Business Operations and Projects - As of December 31, 2021, the Group completed 35 hazardous waste incineration projects with an aggregate designed disposal capacity of 834,500 tonnes per annum, and has 19 ongoing projects with a capacity of 459,000 tonnes per annum[6] - The Group aims to leverage its technology advantage to expand its business into more areas of solid waste treatment, including thermal desorption of oil sludge and pyrolysis treatment[6] - The Group's hazardous waste incineration projects are spread across 18 cities in China[40] - The ongoing projects include various capacities, with the largest being 33,000 tonnes per annum for the Guangzhou East Area project[52] - The Group completed 4 hazardous waste incineration projects in 2021 with a total designed disposal capacity of approximately 107,000 tonnes per annum[40] - The Group has expanded its offerings to include thermal desorption of oil sludge and pyrolysis treatment of solid waste, leveraging its expertise in hazardous waste incineration[40] - The Group's strategic expansion into new areas of solid waste treatment reflects its commitment to comprehensive hazardous waste management solutions[40] Financial Performance - For the year ended December 31, 2021, the Group's revenue was RMB 561.7 million, an increase of 4.6% compared to RMB 536.8 million for the year ended December 31, 2020[21] - The Group's gross profit for the year ended December 31, 2021, was RMB 76.9 million, with a gross profit margin of 13.7%, representing a decrease of 7.2% and 1.7 percentage points from the previous year[22] - The net loss for the year ended December 31, 2021, was RMB 8.8 million, resulting in a net loss margin of 1.6%, compared to a net loss of RMB 7.4 million and a margin of 1.4% for the year ended December 31, 2020[22] - Loss attributable to owners of the Company was RMB 12.4 million for the year ended December 31, 2021, compared to RMB 10.9 million for the previous year[23] - Basic loss per share attributable to owners of the Company was RMB 0.009 for the year ended December 31, 2021, compared to RMB 0.008 for the year ended December 31, 2020[23] - Revenue from hazardous waste incineration solutions increased by 5% from RMB468.5 million for the year ended 31 December 2020 to RMB491.8 million for the year ended 31 December 2021[59] - Revenue from oilfield auxiliary services through the subsidiary Xinjiang Tiansheng amounted to RMB 49.6 million in 2021, compared to RMB 48.5 million in 2020[53] Assets and Liabilities - Total assets as of December 31, 2021, were RMB 864.0 million, with total liabilities of RMB 293.5 million[26] - The Group's equity attributable to owners was RMB 491.4 million as of December 31, 2021, down from RMB 505.3 million in the previous year[26] - Trade and note receivables decreased from RMB235.0 million as of December 31, 2020, to RMB204.8 million as of December 31, 2021, due to improved collection processes[84] - Trade payables increased from RMB152.0 million as of December 31, 2020, to RMB171.8 million as of December 31, 2021, due to increased procurement of equipment and materials[84] - As of December 31, 2021, the Group's borrowings amounted to RMB53.7 million, secured by the Group's assets and personal guarantees from controlling shareholders[87] Research and Development - The Group will continue to focus on technology innovation to maintain its advanced technology and strong R&D capability[6] - The Group's focus on R&D has led to successful applications of new technologies in solid waste treatment projects[40] - Research and development expenses decreased by 2.7% from RMB21.9 million in 2020 to RMB21.3 million in 2021, indicating stability in R&D spending[77] Corporate Governance - The Company has adopted the CG Code and has complied with it during the reporting period, except for a deviation from Code Provision C.2.1[168] - The Board currently comprises seven Directors, including four executive Directors and three independent non-executive Directors[177] - The independent non-executive Directors account for more than one-third of the Board members, ensuring compliance with Listing Rules[188] - The Company aims to enhance female representation on the Board, currently having no female Directors[183] - The Company considers all independent non-executive Directors to be independent based on their confirmations during the Period[188] Strategic Focus and Future Plans - The Group aims to capitalize on opportunities in the environmental protection industry and commercialize advanced solid waste treatment technologies in 2022[33] - The Group intends to leverage its capital strength to enter the solid waste treatment sector through technology cooperation, investment, and mergers and acquisitions[110] - The Group anticipates continued growth in demand for solid waste treatment driven by supportive national policies and the "Beautiful China initiative"[91] - The Group's future tasks include maximizing shareholder returns while capturing opportunities from environmental protection industry policies[99] Management Team - The management team includes experienced executives responsible for daily operations, project management, and research and development[128][130] - Mr. DENG has over 15 years of experience in solid waste treatment solutions, joining the Group in 2009 as chief engineer and deputy general manager[136] - The Group is committed to leveraging its management team's extensive experience in environmental science and financial services to drive growth[136]
维港环保科技(01845) - 2021 - 年度财报