Financial Performance - In 2021, the company's revenue was approximately RMB 936,940,000, a decrease of about 34.6% compared to RMB 1,433,813,000 in 2020[5] - The loss attributable to shareholders increased to approximately RMB 1,125,142,000 in 2021, up 44.3% from RMB 779,575,000 in 2020[15] - The company reported a pre-tax loss of RMB 1,115,242,000 in 2021, compared to a loss of RMB 897,845,000 in 2020[5] - The company's revenue for the year was approximately RMB 936,900,000, a decrease of about 34.7% compared to the previous year[27] - Gross profit recorded was approximately RMB 189,100,000, down approximately 41.6%, with a gross margin of about 20%, a decline of approximately 2%[27] - The loss attributable to shareholders was approximately RMB 1,125,100,000, an increase of about 44.3% compared to last year[27] - The company recorded a loss attributable to shareholders of approximately RMB 1,125,142,000 for the year ended December 31, 2021[89] - As of December 31, 2021, the company's current liabilities exceeded its current assets by approximately RMB 2,205,918,000[89] - Total borrowings amounted to approximately RMB 742,638,000, classified as current liabilities, while cash and cash equivalents were approximately RMB 4,272,000[89] Assets and Liabilities - Total assets for the company were approximately RMB 7,959,000 in 2021, representing a significant decrease of about 99.6% year-on-year[15] - Non-current assets decreased significantly to RMB 3,644,000 in 2021 from RMB 1,040,475,000 in 2020[6] - Current liabilities were RMB 2,210,233,000 in 2021, down from RMB 2,999,077,000 in 2020[6] - As of December 31, 2021, the total assets minus current liabilities of the group amounted to RMB 2,202,274,000, an increase of approximately 109.4% from RMB 1,053,385,000 as of December 31, 2020[43] - The equity attributable to the company's shareholders as of December 31, 2021, was approximately RMB 2,201,790,000, representing a loss increase of about 104.6% compared to RMB 1,076,081,000 as of December 31, 2020[43] - As of December 31, 2021, the group had short-term borrowings of approximately RMB 742,638,000, down from RMB 1,281,700,000 as of December 31, 2020[44] - The group's asset-liability ratio as of December 31, 2021, was approximately 27.77%, a significant decrease from 155% as of December 31, 2020[45] - The group has no long-term borrowings as of December 31, 2021, and December 31, 2020[45] Business Strategy and Operations - The company plans to focus on its three existing business segments and maintain partnerships within the agricultural supply chain[16] - The company aims to explore new business opportunities while concentrating resources on its core operations[16] - The management team will continue discussions with potential investors and creditors to address financial challenges[16] - The company is investing in new product development and technological advancements to stay competitive in the market[59] - The company is actively seeking new business and investment opportunities to diversify revenue sources and revitalize operations[175] - The company plans to undergo business restructuring, including the sale of certain factoring-related subsidiaries, due to high debt levels and cash flow shortages[168] Corporate Governance - The company has a strong commitment to corporate governance and compliance, as evidenced by the qualifications of its directors and auditors[63] - The board of directors includes independent members with extensive experience in accounting and finance, enhancing governance[62] - The company has adopted the corporate governance code as per the Hong Kong Stock Exchange's listing rules and has complied with it throughout the year[65] - The board consists of five members, including two independent non-executive directors, enhancing oversight and governance[83] - The company has established a compensation policy based on employee performance, qualifications, and capabilities, with regular performance assessments[132] Risk Management - The company has established a risk management department to ensure effective internal control systems[100] - The board is responsible for overseeing the company's risk management and internal control systems, reviewing their effectiveness at least annually[100] - The internal audit function reviews the effectiveness of the group's risk management and internal control systems, with an annual internal audit plan based on business and operational risk assessments[102] - The audit committee has confirmed that the internal control and risk management systems are effective and adequate, covering all significant controls including financial, operational, and compliance controls[103] - The company faces significant competition in the petrochemical trading business, with notable gaps in operational scale, profitability, resource reserves, and sales channels compared to major domestic oil and petrochemical companies[162] Future Outlook - Future outlook indicates a focus on market expansion and potential mergers and acquisitions to enhance growth[58] - The company anticipates that existing businesses may continue to incur losses in the near future, leading to a cautious approach towards expansion[168] - The independent auditor issued a disclaimer of opinion on the consolidated financial statements for the year ended December 31, 2021, due to uncertainties regarding going concern and limitations on the scope of the audit[174] Shareholder Information - The company held a total of 5 board meetings during the year ended December 31, 2021[72] - The annual general meeting for shareholders is scheduled for June 19, 2022, to discuss various matters including the election of directors[97] - The company has not granted or agreed to grant any stock options to its directors, supervisors, or employees as of the report date[124] - The company reported a total of 1,818,013,540 domestic shares and 247,000,000 H shares held by Shenzhen Dashi and Hong Kong Dashi Investment Holdings, representing approximately 54.29% and 3.98% of the total shareholding respectively[135]
大生农业金融(01103) - 2021 - 年度财报