Financial Performance - The net profit attributable to the company for 2021 was RMB 693,187,998.85, with a distributable profit of RMB 4,577,680,726.37 after accounting for statutory surplus reserves and previous year dividends [3]. - The proposed cash dividend for 2021 is RMB 1.46 per 10 shares, totaling RMB 208,375,350.78, which represents 30.06% of the distributable profit for the year [3]. - The company's operating revenue for 2021 was RMB 453,557.90 million, representing a 34.83% increase compared to RMB 336,387.40 million in 2020 [18]. - Net profit attributable to shareholders for 2021 was RMB 69,318.90 million, a 21.60% increase from RMB 57,003.90 million in 2020 [18]. - The net profit after deducting non-recurring gains and losses was RMB 61,359.80 million, up 24.42% from RMB 49,316.00 million in 2020 [18]. - The total profit amounted to RMB 89,605.9 million, an increase of 24.77% year-on-year [39]. - The basic earnings per share for 2021 were RMB 0.49, reflecting a 22.50% increase from RMB 0.40 in 2020 [19]. - The weighted average return on equity for 2021 was 9.00%, an increase of 1.26% compared to 7.74% in 2020 [19]. Assets and Liabilities - The total assets of the company at the end of 2021 were RMB 2,106,529.20 million, a 12.03% increase from RMB 1,880,296.90 million at the end of 2020 [18]. - The company’s net assets attributable to shareholders at the end of 2021 were RMB 712,019.80 million, an 8.02% increase from RMB 659,135.10 million at the end of 2020 [18]. - The company's long-term borrowings increased by 70.23% to RMB 719.72 million, reflecting the need for project construction and operational funding [57]. - The company's short-term borrowings amounted to RMB 145.85 million, reflecting new short-term loans from its subsidiary [57]. - The company's long-term receivables increased by 131.39% to RMB 381.19 million, attributed to the recognition of PPP project receivables [56]. Operational Highlights - The company successfully secured multiple wastewater treatment projects, including the Tianjin Xiqing Dasi project and the PPP project in Jieshou City, expanding its wastewater treatment capacity [29]. - The company achieved a technology transformation with 55 technology projects completed, resulting in an economic benefit of RMB 15,171.36 million from technology achievements in 2021 [32]. - The company has expanded its wastewater treatment capacity by 80,000 cubic meters per day and added 65 kilometers of recycled water pipeline during the reporting period [34]. - The company has a hazardous waste disposal capacity of 128,000 tons per year across four projects, with a landfill project capacity of 314,600 tons [35]. - The company has a total sludge disposal capacity of 2,970 tons per day, with an increase of 1,700 tons per day in entrusted operation during the reporting period [35]. Research and Development - The company added 16 new authorized patents and 6 new software copyrights during the reporting period, enhancing its R&D capabilities [38]. - The company reported a total R&D investment of RMB 2,376.24 million, accounting for 0.52% of total revenue, with 22.80% of R&D costs capitalized [53]. - The company’s R&D expenses rose by 38.97% to RMB 1,834.50 million, reflecting increased investment in innovation [40]. - The company achieved a contract amount of RMB 135.58 million from 37 technology transformation projects during the reporting period, saving RMB 16.13 million in electricity and chemical costs [35]. Governance and Management - The board of directors consists of 9 members, including 3 executive directors and 6 non-executive directors, with a total of 24 board meetings held during the reporting period [82]. - The company has established a comprehensive corporate governance structure, with the audit committee reviewing internal control effectiveness annually [88]. - The company has complied with the Corporate Governance Code and has made necessary adjustments to its governance guidelines in response to regulatory changes [80]. - The company has a shareholding management system that limits directors and senior management from transferring more than 25% of their shares during their tenure [81]. - The company has established a training program for directors to enhance their skills and knowledge in line with ongoing business development and regulatory updates [83]. Environmental Compliance - The company’s wastewater treatment projects have passed environmental impact assessments and received approvals from environmental protection departments [180]. - The company has implemented emergency response plans for environmental incidents, which have been reviewed and filed with local environmental authorities [181]. - The company’s self-monitoring plans for environmental compliance are in place, with results publicly disclosed on local environmental monitoring platforms [182]. - The company’s new energy cooling and heating business, along with distributed photovoltaic projects, contribute to carbon emission reductions [185]. Future Outlook - The company anticipates significant growth in the urban environmental infrastructure market by 2025, with specific targets for wastewater treatment and solid waste management [65]. - The company expects to process no less than 155,385 million cubic meters of wastewater in 2022, with service fee revenue and cost fluctuations not exceeding 30% under current policies and operational conditions [69]. - A planned investment of no less than RMB 38.15 million will be allocated for R&D and technological upgrades in wastewater and sludge treatment in 2022 [70]. - The company plans to expand its market presence by entering three new provinces, aiming for a 10% market share in these regions within two years [104]. Shareholder Engagement - The company aims to distribute at least 20% of the annual distributable profit to shareholders in cash dividends, with a cumulative distribution over three years not less than 30% of the distributable profit [137]. - The company’s cash dividend policy prioritizes cash over stock dividends when conditions are met, ensuring a stable and transparent distribution mechanism [136]. - The company must communicate with shareholders, especially minority shareholders, through various channels before discussing the cash dividend proposal [142]. - The company is required to disclose the cash dividend policy and its execution status in the annual report, ensuring transparency and compliance with regulations [145]. Stock Options and Incentives - The stock option incentive plan granted a total of 12,170,000 stock options to 155 eligible participants, with the market price at RMB 6.28 per share at the time of the first grant [150]. - The total estimated value of the granted stock options is RMB 30.11 million, with each option valued at RMB 2.11 based on the Black-Scholes model [165]. - The company aims to align the interests of shareholders, the company, and individual managers through the stock option incentive plan [152]. - The total number of stock options granted to any individual incentive recipient will not exceed 1.0% of the total issued share capital as of the reporting period end [158].
天津创业环保股份(01065) - 2021 - 年度财报