2022-04-19 12:02Financial Performance - The company's operating revenue for 2021 was RMB 225.73 billion, a decrease of 0.44% compared to RMB 227.66 billion in 2020[8]. - The net profit attributable to shareholders for 2021 was RMB 12.42 billion, down 10.17% from RMB 13.82 billion in 2020[15]. - The basic earnings per share for 2021 was RMB 0.36, a decrease of 7.69% from RMB 0.39 in 2020[10]. - The company achieved operating revenue of CNY 225.73 billion, a decrease of 0.85% compared to the previous year[75]. - The net profit attributable to shareholders was CNY 10.30 billion, down 9.08% year-on-year[75]. - The company's total operating revenue decreased by 0.85% compared to the same period last year, with railway equipment business accounting for 40.17% of total revenue[88]. - Revenue from the railway equipment business increased by 0.22% year-on-year, primarily due to growth in locomotive and passenger car sales[87]. - Revenue from urban rail and urban infrastructure business decreased by 6.01%, mainly due to a decline in urban rail vehicle sales[87]. - Modern service business revenue grew by 17.23%, driven by increased income from leasing and logistics services[87]. Assets and Liabilities - The total assets as of December 31, 2021, amounted to RMB 426.83 billion, an increase of 8.78% from RMB 392.38 billion in 2020[12]. - The total liabilities increased by 9.54% to RMB 244.53 billion in 2021, compared to RMB 223.24 billion in 2020[16]. - The equity attributable to shareholders increased by 3.88% to RMB 148.57 billion in 2021, compared to RMB 143.02 billion in 2020[14]. - The debt-to-asset ratio was 57.29%, an increase of 0.40 percentage points from the beginning of the year[75]. - Total borrowings, bonds, and notes amounted to approximately RMB 29,415 million as of December 31, 2021, an increase from RMB 23,141 million as of December 31, 2020[134]. Cash Flow - The net cash flow from operating activities was RMB 20.59 billion, a significant recovery from a negative cash flow of RMB 2.03 billion in 2020[18]. - The company reported a net cash inflow from operating activities of 20.593 billion RMB, a significant improvement from a net outflow of 2.032 billion RMB in the previous year[109]. - Cash flow from financing activities showed a net inflow of 7.111 billion RMB, compared to a net outflow of 3.953 billion RMB in the previous year[109]. Research and Development - Research and development expenses for 2021 were RMB 13.09 billion, slightly down from RMB 13.35 billion in 2020, indicating a focus on cost management[18]. - The company applied for 6,103 patents in 2021, achieving its best historical performance with 2 gold awards, 2 silver awards, and 13 excellence awards in the 22nd China Patent Awards[58]. Strategic Initiatives - The company implemented a technology innovation strategy, with the 600 km/h high-speed maglev transportation system selected as one of the top ten national key projects by state-owned enterprises in 2021[25]. - China CRRC launched a "dual carbon" action plan, leading the green low-carbon transformation and development[25]. - The company aims to achieve stable growth in 2022, focusing on high-quality development and the implementation of the "14th Five-Year" strategic plan[25]. - The company is committed to digital economy development as a key growth driver, accelerating the implementation of its "14th Five-Year" information development plan[25]. - The company aims to enhance its competitive edge in the entire industry chain of high-speed rail and other fields, promoting the development of advanced transportation equipment and technologies[158]. Market and Competition - The ongoing impact of the pandemic continues to suppress demand for railway passenger equipment, affecting the overall market[33]. - The company faces challenges from market demand shifts and intensified competition but remains optimistic about its strategic opportunities[151]. - The domestic market for rail transit equipment is experiencing increased competition due to the entry of state-owned, private, and foreign capital, leading to a structural adjustment in market demand[177]. International Business - The company aims to expand its international business by implementing the "14th Five-Year Plan" for international operations, focusing on overseas rail transit and new industry markets[45]. - CRRC has successfully expanded into new international markets, including Luxembourg, Greece, and Côte d'Ivoire, while securing new orders from countries such as the UAE, Pakistan, and Australia[63]. - The international rail transit market is expected to face a declining demand trend in 2022 due to ongoing global integration and trade protectionism[177]. Social Responsibility and Sustainability - China CRRC's social responsibility initiatives have significantly improved its social image and influence, contributing to rural revitalization efforts[24]. - The company is committed to promoting green and low-carbon transformation in transportation, aligning with ecological priorities and sustainable development goals[158]. Dividend Distribution - The company plans to distribute a cash dividend of RMB 51.66 billion (including tax), which represents 50% of the net profit attributable to shareholders for the year 2021[188]. - The expected payment date for the cash dividend is on or before August 12, 2022, pending approval from the annual general meeting[190].