Financial Performance - Jiangsu Vibo Hydraulics achieved a revenue of 871.245 million in 2021, reflecting a strong market presence in the Asia-Pacific region and extending to parts of Europe and America[1]. - The company's operating revenue for 2021 was CNY 316,850,694.62, representing a 45.23% increase compared to CNY 218,167,526.92 in 2020[29]. - The net profit attributable to shareholders for 2021 was CNY 42,229,536.00, a 59.11% increase from CNY 26,540,358.39 in 2020[29]. - The total assets increased by 49.39% to CNY 429,211,982.29 at the end of 2021, up from CNY 287,300,703.28 at the beginning of the year[31]. - The company's total liabilities rose by 22.05% to CNY 158,353,713.64 at the end of 2021, compared to CNY 129,746,054.74 at the beginning of the year[31]. - The weighted average return on equity for 2021 was 23.64%, up from 18.19% in 2020[29]. - The basic earnings per share for 2021 increased by 58.82% to CNY 1.08, compared to CNY 0.68 in 2020[29]. - The company's cash flow from operating activities for 2021 was CNY 33,536,573.56, a decrease of 46.04% from CNY 62,153,117.72 in 2020[33]. - The total equity attributable to shareholders increased by 71.91% to CNY 270,850,293.14 at the end of 2021, compared to CNY 157,554,648.54 at the beginning of the year[31]. - The company's inventory turnover rate improved to 6.05 in 2021, compared to 5.94 in 2020[33]. Market Position and Strategy - The company has established long-term and stable relationships with major clients, including Noli Group and Hangcha Group, ensuring a solid customer base with strong payment capabilities[12]. - Vibo Hydraulics has received the "Outstanding Supplier" award from Hangcha Group for the years 2019-2021, indicating recognition of its quality and service[3]. - The company is focused on continuous technological innovation and product development to maintain its competitive edge in the hydraulic power industry[5]. - The company’s business model remains unchanged, focusing on customized design and production based on customer needs[47]. - The company has maintained a competitive edge in the hydraulic power unit market, with a focus on technological innovation and quality[46]. - The company is committed to environmental protection, ensuring compliance with local environmental standards and effectively managing waste[120]. - The company is focused on the hydraulic component industry, which is a key part of China's manufacturing strategy, aiming for 70% self-sufficiency in core components by 2025[123]. Research and Development - The company holds 3 invention patents and 52 utility model patents as of December 31, 2021[46]. - Research and development expenses increased by 25.14% to ¥12,497,859.60, reflecting the company's commitment to innovation[86]. - The total number of R&D personnel decreased from 53 to 50, with the proportion of R&D staff to total employees dropping from 15.06% to 10.85%[112]. - The company plans to deepen R&D investments towards integrated, modular, and intelligent solutions in the hydraulic components sector[128]. - The company is collaborating with Nanjing Engineering Institute on a project to develop a high-end electro-hydraulic system with an annual production capacity of 150,000 sets[115]. Risks and Challenges - The company faces risks related to market fluctuations, as its products are closely tied to the performance of downstream industries such as warehousing logistics and automotive machinery[12]. - The company has a high proportion of accounts receivable in its current assets, which may increase the risk of collection if not managed effectively[12]. - The company is exposed to foreign exchange risks due to transactions with international clients, which may lead to exchange losses[131]. - The hydraulic product sector faces significant technical barriers, requiring long R&D cycles and complex production processes, which demand high levels of investment in technology and skilled personnel[74]. - The shortage of skilled professionals in the hydraulic industry hampers innovation and the ability to meet market demands, affecting the overall growth of the sector[82]. Corporate Governance and Compliance - The company has established a rigorous internal control system to ensure compliance with information disclosure obligations and sustainable development[5]. - The actual controllers hold a combined 64.23% of the company's shares, which poses a risk of improper control over strategic and operational decisions[127]. - The company has committed to strict adherence to public commitments made during its stock issuance process, including compensation for any direct losses incurred by investors[184]. - The company has established measures to prevent any potential competition arising from future business expansions[190]. - The company will ensure compliance with relevant laws and regulations during any share reduction activities[144]. Shareholder and Equity Management - The company completed a public offering of shares and listed on the Beijing Stock Exchange on April 29, 2021, ensuring the accuracy and completeness of the prospectus[144]. - Major shareholders are restricted from transferring or managing their shares for two months following the company's listing, with a commitment to not sell shares below the issuance price[143]. - The company has committed to a share repurchase program, ensuring that shares held by major shareholders will not be sold below the issuance price within two years after the lock-up period[142]. - The company will disclose any share reduction plans at least 15 trading days in advance, with additional disclosures required if the reduction exceeds 1% of total shares within three months[161]. - The company guarantees that the contents of the prospectus are true, accurate, and complete, and will bear legal responsibility for any misrepresentation[172].
威博液压(871245) - 2021 Q4 - 年度财报