is investing in a project to produce 40 million meters of industrial hoses annually, which will add 30 million meters of hydraulic hoses and 10 million meters of industrial pipes to its production capacity[143]. Market Position and Recognition - The company was recognized as one of the "Top Ten Rubber Hose Enterprises in China" for the tenth consecutive year[4]. - The company has been recognized as the top hydraulic hose manufacturer in China for the 2020-2021 period, indicating strong market positioning and brand quality advantages[124]. - The company’s revenue from exports significantly increased, helping to offset the decline in domestic sales in the second half of the year[50]. - Export revenue accounts for over 40% of the company's total revenue, and exchange rate fluctuations have historically impacted profitability, with exchange gains/losses of -631,539.16 CNY, 794,800 CNY, and 1,714,500 CNY from 2019 to 2021[136][137]. Research and Development - Research and development expenditure for the reporting period amounted to ¥13,587,709.29, representing 4.10% of operating revenue, an increase from 3.92% in the previous year[100]. - The company holds 26 patents, including 17 invention patents, an increase from 20 patents and 16 invention patents in the previous year[102]. - The company has developed a high-pressure, ultra-high-pressure PTFE rubber-plastic composite multifunctional industrial hose, which has been recognized as a technological achievement by the Henan Provincial Science and Technology Department[104]. - The company has completed the development of acid fracturing hoses and connectors capable of withstanding 138Mpa working pressure and food-grade hoses meeting FDA standards[104]. - The company has entered into a collaboration with Qingdao University of Science and Technology to optimize the formulation of hydraulic rubber hoses, aiming to enhance product quality to meet or exceed domestic standards[105]. Environmental and Social Responsibility - The company is focusing on green product manufacturing and enhancing end-of-pipe treatment to meet new environmental regulations[57]. - The company has a commitment to environmental sustainability, achieving a B-level rating in its environmental performance assessment[120]. - The company actively participates in charitable activities and has been recognized as an "Advanced Unit in Charitable Fundraising" by the local charity association[120]. - The company has established an emergency response plan for environmental protection incidents, ensuring compliance with relevant regulations and standards[123]. Governance and Management - The company has established key internal controls related to revenue recognition to mitigate risks associated with improper revenue reporting[110]. - The company reported no non-standard audit opinions for the fiscal year[107]. - The company has maintained its board and management structure without any changes during the reporting period[188]. - The relationship between the chairman and the director Liu Xueping is that they are spouses, and they are the controlling shareholders of the company[185]. - The company has a structured approach to employee development, including multiple promotion channels and a focus on cultivating management talent[193].