YTCO(SH:600066)2022-03-28 16:00Financial Performance - The company's operating revenue for 2021 was CNY 2,323,346.32 million, representing a 7.04% increase compared to CNY 2,170,504.84 million in 2020[14]. - The net profit attributable to shareholders of the listed company was CNY 61,378.53 million, an increase of 18.95% from CNY 51,599.03 million in the previous year[14]. - The basic earnings per share for 2021 were CNY 0.28, a 33.14% increase from CNY 0.21 in 2020[14]. - The weighted average return on net assets increased to 4.06% in 2021, up from 3.11% in 2020, reflecting a growth of 0.96 percentage points[14]. - The net assets attributable to shareholders of the listed company at the end of 2021 were CNY 1,521,863.94 million, a slight decrease of 0.75% from CNY 1,533,358.37 million at the end of 2020[14]. - The total assets of the company at the end of 2021 were CNY 3,216,589.10 million, down 3.44% from CNY 3,331,187.25 million at the end of 2020[14]. - The total cost for the current period is 1,621,635.66 million CNY, a decrease of 1.01% compared to the same period last year[56]. - The sales revenue from the top five customers is 242,585.12 million CNY, accounting for 10.44% of the annual total sales[57]. - The procurement amount from the top five suppliers is 338,274.96 million CNY, representing 21.64% of the annual total procurement[58]. - The company reported a total revenue from new energy vehicles of 918,303.31 million RMB, with subsidies amounting to 59,833.39 million RMB, representing 6.52% of total revenue[81]. Cash Flow and Dividends - The net cash flow from operating activities decreased significantly by 79.93% to CNY 71,621.47 million from CNY 356,847.33 million in 2020[14]. - The company plans to distribute a cash dividend of CNY 5 per 10 shares (including tax) based on the total share capital[3]. - The company reported a cash dividend of 1.131 billion yuan, with a dividend payout ratio of 219.28%[110]. Market and Sales Performance - The company sold 41,828 buses in 2021, a slight increase of 0.17% compared to the previous year[20]. - The total sales volume of the large and medium-sized bus market in 2021 was 87,525 units[66]. - In 2021, total sales of large and medium-sized buses decreased by 9.15% to 87,525 units, with seat buses increasing by 18.61% and public buses decreasing by 25.95%[68]. - The company exported over 80,000 buses, establishing itself as a mainstream supplier in key global markets[49]. - Domestic sales accounted for approximately 4.32% of total sales volume, while overseas sales saw a significant increase of 44.50% year-on-year[53]. - The company exported 17,450 large and medium-sized buses in 2021, representing a year-on-year increase of 28.3%[71]. Research and Development - The company achieved a research and development expenditure of CNY 1.561 billion, representing 6.72% of its revenue, which is considered high within the industry[27]. - As of the end of the reporting period, the company has 3,754 R&D personnel, accounting for 23.85% of the total workforce, including 34 PhDs and 674 Master's degree holders[40]. - The company holds a total of 1,999 valid patents and software copyrights, including 485 invention patents, focusing on new energy systems and intelligent connected technologies[41]. - The company has established seven national-level research and innovation platforms, enhancing its R&D capabilities and innovation capacity[44]. - The company has undertaken 57 national and provincial-level research projects, contributing to breakthroughs in critical technologies for the industry[86]. Environmental and Safety Management - The company has implemented a comprehensive environmental management system certified by ISO14001 since 2011, ensuring continuous improvement in environmental performance[176]. - The actual emissions of SO2 at the Yibali River plant were 4.72 mg/m³, significantly below the permitted level of 10 mg/m³[152]. - The company has committed to annual investments in environmental remediation funds to optimize production processes and reduce emissions[155]. - The company has achieved a 100% compliance rate in environmental tax payments as of December 31, 2021, with no environmental pollution incidents reported[175]. - The company has established a safety management goal of maintaining a stable safety situation and exceeding environmental standards[168]. Strategic Initiatives and Future Plans - The company is transitioning from a manufacturing-focused model to a service-oriented and solution-based approach[24]. - The company plans to enhance its global competitiveness by focusing on electrification, intelligent networking, high-end development, and internationalization[99]. - The company plans to adjust its product launch strategy in response to the new subsidy standards and the termination of subsidies at the end of 2022[72]. - The company is actively expanding its overseas market presence with a full range of pure electric bus products, including models of 8.9 meters, 10.5 meters, 12 meters, and 18 meters[26]. - The company is focusing on overseas business expansion and foreign exchange risk management to mitigate the adverse effects of RMB appreciation on export competitiveness[103]. Corporate Governance - The company established independent financial departments and accounting systems, ensuring separate financial management from its controlling shareholders[114]. - The company’s board of directors and supervisory board operate independently without interference from controlling shareholders[114]. - The company has not engaged in significant competition with its controlling shareholders, ensuring no harm to its business interests[114]. - The company’s independent directors include professionals from various prestigious institutions, enhancing governance and oversight[122]. - The company approved the 2021 Restricted Stock Incentive Plan and its implementation management measures during the shareholders' meeting[115].