Gaishi Food(BJ:836826)2022-03-10 16:00Company Overview - The company was listed on the Beijing Stock Exchange on November 15, 2021, transitioning from the New Third Board's selected layer[7]. - The company successfully completed the first temporary shareholders' meeting in 2021, revising its articles of association[8]. - The company has established a wholly-owned subsidiary, Jiangsu Leshi, for its fundraising project in Huai'an, Jiangsu Province, and has successfully acquired land use rights for construction[51]. - The company established two wholly-owned subsidiaries during the reporting period, with registered capital of 10 million RMB and 50 million RMB respectively[120][121]. Financial Performance - The company's operating revenue for 2021 was RMB 344,227,142.50, representing a 57.29% increase compared to RMB 218,845,487.39 in 2020[30]. - The net profit attributable to shareholders for 2021 was RMB 42,844,166.63, a 60.85% increase from RMB 26,635,745.39 in 2020[30]. - The total assets at the end of 2021 amounted to RMB 278,881,772.26, reflecting a 24.90% growth from RMB 223,278,908.97 at the end of 2020[32]. - The cash flow from operating activities for 2021 was RMB 27,893,385.20, which is an 18.32% decrease from RMB 34,149,378.52 in 2020[34]. - The company achieved a gross profit margin of 21.65% in 2021, down from 22.37% in 2020[30]. - The weighted average return on equity based on net profit attributable to shareholders was 22.02% in 2021, compared to 27.66% in 2020[30]. - The company’s basic earnings per share for 2021 was RMB 0.4868, a 16.67% increase from RMB 0.4161 in 2020[30]. - The total revenue for 2021 reached 344.23 million yuan, representing a year-on-year increase of 57.29%[50]. - The net profit attributable to shareholders for 2021 was 42.79 million yuan, showing a year-on-year growth of 60.86%[50]. Operational Highlights - Export sales accounted for 54.15% of the company's main business revenue in 2021, highlighting the significant reliance on international markets[15]. - Labor costs in 2021 were 34,542,305.37 RMB, representing 10.03% of the operating revenue, indicating a rising trend in labor expenses[15]. - The company has maintained a stable business model without significant changes in its industry, main business, or customer types during the reporting period[48]. - The company plans to continue expanding its product offerings and market presence, focusing on deep processing of edible fungi and seaweed products[24]. - The company is committed to improving its automation and information technology to enhance operational management capabilities[51]. Research and Development - The company has established a new production capacity project for an annual output of 10,000 tons of frozen seasoning food, with land use rights obtained for construction[50]. - The research and development efforts have been focused on enhancing product quality and developing customized cold dishes suitable for both domestic and international markets[50]. - The total number of R&D personnel increased from 25 to 32, with a slight increase in the proportion of R&D staff to total employees from 7.72% to 7.84%[112]. - The company has not capitalized any R&D expenses, maintaining a 0% capitalization rate for both the current and previous periods[110]. Market Trends - The prepared dish industry is experiencing rapid growth, driven by changing consumer habits and the increasing demand for convenience due to busy lifestyles and the impact of the pandemic[52]. - The market size of the prepared dish industry in China is approximately 210 billion yuan, with expectations to grow to around 600 billion yuan by 2025[64]. - The number of takeout users in China increased from 209 million in 2016 to 469 million by June 2021, reflecting a compound annual growth rate of 18.99%[62]. - The food processing industry saw a revenue of 7,318.41 billion yuan in the first ten months of 2021, with a year-on-year growth of 12.3%[54]. Corporate Governance - The company has committed to a profit distribution plan for the next three years post-listing, aiming to maintain and increase shareholder returns[158]. - The board and senior management have pledged to adhere to measures for compensating diluted immediate returns and to avoid unfair benefit transfers[159]. - The company has established a fundraising management system to ensure efficient use of raised funds and to enhance shareholder returns[157]. - The company has made commitments to reduce and regulate related party transactions, ensuring fair and reasonable pricing[149]. Social Responsibility - The company donated 200,000 RMB to improve the medical environment of a local hospital, reflecting its commitment to corporate social responsibility[6]. - The company is committed to ensuring food safety through comprehensive quality control measures, including HACCP and ISO9001:2015 certifications[136]. Risks and Challenges - The company faces quality control risks due to stringent regulations in export markets, particularly in the U.S.[14]. - The company reported that the COVID-19 pandemic continues to pose uncertainties for its global sales and production operations[15]. - The ongoing COVID-19 pandemic poses uncertainties that may impact the company's global sales and production operations[141].