Financial Performance - The company reported a revenue of RMB 7,398.3 million for the year ended December 31, 2021, representing a growth of 15.7% compared to the previous year[20]. - The net profit for the same period was RMB 507.7 million, showing a decrease of 2.6% year-on-year[20]. - The company achieved a gross profit margin of 13.7% and a net profit margin of 6.9% for the year ended December 31, 2021[20]. - The total assets of the company reached RMB 8,525.3 million, reflecting an increase of 8.1% from the previous year[25]. - The company's gross profit for the year was RMB 918.7 million, while the operating gross profit remained stable at RMB 1,015.3 million compared to 2020[30]. - The company's revenue increased by approximately RMB 1,005.9 million or 15.7% from RMB 6,392.4 million in 2020 to RMB 7,398.3 million in 2021, primarily due to a significant rise in the prices of coke and derivative chemicals[63]. - Gross profit margin decreased from 16.4% in 2020 to 13.7% in 2021, attributed to the substantial increase in the prices of key raw materials, particularly coal[63]. - The company's profit before tax decreased by approximately RMB 21.2 million or 3.0% to RMB 673.2 million in 2021, influenced by rising raw material costs and the elimination of underperforming equipment[74]. - Total comprehensive income decreased by approximately RMB 17.5 million or 3.4% to RMB 505.5 million in 2021, with a net profit margin declining from approximately 8.2% in 2020 to 6.9% in 2021[77]. Production and Capacity - The company successfully completed the upgrade of coking equipment, increasing annual production capacity from 1.0 million tons to 1.8 million tons[13]. - The company completed the construction of two advanced coking furnaces with an annual capacity of 1.8 million tons, which began production in September 2021[31]. - The company plans to fully operationalize the new coking capacity by the second quarter of 2022, increasing total coking capacity to approximately 4.4 million tons annually[31]. - The production capacity for coke in 2021 was approximately 1.0 million tons per year, with a utilization rate that remained stable[55]. - The company produced approximately 450 million cubic meters of gas for self-use in 2021, which included production for LNG and hydrogen[55]. Investments and Projects - The company invested RMB 150 million in a wastewater treatment project, which is now fully operational and aims for zero wastewater discharge[18]. - A joint venture was established with Xiamen International Trade Group, with an investment of RMB 98 million, to enhance supply chain management in the coking industry[32]. - The company is actively expanding its coking industry chain through acquisitions and has plans to enhance production capacity for phenolic and coal tar-based chemicals, as well as clean energy initiatives[130]. - A joint venture was established with Shanghai Hydrogen Maple Energy Technology Co., Ltd. to develop hydrogen fuel cell vehicles and related infrastructure in Henan Province[131]. - The company has established a joint venture in Xinyang, Henan Province, for the production and sale of coke, with a total investment of nearly RMB 1.5 billion, and the first phase is expected to commence operations in October 2022[135]. - A new wastewater treatment project with a capacity of 180 m³/h has been initiated, utilizing advanced Israeli reverse osmosis technology, with an investment of approximately RMB 150 million as of December 31, 2021[136]. Shareholder and Dividend Information - The board proposed a final dividend of RMB 0.20 per share, totaling RMB 0.30 per share for the year, representing a dividend yield of approximately 68% relative to the IPO price[35]. - A total dividend of RMB 0.30 per share was declared for the year ending December 31, 2021, amounting to RMB 160,626,000[129]. Financial Position and Debt - The debt-to-asset ratio stood at 64.6%, reflecting the company's financial leverage[23]. - The company's interest-bearing borrowings as of December 31, 2021, amounted to approximately RMB 1,800.9 million, up from RMB 1,011.7 million in 2020[56]. - The group's debt-to-equity ratio increased to 0.42 times in 2021 from 0.25 times in 2020, primarily due to the rise in bank borrowings[96][99]. - As of December 31, 2021, the company's bank borrowings totaled RMB 1,800.9 million, an increase of RMB 789.2 million from RMB 1,011.7 million in 2020[91]. - The company maintained a cash and cash equivalents balance of RMB 576.9 million at the end of 2021, down from RMB 1,355.1 million at the beginning of the year[84]. Governance and Management - The company has adopted a series of governance policies and procedures in accordance with the Corporate Governance Code effective for the year ending December 31, 2021[148]. - The board of directors held 4 meetings and passed 9 written resolutions during the year, with all executive directors achieving a 100% attendance rate at board meetings[155]. - The board is composed of 9 members, including 3 executive directors, 3 non-executive directors, and 3 independent non-executive directors, ensuring a balanced governance structure[153]. - The company has established clear divisions of responsibilities between the board and management, with the board responsible for overall strategy and management oversight[156]. - The independent non-executive directors possess relevant expertise in finance and accounting, enhancing the board's effectiveness in governance[159]. - The company has revised its articles of association to improve its governance framework in response to operational needs[148]. - The chairman and the CEO are held by different individuals, ensuring a separation of powers within the company's leadership[158]. - The company has implemented a compliance notification system for directors regarding trading restrictions during blackout periods[152]. - The board has established an authorization management system to delineate decision-making powers across various levels of the organization[156]. Risk Management - The company's risk management and internal control procedures are designed to manage risks rather than eliminate them, providing reasonable assurance against material misstatements or losses[200]. - The company faced risks related to price fluctuations of raw materials and products, influenced by supply and demand dynamics in the coal, coking, and steel industries[44]. - The demand for derivative chemicals is influenced by oil prices, with a historical trend showing that when oil prices decline, the prices of the company's products typically also decrease[44]. Employee and Training - Employee costs increased to approximately RMB 207.8 million in 2021 from RMB 136.9 million in the previous year, with total employees rising to 2,253 from 1,850[143]. - The management has established an annual training plan covering all employees, focusing on long-term and short-term training in management, finance, and safety[145]. - All directors participated in online training and continuous professional development as of December 31, 2021[165].
金马能源(06885) - 2021 - 年度财报