YADEA(HK:01585)2022-04-27 10:14Financial Performance - Total revenue for 2021 reached RMB 26,967.5 million, a significant increase from RMB 19,360.3 million in 2020, representing a growth of approximately 39.5%[11] - Gross profit for 2021 was RMB 4,101.5 million, up from RMB 3,073.2 million in 2020, indicating a gross margin improvement[11] - The company achieved a profit before tax of RMB 1,507.0 million, compared to RMB 1,186.8 million in the previous year, reflecting a year-on-year increase of about 27%[11] - The company reported a net profit attributable to shareholders of RMB 1,369.5 million for 2021, compared to RMB 957.4 million in 2020, marking an increase of approximately 43%[11] - Revenue increased by approximately 39.3% to RMB 26,967.5 million in 2021 from RMB 19,360.3 million in 2020[19] - Gross profit rose by approximately 33.5% to RMB 4,101.5 million in 2021, compared to RMB 3,073.2 million in 2020[22] - The sales revenue of electric scooters increased by approximately 17.9% to RMB 10,208.6 million in 2021, while electric bicycles saw a 67.2% increase to RMB 9,767.7 million[19] - The net profit for 2021 was RMB 1,366.6 million, a 42.5% increase from RMB 959.3 million in 2020[28] Assets and Liabilities - As of December 31, 2021, total assets amounted to RMB 19,407.8 million, an increase from RMB 16,016.4 million in 2020[12] - The group's cash and cash equivalents amounted to RMB 6,073.1 million, an increase of approximately 77.5% from RMB 3,420.9 million on December 31, 2020[29] - The group's inventory increased by approximately 75.6% to RMB 1,194.2 million as of December 31, 2021, from RMB 680.2 million on December 31, 2020[29] - The debt-to-asset ratio as of December 31, 2021, was 8.8%, compared to 2.7% on December 31, 2020[29] - The total employee cost in 2021 was RMB 1,706.9 million, an increase of approximately 49.6% from RMB 1,141.1 million in 2020[30] Production and Distribution - The total number of electric two-wheeler models offered by the company reached 125, including 56 models of electric scooters and 69 models of electric bicycles[6] - The production capacity for electric two-wheelers was approximately 17 million units per year, supported by over 9,000 employees[6] - The company has a distribution network covering nearly all administrative regions in China, consisting of 3,353 distributors and over 28,000 sales points[6] - The company plans to continue expanding its international distribution network, currently exporting to over 90 countries[6] - The company expanded its distribution network to 3,353 distributors in China by the end of 2021, up from 2,955 in 2020, with over 28,000 sales points[17] Research and Development - Research and development expenses increased by approximately 39.4% to RMB 843.7 million in 2021, driven by new product and technology development[25] - The company launched the second-generation KANON series electric two-wheelers in March 2021, selling approximately 3.9 million units[17] - The number of patents held increased from 737 in 2020 to 1,350 in 2021, marking an increase of about 83.1%[50] - The number of design patents held rose from 499 in 2020 to 991 in 2021, reflecting an increase of approximately 98.7%[50] - The company plans to invest 100 million in R&D for innovative technologies over the next three years[156] Environmental, Social, and Governance (ESG) - The report covers the performance, achievements, and plans of the group in terms of Environmental, Social, and Governance (ESG) aspects for the year 2021[32] - The company emphasizes the importance of meeting stakeholder expectations for long-term growth and has identified 21 ESG issues as a basis for its sustainable development strategy[41] - The company is focused on integrating ESG considerations into its business activities to enhance long-term corporate value and sustainable growth[37] - The company has established an independent department to oversee integrity issues and encourages whistleblowing through a dedicated protection and reward system[83] - The company has conducted anti-corruption training for over 1,000 employees, including board members, to strengthen awareness and responsibility regarding anti-corruption measures[83] Employee Engagement and Training - The employee turnover rate for the reporting period was 1%, with 738 employees leaving the company, broken down by gender: 8.5% male and 7.0% female[67] - The total training hours for the group during the reporting period amounted to approximately 272,372 hours, with an average training time of about 29.7 hours per employee[75] - Professional training accounted for 112,768 hours, with 23,242 participants, resulting in an average of 4.85 hours per participant[77] - The percentage of trained employees in the general workforce was 95.8%, while senior management had a training participation rate of only 1.6%[76] Corporate Governance - The board consists of eight directors, including three executive directors, one non-executive director, and four independent non-executive directors[121] - The company has fully complied with the corporate governance code as of December 31, 2021[117] - The board is responsible for leading and controlling the group, focusing on overall strategy and performance monitoring[119] - The company emphasizes high standards of corporate governance to protect shareholder interests and enhance corporate value[117] - The board has established several committees to oversee specific responsibilities[120] Future Outlook - The company provided a positive outlook for 2022, projecting a revenue growth of 25% driven by new product launches and market expansion strategies[156] - The company is expanding its market presence in Southeast Asia, targeting a 30% market share in the region by 2023[156] - Future guidance includes maintaining a gross margin of 35% while increasing operational efficiency through automation[156] Community Engagement - The company is committed to community development through volunteer services and public welfare activities, enhancing its social responsibility[40] - The company donated 1,000 electric vehicles to Zhengzhou for disaster relief, and provided basic assistance services such as food and water to affected communities[110] - A total of 200 units of the second-generation electric vehicle series were donated to Xide County, Sichuan, valued at approximately RMB 1 million, to support rural revitalization[111]