CIMC ENRIC(HK:03899)2022-04-11 09:48Financial Performance - Total revenue for 2021 reached RMB 18,424,763, an increase of 49.9% compared to RMB 12,289,567 in 2020[12]. - Operating profit for 2021 was RMB 1,212,559, reflecting a growth of 49.3% from RMB 811,991 in 2020[12]. - Net profit attributable to equity holders was RMB 883,581, up 52.4% from RMB 579,923 in the previous year[12]. - Basic earnings per share rose to RMB 0.447, a 52.6% increase from RMB 0.293 in 2020[12]. - The company reported a core profit of RMB 948,846, which is a 61.4% increase from RMB 587,884 in 2020[12]. - The total new orders signed by the company reached RMB 21.3 billion, a year-on-year increase of 50.1%[141]. - The backlog of orders at the end of 2021 rose by 31.4% to RMB 14.9 billion[142]. Assets and Liabilities - Total assets increased by 18.4% to RMB 19,024,673 from RMB 16,074,720 in 2020[12]. - Net assets rose by 13.8% to RMB 8,499,677 compared to RMB 7,471,358 in 2020[12]. - The total liabilities increased to RMB 10,524,996,000 from RMB 8,603,362,000 in 2020, reflecting a rise of 22.3%[163]. - The net cash balance decreased to RMB 1,757,260,000 from RMB 1,857,297,000 in 2020, primarily due to reduced operating cash inflows and increased investment cash outflows[161]. Revenue Segmentation - The clean energy segment's revenue surged by 38.8% to RMB 9,716,085,000, driven by strong demand for LNG tank containers and LPG vehicles[23]. - The chemical environment segment's revenue skyrocketed by 87.2% to RMB 3,793,827,000, attributed to rising prices of chemicals and derivatives[24]. - The liquid food segment's revenue rose by 25.4% to RMB 3,420,465,000, benefiting from new orders and the resumption of on-site projects[24]. Investments and Capital Expenditures - Capital expenditures for 2021 totaled RMB 986,909,000, an increase from RMB 628,590,000 in 2020, aimed at enhancing capacity and new business initiatives[168]. - The group issued zero-coupon convertible bonds totaling HKD 1,680,000,000, with a conversion price of HKD 11.78 per share, potentially converting into 142,614,601 shares[161]. Market and Industry Trends - The company is positioned to benefit from the accelerating development of the hydrogen energy industry, supported by national policies[52]. - The domestic LNG market saw a unique performance in 2021, with significant price increases and a shift in seasonal demand patterns[47]. - The demand for natural gas in China is expected to grow significantly, with consumption projected to reach 420-440 billion cubic meters by 2025, reflecting an annual increase of over 20 billion cubic meters and a growth rate of approximately 6%[75]. Sustainability and Innovation - The company aims to reduce carbon emissions by 40% by 2030 as part of its sustainability strategy[176]. - CIMC Enric is committed to advancing green development, as outlined in the national guidelines for establishing a green low-carbon circular economy system, emphasizing resource efficiency and ecological protection[55]. - The company is focusing on expanding its LNG storage capacity to improve the stability of natural gas supply, addressing the shortfall in urban gas supply capabilities[55]. Corporate Governance - The board has approved a new corporate governance policy to enhance transparency and accountability, aligning with international standards[193]. - The company has maintained compliance with all corporate governance codes as of December 31, 2021, ensuring robust risk management practices[194].