Financial Performance - The company's revenue for 2021 was RMB 20,790,144,000, a decrease of 7.1% from RMB 22,374,001,000 in 2020[47]. - The net profit attributable to equity holders was RMB 3,273,601,000, down 28.7% from RMB 4,594,815,000 in 2020[47]. - The basic earnings per share for 2021 was RMB 2.786, compared to RMB 3.864 in 2020, reflecting a decline of 27.9%[47]. - The company's gross profit margin decreased to 15.7% in 2021 from 20.5% in 2020[43]. - The overall gross profit decreased by about 17.8% to approximately RMB 7,772,318,000, with a gross profit margin dropping to 37.4% from 42.3%[72]. - Operating profit fell by approximately 28.9% to about RMB 4,543,591,000, down from RMB 6,392,388,000 in the previous year[75]. - The group reported a total segment profit of RMB 3,256,440,000 in 2021, down 29.9% from RMB 4,642,160,000 in 2020[152]. Assets and Liabilities - Total assets as of December 31, 2021, were RMB 42,292,748,000, down from RMB 44,440,925,000 in 2020[51]. - The company's total liabilities decreased to RMB 23,012,298,000 in 2021 from RMB 24,779,451,000 in 2020, a reduction of 7.1%[51]. - The current ratio for 2021 was 1.2, down from 1.4 in 2020, indicating a decline in short-term liquidity[43]. - The company reported a net debt ratio of -21.3% in 2021, compared to -16.1% in 2020, indicating a stronger financial position[43]. Revenue Breakdown - The revenue for the personal hygiene products segment in 2021 was RMB 20,790,144,000, a decrease of 7.1% from RMB 22,374,001,000 in 2020[152]. - The revenue from sanitary napkin products was RMB 6,116,530,000 in 2021, down from RMB 6,654,711,000 in 2020, representing a decline of 8.1%[152]. - The revenue from disposable diapers was RMB 1,219,445,000 in 2021, a decrease of 14.5% compared to RMB 1,425,567,000 in 2020[152]. - The revenue from tissue products was RMB 9,842,429,000 in 2021, down 5.2% from RMB 10,382,758,000 in 2020[152]. - The revenue from other products was RMB 3,611,740,000 in 2021, a decrease of 7.7% from RMB 3,910,965,000 in 2020[152]. Dividend and Shareholder Returns - The board proposed a final dividend of RMB 0.70 per share, down from RMB 1.30 in 2020, resulting in a total annual dividend of RMB 1.70 per share compared to RMB 2.50 in the previous year[63]. - The company declared an interim dividend of RMB 1.00 per share, down from RMB 1.20 per share in 2020, totaling RMB 1,175,121,000[154]. - The proposed final dividend is RMB 0.70 per share, down from RMB 1.30 per share in 2020, totaling RMB 813,485,000[154]. - The company aims to maintain a dividend payout ratio of 60% when declaring dividends to shareholders[142]. Strategic Initiatives - The company aims to enhance its brand image and build a high-quality workforce to become a top international household products enterprise[6]. - The company continues to focus on innovation and expanding its product range, including household paper products and cleaning supplies[53]. - The group plans to continue focusing on high-end product strategies, aiming to increase the contribution of high-end products to overall revenue[64]. - The group aims to enhance its brand value and market share both domestically and internationally, with a strategic goal of becoming a top-tier household products company[64]. - The group plans to continue developing high-end products, with the "Space 7" series gaining popularity and contributing to market share growth[77]. Market and Sales Channels - E-commerce sales accounted for approximately 23.1% of total sales, while other new sales channels exceeded 10.0% of total sales[63]. - E-commerce sales accounted for approximately 23.1% of total sales, up from 19.1% in the previous year, with new sales channels exceeding 10% of total sales[72]. - The market penetration rate for adult incontinence products is still significantly lower than in developed countries, indicating substantial growth potential in this segment[63]. - The group aims to expand new retail channels and develop specialized products for these channels to support long-term growth and maintain market leadership[77]. Employee and Corporate Governance - The company employed approximately 23,000 employees as of December 31, 2021, and implemented a performance-linked compensation system to enhance employee motivation and efficiency[98]. - The company has established a management academy to provide comprehensive training and career advancement opportunities for its employees[104]. - The company has a strong commitment to corporate governance, adhering to the guidelines set by the Hong Kong Stock Exchange, which enhances transparency and accountability[114]. - The board consists of 15 members, including 5 independent non-executive directors, ensuring a diverse composition[122]. Sustainability and Social Responsibility - The company is committed to developing green products and sustainable production technologies to meet consumer demands for environmentally friendly products[97]. - The company achieved a greenhouse gas emission intensity of 0.65 tons of CO2 equivalent per 10,000 yuan in sales in 2021, significantly lower than industry standards[103]. - In 2021, the company donated a total of 10 million yuan in response to the severe flooding in Henan, providing sanitary products and other supplies[100]. - The management team emphasized the importance of sustainability initiatives, aiming for a 40% reduction in carbon emissions by 2025[111]. Risk Management - The risk management framework ensures that risks across different business units are effectively controlled within the group's risk appetite[139]. - The internal audit department conducted a review of internal control procedures and provided recommendations for improvement during the year[138]. - The company emphasizes risk management and internal controls, with the board regularly reviewing these processes to align with business objectives[115].
恒安国际(01044) - 2021 - 年度财报