Financial Performance - The net profit attributable to shareholders for the year 2021 was CNY 2.173 billion, while the undistributed profits at the end of 2021 were CNY -6.613 billion, leading to a decision not to distribute profits for the year[2]. - The company's operating revenue for 2021 reached CNY 39,849,418 thousand, representing a 62.72% increase compared to CNY 24,489,935 thousand in 2020[18]. - Net profit attributable to shareholders of the listed company was CNY 2,274,393 thousand, a significant increase of 256.22% from CNY 638,479 thousand in the previous year[18]. - The net profit after deducting non-recurring gains and losses was CNY 2,453,195 thousand, up 399.55% from CNY 491,082 thousand in 2020[18]. - The net cash flow from operating activities was CNY 5,621,431 thousand, a 320.21% increase from CNY 1,337,765 thousand in 2020[18]. - The company's total assets at the end of 2021 were CNY 42,995,956 thousand, reflecting a 7.62% increase from CNY 39,949,856 thousand at the end of 2020[18]. - The net assets attributable to shareholders of the listed company increased to CNY 22,375,209 thousand, an 11.66% rise from CNY 20,038,467 thousand in 2020[18]. - Basic earnings per share for 2021 were CNY 0.26, a 271.43% increase compared to CNY 0.07 in 2020[20]. - The weighted average return on net assets increased to 10.73%, up 7.49 percentage points from 3.24% in 2020[20]. - The total profit reached RMB 2.26 billion, marking a significant year-on-year growth of 262.42%[54]. Corporate Governance - The company received a standard unqualified audit report from Ernst & Young Hua Ming Accounting Firm, ensuring the accuracy and completeness of the financial report[3]. - The board of directors confirmed that all members attended the board meeting, ensuring collective responsibility for the report's accuracy[3]. - The company has maintained compliance with decision-making procedures regarding external guarantees, indicating sound corporate governance practices[4]. - The company has established a comprehensive internal control system, conducting risk assessments and analyses to identify and mitigate potential risks[149]. - The company adheres to the principles of good corporate governance, enhancing operational transparency and accountability to ensure steady development and increase shareholder value[143]. - The board of directors consists of 9 members, including 3 independent directors and 2 independent directors with accounting expertise[147]. - The company has established a diversity policy for its board, considering various factors such as skills, industry experience, and gender when appointing directors[169]. - The company has implemented a strict insider information management system, with no incidents of insider information leakage or insider trading reported during the reporting period[151]. - The board of directors has established four specialized committees to enhance governance and decision-making processes, ensuring compliance with relevant laws and regulations[147]. Environmental and Social Responsibility - The management emphasized a focus on cost reduction and efficiency improvement, achieving record profits and establishing a new phase of green, low-carbon, high-quality development[31]. - In 2021, the company achieved a 21% reduction in dust emissions compared to 2020, with all pollutant discharge meeting standards[32]. - The company is committed to high-quality green manufacturing and aims to become a leader in the steel industry in Southwest China[46]. - The company is focusing on green manufacturing and smart manufacturing to enhance its competitive position in the southwestern steel market[129]. - The company plans to implement a comprehensive strategy for carbon peak and carbon neutrality, including a detailed "6C" carbon reduction plan[136]. - The company is committed to enhancing its energy efficiency and reducing carbon emissions in response to stricter environmental regulations[136]. - The company emphasizes the importance of environmental, social, and governance (ESG) work as part of its strategic development[176]. Market and Production - The production volume for iron, steel, and finished products was 6.74 million tons, 7.12 million tons, and 7.16 million tons respectively, with year-on-year growth of 5.74% and 5.59%[54]. - The average selling price of finished products was RMB 4,652 per ton, which increased by 34.72% compared to the previous year[60]. - The company has a production capacity exceeding 10 million tons of steel, maintaining strong competitiveness in industry metrics[51]. - The company improved its profit per ton of steel ranking from 60th to 44th among 86 steel enterprises in China, indicating significant cost management progress[35]. - The company reported a significant decline in sales volume for rebar, dropping by 97.02% to 1.324 million tons in 2021, resulting in a loss of revenue of RMB 1,421,227 thousand[65]. - The sales volume of steel products increased to 714.05 million tons in 2021, up 4.61% from 682.56 million tons in 2020, contributing an additional revenue of RMB 1,051,942 thousand[65]. Research and Development - The total number of patent applications reached 275 in 2021, with 105 being invention patents, marking a fourfold increase in patent acceptance compared to the previous year[36]. - Research and development expenses totaled 1,256,341 thousand yuan, constituting 3.15% of operating revenue[85]. - The number of R&D personnel was 866, accounting for 12.86% of the total workforce[87]. Financial Position and Investments - The company reported a significant increase in cash flow from investment activities, with a net outflow of -5,536,088 thousand yuan due to increased fixed asset investments[90]. - The company's cash and cash equivalents increased by 1,134,148 thousand yuan, compared to 3,102,767 thousand yuan in the previous year[90]. - Fixed assets reached 21,891,662 thousand yuan, which is 50.92% of total assets, up from 41.63% in the previous year[94]. - Long-term borrowings increased significantly by 298.40% to RMB 1,792,800 thousand, representing 4.17% of total assets[96]. - The company completed equity investment projects totaling RMB 209,620 thousand, with actual contributions of RMB 126,420 thousand, including a 72% stake acquisition in Xinguang Changlong for RMB 126,420 thousand[113]. Shareholder Rights and Transparency - The company allows shareholders holding more than 10% of shares to request the board to convene an extraordinary general meeting within 10 days of the request[187]. - The board must respond to the request for an extraordinary general meeting within 10 days, and if agreed, notify within 5 days[188]. - Shareholders have the right to access the company's articles of association and other relevant information after paying reasonable costs[190]. - The company is committed to maintaining transparency in shareholder rights and information access procedures[192]. Future Outlook - For 2022, the company aims for a pig iron production of 7.22 million tons, steel production of 7.12 million tons, and revenue of 42 billion CNY[133]. - The company faces risks from fluctuating raw material prices, particularly for imported iron ore, which could impact profitability[138]. - The company did not provide any future performance guidance or outlook in the current report[198].
重庆钢铁股份(01053) - 2021 - 年度财报