Financial Performance - For the year ended December 31, 2021, the Group achieved total revenue of RMB 6.503 billion, a year-on-year increase of 16.58%[17] - The operating profit for the year was approximately RMB 580 million, reflecting a year-on-year increase of 27.45%[17] - Total profit amounted to RMB 290 million, representing a year-on-year increase of 34.92%[17] - The clean energy business generated revenue of RMB4.172 billion, representing a year-on-year increase of 36.15%[20] - The green building business achieved revenue of RMB1.897 billion, reflecting a year-on-year growth of 38.49%[20] - EBITDA increased by RMB 122.6 million or 18.5%, reflecting strong growth in Wind EPC and recovery in curtain walls and green building EPC business[155] - Profit before gain on repurchase of senior notes grew by RMB 112.9 million or 91.8% in 2021[155] - The curtain wall and green building construction business generated revenue of RMB1,662.5 million in 2021, an increase of RMB526.2 million or 46.3% compared to RMB1,136.3 million in 2020[161] - The solar EPC business revenue dropped to RMB357.2 million in 2021 from RMB1,192 million in 2020, primarily due to high material costs and price hikes in solar modules[161] - Wind power EPC revenue surged to approximately RMB3,086.2 million in 2021, an increase of RMB1,708.8 million or 124.1%, attributed to winning a mega project in Northeast China[161] Market Position - The market share of the Group's ITO film was approximately 65%, securing a leading position in the market[18] - The light-adjusting film products maintained a market share of 40%, continuing to lead in their category[18] - The Group ranked 195th in the "Top 500 Global New Energy Enterprises" in 2021, an increase of 86 places year-on-year[25] Assets and Financial Stability - Non-current assets as of December 31, 2021, were valued at RMB 6.005 billion[10] - Current assets totaled RMB 8.593 billion, indicating a strong liquidity position[10] - Net assets stood at RMB 4.682 billion, reflecting the Group's financial stability[10] Corporate Governance - The Board consists of nine Directors, including four executive Directors and five non-executive Directors, ensuring a strong independent element[42] - The Board held a total of 4 meetings during the reporting period, with all Directors committed to high standards of corporate governance[49] - The Company has adopted a Board Diversity Policy since 2013, promoting diversity in nationality, ethnicity, and educational background among Directors[42] - The Company provides continuous professional development programs for all Directors to enhance their skills and knowledge[53] - The Board committees, including the Audit Committee and Remuneration Committee, have been delegated various responsibilities to ensure effective governance[42] - The Company ensures that all Directors have sufficient resources to fulfill their duties and can seek independent professional advice when necessary[44] - The independent non-executive Directors contribute their understanding of local and global economies and capital markets to the Group's business[53] - The Board's composition reflects a balance of experience relevant to the Group's operations and development[42] Internal Control and Risk Management - The Board is responsible for the Group's internal control and risk management systems, which are reviewed at least annually[121] - No material internal control weaknesses have been identified according to the Directors' understanding[125] - The Group is in the process of improving and establishing an internal control manual to enhance its internal control and risk management system[126] - The Audit Committee ensures compliance with internal accounting standards in all material aspects[84] - The Group has not identified any significant internal control weaknesses as reviewed by the internal audit department of Shuifa Group[128] Shareholder Engagement - The Board recognizes the importance of effective communication with shareholders and continues to act in their best interests[132] - All documents related to the annual general meeting (AGM) were sent to shareholders at least 20 clear business days prior to the meeting[132] - The Company engages an independent scrutineer to ensure all votes at general meetings are properly counted[133] - Shareholders holding not less than one-tenth of the paid-up capital have the right to requisition a special general meeting[140] - Shareholders can request the Company to circulate a statement of not more than one thousand words regarding any proposed resolution[145] Business Expansion and Strategy - The Group has commenced mass production of vehicle film, establishing a foundation for entry into the automotive industry[18] - The Company aims to transform into a leading clean energy enterprise with a scale of RMB100 billion[27] - The Company aims to strengthen its renewable energy business, particularly in Building Integrated Photovoltaic (BIPV) systems and renewable energy products[151] - The Company has diversified its business into Wind Power EPC, indicating a strategic expansion into renewable energy sectors[151] Financial Metrics - The current ratio as of December 31, 2021, was 1.32, down from 1.53 as of December 31, 2020, reflecting the Group's strategy to maintain a healthy current ratio to meet short-term obligations[190] - Trade receivables turnover days at December 31, 2021, was 213 days, down from 270 days in 2020[193] - Trade and bills payables turnover days at December 31, 2021, was 138 days, compared to 150 days in 2020[193] - Total finance costs amounted to RMB 292.9 million in 2021, compared to RMB 230.2 million in 2020[188] - The company reported a decrease in administrative expenses by RMB 6.6 million or 1.6% compared to 2020[186]
水发兴业能源(00750) - 2021 - 年度财报